Document:

EX-10.7

 Exhibit 10.7 

Abcam PLC 
  

 
 R U L E S

  
  

of the 
 Abcam 2005 Share
Option Scheme 
 (Adopted by the Board on 31st October 2005 amended at 

the AGM November 2008 and at the AGM November 2012) 

Eversheds LLP 
 One Wood Street

 London 
 EC2V 7WS 

Tel + 44 (0) 20 7919 4500 
 Fax + 44
(0) 20 7919 4919 

 CONTENTS 
  

							
			
	 1
	 	 INTERPRETATION
	  	 	1	 
			
	 2
	 	 COMMITTEE MAY GRANT OPTIONS
	  	 	7	 
			
	 3
	 	 RESTRICTIONS ON THE GRANTING OF OPTIONS
	  	 	7	 
			
	 4
	 	 GRANT OF OPTIONS
	  	 	8	 
			
	 5
	 	 ENTERPRISE MANAGEMENT INCENTIVES
	  	 	10	 
			
	 6
	 	 PERFORMANCE CONDITION
	  	 	10	 
			
	 7
	 	 EXERCISE OF OPTIONS
	  	 	11	 
			
	 8
	 	 RESTRICTIONS UPON THE EXERCISE OF OPTIONS AND LAPSE OF OPTIONS
	  	 	15	 
			
	 9
	 	 CESSATION OF EMPLOYMENT
	  	 	16	 
			
	 10
	 	 CHANGE IN CONTROL, LIQUIDATION AND DEMERGER
	  	 	17	 
			
	 11
	 	 EXCHANGE OF OPTIONS
	  	 	20	 
			
	 12
	 	 ADJUSTMENT OF OPTIONS
	  	 	22	 
			
	 13
	 	 COSTS
	  	 	22	 
			
	 14
	 	 ADMINISTRATION
	  	 	22	 
			
	 15
	 	 GENERAL
	  	 	23	 
			
	 16
	 	 AMENDMENTS TO THESE RULES
	  	 	24	 
			
	 17
	 	 OVERSEAS EMPLOYEES
	  	 	25	 

  

 Rules 

of the 
 Abcam 2005
Share Option Scheme 
 (Adopted on October 2005) 
  

	1.	 INTERPRETATION 

In these Rules: 
  

	1.1	 the following expressions have the following meanings unless inconsistent with the context:

  

					
	        	 	“Acquiring Company”	  	a company which obtains Control of the Company in the circumstances referred to in Rule 11.1 
			
		 	“Acquisition Price”	  	in respect of any Option the Option Price multiplied by the number of Shares over which such Option is exercised
			
		 	“Admission”	  	admission of the Shares of the Company to trading on AIM
			
		 	“AIM”	  	the Alternative Investment Market regulated by the London Stock Exchange
			
		 	“the AIM Rules”	  	the AIM Rules for Companies as published by the London Stock Exchange
			
		 	“the Board”	  	the board of directors for the time being of the Company or the directors present at a duly convened meeting of the directors or a duly appointed committee of the board of directors at which a quorum is present
			
		 	“the Committee”	  	the remuneration committee of the Board comprised of non-executive directors of the Company
			
		 	“the Company”	  	Abcam PLC (registered number 03509322)

  
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	        	 	“Control”	  	the meaning given to that expression by section 840 of the Taxes Act and “Controlled” shall be construed accordingly
			
		 	“Date of Grant”	  	in respect of any Option the date upon which that Option is granted by the Company, being the date upon which the Option Certificate in respect of that Option is delivered by the Company as a deed as provided in Rule 4.4

			
		 	“Dealing Day”	  	a day on which The London Stock Exchange is open for transaction of business
			
		 	“Excluded Change of Control”	  	A transaction where Control of the Company is acquired by a company which is Controlled by persons who, taken together, Controlled the Company immediately before such change of Control
			
		 	“Eligible Employee”	  	any person who devotes substantially the whole of his working hours to the business of the Group and is either an executive director (who is employed under a contract of employment) or an employee of any company which is at the
relevant date a member of the Group
			
		 	“General Offer”	  	a general offer to acquire the whole or part of the issued ordinary share capital of the Company (or such part of such capital as is not then owned by the offeror or any company Controlled by the offeror and/or any persons acting In
Concert with the offeror), but not, for the avoidance of doubt, an Excluded Change of Control
			
		 	“the Group”	  	the Company and all of the Subsidiaries for the time being or where the context so requires any one or more of them
			
		 	“HMRC”	  	HM Revenue & Customs

  
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	        	 	“In Concert”	  	the meaning given to that term in The City Code on Takeovers and Mergers as amended from time to time
			
		 	“Issue or Reorganisation”	  	any capitalisation issue or rights issue (other than an issue of shares pursuant to the exercise of an option given to the shareholders of the Company to receive shares in lieu of dividend) or rights offer or any other variation in
the share capital of the Company including (without limitation) any consolidation, sub-division or reduction of capital of the Company
			
		 	“Market Value”	  	in respect of an Option:
			
		 		  	 (a)   if the Shares are for the time being admitted for trading on AIM the
closing price of the Shares on the Dealing Day preceding the Date of Grant in respect of an Option; or

			
		 		  	 (b)   if the condition referred to in (a) above is not satisfied the value
of a Share over which such Option is granted as determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992 as at the Date of Grant

			
		 	“Option”	  	a right to acquire Shares granted to an Eligible Employee in pursuance of the Scheme and for the time being subsisting or, where the context so requires, a right to acquire Shares so to be granted, and “Options” shall be
construed accordingly
			
		 	“Option Certificate”	  	a certificate issued pursuant to Rule 4.4 or an agreement between the Company and the Option Holder pursuant to Rule 5 
			
		 	“Option Holder”	  	a person holding an Option and where the context so requires the legal personal representatives of such person and “Option Holders” shall be construed accordingly

  
 3 

					
	        	 	“Option Period”	  	in respect of an Option, a period commencing on the day immediately after the Vesting Date in respect of such Option and ending on the day immediately before the tenth such anniversary
			
		 	“Option Price”	  	in respect of an Option the price payable by the Option Holder for each Share over which such Option is granted as determined in accordance with Rule 4 (subject to adjustment pursuant to Rule 12) which shall not be
less than the Market Value of each such Share on the Date of Grant provided that where an Option is to subscribe for Shares the price shall not be less than the greater of the nominal value of a Share at any time (subject as provided in Rule
12.2) and the Market Value of each such Share on the Date of Grant
			
		 	“Other Relevant Scheme”	  	any employees’ share scheme (within the meaning of section 743 of the Companies Act 1985) enabling directors or employees of any company in the Group or trustees on their behalf to acquire Shares other than SAYE option schemes
approved by HMRC pursuant to schedule 3 to the Income Tax (Earnings and Pensions) Act 2003 or any other share option schemes of the Company which are linked to contractual savings schemes or employee share incentive plans approved by the HMRC under
Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003
			
		 	“Permitted Grant Period”	  	 the period of 38 days commencing on any of the following:
  

(c)   the fourth Dealing Day immediately following the date of the preliminary announcement of the
annual results of the Company in any year or the date of the announcement of the half-year results of the Company in any year;

  
 4 

					
	        	 		  	 (d)   the Dealing Day immediately following the date on which the AIM Rules or
any statute or any regulation or order made thereunder or any governmental directive effective for the time being to prevent the grant of Options shall cease to have effect; or

			
		 		  	 (e)   any other time fixed by the Committee where in the absolute discretion of
the Committee circumstances are considered to be exceptional so as to justify the grant of an Option

			
		 	“Retirement”	  	retirement means cessation of employment in circumstances determined by the Committee (in its reasonable discretion provided that, for the avoidance of doubt, the Committee shall not be obliged to exercise its discretion in favour
of the Eligible Employee) to be retirement
			
		 	“Rules”	  	the rules of the Scheme as amended from time to time and Rule shall be construed accordingly
			
		 	“the Scheme”	  	the Abcam 2005 Share Option Scheme established by the adoption of these Rules and as from time to time amended in accordance with the provisions of these Rules
			
		 	“Securities Act”	  	the US Securities Act of 1933 (as amended) and the Rules and regulations promulgated thereunder
			
		 	“Shares”	  	fully paid ordinary shares in the capital of the Company or, as the context may require, shares for the time being representing the same in consequence of any Issue or Reorganisation and “Share” shall be construed
accordingly

  
 5 

					
	        	 	“Share Sale”	  	the making of one or more agreements (whether conditional or not) for the acquisition by one or more purchasers of the whole or part of the issued share capital of the Company (excluding any ordinary share capital held at the date
of such agreement by the purchaser or any of the purchasers) but not for the avoidance of doubt an Excluded Change of Control
			
		 	“Subsidiary”	  	any subsidiary of the Company in the United Kingdom within the meaning of section 736 of the Companies Act 1985 over which the Company has Control and any subsidiary of the Company in the US
			
		 	“Taxes Act”	  	the Income and Corporation Taxes Act 1988
			
		 	“The London Stock Exchange”	  	the London Stock Exchange plc
			
		 	“Treasury Shares”	  	qualifying shares to which sections 162A to 162G of the Companies Act 1985 apply
			
		 	“US”	  	the United States of America
			
		 	“US Person”	  	the meaning given by Rule 902(k) promulgated under the Securities Act and to include any US taxpayer, regardless of whether he or she is a natural person resident in the US
			
		 	“Vesting Date”	  	the date or dates determined by the Committee in accordance with Rule 4.2Error! Reference source not found., when part or all of an Option shall Vest providing any additional conditions pursuant to Rule 6 are
satisfied
			
		 	“Vest”	  	means an Option Holder becoming entitled to exercise an Option

  

	1.2	 references to any statutory provisions will be construed as including references to any earlier or subsequent
statutory provisions in force at any time prior to the relevant date which they have, or by which they have been, directly or indirectly amended or replaced; 

  
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	1.3	 any reference to a Rule is a reference to one of these Rules; and 

 

	1.4	 any reference to the masculine shall include the feminine as the context shall admit or require.

  

	2.	 COMMITTEE MAY GRANT OPTIONS 

The Committee is empowered with effect from the date of adoption of the Scheme by the Company to authorise the grant of Options by the Company
to Eligible Employees in accordance with these Rules. 
  

	3.	 RESTRICTIONS ON THE GRANTING OF OPTIONS 

 

	3.1	 No Option shall be granted to an Eligible Employee except during a Permitted Grant Period.

  

	3.2	 No Option shall in any circumstances be granted more than ten years after the date of adoption of the Scheme.

  

	3.3	 Subject to Rule 3.5, no Option shall be granted if immediately following the grant of such Option the
aggregate nominal value of ordinary shares in the Company: 

  

	 	3.3.1	 issued or then capable of being issued pursuant to Options granted under the Scheme within the immediately
preceding period of ten years; and 

  

	 	3.3.2	 issued or then capable of being issued pursuant to options granted or rights obtained in such ten year period
under any other share option or profit sharing scheme or employee share ownership plan approved by the Company in general meeting, 

would exceed 15% of the nominal value of the ordinary share capital of the Company at that time in issue. 

 

	3.4	 Subject to Rule 3.5, no Option shall be granted if immediately following the grant of such Option the
aggregate nominal value of ordinary shares in the Company: 

  

	 	3.4.1	 issued or then capable of being issued pursuant to Options granted under the Scheme within the immediately
preceding period of ten years; and 

  

	 	3.4.2	 issued or then capable of being issued pursuant to options granted or rights obtained in such ten year period
under any Other Relevant Scheme, would exceed 10% of the nominal value of the ordinary share capital of the Company at that time in issue. 

  
 7 

	3.5	 For the purposes of Rules 3.3 and 3.4: 

 

	 	3.5.1	 Shares issued or then capable of issue pursuant to options granted prior to the date of Admission shall not
count towards the limits set out in Rules 3.3 and 3.4; and 

  

	 	3.5.2	 Shares which were the subject of an Option which has lapsed in the accordance with these Rules shall not count
towards the limits set out in Rules 3.3 and 3.4. 

  

	3.6	 No Option shall be granted to an Eligible Employee at a time when such grant would be in breach of the AIM
Rules. 

  

	4.	 GRANT OF OPTIONS 

 

	4.1	 Subject to Rule 3 the Committee may if in its absolute discretion it so decides authorise the Company to
grant an Option during a Permitted Grant Period to an Eligible Employee. 

  

	4.2	 Subject as otherwise provided in these Rules the Committee shall have an absolute discretion in determining
(inter alia): 

  

	 	4.2.1	 when to grant Options; 

 

	 	4.2.2	 to whom to grant Options; 

 

	 	4.2.3	 the number of Shares over which the Option is to subsist; 

 

	 	4.2.4	 the Option Price in relation to each Option; and 

 

	 	4.2.5	 the Vesting Date or Dates for part or all of the Option. 

 

	4.3	 No person shall be entitled as of right to be granted any Option. 

 

	4.4	 Subject to Rule 5, each Option shall be granted by the execution and delivery by the Company as a deed
of an Option Certificate in respect of that Option. No consideration shall be payable by any Eligible Employee in respect of the grant of an Option to him. Each Option Certificate shall as soon as reasonably practicable after execution and delivery
by the Company (and in any event within fourteen days thereafter) be issued to the relevant Option Holder and shall be in such form as the Committee may from time to time determine, specifying (inter alia) the following: 

  
 8 

	 	4.4.1	 the Date of Grant of the Option; 

 

	 	4.4.2	 the number of Shares over which the Option subsists; 

 

	 	4.4.3	 the Option Price in relation to the Option; 

 

	 	4.4.4	 the Vesting Date(s) on which part or all of each Option shall Vest; 

 

	 	4.4.5	 the number of Shares subject to the Option that will Vest on each Vesting Date; 

 

	 	4.4.6	 that the exercise of the Option is subject to additional conditions pursuant to Rule 6 (and a copy of
the performance conditions must accompany the Option Certificate); and 

  

	 	4.4.7	 the fact that the Option may be renounced as provided in Rule 4.5. 

 

	4.5	 Any Eligible Employee to whom an Option is granted may, by notice in writing to the Company given within 30
days after the Date of Grant, renounce in whole or in part his rights under the Option. In such a case, the Option shall to the extent renounced be treated, for all purposes of the Scheme as never having been granted and (if already issued) an
Option Certificate shall be returned to the Company for cancellation or (in the case of renunciation in part) for amendment. No consideration shall be payable by the Company for any such renunciation. 

 

	4.6	 An Option shall be personal to the Eligible Employee to whom it is granted and shall not be transferable or
assignable. An Option shall not be charged, pledged or otherwise encumbered and any purported assignment, charge, disposal or dealing with the rights and interest of the Option Holder under the Scheme shall render the Option void.

  

	4.7	 In the event of any Option Holder losing his Option Certificate the Committee shall as soon as reasonably
practicable after receipt of notice of such loss together, if it so requires, with an indemnity from the Option Holder in respect of any liability of the Company arising as a consequence of such loss (in such form as the Committee may request) issue
to the Option Holder a duplicate of such Option Certificate and any reference in these Rules to an Option Certificate shall include a reference to such a duplicate. Where an Option is exercised in part the Committee shall, at its discretion,
endorse the Option Certificate as to such partial exercise or issue a new Option Certificate in respect of the balance of the Option. 

