Document:

Document

BABYLON HOLDINGS LIMITED 2021 EQUITY INCENTIVE PLAN WITH
NON-EMPLOYEE SUB-PLAN

ADOPTED BY THE BOARD OF DIRECTORS 6 AUGUST 2021 APPROVED BY THE COMPANY’S SHAREHOLDERS: 29 SEPTEMBER 2021
APPROVED BY THE SPAC COUNTERPARTY’S SHAREHOLDERS: 20 OCTOBER 2021 EFFECTIVE DATE: 21 OCTOBER 2021

TABLE OF CONTENTS

Page
1.PURPOSE    1
2.ELIGIBILITY    1
3.ADMINISTRATION AND DELEGATION.    1
4.SHARES AVAILABLE FOR AWARDS.    1
5.OPTIONS AND SHARE APPRECIATION RIGHTS.    3
6.RESTRICTED SHARES; RESTRICTED SHARE UNITS    5
7.OTHER SHARE BASED AWARDS    6
8.ADJUSTMENTS FOR CHANGES IN SHARES AND CERTAIN OTHER
EVENTS    7
9.GENERAL PROVISIONS APPLICABLE TO AWARDS    8
10.MISCELLANEOUS    10
11.COVENANTS OF THE COMPANY    15
12.DEFINITIONS.    15

1.PURPOSE

The Plan’s purpose is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in Section 12.

2.ELIGIBILITY

Service Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein.

3.ADMINISTRATION AND DELEGATION.

(a)Administration. The Plan is administered by the Administrator. The Administrator has authority to (i) determine which Service Providers receive Awards, (ii) grant Awards, and (iii) set Award terms and conditions, in each case subject to the conditions and limitations in the Plan and all Applicable Laws. The Administrator also has the authority to take all actions and make all determinations under the Plan, to approve the forms of Award Agreements for use under the Plan, to interpret the Plan and the terms of Awards and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the Plan or any Award.

(b)Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one or more Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time.

4.SHARES AVAILABLE FOR AWARDS.

(a)Number of Shares. Subject to adjustment under Section 8 and the terms of this Section 4, Awards may be made under the Plan (taking account of Awards granted under the Non-Employee Sub-Plan) in an aggregate amount up to 45,335,210 Shares plus any Shares that become available under the Plan pursuant to Section 4(c)(ii) below (the “Share Reserve”). In addition, the Share Reserve will automatically increase on January 1st of each year commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to the lesser of: (i) 45,335,210 Shares; and (ii) 5% of the total number of all classes of shares of the Company that have been issued as at December 31st of the preceding calendar year, in each case, subject to Applicable Laws and the Company having sufficient authorised but unissued shares. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser (but not a greater) number of Shares than would otherwise occur pursuant to the preceding sentence.

(b)Limit Applies to Shares Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of Shares that may be issued pursuant to Awards that were granted under this Plan and does not limit the granting of Awards, except that the Company will keep available at all times the number of Shares reasonably required to satisfy its obligations to issue shares pursuant to such Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of Shares available for issuance under the Plan, as further described under Section 4(e).

(c)Share Recycling.

(i)If all or any part of an Award or Awards granted under the Plan (including the Non-Employee Sub-Plan) expires, lapses or is terminated, exchanged for cash, surrendered, repurchased or cancelled without having been fully exercised, or is withheld to satisfy a tax withholding obligation in connection with an Award or to satisfy a purchase or exercise price of an Award, the unused Shares covered by the Award or Awards granted under the Plan (including the Non-Employee Sub-Plan) will, as applicable, become or again be available for Awards granted under the Plan (including the Non-Employee Sub-Plan).

(ii)If all or any part of an option or options to acquire unissued Shares that was granted under the Prior Plans and which is subsisting as of the Effective Date expires, lapses or is terminated, exchanged for cash, surrendered, repurchased or cancelled without having been fully exercised, or is withheld to satisfy a tax withholding obligation in connection with an option or to satisfy a purchase or exercise price of an option, in each case on or after the Effective Date, the unused Shares covered by such option or options under the Prior Plans shall increase the Share Reserve and shall become available for Awards granted under the Plan (including the Non-Employee Sub-Plan) subject to a maximum of 23,902,282 Shares.

(d)ISO Limitations. Subject to adjustment under Section 8 and to the overall Share Reserve, no more than 69,237,492 Shares may be issued pursuant to the exercise of ISOs.

(e)Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other equity or equity-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Subject to Applicable Laws, Substitute Awards will not count against the Share Reserve (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute ISOs will count against the maximum number of Shares that may be issued pursuant to the exercise of ISOs under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan not adopted in contemplation of such acquisition or combination, then, subject to Applicable Laws, shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of ordinary shares or common stock (as applicable) of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination.

(f)Date of Grant. Unless otherwise determined by the Administrator, the date of grant of an Award shall be the date of the Administrator’s approval of that Award.

(g)Deed Poll. The Administrator may grant Awards by entering into a deed poll and, as soon as practicable after the Company has executed the deed poll, the Administrator shall enter into an Award Agreement.

(h)Type of Shares. The Shares issuable under the Plan will be new shares, treasury shares or market purchase shares.
(i)Prior Plans. Upon the Effective Date, no further new awards may be granted over Shares under the Prior Plans.

5.OPTIONS AND SHARE APPRECIATION RIGHTS.

(a)General. The Administrator may grant Options or Share Appreciation Rights to Service Providers subject to the limitations in the Plan, including any limitations in the Plan that apply to ISOs. The Administrator will determine the number of Shares covered by each Option and Share Appreciation Right, the exercise price of each Option and Share Appreciation Right and the conditions and limitations applicable to the exercise of each Option and Share Appreciation Right. Each Option will be designated in writing as an ISO or Non-Qualified Option at the time of grant; provided, however, that if an Option is not so designated, then such Option will be a Non-Qualified Option, and the Shares purchased upon exercise of each type of Option will be separately accounted for. A Share Appreciation Right will entitle the Participant (or other person entitled to exercise the Share Appreciation Right) to receive from the Company upon exercise of the exercisable portion of the Share Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement. A Participant will have no rights of a shareholder with respect to Shares subject to any Option or Share Appreciation Right unless and until any Shares are issued in settlement of the Option or Share Appreciation Right.

(b)Exercise Price. The Administrator will establish each Option’s and Share Appreciation Right’s exercise price and specify the exercise price in the Award Agreement. Subject to Section 10(g), the exercise price will be no less than the nominal value of a Share and, in respect of Participants who are subject to tax in the United States, shall also not be less than less than 100% of the Fair Market Value on the grant date of the Option or Share Appreciation Right. Notwithstanding the foregoing, an Option or Share Appreciation Right may be granted with an exercise price lower than 100% of the Fair Market Value on the date of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or share appreciation right pursuant to Section 4(e) and, in respect of Participants who are subject to tax in the United States, in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code.

(c)Duration. Each Option or Share Appreciation Right will vest and be exercisable at such times and as specified in the Award Agreement, provided that the term of an Option or Share Appreciation Right will not exceed ten years, subject to Section 10(g). Notwithstanding the foregoing and unless determined otherwise by the Company, in the event that on the last business day of the term of an Option or Share Appreciation Right (other than an ISO) (i) the exercise of the Option or Share Appreciation Right is prohibited by Applicable Laws, as determined by the Company, or (ii) Shares may not be purchased or sold by the applicable Participant due to any Company insider trading, window period and/or dealing policy (including blackout periods), the term of the Option or Share Appreciation Right shall be extended until the date that is thirty (30) days after the end of the legal prohibition, black- out period, as determined by the Company; provided, however, in no event shall the extension last beyond the original term of the applicable Option or Share Appreciation Right. Notwithstanding the foregoing, if the Participant, prior to the end of the term of an Option or Share Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant’s 

transferees to exercise any Option or Share Appreciation Right issued to the Participant shall terminate immediately upon such violation, unless the Company otherwise determines. In addition, if, prior to the end of the term of an Option or Share Appreciation Right, the Participant is given notice by the Company or any of its Subsidiaries of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause, and the effective date of such Termination of Service is subsequent to the date of the delivery of such notice, the right of the Participant and the Participant’s transferees to exercise any Option or Share Appreciation Right issued to the Participant shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s service as a Service Provider will not be terminated for Cause as provided in such notice or (ii) the effective date of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause (in which case the right of the Participant and the Participant’s transferees to exercise any Option or Share Appreciation Right issued to the Participant will terminate immediately upon the effective date of such Termination of Service); provided, however, in no event shall the suspension cause the original term of the applicable Option or Share Appreciation Right to be extended.