  
 9 

	5.	 ENTERPRISE MANAGEMENT INCENTIVES 

The Committee may require the grant of an Option to be in the form of an agreement between the Company and the Option Holder provided that
such agreement shall contain all the information that would have been contained in an Option Certificate. Such agreement shall state that the Option is granted under the provisions of Schedule 5 (Enterprise Management Incentives) of the Income Tax
(Earnings and Pensions) Act 2003 and set out the Rules of the Scheme, any conditions (such as the performance condition imposed pursuant to and in accordance with Rule 6) affecting the terms or extent of the Option Holder’s entitlement
and details of any restrictions attaching to the Shares the subject of the Option. Such an agreement shall for the purposes of the Scheme be taken to be an Option Certificate. The date of the agreement shall for the purposes of the Scheme be taken
as being the Date of Grant of the Option. 
  

	6.	 PERFORMANCE CONDITION 

 

	6.1	 Options shall be granted subject to such other objective conditions (which are additional to any conditions in
any of these Rules) as the Committee may determine. Such other objective conditions may relate to the achievement of a target by the Company or by any other member of the Group and/or may relate to the performance of a personal task by the relevant
Eligible Employee or the achievement of a personal target by the relevant Eligible Employee provided that: 

  

	 	6.1.1	 the determination of whether or not any target has been achieved or any task performed (as the case may be)
must be on an objective basis; and 

  

	 	6.1.2	 where such objective conditions relate to the performance of a personal task by the relevant Eligible Employee
or the achievement of a personal target by the relevant Eligible Employee (as the case may be) such conditions may only be imposed if the Committee reasonably considers the performance of the personal task or the achievement of the personal
target (as the case may be) to be a fair measure of the performance of the relevant Eligible Employee. 

  

	6.2	 Any condition imposed pursuant to Rule 6.1 on the grant of an Option may unless otherwise provided for
in these Rules only be waived or amended by the Committee: 

  
 10 

	 	6.2.1	 on the occurrence of a specific event or events which are fixed by the Committee on the grant of such Option
and which were set out in the copy of the performance conditions that accompanied the relevant Option Certificate issued pursuant to Rule 4.4; or 

 

	 	6.2.2	 on the occurrence of any other event or events which causes the Committee to reasonably consider that a
different or amended condition would be a fairer measure of the performance of the Company or any other member of the Group or the relevant Option Holder (as the case may be), 

provided that any conditions amended pursuant to this Rule 6.2 may not cause the performance of a task or the achievement of a target
to be more difficult to perform or harder to achieve than the original task or target prior to such amendment. 
  

	7.	 EXERCISE OF OPTIONS 

 

	7.1	 Subject to the satisfaction of any conditions imposed pursuant to Rule 6, an Option may be exercised in
whole or in part at any time during the relevant Option Period provided that where the Option Holder wishes to exercise an Option in part, such exercise must be in respect of a minimum of 100 Shares unless the Option subsists over less than 100
Shares in which case it shall be for not less than the remaining number of Shares which are subject to that Option. This Rule 7.1 is subject to the provisions of Rules 7.16, 8, 9 and 10. 

 

	7.2	 In order to exercise an Option in whole or in part the Option Holder shall deliver to the Secretary of the
Company a notice in writing in a form approved by the Board specifying the number of Shares in respect of which the Option is being exercised and accompanied by payment in full (by cash or cheque made payable to the Company) of the Acquisition Price
for those shares. Such notice shall take effect on the day it is actually delivered and such day shall constitute for all purposes, except solely for the purposes of Rule 10.5 below, the date of exercise of such Option. The relevant Option
Certificate shall also be lodged with the Company, but failure so to do shall not invalidate the exercise of the Option provided it is delivered within a reasonable time thereafter. The Company shall keep and make available to Option Holders upon
request copies of a form of notice that is suitable for the purpose of exercising an Option. 

  

	7.3	 An Option may be exercised in whole or in part and if exercised in part shall continue to subsist to the extent
that it has not been exercised and may be further exercised in whole or in part in accordance with these Rules. The Company shall, following exercise of an Option in part, deliver to the Option Holder the endorsed Option Certificate, or a new Option
Certificate, in accordance with Rule 4.4. 

  
 11 

	7.4	 Subject to Rule 7.16, all allotments, issues and transfers of Shares (and the issue of a definitive
share certificate) shall be made within 30 days of the date of exercise of the relevant Option and will be subject (if applicable) to such Shares being admitted to trading on AIM and to all (if any) necessary consents of HM Treasury or other
authorities under enactments or regulations for the time being in force and it shall be the responsibility of the Option Holder to comply with any requirements to be fulfilled in order to obtain or obviate the necessity for any such consent. At the
request of an Option Holder the Board may in its absolute discretion resolve to allot and issue or transfer (as the case may be) some or all of the Shares to be acquired on the exercise of an Option to such other person or persons as may be
nominated by the Option Holder. 

  

	7.5	 Shares issued on the exercise of an Option shall be issued subject to the Memorandum and Articles of
Association of the Company as from time to time amended and shall rank in full for all dividends or other distributions payable to holders of Shares by reference to a record date occurring on or after the date of allotment and for any rights to be
granted to such holders by reference to such a record date. In all other respects the Shares so to be issued shall be identical and rank pari passu with the fully paid registered Shares in issue on the date of such exercise. Shares transferred on
the exercise of an Option shall be transferred without the benefit of any rights attaching to the Shares by reference to a record date preceding the date of such exercise. 

 

	7.6	 The Company will (if applicable) make application to the London Stock Exchange so that upon the issue of Shares
upon the exercise of an Option (or as soon thereafter as reasonably practicable) such Shares shall be admitted to trading on AIM. 

  

	7.7	 While any Option remains unexercised in whole or in part and has not lapsed the Company shall keep available
sufficient unissued Shares and/or ensure that it has made arrangements to procure the transfer of sufficient issued Shares and/or ensure that it holds sufficient Treasury Shares (as the case may be) to satisfy in full all such Options to the
extent they have not been exercised. 

  
 12 

	7.8	 An Option shall be treated as being an Option to subscribe for the relevant number of Shares over which the
Option subsists unless and until the Committee determines in its absolute discretion at any time before resolving to allot Shares upon the exercise of such Option that in substitution for the allotment and issue of Shares either that it shall
procure the transfer of some or all of the Shares over which such Option subsists, or that it shall transfer Treasury Shares, to the relevant Option Holder (or to a person nominated by the relevant Option Holder in accordance with Rule 7.4).
Upon the Committee making such a determination the Option (either in whole or in part as the case may be) shall be treated as having been at all times an Option to purchase (and not subscribe for) the relevant number of Shares as so determined by
the Committee or to receive Treasury Shares as so determined by the Committee (as the case may be). If the Committee determines to procure the transfer of the relevant number of Shares or to transfer Treasury Shares to an Option Holder upon exercise
of an Option the obligation to pay stamp duty (if any) on the transfer shall be a liability of the Company. 

  

	7.9	 In the event of a determination pursuant to and in accordance with Rule 7.8, the Shares comprised in the
relevant Option shall not be taken into account for the purposes of the limits contained in Rules 3.3 and 3.4 unless such Shares are Treasury Shares. Treasury Shares that are transferred or to be transferred to satisfy the exercise of
Options are to be regarded as issued or capable of being issued for the purposes of the limits contained in Rules 3.3 and 3.4. The Committee may only reverse such a determination to procure the transfer of shares other than Treasury
Shares in the event that the grant of the relevant Option at that time on the basis that the exercise of the Option would be satisfied by the issue of new Shares or the transfer of Treasury Shares would not have caused a breach of any of the limits
contained in Rules 3.3 and 3.4. 

  

	7.10	 Prior to a determination or proposed determination pursuant to and in accordance with Rule 7.8, the
Committee may establish a trust for the benefit of some or all of the persons referred to in section 743 of the Companies Act 1985 on such terms as it shall approve, provided that the deed which establishes such trust shall not permit the trustee(s)
of the trust (“the Trustee”) to hold an aggregate nominal value of ordinary shares in the Company which exceeds 5% of the nominal value of the ordinary share capital of the Company in issue at any time. 

 

	7.11	 Prior to a determination or proposed determination pursuant to and in accordance with Rule 7.8, the
Committee shall from time to time consider whether it should make arrangements with the Trustee for the Trustee to acquire Shares for the purpose of satisfying the exercise of the relevant Option or if the Company should make a purchase of shares to
be held as Treasury Shares. In the event that any Option in respect of which such a determination has been made becomes exerciseable, the Company shall, as soon as reasonably practicable, make arrangements with the Trustee or purchase shares as
Treasury Shares to ensure that sufficient Shares are available for transfer to the relevant Option Holder upon exercise of that Option. 

  
 13 

	7.12	 In the event that the Committee wishes to make a transfer of Shares pursuant to and in accordance with Rule
7.8 in respect of an Option which is exerciseable, the Committee must ensure prior to such determination that either (in a case where the Company is to procure the transfer of Shares) the Trustee holds sufficient Shares to satisfy the
exercise of such Option and that arrangements are in place under which the Trustee agrees to transfer such Shares to the Option Holder in the event that the Option is exercised or (in the case where Treasury Shares are to be used to satisfy the
exercise of an Option) that the Company holds sufficient Treasury Shares for that purpose. 

  

	7.13	 The Option Holder will indemnify the Company, his employer and any other person in respect of any amounts for
which the Company, his employer or any other person is obliged to account or withhold in respect of income tax, social security taxes, or other applicable taxes (including, for US Persons, the Option Holder’s FICA obligation), whether in the UK
or elsewhere (howsoever such liability to income tax or social security is imposed, whether under the Pay-As-You-Earn system or
otherwise) and in respect of employee’s National Insurance contributions arising from the exercise of his Option in such form as the Company may reasonably require. The Committee may determine that it is a condition of the exercise of
an Option that the Option Holder is responsible for paying any secondary Class 1 National Insurance contributions (otherwise known as employer’s National Insurance contributions) arising from the exercise of the Option. The Board, as
appropriate, may make such regulations as they consider desirable to ensure the receipt of such amounts including, but not limited to, in appropriate circumstances retaining the power to sell sufficient of the relevant Shares which would otherwise
have been received by the Option Holder in order to discharge the relevant liability (after deduction of reasonable expenses). 

  

	7.14	 The Option Holder will indemnify the Company, his employer and any other person in respect of any amounts for
which the Company, his employer or any other person is obliged to account under the Pay-As-You-Earn system or in respect of
employee’s National Insurance contributions, and where the Committee has determined in accordance with Rule 7.13 to be responsible for paying any secondary Class 1 National Insurance contributions (otherwise known as employer’s
National Insurance contributions), arising from the exercise of his Option in such form as the Company may reasonably require arising pursuant to the provisions of Chapter 2 or Chapter 3 of Part VII of the Income Tax (Earnings and Pensions) Act 2003
from or in connection with: 

  
 14 

	 	7.14.1	 the holding or disposal of the Shares acquired pursuant to the exercise of the Option by the Option Holder or
by another person associated with the Option Holder (within the meaning of section 421C Income Tax (Earnings and Pensions) Act 2003); or 

  

	 	7.14.2	 the conversion of the Shares acquired pursuant to the Option into securities of another description at a time
when such Shares are held by the Option Holder or by another person associated with the Option Holder (within the meaning of section 421C Income Tax (Earnings and Pensions) Act 2003); 

and the Board may make such regulations as they consider desirable to ensure the receipt of such amounts including, but not limited to, in
appropriate circumstances retaining the power to sell sufficient of the relevant Shares which would otherwise have been received by the Option Holder in order to discharge the relevant liability (after deduction of reasonable expenses). 

 

	7.15	 It is a condition of the exercise of an Option that, if so requested by the Company at the time of exercise, an
Option Holder will enter into an election in a form approved by the Company under section 431 of the Income Tax (Earnings and Pensions) Act 2003 (relating to the acquisition of “restricted shares”) in respect of all the Shares that result
or shall result from the exercise of an Option. 

  

	7.16	 As a condition to the exercise of an Option by a US Person, the Company may require the person exercising such
Option to represent and warrant at the time of any such exercise that the shares are being acquired only for investment and without any present intention to sell or distribute such shares. 

 

	8.	 RESTRICTIONS UPON THE EXERCISE OF OPTIONS AND LAPSE OF OPTIONS 

 

	8.1	 No Option Holder shall in any circumstances be entitled to exercise an Option either in whole or in part at any
time when such exercise would be in breach of the AIM Rules or would violate applicable laws or regulations. 

  

	8.2	 An Option shall lapse and cease to be exercisable upon the earliest of: 

 

	 	8.2.1	 notwithstanding any other Rule the expiry of the Option Period relating to that Option; 

  
 15 

	 	8.2.2	 the end of any of the periods specified in Rule 9; 

 

	 	8.2.3	 the end of any of the periods specified in Rule 10; 

 

	 	8.2.4	 subject as provided in Rules 10.3 and 10.4, on the commencement of the winding-up of the Company; and 

  

	 	8.2.5	 upon a bankruptcy order being made in respect of the Option Holder. 

 

	9.	 CESSATION OF EMPLOYMENT 

 

	9.1	 Any condition imposed pursuant to and in accordance with Rule 6 on the grant of an Option shall apply to
the exercise of an Option in accordance with the provisions of this Rule 9 with the proviso that the extent to which any such condition has been satisfied at the date of a cessation of employment in any of the circumstance described in this
Rule 9 will determine the number of Shares in respect of which an Option may be exercised as further set out in the relevant condition. 

  

	9.2	 If an Option Holder ceases to be an Eligible Employee by reason of his death his legal personal representatives
may, subject as provided in Rule 8, exercise any Options held by him on the date of his death during the period commencing on the date of his death and expiring one year from the day before the date of his death. If not so exercised, any such
Options shall lapse immediately. 

  

	9.3	 If an Option Holder ceases to be an Eligible Employee by reason of pregnancy,
ill-health, injury or disability such that the individual is permanently incapacitated from working (all evidenced to the satisfaction of the Committee) he may, subject as provided in Rule 8, exercise
any Options then held by him during the period commencing on the date of such cessation and expiring 40 days from the date of such cessation. Subject to Rule 9.7, if not so exercised, any such Options shall lapse immediately.

  

	9.4	 If an Option Holder ceases to be an Eligible Employee by reason of Retirement he may, subject as provided in
Rule 8 exercise any Options then held by him during the period commencing on the date of such cessation and expiring 40 days from the date of such cessation. Subject to Rule 9.7, if not so exercised, any such Options shall lapse
immediately. 

  
 16 

	9.5	 If an Option Holder ceases to be an Eligible Employee for the sole reason that the company by which he is for
the time being employed ceases to be Controlled by the Company or by reason of a sale by such company of its assets and undertaking in circumstances to which the Transfer of Undertakings (Protection of Employment) Regulations 1981 apply to transfer
his employment to a purchaser from such company, he may, subject as provided in Rule 8, exercise any Options then held by him during the period commencing on the date on which such company ceases to be so Controlled or the date of transfer
(as the case may be) and expiring 40 days from the date on which such company ceases to be so Controlled or the date of transfer (as the case may be). Subject to Rule 9.7, if not so exercised, any such Options shall lapse immediately.

  

	9.6	 If an Option Holder ceases to be an Eligible Employee in any circumstance not mentioned in Rules 9.2,
9.3, 9.4 and 9.5 all the Options then held by him shall lapse on the date of such cessation except that, subject as provided in Rule 8, the Committee may in its absolute discretion (provided that, for the avoidance of
doubt, the Committee shall not be obliged to exercise such discretion in favour of the Option Holder) and subject to such conditions as it may determine, allow the Option Holder to exercise his Options within a period to be determined by the
Committee. 

 Any Option not so exercised during such period shall lapse immediately. 

 

	9.7	 If an Option Holder ceases to be an Eligible Employee in any of the circumstances mentioned in Rules
9.3, 9.4 and 9.5 then, subject as provided in Rule 8, within a period of 30 days from the date of such cessation the Committee may in its absolute discretion (provided that, for the avoidance of doubt, the Committee shall
not be obliged to exercise such discretion in favour of the Option Holder) extend the period during which such Option Holder may exercise his Options. Any Option not so exercised during such extended period shall lapse immediately.

  

	9.8	 For the purposes of this Rule 9, an Option Holder shall not be treated as ceasing to be employed by the
Company or any Subsidiary until he ceases to hold employment in the Company or any Subsidiary or by a female employee who is absent from work wholly because of pregnancy or confinement, she ceases to be entitled to exercise her right to return to
work. 

  

	10.	 CHANGE IN CONTROL, LIQUIDATION AND DEMERGER 

 

	10.1	 

  

	 	10.1.1	 Any condition imposed pursuant to and in accordance with Rule 6 on the grant of an Option shall apply to
the exercise of an Option in accordance with the provisions of this Rule 10 with the proviso that the extent to which any such condition has been satisfied at the date of any of the circumstances described in this Rule 10 will
determine the number of Shares in respect of which an Option may be exercised as further set out in the relevant condition. 

  
 17 

	 	10.1.2	 Subject to Rule 10.1.1, in relation to any Option which is to be exercised in accordance with the
provisions of this Rule 10 prior to the Vesting Date relating to that Option, the number of Shares in respect of which such Option could otherwise have been exercised shall be reduced to the number of Shares (rounded down to the nearest whole
number of Shares) given by the formula: 

  

					
	         
	 	 x  *  y 
	  	
		 	 z
	  	

 where: 

“x” is the number of Shares in respect of which such Option could otherwise have been exercised (after taking into account
any condition imposed pursuant to Rule 6, as such condition is applied pursuant to Rule 10.1.1); 
 “y” is
the number of days in the period from the Date of Grant until the date of the relevant event as described in this Rule 10 (inclusive); and 

“z” is the number of days in the period from the Date of Grant until the Vesting Date (inclusive), 

provided that the Committee may in its absolute discretion (provided that, for the avoidance of doubt, the Committee shall not be obliged in
any circumstances to exercise such discretion in favour of the Option Holder) waive the application of this Rule 10.1.2 in such circumstances as the Committee considers appropriate. 

 

	10.2	 If a General Offer is made as a result of which the offeror (or any such companies and/or persons as aforesaid)
may gain Control of the Company or the holders of ordinary shares in the capital of the Company enter into negotiations with any persons or persons which will or may give rise to a Share Sale under which the purchaser or purchasers may obtain
Control of the Company, the Company shall notify Option Holders of such General Offer or potential Share Sale and: 

  
 18 

	 	10.2.1	 an Option Holder may, subject as provided in Rules 8 and 9, exercise any Options then held by him
during the period commencing on the date of receipt of such notification and expiring six calendar months from the date on which Control of the Company passes (“the Takeover Date”) provided that any Option exercised before the
Takeover Date shall be conditional upon and shall not take effect until immediately before the Takeover Date and if the Takeover Date does not arise the exercise of Options pursuant to this Rule 10.2.1 shall be null and void and all such
Options shall remain in force and may be subsequently exercised in accordance with and subject to these Rules. If not so exercised, any such Options shall lapse immediately; and 

 

	 	10.2.2	 the Company shall use its reasonable endeavours to procure that if an Option Holder is allotted Shares, which
are not the subject of the said offer or Share Sale, pursuant to an exercise of Options in accordance with Rule 10.2.1 the offeror shall offer to acquire from the Option Holder all such Shares upon the same terms as the terms on which the
offeror or purchaser as the case may be acquired Shares the subject of the General Offer or Share Sale. 

  

	10.3	 If a person becomes entitled to acquire Shares under sections 428 to 430F inclusive of the Companies Act 1985
the Committee shall notify each Option Holder of such circumstances as soon as it becomes aware of them and an Option Holder may exercise any Options then held by him at any time up to the seventh day before the last day on which that person remains
entitled to serve notice under section 429 of the Companies Act 1985. Any Option not exercised within that period shall lapse immediately. 

  

	10.4	 If the Court sanctions a compromise or arrangement under section 425 of the Companies Act 1985 proposed for the
purpose of or in connection with a scheme for the reconstruction of the Company or its amalgamation with any other company an Option Holder may, subject as provided in Rules 8 and 9, exercise any Options then held by him during the
period commencing on the date on which the compromise or arrangement is sanctioned by the Court and expiring six calendar months from the date of such sanctioning. Any such Options not exercised at the end of such period will lapse immediately.

  

	10.5	 In the event of a resolution being passed by the Company for the voluntary winding- up of the Company (except
for the purposes of a reconstruction or amalgamation sanctioned by the Court under section 425 of the Companies Act 1985) an Option Holder may, subject as provided in Rules 8 and 9, exercise any Options then held by him during the
period of six calendar months commencing on the date of the passing of the resolution for such winding-up and such Options shall be deemed for the purpose of determining the right of such Option Holder to
participate in any distribution to shareholders (but for no other purpose whatsoever) to have been exercised immediately before the passing of the said resolution. Any such Options not so exercised at the end of such period will lapse immediately.

  
 19 

	10.6	 In the event of a resolution being proposed by the Company for the demerger of the Company by means of an
exempt distribution (within the meaning of section 213 of the Taxes Act), the Board acting fairly and reasonably may, subject as provided in Rules 8 and 9, permit any one or more Option Holders to exercise their Options for a limited
period prior to the exempt distribution, provided that any exercise of an Option pursuant to this Rule 10.6 shall be conditional upon and shall not take effect until immediately before the exempt distribution is effected and if the exempt
distribution is not effected the exercise of an Option pursuant to this Rule 10.6 shall be null and void and such Options shall remain in full force and may be subsequently exercised in accordance with and subject to these Rules. Any Option
not so exercised by the end of such period shall lapse immediately. 

  

	11.	 EXCHANGE OF OPTIONS 

 

	11.1	 If a company: 

  

	 	11.1.1	 obtains Control of the Company as a result of making a General Offer or following a Share Sale such that the
Acquiring Company will have Control of the Company; or 

  

	 	11.1.2	 obtains Control of the Company in pursuance of a compromise or arrangement sanctioned by the Court under
section 425 of the Companies Act 1985; or 

  

	 	11.1.3	 becomes bound or entitled to acquire Shares under sections 428 to 430F inclusive of the Companies Act 1985,

 an Option Holder may, subject as provided in Rule 8, at any time during the appropriate period (as defined in
Rule 11.2), by agreement with the Acquiring Company, release his rights under the Scheme in consideration of the grant to him of rights (“the new rights”) which are equivalent to the rights released (“the old rights”) but
relate to shares (“the new shares”) in the Acquiring Company and any Options not so released at the expiry of the appropriate period shall lapse. Any condition imposed on an Option pursuant to Rule 6 shall cease to apply immediately
before the release of the old rights and shall therefore not form part of the new rights. 

  
 20 

	11.2	 For the purposes of Rule 11.1 “the appropriate period” shall mean: 

 

	 	11.2.1	 in the circumstance mentioned in Rule 11.1.1 the period of six calendar months beginning on the later of
the date on which Control of the Company passes to the Acquiring Company and the date on which any condition subject to which the offer is made has been satisfied; 

 

	 	11.2.2	 in the circumstance mentioned in Rule 11.1.2 the period of six calendar months beginning on the date on
which the compromise or arrangement is sanctioned by the Court; and 

  

	 	11.2.3	 in the circumstances mentioned in Rule 11.1.3 the period during which the Acquiring Company remains
bound or entitled as mentioned in such Rule. 

  

	11.3	 For the purposes of Rule 11.1 the new rights shall not be deemed to be equivalent to the old rights
unless: 

  

	 	11.3.1	 the new shares satisfy the conditions specified in Part 6 of Schedule 5 Income Tax (Earnings and Pensions) Act
2003; 

  

	 	11.3.2	 the new rights will be exercisable in the same manner as the old rights and subject to the provisions of the
Scheme as in effect immediately prior to the release of the old rights; 

  

	 	11.3.3	 the total market value (as determined in accordance with Part VIII of the Taxation of Chargeable Gains Act
1992), immediately before the release, of the Shares which were subject to the relevant Option Holder’s old rights equals the total market value (as so determined), immediately after the grant, of the new shares in respect of which the new
rights are granted to that Option Holder; and 

  

	 	11.3.4	 the total amount payable by that Option Holder for the acquisition of new shares in pursuance of the new rights
equals the total amount that would have been payable for the acquisition of Shares in pursuance of the old rights. 

  

	11.4	 For the purposes of the Scheme, and in respect only of Options the rights comprised in which have been released
in accordance with Rule 11.1, following the grant of the new rights the term “Shares” shall have the same meaning as ascribed to the term “the new shares” in this Rule 11 and the term “Company” shall, for
the purposes only of the definition of “Issue or Reorganisation” and Rules 7, 10, 11, 12 and 15, mean the Acquiring Company. 

  
 21 

	11.5	 Upon a transaction in accordance with Rule 11.1 the event by virtue of which such transaction was
effective shall, following such transaction, be deemed not to have occurred for the purposes of whichever is relevant of Rules 10.1, 10.2 or 10.3. 

 

	12.	 ADJUSTMENT OF OPTIONS 

 

	12.1	 Upon the occurrence of an Issue or Reorganisation the number and/or nominal value of Shares comprised in each
Option and/or the Option Price thereunder may be adjusted in such manner as the Board may deem appropriate. Subject as provided in Rule 12.2 where the Option is to subscribe for Shares the adjusted Option Price for a Share shall never be less
than its nominal value. 

  

	12.2	 Where an Option is to subscribe for Shares an adjustment may be made pursuant to Rule 12.1 which would
result in the Option Price being less than the nominal value of a Share provided that at the date of such adjustment the Board has authority to capitalise from the reserves of the Company a sum equal to the amount by which the aggregate nominal
value of the Shares subject to such Option exceeds the adjusted Acquisition Price. On exercise of such Option the Board shall capitalise such sum and apply it in paying up such amount. 

 

	12.3	 Notice of any adjustments made pursuant to Rule 12.1 shall be given to the Option Holders by the Board,
which may call in Option Certificates for endorsement or replacement. 

  

	13.	 COSTS 

Any costs relating to the introduction and administration of the Scheme shall be payable by the Company. 

 

	14.	 ADMINISTRATION 

 

	14.1	 The Committee shall have power from time to time to make and vary such regulations (not being inconsistent with
these Rules) for the implementation and administration of the Scheme as it thinks fit. 

  

	14.2	 Any notice given by an Eligible Employee or an Option Holder to the Company in pursuance of the Scheme must be
given in writing and signed by the Eligible Employee or Option Holder as the case may be and shall be acted upon by the Company as soon as practicable after receipt provided that the Company may in its absolute discretion act on instructions given
or purporting to be given by telex message or facsimile or telecopier transmission and shall not be responsible for any loss whatsoever occasioned by so acting. Any such notice shall be properly given if sent by post to or delivered to the Secretary
of the Company at its registered office. 

  
 22 

	14.3	 Any notification or other notice which the Company is required to give or may desire to give to any Option
Holder in pursuance of the Scheme shall be sufficiently given if delivered to him in person or if sent through the post in a prepaid cover addressed to such Option Holder at his address last known to the Company. 

 

	14.4	 Any notice sent by post shall (save as provided by Rule 7.2) be deemed to be properly served 48 hours
after an envelope containing such notice and properly addressed has been posted by first class post. 

  

	14.5	 The Company shall make returns of all Options granted and exercised and shall provide such other information
relating to Option Holders as may be from time to time required by HMRC. 

  

	15.	 GENERAL 

  

	15.1	 The decision of the Committee in any dispute or question concerning the construction or effect of the Scheme or
any other questions arising in connection with the Scheme shall be final and conclusive. 

  

	15.2	 The Board may at any time resolve to terminate the Scheme in which event no further Options shall be granted
but the provisions of the Scheme shall in relation to Options then subsisting continue in full force and effect. 

  

	15.3	 Notwithstanding any other provision of these Rules: 

 

	 	15.3.1	 the Scheme shall not form any part of any contract of employment between the Company or any Subsidiary and any
employees of any of those companies, and it shall not confer on any such employees any legal or equitable rights (other than those constituting the Options themselves) against the Company or any Subsidiary, directly or indirectly, or give rise to
any cause of action in law or in equity against the Company or any Subsidiary; 

  

	 	15.3.2	 the benefits to Eligible Employees under the Scheme shall not form any part of their wages or remuneration or
count as pay or remuneration for pension fund or other purposes; 

  
 23 

	 	15.3.3	 in no circumstances shall any Eligible Employee on ceasing to hold the office or employment by virtue of which
he is or may be eligible to participate in the Scheme be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Scheme which he might otherwise have enjoyed whether such compensation is claimed by
way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise. 

  

	15.4	 By accepting the grant of an Option and not renouncing it, an Option Holder shall be deemed to have agreed to
the foregoing provisions of this Rule 15. 

  

	16.	 AMENDMENTS TO THESE RULES 

These Rules may be amended by resolution of the Board from time to time in any manner subject to the following provisions: 

 

	16.1	 Subject as provided in Rule 16.2 no amendments shall be made to the following provisions of this Scheme
which are to the advantage of Option Holders (present or future) without the prior approval of shareholders in general meeting: 

  

	 	16.1.1	 the persons to whom Shares are provided under the Scheme; 

 

	 	16.1.2	 the limitations on the number or amount of Shares subject to the Scheme; 

 

	 	16.1.3	 the basis for determining an Eligible Employee’s entitlement to Shares or Options and for the adjustment
thereof in the event of a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or reduction of capital or any other variation of capital of the Company; and

  

	 	16.1.4	 Rules 16.1 and 16.2. 

 

	16.2	 The Board may make minor amendments to benefit the administration of the Scheme or to take account of a change
in tax, securities or other legislation (whether in the United Kingdom or in the US) or to obtain or maintain favourable tax, securities law, exchange control, or regulatory treatment for option holders or for the Company or any other member of the
Group). 