(d)Exercise. Options and Share Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Share Appreciation Right, together with, as applicable, payment in full (i) as specified in Section 5(e) for the number of Shares for which the Award is exercised and (ii) as specified in Section 9(e) for any applicable taxes. Unless the Administrator otherwise determines, an Option or Share Appreciation Right may not be exercised for a fraction of a Share.

(e)Payment Upon Exercise. Subject to any Company insider trading, window period and/or dealing policy (including blackout periods) and Applicable Laws, the exercise price of an Option must be paid by:

(i)cash, wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

(ii)if there is a public market for Shares at the time of exercise, unless the Administrator otherwise determines, (A) delivery (including telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the Administrator;

(iii)to the extent permitted by the Administrator at the time of exercise, transfer of Shares owned by the Participant free and clear of any liens, claims, encumbrances or security interests, which, when valued at their Fair Market Value on the exercise date, have a value sufficient to pay the exercise price, provided that (1) at the time of exercise the Shares are publicly traded, (2) any remaining balance of the exercise price not satisfied by such transfer is paid by the Participant in cash or other permitted form of payment, (3) such transfer would not violate any Applicable Laws or agreement restricting the redemption of the Shares, (4) if required by the Administrator, any certificated Shares are endorsed or accompanied by an executed assignment separate from certificate, and (5) such Shares have been held by the Participant for any minimum period necessary to avoid adverse accounting treatment as a result of such delivery;

(iv)to the extent permitted by the Administrator at the time of exercise, except with respect to ISOs, surrendering the largest whole number of Shares then issuable upon the Option’s exercise which, when valued at their Fair Market Value on the exercise date, have a value sufficient to pay the exercise price, provided that (1) such Shares used to pay the exercise price will not be exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in cash or other permitted form of payment;

(v)to the extent permitted by the Administrator at the time of exercise and permitted by Applicable Law, delivery of any other property that the Administrator determines is good and valuable consideration; or

(vi)to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

(f)Non-Exempt U.S. Employees. No Option or Share Appreciation Right, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the U.S. Fair Labor Standards Act of 1938, as amended, will be first exercisable for any Shares until at least six months following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the U.S. Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six months following the date of grant of such Award in the event of (i) such Participant’s death or Disability, (ii) a Corporate Event in which such Award is not assumed, continued or substituted, (iii) a Change in Control, or (iv) such Participant’s retirement (as such term may be defined in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance with the Company’s then current employment policies and guidelines). This Section 5(f) is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or Share Appreciation Right will be exempt from his or her regular rate of pay.

6.RESTRICTED SHARES; RESTRICTED SHARE UNITS

(a)General. The Administrator may issue Restricted Shares, or grant rights to purchase Restricted Shares, to any Service Provider, subject to the Company’s right to convert such Restricted Shares to deferred shares and redeem them under the terms of the Company’s articles of association, or to require such shares to be transferred to an employee benefit trust, or to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture or compulsory transfer of such shares in such manner as the Administrator may determine) if conditions the Administrator specifies in the Award Agreement are not satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service Providers Restricted Share Units, which may be subject to vesting, issuance and forfeiture conditions during the applicable restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement the terms and conditions for each Restricted Share and Restricted Share Unit Award, subject to the conditions and limitations contained in the Plan.

(b)Duration. Each Restricted Share or Restricted Share Unit will vest at such times and as specified in the Award Agreement, provided that the vesting schedule of a Restricted Share or Restricted Share Unit will not exceed ten years. Notwithstanding the foregoing, if the Participant, prior to the vesting date of a Restricted Share or Restricted Share Unit, violates the non-competition, non- solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant’s transferees to receive Shares on the vesting of the Restricted Share or Restricted Share Unit issued to the Participant shall terminate 

immediately upon such violation, unless the Company otherwise determines. In addition, if, prior to the vesting date of a Restricted Share or Restricted Share Unit, the Participant is given notice by the Company or any of its Subsidiaries of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause, and the effective date of such Termination of Service is subsequent to the date of the delivery of such notice, the right of the Participant and the Participant’s transferees to receive Shares as a result of the vesting of the Restricted Share or Restricted Share Unit issued to the Participant shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s service as a Service Provider will not be terminated for Cause as provided in such notice or (ii) the effective date of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause (in which case the right of the Participant and the Participant’s transferees to receive Shares on the vesting of the Restricted Share or Restricted Share Unit issued to the Participant will terminate immediately upon the effective date of such Termination of Service).