  

	16.3	 Subject to Rule 16.2, no amendments shall be effective materially to abrogate or alter adversely any
rights then subsisting of Option Holders except with such consent or sanction on the part of the Option Holders as would be required under the provisions of the Company’s Articles of Association if the Options constituted a single class of
capital (or, where the Board deems it appropriate, two or more classes of capital according to the periods, as determined by the Board, in which the Dates of Grant fall) and as if such provisions applied mutatis mutandis thereto.

  
 24 

	16.4	 These Rules may be amended by resolution of the Board to provide for the collection or re-imbursement of amounts in respect of which Option Holders are obliged to account to the Company or their employer(s) under the terms of the indemnity contained in Rules 7.13 and 7.14, provided that
any such amendment shall apply equally to Options granted but not exercised prior to the date of such amendment as to Options granted after that date. 

  

	17.	 OVERSEAS EMPLOYEES 

Notwithstanding any other provisions of these Rules the Committee may, in respect of an Option granted to an Eligible Employee who is or who
may become primarily subject to taxation on his remuneration outside the United Kingdom, amend or alter the provisions of any Option to take account of relevant overseas taxation or securities law provided that the Committee shall not make any such
amendment or alteration which would result in an Eligible Employee being granted an Option upon terms more favourable than the terms upon which the Option could have been granted if the Eligible Employee was subject to taxation on his remuneration
primarily within the United Kingdom. 
 APPENDIX A 

The following provisions shall apply with respect to any Option granted to a U.S. Person that is designated by its terms to be intended to qualify as
an Incentive Stock Option under Section 422 of the U.S. Internal Revenue Code of 1986, as amended, and all rules and regulations thereunder (the “Code”). All other applicable provisions of the Scheme shall continue to apply
to such Options, to the extent not inconsistent with the following. 
  

	 	A.	 The maximum number of Shares which shall be available for Incentive Stock Options pursuant to this Scheme shall
be 500,000 subject to adjustment in accordance with Paragraph 12 of the Scheme. 

  

	 	B.	 Incentive Stock Options may be granted only to persons who are employees of the Company or an Affiliate.
“Affiliate” for purposes of this Appendix means a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect. 

 

	 	C.	 Option Price: Immediately before the Option is granted, if the Participant owns, directly or by reason of the
applicable attribution rules in Section 424(d) of the Code: 

  
 25 

	 	1.	 Ten percent (10%) or less of the total combined voting power of all classes of stock of the Company or an
Affiliate, the Option price per share of the Shares covered by each Option shall not be less than one hundred percent (100%) of the Fair Market Value per share of the Shares on the date of the grant of the Option as determined in accordance with
Section 422 of the Code. 

  

	 	2.	 More than ten percent (10%) of the total combined voting power of all classes of stock of the Company or an
Affiliate, the Option price per share of the Shares covered by each Option shall not be less than one hundred and ten percent (110%) of the said Fair Market Value on the date of grant. 

 

	 	D.	 Term of Option: For Participants who own: 

 

	 	1.	 Ten percent (10%) or less of the total combined voting power of all classes of stock of the Company or an
Affiliate, each Option shall terminate not more than ten (10) years from the date of the grant or at such earlier time as the Option Agreement may provide. 

 

	 	2.	 More than ten percent (10%) of the total combined voting power of all classes of stock of the Company or an
Affiliate, each Option shall terminate not more than five (5) years from the date of the grant or at such earlier time as the Option Agreement may provide. 

 

	 	E.	 Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of Options which may be
exercisable in any calendar year (under this or any other Incentive Stock Option plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined at the time each Incentive Stock Option is granted) of the stock with respect
to which Incentive Stock Options are exercisable for the first time by the Participant in any calendar year does not exceed one hundred thousand dollars ($100,000). The Administrator shall have the right to accelerate the date of exercise of any
instalment of any Option; provided that any such amendment of an Incentive Stock Option shall be effective only after the Administrator, after consulting the counsel for the Company, determines whether such amendment would constitute a
“modification” of any Option which is an Incentive Stock Option (as that term is defined in Section 424(h) of the Code). 

  
 26 

	 	F.	 Post-Termination Exercise: An Option that is exercisable and is exercised more than three (3) months after
the Participant’s termination of employment shall not be considered an Incentive Stock Option, unless (i) the Participant terminates employment due to Disability or becomes Disabled within three (3) months after termination of
employment and exercises the Option within one (1) year after the date of the Participant’s termination of employment, but in no event after the date of expiration of the term of the Option, or (ii) terminates employment due to death
or dies within three (3) months after termination of employment. “Disability” or “Disabled” for purposes of this Appendix means permanent and total disability as defined in Section 22(e)(3) of the Code.

  

	 	G.	 Each Employee who receives an Incentive Stock Option must agree to notify the Company in writing immediately
after the Employee makes a Disqualifying Disposition of any shares acquired pursuant to the exercise of an Incentive Stock Option. A Disqualifying Disposition is any disposition (including any sale) of such shares before the later of (a) two
years after the date the Employee was granted the Incentive Stock Option, or (b) one year after the date the Employee acquired Shares by exercising the Incentive Stock Option. If the Employee has died before such stock is sold, these holding
period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

  

	 	H.	 No Incentive Stock Option granted under the Scheme may be sold, transferred, pledged, assigned, encumbered or
otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all Incentive Stock Options granted to a Participant under the Scheme shall be exercisable during such Participant’s lifetime only by
such Participant. 

 All interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of
preserving the tax status under Section 422 of the Code of those Options which are designated as Incentive Stock Options. 

  
 27EX-10.8

 Exhibit 10.8 

ABCAM PLC 
  

 
 RULES OF

 THE ABCAM 2015 SHARE OPTION PLAN 
  

 

 THE ABCAM 2015 SHARE OPTION PLAN 

Contents 
  

			
		
	 Part A: Interpretation and Administration
	  	Rules 1 – 2
		
	 Part B: Grant of Options
	  	Rules 3 – 12
		
	 Part C: Exercise of Options
	  	Rules 13 – 22
		
	 Part D: Corporate Transactions
	  	Rules 23 – 29
		
	 Part E: Amendments
	  	Rules 30 – 31
		
	 Part F: Miscellaneous
	  	Rules 32 – 36
		
	 Schedule 1: US Incentive Stock Options
	  	
		
	 Schedule 2: California Schedule
	  	

 THE ABCAM 2015 SHARE OPTION PLAN 

Contents 
  

							
	 	  	 	  	Page	 
			
	1	  	 DEFINITIONS AND INTERPRETATION
	  	 	1	 
			
	2	  	 ADMINISTRATION
	  	 	5	 
			
	3	  	 ELIGIBILITY
	  	 	6	 
			
	4	  	 TIMING OF GRANT OF AN OPTION
	  	 	6	 
			
	5	  	 GRANT EFFECTED BY EXECUTION OF A DEED
	  	 	6	 
			
	6	  	 EXERCISE PRICE
	  	 	7	 
			
	7	  	 ACCEPTANCE OF AN OPTION
	  	 	7	 
			
	8	  	 DATA PROTECTION
	  	 	7	 
			
	9	  	 RELATIONSHIP WITH CONTRACT OF EMPLOYMENT
	  	 	8	 
			
	10	  	 NON-TRANSFERABILITY OF OPTIONS
	  	 	8	 
			
	11	  	 COMPANY LIMIT (INSTITUTIONAL) ON THE GRANTING OF SUBSCRIPTION OPTIONS
	  	 	9	 
			
	12	  	 INDIVIDUAL LIMITS
	  	 	9	 
			
	13	  	 GENERAL RULES
	  	 	10	 
			
	14	  	 PERFORMANCE TARGET
	  	 	10	 
			
	15	  	 TIME OF EXERCISE – GENERAL RULES
	  	 	11	 
			
	16	  	 LEAVING EMPLOYMENT
	  	 	11	 
			
	17	  	 LEAVING FOR OTHER REASONS
	  	 	12	 
			
	18	  	 DEATH OF AN OPTIONHOLDER
	  	 	12	 
			
	19	  	 TIME OF LEAVING
	  	 	12	 
			
	20	  	 MANNER OF EXERCISE OF AN OPTION
	  	 	13	 
			
	21	  	 RECOVERY OF TAX
	  	 	13	 
			
	22	  	 ISSUE OR TRANSFER OF SHARES
	  	 	13	 
			
	23	  	 EXCHANGE OF OPTIONS ON AN INTERNAL RECONSTRUCTION
	  	 	15	 
			
	24	  	 APPLICATION OF PERFORMANCE TARGET
	  	 	15	 
			
	25	  	 DEMERGER OR STATUTORY COMPROMISE OR ARRANGEMENT
	  	 	15	 
			
	26	  	 WINDING UP
	  	 	16	 
			
	27	  	 CHANGE OF CONTROL
	  	 	16	 

							
			
	28	  	 OPTION ROLLOVER
	  	 	16	 
			
	29	  	 EXERCISE PRIOR TO LOSS OF CORPORATION TAX RELIEF
	  	 	17	 
			
	30	  	 VARIATION OF SHARE CAPITAL
	  	 	18	 
			
	31	  	 ALTERATION OF THE PLAN
	  	 	18	 
			
	32	  	 SERVICE OF DOCUMENTS
	  	 	20	 
			
	33	  	 OBLIGATION TO ENSURE SUFFICIENT AVAILABLE SHARES
	  	 	20	 
			
	34	  	 STAMP DUTY
	  	 	21	 
			
	35	  	 JURISDICTION
	  	 	21	 
			
	36	  	 THIRD PARTY RIGHTS
	  	 	21	 
		
	 SCHEDULE 1 – US INCENTIVE STOCK OPTIONS
	  	 	22	 

 PART A: INTERPRETATION AND ADMINISTRATION 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Plan: 

  

			
	“AIM”	  	means the Alternative Investment Market of the London Stock Exchange
		
	“AIM Rules”	  	means the rules published by the London Stock Exchange governing the admission to, and operation of, AIM
		
	“Acquiring Company”	  	means a company which has acquired Control of the Company
		
	“Announcement”	  	means the announcement to the London Stock Exchange of the results of the Company for any period
		
	“Associated Company”	  	means any company which, in relation to the Company, is an associated company as that term is defined in section 449 of the CTA 2010 except that, for the purposes of this Plan, the section shall have effect with the omission of the
words “or at any other time within the preceding 12 months”
		
	“Committee”	  	means the Remuneration Committee of the Directors, or such other committee of the Directors comprising a majority of non-executive directors of the Company to which the Directors delegate
responsibility for the operation of this Plan or, following a change of Control of the Company, those persons who comprised the Remuneration Committee or other committee of the Directors immediately before the change of Control
		
	“Companies Act”	  	means the Companies Act 2006
		
	“Company”	  	means Abcam plc (registered in England no. 03509322)
		
	“Control”	  	has the meaning given in section 719 of ITEPA
		
	“CTA 2010”	  	means the Corporation Tax Act 2010
		
	“Daily Official List”	  	means the Daily Official List of the London Stock Exchange
		
	“Date of Approval”	  	means the date on which this Plan is approved by shareholders of the Company
		
	“Date of Grant”	  	means the date on which an Option is granted in accordance with Rule 5.1
		
	“Dealing Day”	  	means a day on which the London Stock Exchange is open for business
		
	“Directors”	  	means the board of directors of the Company or a duly authorised committee of the directors
		
	“Eligible Employee”	  	means an executive director or employee of any member of the Group
		
	“Employer’s NICs”	  	means secondary class I NICs for which the Optionholder’s Employer is primarily liable to account

  
 1 

			
	“Exchange of Options”	  	means the grant to an Optionholder, in consideration of the release of an Option, of rights to acquire Shares in an Acquiring Company or a company which has Control of an Acquiring Company or either is, or has Control of, a company
which is a member of a consortium owning either an Acquiring Company or a company having Control of an Acquiring Company, being rights which are:
		
		  	 (a)   in the case of a change of Control, as agreed by the Committee with the
Acquiring Company; or
  

(b)   in the case of an internal reorganisation as referred to in Rule 23, in the opinion of the
Committee, substantially equivalent in value to the value of the original Option and otherwise on terms approved by the Committee.

		
	“Exercise Price”	  	means the price per Share payable upon the exercise of an Option
		
	“FCA”	  	means the Financial Conduct Authority
		
	“Form of Acceptance”	  	means a form of acceptance of an Option as mentioned in Rule 7
		
	“Grantor”	  	means the Company or such other person (including a Trustee) as intends to grant or has granted an Option
		
	“Group”	  	means the Company and any company which is for the time being a Subsidiary
		
	“HMRC”	  	means Her Majesty’s Revenue & Customs
		
	“ITEPA”	  	means the Income Tax (Earnings and Pensions) Act 2003
		
	“London Stock Exchange”	  	means the London Stock Exchange plc
		
	“Market Value”	  	means the closing price of a Share as derived from the Daily Official List on the Dealing Day immediately preceding the Date of Grant
		
	“NICs”	  	means National Insurance contributions
		
	“NIC Option Gain”	  	means a gain realised on the exercise or release of, or acquisition of Shares pursuant to an Option, being a gain treated as remuneration derived from the Optionholder’s employment by virtue of section 4(4)(a) of the
SSCBA
		
	“N.I. Regulations”	  	means the laws, regulations and practices currently in force relating to liability for, and the collection of, NICs
		
	“Notice of Exercise”	  	means a notice of exercise of an Option given in accordance with Rule 20
		
	“Option”	  	means a right to acquire Shares granted in accordance with, and subject to, the rules of this Plan

  
 2 

			
		
	“Option Certificate”	  	means a certificate evidencing the grant of an Option as mentioned in Rule 5.2
		
	“Optionholder”	  	means a person who has been granted an Option or, if that person has died and where the context requires, his Personal Representatives
		
	“Optionholder’s Employer”	  	means such member of the Group as is an Optionholder’s employer or, if he has ceased to be employed within the Group, was his employer or such other member of the Group, or such other person as, under the PAYE Regulations or,
as the case may be, the N.I. Regulations, or any other statutory or regulatory enactment (whether in the United Kingdom or otherwise) is obliged to account for any Option Tax Liability
		
	“Option Shares”	  	means the Shares over which an Option subsists
		
	“Option Tax Liability”	  	means in relation to an Optionholder, any liability of an Optionholder’s Employer to account to HMRC or other tax authority for any amount of, or representing, income tax or NICs (which shall, to the extent provided for in Rule
5.2.9, include Employer’s NICs) or any equivalent charge in the nature of tax or social security contributions (whether under the laws of the United Kingdom or of any other jurisdiction) which may arise upon the vesting, exercise or release of,
or the acquisition of Shares pursuant to, an Option
		
	“Ordinary Share Capital”	  	means the issued ordinary share capital of the Company, other than fixed-rate preference shares
		
	“PAYE Regulations”	  	means the regulations made under section 684 of ITEPA
		
	“Performance Period”	  	means the period over which performance is to be measured for the purpose of determining whether, and to what extent, a Performance Target is met
		
	“Performance Target”	  	means any condition or conditions imposed on the exercise of an Option pursuant to Rule 14, as amended from time to time
		
	“Personal Data”	  	means the name, home address, telephone number, email address, date of birth and National Insurance number or other individual reference number of an Optionholder or other employee information, including details of all rights to
acquire Shares or other securities granted to the Optionholder and of Shares or other securities issued or transferred to the Optionholder pursuant to this Plan and any other personal information which could identify the Optionholder and is
necessary for the administration of this Plan
		
	“Personal Representatives”	  	means the personal representatives of an Optionholder, being either:
		
		  	 (a)   the executors of his will; or

		
		  	 (b)   if he dies intestate, the duly appointed administrator(s) of his estate,
who have produced to the Company evidence of their appointment as such

  
 3 

			
		
	“Plan”	  	means the Abcam 2015 Share Option Plan as set out in these rules and amended from time to time pursuant to Rule 31
		
	“Relevant Proportion”	  	means a proportion corresponding to such proportion of the Vesting Period as fell before:
		
		  	 (a)   the date on which the Optionholder ceases to hold office or employment
within the Group, in the case of Rule 16 and subject to Rule 19.1;

		
		  	 (b)   the date of an Optionholder’s death in the case of Rule
18;

		
		  	 (c)   the date when notice is given to shareholders of a proposed demerger of
the Company or of any Subsidiary in the case of Rule 25.2;

		
		  	 (d)   the date when a compromise or arrangement becomes effective (or the date
of the court sanction if the Committee so determines) in the case of Rule 25.3;

		
		  	 (e)   the date when notice is given to shareholders of a resolution for the
voluntary winding up of the Company in the case of Rule 26;

		
		  	 (f)   the date when Control is obtained in the case of Rule 27;
and

		
		  	 (g)   in the case of Rule 29, the last date as determined and notified by the
Committee on which an Option may be exercised in accordance with that Rule

		
	“Shares”	  	means fully-paid ordinary shares in the capital of the Company (or, following a reconstruction, demerger or reorganisation of the Company, or a change of Control in accordance with Rule 27, shares or other securities representing
such shares)
		
	“SSCBA”	  	means the Social Security Contributions and Benefits Act 1992
		
	“Subscription Option”	  	means a right to subscribe for new Shares granted in accordance with, and subject to, the rules of this Plan
		
	“Subsidiary”	  	means any company which is for the time being a subsidiary (as defined in section 1159 of the Companies Act) of the Company and under the Control of the Company
		
	“Trust”	  	means an employees’ share trust established by the Company for the benefit of employees of members of the Group
		
	“Trustee”	  	means the trustee(s) for the time being of a Trust
		
	“Vested Shares”	  	means Shares in respect of which an Option is or becomes exercisable either:

  
 4 

			
		
		  	 (a)   in consequence of the Vesting Date having passed and, in the case of an
Option which is subject to a Performance Target, determined and notified to Optionholders that the applicable Performance Target has been satisfied; or

		
		  	 (b)   at such earlier time as is mentioned in Rules 16, 17, 18 or Part D, and in
the case of an Option which is subject to a Performance Target, the Committee having made a determination pursuant to Rule 14.5 that the applicable Performance Target shall be deemed to be satisfied to any extent

		
	“Vesting Date”	  	means the third anniversary of the Date of Grant, or such other date or dates as may be specified by the Grantor in the Option Certificate
		
	“Vesting Period”	  	means, for any Option, the period from the Date of Grant to the Vesting Date

  

	1.2	 References to Shares in respect of which an Option subsists at any time are to be read and construed as
references to the Shares over which the Option is then held (and in respect of which it has not then lapsed and ceased to be exercisable). 

  

	1.3	 Words and expressions used in this Plan and in the ancillary documents which are not defined in this Rule 1
have the meanings they bear for the purposes of ITEPA. 

  

	1.4	 Any reference to any enactment includes a reference to that enactment as from time to time modified, extended
or re-enacted. 

  

	1.5	 Words denoting the masculine gender shall include the feminine. 

 

	1.6	 Words denoting the singular shall include the plural and vice versa. 

 

	1.7	 References to rules are to the rules of this Plan and no account should be taken of the rule headings which are
for ease of reference only. 

  

	2.	 ADMINISTRATION 

 

	2.1	 The Committee may from time to time make and vary such rules and regulations consistent with the rules of this
Plan and establish such procedures for its administration and implementation as it thinks fit. 

  

	2.2	 If any question, dispute or disagreement arises as to the interpretation of this Plan or of any rules,
regulations or procedures relating to it or as to any question or right arising from or related to this Plan, the decision of the Committee shall be final and binding upon all persons. 

 

	2.3	 The Company shall bear the costs of the implementation and administration of this Plan. 

  
 5 

 PART B: GRANT OF OPTIONS 

 

	3.	 ELIGIBILITY 

  

	3.1	 Subject to the following provisions of this Rule 3, the Committee shall have absolute discretion as to the
selection of persons to whom Options may be granted. 

  

	3.2	 An Option may only be granted to an Eligible Employee. 

 

	3.3	 An Option shall not be granted by any person other than the Company without the prior approval of the
Committee. 

  

	4.	 TIMING OF GRANT OF AN OPTION 

 

	4.1	 Options may be granted during the periods of: 

 

	 	4.1.1	 42 days following the Date of Approval; 

 

	 	4.1.2	 42 days beginning with the Dealing Day following an Announcement; or 

 

	 	4.1.3	 28 days immediately after the person to whom it is granted first becomes an Eligible Employee;

  

	 	or	 at any other time but only if, in the opinion of the Committee, the circumstances are exceptional.

  

	4.2	 If the Grantor is restricted by statute, order or regulation (including any regulation, order or requirement
imposed on the Company by the London Stock Exchange, the FCA or any other regulatory authority) from granting an Option within any period as mentioned in Rule 4.1, the Grantor may grant an Option at any time during the period of 42 days (or, in the
circumstances referred to in Rule 4.1.3, 28 days) beginning with the date on which all such restrictions are removed. 

  

	4.3	 No Option may be granted in breach of the AIM Rules. 

 

	4.4	 No Option may be granted after the tenth anniversary of the Date of Approval, but any rights of Optionholders
then subsisting shall remain in force. 

  

	5.	 GRANT EFFECTED BY EXECUTION OF A DEED 

 

	5.1	 An Option shall be granted by the Grantor executing a deed in such form as the Grantor specifies from time to
time. 

  

	5.2	 As soon as practicable after an Option has been granted the Company shall procure the issue to the Optionholder
of an Option Certificate (which may be in electronic form) which specifies: 

  

	 	5.2.1	 the Grantor; 

  

	 	5.2.2	 the Date of Grant; 

  

	 	5.2.3	 the number of Option Shares; 

 

	 	5.2.4	 the Exercise Price; 

 

	 	5.2.5	 whether a Performance Target will apply, and if so the details of the Performance Target;

  

	 	5.2.6	 the Vesting Date; 

  

	 	5.2.7	 the last date on which the Option may be exercised; 

  
 6 

	 	5.2.8	 that it is a condition of exercise of the Option that the Optionholder indemnifies the Grantor and the
Optionholder’s Employer in respect of any Option Tax Liability; and 

  

	 	5.2.9	 if the Committee, acting fairly and reasonably, determines that it is a condition of exercise of the Option
that the Optionholder shall: 

  

	 	(a)	 agree with and undertake to the Company and any other company which is the Optionholder’s Employer that
the Optionholder’s Employer may recover from the Optionholder, as mentioned in Rule 21.1, the whole or any part of any Employer’s NICs payable in respect of any NIC Option Gain; and/or 

 

	 	(b)	 enter into a joint election with the Optionholder’s Employer (in a form approved by HMRC) for the transfer
to the Optionholder of the whole, or such part as the Company may determine, of any liability of the Optionholder’s Employer to Employer’s NICs on any NIC Option Gain 

and is in such form as the Grantor specifies from time to time. 
  

	6.	 EXERCISE PRICE 

 

	6.1	 Subject to Rule 6.2 and any adjustment being made pursuant to Rule 30, the Exercise Price shall be determined
by the Committee (with the prior consent of the Grantor, if appropriate) but shall be not less than Market Value. 

  

	6.2	 The Exercise Price in respect of a Subscription Option shall not (except as mentioned in sub- paragraph (a) of Rule 30.1) be less than the nominal value of a Share. 

  

	7.	 ACCEPTANCE OF AN OPTION 

 

	7.1	 Unless the Grantor otherwise determines for the grant of any Option, it shall be a condition of exercise that
the Optionholder must notify the Grantor that he accepts the Option. 

  

	7.2	 To accept the Option, the Optionholder must execute, as a deed, and deliver to the Grantor a duly completed
Form of Acceptance in such form as the Grantor specifies from time to time and notifies to the Optionholder. 

  

	7.3	 The Form of Acceptance, if required, shall be returned to the Grantor within 30 days following the Date of
Grant (or such other time as the Grantor notifies to the Optionholder at the Date of Grant), and may be returned in electronic format. 

  

	7.4	 The Option shall lapse and cease to be exercisable if the Form of Acceptance is not returned by the specified
date. 

  

	8.	 DATA PROTECTION 

 

	8.1	 In accepting the grant of an Option, the Optionholder shall agree and consent to: 

 

	 	8.1.1	 the collection, use, processing and transfer of his Personal Data by any member of the Group, any Associated
Company, a Trustee, any third party administrator of this Plan or the Company’s brokers or registrars and, if it is not the Company, the Grantor; 

  

	 	8.1.2	 any member of the Group, any Associated Company, a Trustee, any third party administrator of this Plan or the
Company’s brokers or registrars and, if it is not the Company, the Grantor, transferring the Optionholder’s Personal Data amongst themselves for the purposes of implementing, administering and managing this Plan and the grant of Options
and the acquisition of Shares pursuant to Options; 

  

	 	8.1.3	 the use of Personal Data by any such person for any such purposes; and 

  
 7 

	 	8.1.4	 the transfer to and retention of Personal Data by third parties (whether or not any such third party is
situated outside the European Economic Area) for, or in connection with, such purposes. 

  

	9.	 RELATIONSHIP WITH CONTRACT OF EMPLOYMENT 

 

	9.1	 The grant of an Option does not form part of the Optionholder’s entitlement to remuneration or benefits
pursuant to his contract of employment. 

  

	9.2	 The existence of a contract of employment between any person and the Company or any present or past Subsidiary
or Associated Company does not give that person any right or entitlement to have an Option granted to him in respect of any number of Shares nor any expectation that an Option might be granted, whether subject to any conditions or at all.

  

	9.3	 The rights and obligations of an Optionholder under the terms of his contract of employment with the Company or
any present or past Subsidiary or Associated Company shall not be affected by the grant of an Option or his participation in this Plan. 

  

	9.4	 Neither the existence of this Plan nor the fact that an individual has on any occasion been granted an Option
shall give such individual any right, entitlement or expectation that he has or will in future have any such right, entitlement or expectation to participate in this Plan by being granted an Option on any other occasion. 

 

	9.5	 The rights or opportunity granted to an Optionholder on the grant of an Option shall not give the Optionholder
any rights or additional rights to compensation or damages in consequence of either: 

  

	 	9.5.1	 the Optionholder giving or receiving notice of termination of his office or employment; or

  

	 	9.5.2	 the loss or termination of his office or employment with the Company or any present or past Subsidiary or
Associated Company for any reason whatsoever, 

 whether or not the termination (and/or giving of notice) is ultimately
held to be wrongful or unfair. 
  

	9.6	 An Optionholder shall not be entitled to any compensation or damages for any loss or potential loss which he
may suffer by reason of being unable to acquire or retain Shares, or any interest in Shares, pursuant to the exercise of an Option in consequence of: 

  

	 	9.6.1	 the Optionholder giving or receiving notice of termination of his office or employment (whether or not the
termination (and/or giving of notice) is ultimately held to be wrongful or unfair); 

  

	 	9.6.2	 the loss or termination of his office or employment with the Company or any present or past Subsidiary or
Associated Company for any reason whatsoever (whether or not the termination is ultimately held to be wrongful or unfair); 

  

	 	9.6.3	 the exercise (or non-exercise) by the Committee of any discretion in
accordance with any Rule of this Plan; or 

  

	 	9.6.4	 for any other reason. 

 

	10.	 NON-TRANSFERABILITY OF OPTIONS 

 

	10.1	 During his lifetime, only the person to whom an Option is granted may exercise that Option.

  
 8 

	10.2	 An Option shall immediately lapse and cease to be exercisable if the Optionholder: 

 

	 	10.2.1	 transfers or assigns it (other than to his Personal Representatives), mortgages, charges or otherwise disposes
of it; 

	 	

	 	10.2.2	 is adjudged bankrupt or an interim order is made because he intends to propose a voluntary arrangement to his
creditors under the Insolvency Act 1986; 

	 	

	 	10.2.3	 makes or proposes a voluntary arrangement under the Insolvency Act 1986, or any other scheme or arrangement in
relation to his debts, with his creditors or any section of them; or 

	 	

	 	10.2.4	 is not, or ceases for any other reason (except on death) to be the legal or beneficial owner of the Option.

  

	11.	 COMPANY LIMIT (INSTITUTIONAL) ON THE GRANTING OF SUBSCRIPTION OPTIONS 

 

	11.1	 The number of Shares in respect of which Subscription Options may be granted on any day, when added to the
number of Shares issued or which remain issuable pursuant to rights to subscribe for Shares granted under this Plan and any other employees’ share scheme in the period of 10 years preceding that day, shall not exceed 10 per cent of the
ordinary shares in issue on that day. 

  

	11.2	 For the purposes of this Rule 11, references to rights to subscribe for Shares shall: 

 

	 	11.2.1	 exclude any rights to subscribe for Shares or other awards over new issue Shares granted under any other
employees’ share scheme of the Company prior to the admission of the Shares to trading on AIM; 

  

	 	11.2.2	 exclude any Options or rights to subscribe for Shares which have in fact been, or will be, satisfied by the
transfer of Shares by the Trustee or any other existing shareholder (other than the Company itself); and 

  

	 	11.2.3	 if required in accordance with guidance issued from time to time as part of the Principles of Remuneration by
the Investment Association, include references to rights to acquire Shares issued or to be issued out of treasury. 

  

	11.3	 In determining the above limits, “year” means a calendar year. 

 

	11.4	 To avoid double counting, if new Shares have been issued to a Trustee for the purpose of satisfying Options (or
rights to acquire Shares or awards over Shares under any other employees’ share scheme of the Company), such Shares shall be taken into account for these purposes only when they are made subject to, or used to satisfy, an Option (or a right to
acquire Shares or award made under any other employees’ share scheme of the Company). 

  

	12.	 INDIVIDUAL LIMITS 

The aggregate market value of Shares in respect of which Options may be granted to an Eligible Employee at any time shall be determined by the
Committee (acting in its sole discretion). 

  
 9 

 PART C: EXERCISE OF OPTIONS 

 

	13.	 GENERAL RULES 

 

	13.1	 During his lifetime, only the individual to whom an Option is granted may exercise that Option.

  

	13.2	 An Option may not be exercised on any occasion if the exercise would not be in compliance with the AIM Rules.

  

	13.3	 An Option may not be exercised if, having been required to do so by the Grantor, the Optionholder has failed to
enter into a joint election (as mentioned in Rule 5.2.9(b)). 