(c)Dividends and Dividend Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable, with respect to any Restricted Shares or Shares subject to Restricted Share Units, as determined (and on such terms as may be determined) by the Administrator and specified in the Award Agreement, subject to Applicable Laws.

(d)Restricted Shares.

(i)Form of Award. The Company may require that the Participant deposit in escrow with the Company (or its designee) any certificates issued in respect of Restricted Shares, together with a stock transfer form endorsed in blank. Unless otherwise determined by the Administrator, a Participant will have voting and other rights as a shareholder of the Company with respect to any Restricted Shares, save that any redesignation and subsequent redemption and forfeiture provisions of the Company's articles of association shall apply.

(ii)Consideration. Restricted Shares may be granted in consideration for (A) cash or check, bank draft or money order payable to the Company, (B) past services to the Company or a Subsidiary, or (C) any other form of consideration (including future services) as the Administrator may determine to be acceptable and which is permissible under Applicable Laws.

(e)Restricted Share Units.

(i)Settlement. The Administrator may provide that settlement of Restricted Share Units will occur upon or as soon as reasonably practicable after the Restricted Share Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election.

(ii)Shareholder Rights. A Participant will have no rights of a shareholder with respect to Shares subject to any Restricted Share Unit unless and until the Shares are delivered in settlement of the Restricted Share Unit.

(iii)Consideration. Unless otherwise determined by the Administrator at the time of grant, Restricted Share Units will be granted in consideration for the Participant’s services to the Company or a Subsidiary, such that the Participant will not be required to make any payment to the Company (other than such services) with respect to the grant or vesting of the Award, or the issuance of any Shares pursuant to the Award. If, at the time of grant, the Administrator determines that any consideration must be paid by the Participant (in a form other than the Participant’s services to the Company or a Subsidiary) upon the issuance of any Shares in settlement of the Award, such consideration may be paid in any form of consideration as the Administrator may determine to be acceptable and which is permissible under Applicable Laws.

7.OTHER SHARE BASED AWARDS

Other Share Based Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered in the future (whether based on specified performance criteria, performance goals or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Share Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Share Based Awards may be paid in Shares or other property, as the Administrator determines. Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Share Based Award, including any purchase price, performance condition, performance goal, transfer restrictions, and vesting conditions, which will be set forth in the applicable Award Agreement.

8.ADJUSTMENTS FOR CHANGES IN SHARES AND CERTAIN OTHER EVENTS

(a)Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Section 8, the Administrator will equitably adjust (i) class(es) and maximum number of Shares subject to the Plan, (ii) the class(es) and maximum number of Shares that may be issued pursuant to the exercise of ISOs under Section 4(d) above and (iii) each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under this Section 8(a) will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator will determine whether an adjustment is equitable.

(b)Corporate Events. In the event of any reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company or a Change in Control (any “Corporate Event”), the Administrator, on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate:

(i)To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero (as determined by the Administrator in its discretion), then the Award may be terminated without payment. In addition, such payments under this provision may, in the Administrator’s discretion, be delayed to the same extent that payment of consideration to the holders of Shares in connection with the Corporate Event is delayed as a result of escrows, earn outs, holdbacks or any other contingencies;

(ii)To provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award as of a date prior to the effective time of such Corporate Event as the Administrator determines (or, if the Administrator does not determine such a date, as of the date that is five (5) days prior to the effective date of the Corporate Event), with such Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Event; provided, however, that the Administrator may require Participants to complete and deliver to the Company a notice of exercise 

before the effective date of a Corporate Event, which exercise is contingent upon the effectiveness of such Corporate Event;

(iii)To provide that such Award be assumed by the successor or surviving entity, or a parent or Subsidiary thereof, or shall be substituted for by awards covering the equity securities of the successor or surviving entity, or a parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

(iv)To arrange for the assignment of any forfeiture, reacquisition or repurchase rights held by the Company in respect of Shares issued pursuant to the Award to the surviving entity or acquiring entity (or the surviving or acquiring corporation’s parent entity);

(v)To arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award;

(vi)To replace such Award with other rights or property selected by the
Administrator;

(vii)To provide that the Award will terminate, with or without consideration, and
cannot vest, be exercised or become payable after the applicable transaction or event; and/or

(viii)To provide that any Shares subject to an Award shall be converted to deferred shares and redeemed under the terms of the Company’s articles of association, or to require such Shares to be transferred to an employee benefit trust.