  

	14.	 PERFORMANCE TARGET 

 

	14.1	 Exercise of an Option may be conditional on the performance of any one or more of the Company, a Subsidiary,
division and the Optionholder, and/or subject to any other performance target measured over such period and measured against such objective criteria determined by the Committee when the Option is granted. 

 

	14.2	 A Performance Target may provide that a given number or proportion of Option Shares shall become Vested Shares
according to whether, and the extent to which, any specified levels of performance are met or exceeded. 

  

	14.3	 After an Option has been granted, the Committee acting fairly and reasonably may, in appropriate circumstances,
amend a Performance Target provided that: 

  

	 	14.3.1	 no such amendment shall be made unless an event has occurred or events have occurred in consequence of which
the Committee reasonably considers that the existing Performance Target should be amended to ensure that: 

  

	 	(a)	 the objective criteria against which performance will then be measured will be a fairer measure of performance;
and/or 

  

	 	(b)	 any amended Performance Target will afford a more effective incentive to the Optionholder; and

  

	 	14.3.2	 any such amended Performance Target shall be no more difficult to satisfy than was the original Performance
Target when first set. 

  

	14.4	 If, in consequence of a Performance Target being met (or being deemed to be met), some, but not all, of the
Option Shares become Vested Shares, the Option shall lapse and cease to be exercisable in respect of the balance of the Option Shares. 

  

	14.5	 If, before the end of a Performance Period: 

 

	 	14.5.1	 an Optionholder ceases to hold office or employment within the Group; or 

 

	 	14.5.2	 circumstances arise as mentioned in Rules 25 (“Demerger or Statutory Compromise or Arrangement”), 26
(“Winding Up”), 27 (“Change of Control”) or 29 (“Exercise Prior to Loss of Corporation Tax Relief”) the Committee acting fairly and reasonably may determine whether and to what extent the Performance Target shall be
deemed to be satisfied. 

  

	14.6	 If, at the end of a Performance Period or at such earlier time as mentioned in Rules 16, 17, 18 or Part D, a
Performance Target is not (and/or has not been deemed to be) satisfied to any extent, the Option shall immediately lapse and cease to be exercisable to that extent. 

 

	14.7	 The Company shall, as soon as practicable after the end of a Performance Period or at such earlier time as
mentioned in Rules 16, 17, 18 or Part D, notify Optionholders of the number or proportion of the Option Shares which have (or have been deemed to) become Vested Shares. 

  
 10 

	14.8	 The Committee may, in exceptional circumstances and before the end of a Performance Period, waive a Performance
Target as it applies to any Option and, in this event, all of the Option Shares shall become Vested Shares provided that no waiver shall be made unless an event has occurred or events have occurred in consequence of which the Committee reasonably
considers that the Performance Target should be waived. 

  

	15.	 TIME OF EXERCISE – GENERAL RULES 

 

	15.1	 Subject to the following provisions of this Plan, an Option may only be exercised after the Vesting Date.

  

	15.2	 An Option may not in any event be exercised after the tenth anniversary of the Date of Grant or such earlier
time as the Grantor specifies in the Option Certificate. 

  

	15.3	 An Option may only be exercised in respect of Vested Shares. 

 

	15.4	 Except as mentioned in Rules 16 to 18 (inclusive), an Option may not be exercised at any time unless the
Optionholder then holds office or employment with a member of the Group or an Associated Company. 

  

	16.	 LEAVING EMPLOYMENT 

 

	16.1	 The provisions of this Rule 16 shall apply if an Optionholder ceases to hold office or employment within the
Group by reason of: 

  

	 	16.1.1	 injury, ill-health or disability (evidenced to the satisfaction of the
Committee); 

  

	 	16.1.2	 the fact that the office or employment by virtue of which he is eligible to participate in this Plan relates to
a business or part of a business which is transferred to a person who is neither an Associated Company nor a member of the Group; or 

  

	 	16.1.3	 the fact that the company with which he holds the office or employment by virtue of which he is eligible to
participate in this Plan is no longer a member of the Group or an Associated Company. 

  

	16.2	 If such cessation occurs after the Vesting Date, the Optionholder may exercise an Option in respect of Vested
Shares, within the period of 6 months beginning with the date of such cessation. 

  

	16.3	 If such cessation occurs before the Vesting Date, then either: 

 

	 	16.3.1	 the Optionholder may retain the benefit of an Option granted to him and exercise such Option within the period
of 6 months beginning with the Vesting Date in respect of the Relevant Proportion of the Vested Shares; or 

  

	 	16.3.2	 if the Committee, acting in its discretion, so determines, an Option granted to him may be exercised within the
period of 6 months beginning with the date of such cessation, in respect of the Relevant Proportion of the Option Shares (if any) which then become Vested Shares. 

 

	16.4	 For the purposes of Rule 16.3, the Committee may determine and notify an Optionholder that an Option shall be
exercisable in respect of a number of the Option Shares which is different from the number determined under Rule 16.3 where it considers, in its discretion, that is appropriate. 

  
 11 

	16.5	 If or insofar as an Option is not exercised within the relevant period of 6 months mentioned in Rules 16.2 and
16.3, the Option shall lapse and cease to be exercisable at the end of such period. 

  

	17.	 LEAVING FOR OTHER REASONS 

 

	17.1	 If an Optionholder ceases to hold office or employment within the Group or gives or receives notice to
terminate any office or employment with any member of the Group for any reason other than those set out in Rules 16.1 or 18, an Option granted to him may only be exercised (if at all) in relation to such proportion of the Option Shares (whether
Vested Shares or otherwise), and (subject to Rule 15.2) within such period, as the Committee shall, within 3 months following the cessation, determine and notify to the Optionholder and shall otherwise lapse and cease to be exercisable.

  

	17.2	 Unless the Committee makes a determination as mentioned in Rule 17.1, an Optionholder who ceases to hold office
or employment within the Group for any such other reason shall not be entitled to exercise an Option after the date of such cessation. 

  

	18.	 DEATH OF AN OPTIONHOLDER 

 

	18.1	 If an Optionholder dies an Option granted to him may be exercised by his Personal Representatives (if at all)
only within the period of 12 months beginning with the date of his death, and only in respect of such of the Option Shares as are determined in accordance with the following provisions of this Rule 18. If and insofar as the Option is not exercised
within that period, it shall lapse and cease to be exercisable at the end of that period. 

  

	18.2	 If an Optionholder dies in service after the Vesting Date (or the occurrence of any of the circumstances
mentioned in Part D), an Option granted to him may only be exercised in respect of Option Shares which are, or become, Vested Shares. 

  

	18.3	 If an Optionholder dies in service before the Vesting Date, an Option granted to him may be exercised only in
respect of the Relevant Proportion of the Option Shares (if any) which then become Vested Shares. 

  

	18.4	 For the purposes of Rule 18.3, the Committee may determine and notify to the Optionholder’s Personal
Representatives that an Option shall be exercisable in respect of a number of the Option Shares which is different from the number determined under Rule 18.3 where it considers, in its discretion, that is appropriate. 

 

	18.5	 If the Optionholder dies after having ceased to hold office or employment within the Group as mentioned in Rule
16.1 but before his Option lapses, an Option granted to him may be exercised over such proportion of the Option Shares as set out in Rules 16.2 and 16.3. 

  

	18.6	 If the Optionholder dies after having ceased to hold office or employment within the Group for any other
reason, an Option granted to him may be exercised (if at all) only in respect of such proportion of the Option Shares as the Committee may determine and notify to the Personal Representatives as mentioned in Rule 17. 

 

	19.	 TIME OF LEAVING 

 

	19.1	 For the purposes of this Plan, an Optionholder shall be treated as having ceased to hold office or employment
within the Group only when he no longer holds any office or employment with any member of the Group or with any Associated Company. 

  
 12 

	19.2	 An Optionholder shall not be treated as having ceased to hold office or employment within the Group unless he
no longer has a right to return to work with any member of the Group. 

  

	20.	 MANNER OF EXERCISE OF AN OPTION 

 

	20.1	 To exercise an Option, the Optionholder shall serve a written notice (which may be in electronic form) on the
Grantor which: 

  

	 	20.1.1	 specifies the number of Option Shares over which the Option is exercised on that occasion which shall not
exceed the number of Vested Shares; 

  

	 	20.1.2	 unless the Optionholder has entered into arrangements approved by the Company for procuring payment to the
Company of the aggregate Exercise Price, is accompanied by payment of the Exercise Price; 

  

	 	20.1.3	 unless the Grantor otherwise permits, is accompanied by the Option Certificate; 

 

	 	20.1.4	 is accompanied by evidence, satisfactory to the Company, of the arrangements that the Optionholder has made to
satisfy the Option Tax Liability, 

 and is in such form as the Grantor specifies from time to time and notifies to the
Optionholder. 
  

	21.	 RECOVERY OF TAX 

 

	21.1	 If an Option Tax Liability arises in any jurisdiction then, unless: 

 

	 	21.1.1	 the Optionholder’s Employer is able to withhold the amount of the Option Tax Liability from payment of the
Optionholder’s remuneration within the PAYE period in which the Option Tax Liability arises; 

  

	 	21.1.2	 the Optionholder has indicated (either in the Notice of Exercise or other manner as the Company may specify)
that he will pay to the Company the amount of the Option Tax Liability and the Optionholder does, within 14 days of being notified by the Company of that amount, make the payment to the Company; or 

 

	 	21.1.3	 the Optionholder has authorised (either in the Notice of Exercise or such other manner as the Company may
specify) the Grantor to sell (including by instructing a duly authorised third party such as an administrator or broker), as agent for the Optionholder (at the best price which can reasonably be expected to be obtained at the time of sale), such
number of the Shares acquired on exercise of the Option as is necessary to enable the Grantor to procure payment to the Optionholder’s Employer out of the net proceeds of sale of the Shares (after deducting fees, commissions and expenses
incurred in relation to the sale) an amount sufficient to satisfy the Optionholder’s indemnity provided by Rule 5.2.8 

the Grantor shall have the right to sell (as mentioned in Rule 21.1.3) such number of the Shares acquired on exercise of the Option as is
necessary to enable the Grantor to pay to the Optionholder’s Employer out of the net proceeds of sale of the Shares (after deducting fees, commissions and expenses incurred in relation to the sale) an amount sufficient to satisfy the
Optionholder’s indemnity provided by Rule 5.2.8. 
  

	22.	 ISSUE OR TRANSFER OF SHARES 

 

	22.1	 Subject to Rules 21.1 and 22.2, within the period of 30 days beginning with the date on which the Grantor
receives a Notice of Exercise the Grantor shall issue, transfer or procure the issue or transfer of, the number of Shares specified in the Notice to the Optionholder. For the avoidance of doubt, Options may be satisfied by the issue of new Shares or
of Shares out of treasury, or by the transfer of existing Shares (whether by the Trustee or otherwise). 

  
 13 

	22.2	 Shares may not be issued or transferred pursuant to the exercise of an Option on any occasion if such issue or
transfer would not be in compliance with the AIM Rules. 

  

	22.3	 If the Grantor is restricted from issuing, transferring or procuring the issue or transfer of Shares on the
exercise of an Option by reason of any statutory, regulatory or other legal provision or rule or any other requirement or guidance issued by the London Stock Exchange, or on behalf of institutional investors in the Company or any other body and
which relates to dealings in Shares by directors or employees of any member of the Group, the Grantor shall not be obliged to issue, transfer or procure the issue or transfer of the Shares until after all such restrictions are lifted and shall then
do so within 30 days. 

  

	22.4	 Subject to Rule 22.5, as soon as reasonably practicable after the allotment or transfer of any Shares pursuant
to Rules 22.1 or 22.3, the Grantor shall procure: 

  

	 	22.4.1	 the issue of a definitive share certificate or such other acknowledgement of shareholding as is prescribed from
time to time for the Shares allotted or transferred to the Optionholder; and 

  

	 	22.4.2	 if Shares are to be allotted and, on the date of allotment, Shares of the same class are listed on AIM, that
any Shares so allotted are admitted to AIM. 

  

	22.5	 If the Optionholder requests, some or all of the Shares he acquires on the exercise of an Option may be issued
or transferred to a nominee of the Optionholder, provided that beneficial ownership of the Shares vests in the Optionholder. 

  

	22.6	 The allotment or transfer of any Shares under this Plan shall be subject to the Company’s Articles of
Association and to any necessary consents of any governmental or other authorities (whether in the United Kingdom or otherwise) under any enactments or regulations from time to time in force. It shall be the responsibility of the Optionholder to
comply with any requirements to be fulfilled in order to obtain or obviate the necessity of any such consent. 

  

	22.7	 Shares allotted or transferred under this Plan shall be equal in all respects to other Shares then issued
except for any rights attaching to the other Shares by reference to a record date preceding the date of the allotment or transfer of the Shares acquired on the exercise of the Option. 

  
 14 

 PART D: CORPORATE TRANSACTIONS 

 

	23.	 EXCHANGE OF OPTIONS ON AN INTERNAL RECONSTRUCTION 

 

	23.1	 The Committee may invite an Optionholder to accept an Exchange of Options. The invitation shall be open for a
period of at least 14 days following its issue. The Option shall lapse and cease to be exercisable at the end of the invitation period. 

  

	23.2	 Rule 23.1 shall apply only if, immediately after the Company has come under the Control of an Acquiring
Company, the Company would nevertheless remain or remains under the Control of the person who, or persons who together, had Control of the Company immediately before the Company comes or came under the Control of the Acquiring Company.

  

	23.3	 The following provisions of Part D shall have effect subject to this Rule 23. 

 

	24.	 APPLICATION OF PERFORMANCE TARGET AND TIME PRO RATING 

 

	24.1	 If Options which are subject to Performance Targets become exercisable pursuant to this Part D, an Optionholder
may only exercise an Option granted to him in respect of such of the Option Shares (if any) which are Vested Shares or then become Vested Shares as a result of the application of Rule 14.5. 

 

	24.2	 If Options become exercisable pursuant to this Part D, an Optionholder may only exercise an Option in respect
of the Relevant Proportion of the Vested Shares, unless the Committee, in exceptional circumstances, determines otherwise. 

  

	25.	 DEMERGER OR STATUTORY COMPROMISE OR ARRANGEMENT 

 

	25.1	 The provisions of this Rule 25 are subject to Rule 23. 

 

	25.2	 If the Company’s shareholders are notified of a proposed demerger of the Company or of any Subsidiary, the
Committee may, as soon as practicable, notify Optionholders that Options may then be exercised, within one month (or such other period as may be specified in such notice). No such notice shall be given unless the Committee determines that
(disregarding any Performance Target subject to which any Option is then exercisable) the interests of Optionholders would or might be substantially prejudiced if, before the proposed demerger has effect, Optionholders could not exercise their
Options and be registered as the holders of the Shares so acquired. Options will lapse and cease to be exercisable, to the extent not exercised, at the end of the relevant period. 

 

	25.3	 If the court sanctions a compromise or arrangement in relation to the Company pursuant to section 899 of the
Companies Act, Options may be exercised, within the period of one month (or such other period as the Committee may determine and notify to Optionholders) commencing on the date on which the compromise or arrangement becomes effective (or, if the
Committee so determines, the earlier date when the court sanctions the compromise or arrangement). Options will lapse and cease to be exercisable, to the extent not exercised, at the end of the relevant period. 

 

	25.4	 In addition to Rule 25.3, the Committee may permit Options to be exercised conditionally on the court sanction.
This means that the exercise will take effect immediately prior to the compromise or arrangement becoming effective. In this case, the Committee shall notify Optionholders of the period (of at least 14 days, ending no more than 14 days before the
date on which the court is expected to sanction the proposals) during which they may exercise their Options if they wish the exercise to take effect conditionally. Any ability to exercise under this Rule 25.4 is in addition to the
Optionholders’ rights under Rule 25.3. 

  

	25.5	 In making any determination as mentioned in Rules 25.2 to 25.4 (inclusive), the Committee shall act fairly and
reasonably, applying the same criteria to all Options granted on the same Date of Grant. 

  
 15 

	26.	 WINDING UP 

  

	If	 the Company’s shareholders are notified of a resolution for the voluntary
winding-up of the Company, an Option may be exercised at any time before the commencement of the winding up or within such other period as the Grantor notifies to Optionholders. Options will lapse and cease to
be exercisable, to the extent not exercised, at the end of the relevant period. 

  

	27.	 CHANGE OF CONTROL 

 

	27.1	 Subject to Rule 23, if as a result of either: 

 

	 	27.1.1	 a general offer to acquire the whole of the Ordinary Share Capital which is made on a condition which, if
satisfied or waived, the person making the offer will have Control of the Company; or 

  

	 	27.1.2	 a general offer to acquire all the shares in the Company of the same class as the Shares 

the Company shall come under the Control of another person or persons, Options may be exercised, within the period of one month (or such other
period, not exceeding 6 months, as the Committee may determine and notify to Optionholders) of the date when the person making the offer has obtained Control of the Company and any condition subject to which the offer is made has then been satisfied
or waived. Options will lapse and cease to be exercisable, to the extent not exercised, at the end of such period. 
  

	27.2	 If at any time any person becomes entitled or bound to acquire shares in the Company under sections 979 to 985
of the Companies Act, Options may be exercised at any time when that person remains so entitled or bound. Options will lapse and cease to be exercisable, to the extent not exercised, when that person no longer remains so entitled or bound.

  

	27.3	 For the purposes of this Rule 27, a person shall be deemed to have Control of the Company if he and others
acting in concert with him have together obtained Control of it. 

  

	27.4	 For the purposes of Rule 27.1.1, the reference to the whole of the Ordinary Share Capital does not include any
capital already held by the person making the offer or a person connected with that person and in Rule 27.1.2 the reference to all the shares in the Company does not include any shares already held by the person making the offer or a person
connected with that person. For the purposes of Rule 27.1 it does not matter if the general offer is made to different shareholders by different means. 

  

	28.	 OPTION ROLLOVER 

 

	28.1	 If any Acquiring Company: 

 

	 	28.1.1	 obtains Control of the Company as mentioned in Rule 27.1; or 

	 	28.1.2	 obtains Control of the Company pursuant to a compromise or arrangement sanctioned by the court under section
899 of the Companies Act as mentioned in Rule 25.3; or 

	 	28.1.3	 becomes bound or entitled to acquire shares under sections 979 to 985 of the Companies Act as mentioned in Rule
27.2 

 the Committee and the Acquiring Company may agree that an Exchange of Options will be offered to Optionholders in
which case Rules 25.3, 27.1 and 27.2 shall have effect subject to this Rule. 

  
 16 

	29.	 EXERCISE PRIOR TO LOSS OF CORPORATION TAX RELIEF 

 

	29.1	 If the Committee becomes aware of any circumstances which may result in corporation tax relief under Part 12 of
the Corporation Tax Act 2009 no longer being available when an Option is exercised, then the Committee may, as soon as practicable after becoming aware of such circumstances notify Optionholders that Options may then be exercised, within such period
as may be specified in such notice, in respect of the Relevant Proportion of the Option Shares (if any) which are Vested Shares or then become Vested Shares. 

 

	29.2	 An Option which is not exercised within the period specified in Rule 29.1 shall, if the Committee so determines
and specifies in the notice given to Optionholders, lapse and cease to be exercisable at the end of that period. 

  
 17 

 PART E: AMENDMENTS 

 

	30.	 VARIATION OF SHARE CAPITAL 

 

	30.1	 If the Ordinary Share Capital is altered by way of capitalisation or rights issue, sub-division, consolidation or reduction or there is any other variation in the share capital of the Company, the Committee (on behalf of the Grantor, if appropriate) may make such adjustment as it considers
appropriate: 

  

	 	30.1.1	 to the aggregate number, amount or description of Shares subject to any Option; and/or 

 

	 	30.1.2	 to the Exercise Price; and/or 

 

	 	30.1.3	 if an Option has been exercised but no Shares have been allotted or transferred in accordance with Rules 22.1
or 22.3, to the number of Shares which may be so allotted or transferred and the price payable for each Share 

 provided
that: 
  

	 	(a)	 except insofar as the Directors (on behalf of the Company) agree to capitalise the Company’s reserves and
apply the same at the time of exercise in paying up the difference between the Exercise Price and the nominal value of the Shares, the Exercise Price of any Subscription Option shall not be reduced below a Share’s nominal value;

  

	 	(b)	 the number of Shares as so adjusted has been rounded down to the nearest whole number; and

  

	 	(c)	 if the Grantor is not the Company, no such adjustment shall be made without the Grantor’s consent.

  

	30.2	 The Committee (on behalf of the Grantor) shall notify every Optionholder affected by an adjustment under Rule
30.1 as soon as reasonably practicable after making the adjustment. 

  

	30.3	 The Committee shall deliver, or procure the delivery of, a revised Option Certificate to any Optionholder who
asks for an amended Option Certificate. 

  

	31.	 ALTERATION OF THE PLAN 

 

	31.1	 The Committee may at any time alter or add to any of the provisions of this Plan in any respect provided that:

  

	 	31.1.1	 no alteration or addition shall be made to the advantage of existing or new Optionholders to the provisions
relating to eligibility to participate, the overall limitations on the issue of new Shares, the basis for determining Optionholders’ rights to acquire Shares, the adjustment of such rights in the event of variation of the Ordinary Share Capital
or this Rule 31 without the prior approval by ordinary resolution of the shareholders of the Company except that the provisions of this Rule 31.1.1 shall not apply to the extent that the alteration or addition is in the opinion of the Committee:

  

	 	(a)	 a minor amendment which is necessary or appropriate to benefit the administration of this Plan;

  

	 	(b)	 to take account of any change in legislation; or 

 

	 	(c)	 to obtain or maintain favourable tax, exchange control or regulatory treatment for existing or new
Optionholders, any member of the Group or any Associated Company; and 

  
 18 

	 	31.1.2	 if, in relation to any Options, the Grantor is not the Company, no alteration or addition shall be made to the
terms of the Options without the approval of the Grantor. 

  

	31.2	 Details of any alteration or addition shall be given to any affected Optionholder as soon as reasonably
practicable. 

  
 19 

 PART F: MISCELLANEOUS 

 

	32.	 SERVICE OF DOCUMENTS 

 

	32.1	 Except as otherwise provided in this Plan, any notice or document to be given by, or on behalf of, the Company
or other Grantor, a Trustee, the Committee or any administrator of this Plan to any Eligible Employee or Optionholder in accordance or in connection with this Plan shall be duly given: 

 

	 	32.1.1	 by sending it through the post in a pre-paid envelope to the address
last known to the Company to be his address and, if so sent, it shall be deemed to have been duly given on the date of posting; or 

  

	 	32.1.2	 if he holds office or employment with any member of the Group or any Associated Company, by delivering it to
him at his place of work or by sending an email addressed to him at his place of work and, if so sent, it shall be deemed to have been duly given at the time of transmission. 

 

	32.2	 A notice or document shall not be duly given by email unless the intended recipient is known by his employer
company to have personal access during his normal business hours to information sent to him by email. 

  

	32.3	 Any notice or document so sent to an Eligible Employee or Optionholder shall be deemed to have been duly given
notwithstanding that the Eligible Employee or Optionholder is then deceased (and whether or not the Company or other Grantor has notice of his death) except where his Personal Representatives have supplied an alternative address to which documents
are to be sent to the Company. 

  

	32.4	 Any written notice or document to be submitted or given to the Grantor, the Company, a Trustee, the Committee
or any administrator of this Plan in accordance or in connection with this Plan may be delivered, sent by post or email but shall not in any event be duly given unless: 

 

	 	32.4.1	 it is actually received (or, in the case of an email, opened) by the individual at the relevant recipient from
time to time nominated for the purpose of receiving notices or documents under this Plan and whose name and address is notified to Optionholders; and 

  

	 	32.4.2	 if given by email (and if required by the Company), it includes a digitally encrypted signature of the
Optionholder. 

  

	32.5	 For the purposes of this Plan, an email shall be treated as not having been duly sent or received if the
recipient of the email notifies the sender that it has not been opened because it contains, or is accompanied by a warning or caution that it could contain or be subject to, a virus or other computer programme which could alter, damage or interfere
with any computer software or email. 

  

	33.	 OBLIGATION TO ENSURE SUFFICIENT AVAILABLE SHARES 

 

	33.1	 The Company shall ensure that any necessary authorisations are or will be in place at the relevant time to
allow the issue of sufficient Shares to satisfy the exercise in full of all Subscription Options for the time being remaining capable of being exercised. 

  

	33.2	 No Option to purchase existing Shares shall be granted by any person unless the Directors are satisfied that
sufficient Shares will be made available to satisfy the exercise in full of that Option. 

  
 20 

	33.3	 The Company may issue Shares, and grant rights to subscribe for Shares, to a Trustee for the purpose of
enabling the Trustee, in the exercise of its powers to: 

  

	 	33.3.1	 grant Options; and/or 

 

	 	33.3.2	 transfer or procure the issue or transfer of Shares on the exercise of Options (whether granted by the Trustee
or otherwise) 

 provided that any Shares issued or in respect of which rights to subscribe are granted by the Company
(and which, if not exercised, do not lapse) shall count in applying the overall limitations on the issue of Shares imposed by Rule 11. 
  

	34.	 STAMP DUTY 

Any stamp duty or stamp duty reserve tax payable in respect of a transfer of Shares to, or at the direction or, an Optionholder (other than
stamp duty or stamp duty reserve tax payable on a sale of Shares at the direction of the Optionholder) shall be paid by the Company. 
  

	35.	 JURISDICTION 

 

	35.1	 This Plan and any Option shall be governed by, and construed in accordance with, English law.

  

	35.2	 The courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference
concerning an Option and any matter arising from, or in relation to, this Plan. 

  

	36.	 THIRD PARTY RIGHTS 

Except as otherwise expressly stated to the contrary, neither this Plan nor the Contracts (Rights of Third Parties) Act 1999 shall have the
effect of giving any third party rights under this Plan or any Option, and that Act shall not apply to this Plan nor to any Option. 

  
 21 

 Schedule 1 

US INCENTIVE STOCK OPTIONS 
  

	1.	 INTRODUCTION 

 

	1.1	 This Schedule 1 shall apply to Options granted to Eligible Employees who are or who become US tax resident.

  

	1.2	 Options granted under this Schedule 1 are intended to qualify as “Incentive Stock Options”
under section 422 of the Code (as defined below), provided, however, that the Company does not warrant that any Option will qualify as an Incentive Stock Option. 

 

	1.3	 Unless stated otherwise in this Schedule 1, the main body of the rules of the Plan will apply to Options
granted to US Employees. 

  

	1.4	 Nothing contained in this Schedule 1 shall prohibit the Company from granting to any US Employee an Option
under the main Rules of the Plan that is not intended to qualify as an Incentive Stock Option. 

  

	2.	 DEFINITIONS AND INTERPRETATION 

 

			
	“Affiliate”	  	means a corporation which, for the purposes of section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect
		
	“Code”	  	means the US Internal Revenue Code of 1986
		
	“Disability”	  	means permanent and total disability as defined under section 22(e)(3) of the Code, and “Disabled” shall be construed accordingly
		
	“Option”	  	means an Incentive Stock Option as defined in clause 1.2 of this Schedule 1
		
	“US Employee”	  	means an Eligible Employee who is or who becomes US tax resident and who is employed by the Company or an Affiliate

 

	3.	 ELIGIBILITY 

  

	3.1	 Rule 3.2 will be deleted and replaced with the following: 

“Incentive Stock Options may only be granted to US Employees.” 

 

	4.	 TIMING OF GRANT OF AN OPTION 

 

	4.1	 Rule 4.4 will be deleted and replaced with the following: 

“No Option may be granted after the date that is the earlier of (i) the tenth anniversary of the Date of Approval; or (ii) the
tenth anniversary of the date that the Plan is approved by the Board of Directors of the Company, but any rights of Optionholders then subsisting shall remain in effect.” 

 

	5.	 EXERCISE PRICE 

 

	5.1	 Rules 6.1 and 6.2 will be deleted and replaced with the following: 

  
 22 

 “6.1 Immediately before an Option is granted, if the US Employee owns, directly or by reason
of the applicable attribution rules in section 424(d) of the Code: 
 6.1.1 ten per cent. (10%) or less of the total combined voting power
of all classes of stock of the Company or an Affiliate, the Exercise Price shall not be less than one hundred per cent. (100%) of the Market Value on the Date of Grant as determined in accordance with section 422 of the Code; or 

6.1.2 more than ten per cent. (10%) of the total combined voting power of all classes of stock of the Company or an Affiliate, the Exercise
Price shall not be less than one hundred and ten per cent. (110%) of the Market Value on the Date of Grant.” 
  

	6.	 COMPANY LIMIT (INSTITUTIONAL) ON THE GRANTING OF SUBSCRIPTION OPTIONS 

 

	6.1	 The following new Rule 11.5 will be added to Rule 11: 

“11.5 The maximum number of Shares which will be available for Options granted pursuant to this Schedule 1 will be 5,000,000 subject to
adjustment in accordance with Rule 30. 
  

	7.	 TIME OF EXERCISE – GENERAL RULES 

 

	7.1	 Rule 15.2 will be deleted and replaced with the following: 

“15.2 An Option will expire and may not in any event be exercised after: 

15.2.1 the tenth anniversary of the Date of Grant, where the US Employee owns ten per cent. (10%) or less than the total combined voting
power of all classes of stock of the Company or an Affiliate; or 
 15.2.2 the fifth anniversary of the Date of Grant, where the US
Employee owns more than ten per cent. (10%) of the total combined voting power of all classes of stock of the Company or an Affiliate 
 or
such earlier time as the Grantor specifies in the Option Certificate. 
  

	7.2	 The following new Rules 15.5 and 15.6 will be added to Rule 15: 

“15.5 The aggregate Market Value (determined at the time each Option is granted) of Option Shares in respect of which an Option may be
exercised for the first time by a US Employee in any calendar year (under all plans of the Company and its Affiliates) must not exceed USD 100,000. 

15.6 The Committee may accelerate the exercise of any part of an Option, provided that such acceleration (and subsequent exercise) shall only
be effective if it would not constitute a “modification” of the Option (as that term is defined under section 424(h) of the Code), or the Committee determines in its sole discretion that any modification is in the best interests of the
Company.” 
  