The Administrator need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Administrator may take different actions with respect to the vested and unvested portions of an Award.

(c)Administrative Stand Still. In the event of any pending Corporate Event or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to thirty days before or after such Corporate Event or other similar transaction.

(d)General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any rights due to any subdivision or consolidation of Shares of any class, distribution, dividend payment, increase or decrease in the number of Shares of any class, issue, rights issue, offer or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with respect to an Equity Restructuring under Section 8(a) above or the Administrator’s action under the Plan, no issuance by the Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way the Company’s right or power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any Corporate Event or (iii) sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof) differently under this Section 8.

9.GENERAL PROVISIONS APPLICABLE TO AWARDS

(a)Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards, Awards may not be sold, assigned, transferred, pledged or otherwise 

encumbered, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, will be exercisable only by the Participant. Notwithstanding the foregoing, the Administrator may, in its sole discretion, permit transfer of an Award pursuant to a domestic relations order or in such other manner that is not prohibited by applicable tax and securities laws upon the Participant’s request and provided that the Participant and the transferee enter into a transfer agreement and other agreements as required by the Company. If an Option is an ISO, such Option may be deemed to be a Non-Qualified Option as a result of a transfer pursuant to this Section. References to a Participant, to the extent relevant in this context, will include references to a Participant’s authorized transferee that the Administrator specifically approves.

(b)Documentation. Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic system established and maintained by the Company or another third party selected by the Company. Each Award may contain terms and conditions in addition to (or a variation of or effecting a disapplication of) those set forth in the Plan. Any reference herein or in an Award Agreement to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). As a condition to accepting an Award under the Plan, the Participant agrees to execute any additional documents or instruments necessary or desirable, as determined in the Administrator’s sole discretion, to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory requirements, in each case at the Administrator’s request.

(c)Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly.

(d)Termination of Status. The Administrator will determine how the disability, death, retirement, authorized leave of absence or any other change or purported change in a Participant’s Service Provider status (including a change which would result in a Termination of Service under the Plan but not under the Non-Employee Sub-Plan or vice versa) affects an Award and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award, if applicable.

(e)Withholding. Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes (which includes any social security contributions or the like including but not limited to, if applicable, all liability to primary (employee) and secondary (employer) national insurance contributions) required by law to be withheld or paid by the Company or by any Subsidiary that is the employing entity of the Participant or which Participant has agreed to pay in connection with such Participant’s Awards by the date of the event creating the tax liability. A Participant may not be able to exercise an Award even though the Award is vested, and the Company shall have no obligation to issue Shares subject to an Award, unless and until such obligations are satisfied. The Company may deduct an amount sufficient to satisfy such tax obligations based on the maximum statutory withholding rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs and Applicable Law) from any payment of any kind otherwise due to a Participant. To the extent permitted by the terms of an Award Agreement and subject to any Company insider trading, window period and/or dealing policy (including blackout periods), Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company, provided that the Company may limit the use of the foregoing payment forms if one or more of the payment forms below is permitted, (ii) to the extent permitted by the 

Administrator, in whole or in part by delivery of Shares, including Shares retained from the Award creating the tax obligation, valued at their Fair Market Value, (iii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the Administrator otherwise determines, (A) delivery (including telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax and/or social security withholding, provided that such amount is paid to the Company at such time as may be required by the Administrator, (iv) withholding cash from an Award settled in cash, (v) withholding payment from any amounts otherwise payable to the Participant or (vi) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Administrator.

(f)Withholding Indemnification. As a condition to accepting an Award under the Plan, in the event that the amount of the Company’s and/or any Subsidiary’s withholding obligation in connection with such Award was greater than the amount actually withheld by the Company and/or its Subsidiaries, each Participant agrees to indemnify and hold the Company and/or its Subsidiaries harmless from any failure by the Company and/or its Subsidiaries to withhold the proper amount.

(g)Amendment of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by cancelling and substituting another Award of the same or a different type, reducing the exercise price, changing the exercise or settlement date, converting an ISO to a Non-Qualified Option, taking any other action that is treated as a repricing under generally accepted accounting principles or by amending, waiving or relaxing any applicable performance criteria or goal(s). The Participant’s consent to such action will be required unless (i) the action, taking into account any related action, does not Materially Impair the Participant’s rights under the Award, or (ii) the change is permitted under Section 8 or pursuant to Section 10(f).