	8.	 LEAVING EMPLOYMENT 

 

	8.1	 The following new Rule 16.6 will be added to Rule 16: 

“16.6 An Option that is exercisable and is exercised more than three months after a US Employee’s termination of employment shall
not be considered an Incentive Stock Option, unless (i) the US Employee terminates employment due to Disability or becomes Disabled within three months after termination of employment and exercises his Option within one year after the date of
his termination of employment, but in no event after the date of expiration of the term of the Option, or (ii) terminates employment due to death or dies within three months after termination of employment.” 

  
 23 

	9.	 RECOVERY OF TAX 

 

	9.1	 The following new Rule 21.2 will be added to Rule 21: 

“21.2 Each US Employee must agree to notify the Company in writing immediately after he makes a Disqualifying Disposition of any Shares
acquired pursuant to the exercise of an Option. A Disqualifying Disposition is any disposition (including any sale) of such Shares before the later of (i) two years after the Date of Grant, or (ii) one year after the date the US Employee
acquired Shares by exercising his Option. If the US Employee has died before such Shares are sold, these requirements do not apply and no Disqualifying Disposition can occur. “ 

 

	10.	 ALTERATION OF THE PLAN 

 

	10.1	 The following new Rule 31.3 will be added to Rule 31: 

“31.3 “Notwithstanding the provisions of this Rule 31, any such alteration will only be effective to the extent that it complies
with section 422 of the Code, as amended from time to time, or the Committee determines in its sole discretion that any such alteration is in the best interest of the Company.” 

 

	11.	 CONFLICT 

If there is any conflict between the terms of this Schedule 1 and the other rules of the Plan, the terms set out in this Schedule 1 will
prevail. 

  
 24 

 Schedule 2 

CALIFORNIA SCHEDULE 
  

	1.	 INTRODUCTION 

 

	1.1	 This Schedule 2 shall apply to California Options granted to Eligible Employees who are resident in the state
of California. 

  

	1.2	 Unless stated otherwise in this Schedule 2, the main body of the Plan will apply to California Options granted
to Eligible Employees under this Schedule 2. 

  

	2.	 DEFINITIONS AND INTERPRETATION 

 

			
	“California Option”	  	means a combination of a Market Value Option and a Matching Option granted in accordance with the Matching Option Ratio;
		
	“Eligible California Employee”	  	means an employee of any member of the Group, other than the executive director, who resides in California;
		
	“Exercise Price”	  	the price payable to acquire the Shares which are subject to the Market Value Option;
		
	“Grantor”	  	means the Company;
		
	“Option”	  	means a California Option;
		
	“Optionholder”	  	means a person who has been granted a California Option or, if that person has died and where the context requires, his estate;
		
	“Market Value Option”	  	a right to acquire Shares granted in accordance with, and subject to, the rules of this Plan on payment of the Exercise Price;
		
	“Matching Option”	  	a right to acquire Shares granted in accordance with, and subject to, the rules of this Plan at no cost to the Optionholder;
		
	“Matching Option Ratio”	  	the ratio of Shares comprised in the Matching Option relative to the number of Shares comprised in the related Market Value Option;
		
	“Monthly Contributions”	  	the payments made by or on behalf of a Participant in US dollars to be applied to fund the Exercise Price;
		
	“Performance Condition”	  	a condition or conditions imposed under Rule 5.2.5 provided that references in this Plan to Performance Target shall read as Performance Condition;
		
	“Savings Period “	  	a period, determined by the Board, over which Monthly Contributions are made by an Optionholder.

  
 25 

	3.	 ELIGIBILITY 

  

	3.1	 Rule 3.2 is amended to replace “Eligible Employee” with “Eligible California Employee”.

  

	4.	 TIMING OF GRANT OF AN OPTION 

 

	4.1	 Rules 4.1 and 4.2 shall not apply. 

 

	4.2	 Rule 4.4 will be deleted and replaced with the following: 

“No Option may be granted after the date that is the earlier of (i) the tenth anniversary of the Date of Approval with respect to
this Schedule 2; or (ii) the tenth anniversary of the date that this Schedule 2 is approved by the Board of Directors of the Company, but any rights of Optionholders then subsisting shall remain in effect.” 

 

	5.	 GRANT EFFECTED BY EXECUTION OF DEED 

 

	5.1	 Rule 5.1 is amended by adding the words at the end of the current sentence: 

“to any Eligible California Employee who has agreed to make Monthly Contributions during the Savings Period to fund the Exercise Price of
the Market Value Option component of the California Option” 
  

	5.2	 Rule 5.2 shall be amended by the addition of the following new Rule 5.2: 

“5.2.10 any Holding Period to which Shares acquired on the exercise of a Matching Option will be applicable.” 

 

	5.3	 A new Rule is inserted as: 

 

	 	“5.2.11	 that save as set out in this rule 5.2.11, the Optionholder may not withdraw from the Plan prior to the end of
the Savings Period: 

  

	 	(a)	 If an Optionholder is suffering from extreme hardship, they may apply to the Committee, in such form as the
Committee may determine from time to time, to withdraw from the Plan; 

  

	 	(b)	 Within 14 days of receipt of an application pursuant to Rule 5.2.10(a), the Committee will consider the
Optionholder’s application and determine whether or not they may withdraw from the Plan. The Committee will then communicate the outcome of such determination to the Optionholder; 

 

	 	(c)	 Where the Committee has determined that the Optionholder is not suffering from extreme hardship, the Committee
will communicate the rationale for its determination to the Optionholder and the Optionholder’s Monthly Contributions will continue; 

  

	 	(d)	 Where the Committee has determined that the Optionholder is suffering from extreme hardship, the Committee will
communicate its decision to the Optionholder as soon as reasonably practicable and the Optionholder’s Option will lapse immediately. The Optionholder will cease to make Monthly Contributions and the Optionholder’s aggregate Monthly
Contributions will be returned to them as soon as reasonably practicable.” 

  

	6.	 EXERCISE PRICE 

 

	6.1	 Rule 6.2 is amended to replace the words “Subscription Option” with “Market Value Option”.

  
 26 

	7.	 ACCEPTANCE OF AN OPTION 

 

	7.1	 Rule 7.1 is amended to replace the words “Unless the Grantor otherwise” with “If the
Grantor”. 

  

	7.2	 Rule 7.2 is amended to replace the words “execute, as a deed,” with “sign”.

  

	8.	 COMPANY LIMIT (INSTITUTIONAL) ON THE GRANTING OF SUBSCRIPTION OPTIONS 

 

	8.1	 Rule 11.1 is amended to replace the words “Subscription Options” with “Options to be satisfied
by the issue of new Shares”. 

  

	8.2	 The following new rule 11.5 will be added to Rule 11: 

The maximum number of Shares that will be available for Options granted pursuant to this Schedule 2 will be 5,000,000 subject to adjustment in
accordance with Rule 30. 
  

	9.	 GENERAL RULES 

 

	9.1	 Rule 13.3 shall not apply. 

 

	10.	 PERFORMANCE TARGET 

 

	10.1	 Rule 14 shall not apply and will be replaced with new Rule 14: 

 

	 	“14.1	 Unless the Committee determines otherwise, Matching Share Options will be subject to the satisfaction of a
Performance Condition and subject to Rules 16 and 24, the Performance Condition will be measured over the Performance Period; 

  

	 	14.2	 the Committee may amend or substitute a Performance Condition if one or more events occur which cause the
Committee to consider that a substituted or amended Performance Condition would be more appropriate and would not be materially less difficult to satisfy.” 

 

	11.	 EXERCISE – GENERAL RULES 

 

	11.1	 Rule 15.1 is amended by the addition of the words “and Market Value Options must be exercised within a
period of 30 days, provided that Optionholders who cease employment after the Vesting Date will have 30 days from the date of cessation to exercise, after which they will lapse. Matching Options will be deemed to be exercised when they are no longer
subject to a substantial risk of forfeiture or such later date as may be specified in the Option Certificate.” 

  

	11.2	 Rule 15.2 shall be deleted. 

 

	11.3	 Rule 15.3 is amended by the addition of the words after Shares “and by the application of the
Optionholder’s aggregate Matching Contributions at the time of exercise to fund the Exercise Price of the Market Value Option.” 

  

	11.4	 A new Rule is inserted as: 

 

	 	“15.5	 Subject to Rule 16, when a California Option is exercised, both component parts of the California Option (being
the Market Value Option and the Matching Option) are exercised simultaneously and in respect of all the Vested Shares to which they relate and it is not possible to exercise them separately or in part.” 

 

	11.5	 A new Rule is inserted as: 

 

	 	“15.6	 To exercise a California Option, the Optionholder shall notify the Company in such form as manner as the
Company shall specify.” 

  
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	12.	 LEAVING EMPLOYMENT 

 

	12.1	 Rule 16 will be deleted and replaced with: 

 

	 	“16.1	 Subject to rule 16.3, where an Optionholder ceases to hold office or employment with the Group before the
Vesting Date, their Option will lapse. 

  

	 	16.2	 Where Options lapse pursuant to rule 16.1, an Optionholder’s aggregate Monthly Contributions will be
returned to them as soon as practicable after the date of such cessation. 

  

	 	16.3	 Where an Optionholder ceases to hold office or employment with the Group before the Vesting Date as a result
of: 

  

	 	16.3.1	 death, ill-health, injury, retirement or disability as established to
the satisfaction of the Board; 

  

	 	16.3.2	 redundancy; or 

  

	 	16.3.3	 the Optionholder’s employing company ceasing to be a member of the Group or the transfer of an undertaking
or part of an undertaking (in which the Participant is employed) to a person who is not a member of the Group 

  

	 	16.3.4	 any other reason, except where an Optionholder is summarily dismissed 

the Optionholder’s Options will not lapse. 

Instead: 
  

	 	16.3.5	 the Optionholder will make no further Monthly Contributions to the Plan; 

 

	 	16.3.6	 the California Option will subsist until the Vesting Date when it will be exercisable in accordance with Rules
16.3.7 – 16.3.11; 

  

	 	16.3.7	 the number of Shares in respect of which the Market Value Option will be exercisable (the “Pro-rated Number of Shares”) will be reduced in proportion to the number of Monthly Contributions made by the Optionholder relative to the total number of Monthly Contributions to be made in the Savings
Period; 

  

	 	16.3.8	 the maximum number of Shares in respect of which the Matching Option wil be exercisable will be reduced so that
it is equal to the number determined by applying the Matching Option Ratio to the Pro-rated Number of Shares (the “Pro-rated Number of Matching Shares”);

  

	 	16.3.9	 following the end of the Performance Period, the Committee will determine the extent to which the Performance
Condition has been met and the extent to which the Matching Option will Vest in respect of the Pro-rated Number of Matching Shares to which it relates; 

 

	 	16.3.10	 to the extent that a Market Value Option is exercisable it must be exercised within 30 days of the Vesting Date
after which it will lapse provided that where an Optionholder ceases employment by reason of death or disability a Market Value Option will remain exercisable (by the deceased Optionholder’s estate in the case of death) until or at least six
months from cessation of employment, after which the Option will lapse. 

  
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	 	16.3.11	 to the extent that an Option is not exercisable under this Rule 16 it will lapse immediately.”

  

	13.	 LEAVING FOR OTHER REASONS 

 

	13.1	 Rule 17 will be deleted. 

 

	14.	 DEATH OF AN OPTION HOLDER 

Rule 18.1 will be deleted. 
  

	15.	 18.2.2     MANNER OF EXERCISE OF AN OPTION 

 

	15.1	 Rule 20.1 will be deleted. 

 

	16.	 RECOVERY OF TAX 

 

	16.1	 Rule 21.1.1 is amended by the deletion of “PAYE”. 

 

	16.2	 Rule 21.2.1 is amended by deleting “14” before days and inserting “7” in its place.

  

	17.	 ISSUE OR TRANSFER OF SHARES 

 

	17.1	 Rule 22.1 is amended by the addition of the words “subject to Rule 23” after the word
“Optionholder”. 

  

	17.2	 Rule 22.4.1 is amended by the addition of the words “provided that the Committee may determine that such
certificate or other form of acknowledgement shall not be provided to the Optionholder until after the expiry of any applicable Holding Period in respect of any Shares to which the Holding Period applies. 

 

	18.	 HOLDING PERIOD 

 

	18.1	 A new Rule 23 is inserted (and subsequent Rules are re-numbered) as:

  

	23.	 HOLDING PERIOD 

 

	23.1	 Fifty per cent (or such other percentage as the Committee may determine at the Date of Grant) of the Vested
Shares comprised in a Matching Option after sufficient Shares comprised in that fifty per cent have been sold to meet Option Tax Liability applicable to the Matching Option (or would have been sold had the Optionholder not paid such liability to the
Company) will be subject to a Holding Period beginning on the Vesting Date.” 

  

	19.	 PART D: CORPORATE TRANSACTIONS 

 

	19.1	 For the purposes of this Part D, no Option may be exercised or exchanged unless the “corporate
transaction” constitutes a change of ownership or effective control, as provided in s.409A(a)(2)(v). 

  

	20.	 APPLICATION OF PERFORMANCE TARGET AND TIME PRO RATING 

 

	20.1	 Rule 24 is deleted and replaced with: 

 

	 	“24.1	 Where any of the events described in this Part D occur, all Options which have not yet Vested will Vest at the
time of such event: 

  
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	 	24.1.1	 in respect of the Market Value Options, on a pro-rata basis to reflect
the number of Monthly Contributions that have been made by the Optionholder at the date of the event relative to the total number of Monthly Contributions to be made in the Savings Period; and 

	 	

	 	24.1.2	 in respect of the Matching Option in full, unless the Committee determines that Matching Options will Vest to a
lesser extent (if at all), in which case the Committee shall determine the level of Vesting, taking into account the extent to which it considers that the Performance Condition has been satisfied at the time of the event and such other factors,
including at what point during the Savings Period the event occurred and the underlying performance of the Company as it considers appropriate.” 

  

	21.	 PART E: AMENDMENTS 

 

	21.1	 For the purposes of this Part E, no amendment will be effective unless it complies with s.409A.

  

	22.	 VARIATION OF SHARE CAPITAL 

 

	22.1	 The words “capitalisation or rights issue, sub-division,
consolidation or reduction or there is any other variation in the share capital of the Company the Committee (on behalf of the Grantor, if appropriate)” in Rule 30.1 will be replaced with the words “a stock split, reverse stock split,
stock dividend, recapitalisation, combination, reclassification or other distribution (without any receipt of consideration by the Company the Committee will”. 

 

	23.	 OBLIGATION TO ENSURE SUFFICIENT AVAILABLE SHARES 

 

	23.1	 The following new rule 33.4 will be added to rule 33: 

 

	 	“33.4	 Where Vested Shares to be delivered in respect of an Option under this Schedule 2 are delivered via the
Trustee:- 

  

	 	33.4.1	 Vesting Date; and the Optionholder will not have any interest in those Shares until the 

 

	 	33.4.2	 the Trustee will not allocate any Shares or other trust assets in favour of the Optionholder until the Vesting
Date.” 

  
 30

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