(h)Conditions on Issuance of Shares. The Company will not be obligated to issue any Shares under the Plan or remove restrictions from Shares previously issued under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction, (ii) as determined by the Company, all other legal matters regarding the issuance of such Shares (including payment of nominal value) have been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

(i)Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

10.MISCELLANEOUS

(a)No Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award will not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement. 

Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award will constitute any promise or commitment by the Company or a Subsidiary regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or service or confer any right or benefit under the Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

(b)No Rights as Shareholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any rights as a shareholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares on the register of members of the Company. Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded in the register of members of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws.

(c)Effective Date and Term of Plan. The Plan will come into existence on the day it is adopted by the Board but no Awards may be granted under the Plan prior to the Effective Date. Unless earlier terminated by the Board, the Plan will remain in effect until the tenth anniversary of the Effective Date, but Awards previously granted may extend beyond that date in accordance with the Plan. No ISOs may be granted after the tenth anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the Company’s shareholders. If the Plan is not approved by the Company’s shareholders within 12 months of the date of Board approval of the Plan, all ISOs will be treated as Non-Qualified Options.

(d)Amendment and Termination of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, suspension or termination may Materially Impair any Award outstanding at the time of such amendment without the affected Participant’s written consent. No Awards may be granted under the Plan during any suspension period or after Plan termination. Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before such suspension or termination. The Board will obtain shareholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws.

(e)Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are nationals of, or employed in, a jurisdiction outside the United Kingdom and the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of such international jurisdictions with respect to tax, securities, currency, employee benefit or other matters, including as may be necessary or appropriate in the Administrator’s discretion to grant Awards under any tax-favourable regime that may be available in any jurisdiction (provided that Administrator approval will not be necessary for immaterial modifications to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the relevant foreign jurisdiction).

(f)Section 409A. The following provisions only apply to Participants subject to tax in the United States:

(i)General. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the 

Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after an Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 10(f) or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation” subject to taxes, penalties or interest under Section 409A.

(ii)Separation from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A, any payment or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent necessary to avoid taxes under Section 409A, be made only upon the Participant’s “separation from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or after the termination of the Participant’s Service Provider relationship. For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of service”, “termination of employment” or like terms means a “separation from service.”

(iii)Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of “nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section 409A and as the Administrator determines) due to his or her “separation from service” will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation from service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the Participant’s “separation from service” will be paid at the time or times the payments are otherwise scheduled to be made.

(g)10% Shareholders. The Administrator may grant ISOs only to employees of the Company, any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to receive ISOs under the Code. If an ISO is granted to a Greater Than 10% Shareholder, the exercise price will not be less than 110% of the Fair Market Value on the Option’s grant date, and the term of the Option will not exceed five years. All ISOs will be subject to and construed consistently with Section 422 of the Code. By accepting an ISO, the Participant agrees to give prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within (i) two years from the grant date of the Option or (ii) one year after the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, if an ISO fails or ceases to qualify as an “incentive stock option” under Section 422 of the Code. Any ISO or portion thereof that fails to qualify as an “incentive stock option” under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Option.

(h)Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other employee or agent of the Company or any Subsidiary. As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make any claim against the Company, the Group or any of its officers, Directors, Employees or Subsidiaries related to tax or social security liabilities arising from such Award or other Company or Group compensation and (ii) acknowledges that such Participant was advised to consult with his or her own personal tax, financial and other legal advisors regarding the tax and social security consequences of the Award and has either done so or knowingly and voluntarily declined to do so. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith.

(i)No Obligation to Notify or Minimize Taxes. Except as required by Applicable Laws the Company has no duty or obligation to any Participant to advise such Participant as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation to warn or otherwise advise such Participant of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax or social security consequences of an Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax or social security consequences to such holder in connection with an Award.

(j)Data Privacy.

(i)As a condition for receiving any Award, each Participant acknowledges that the Company and any Subsidiary may collect, use and transfer, in electronic or other form, personal data as described in this section by and among the Company and its Subsidiaries and affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company (as above) may hold certain personal information about a Participant, including the Participant’s name, address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company (as above); and Award details, to implement, manage and administer the Plan and Awards (the “Data”). The Company (as above) may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company (as above) may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant acknowledges that such recipients may receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request additional information about the storage and processing of the Data regarding such Participant and recommend any necessary corrections to the Data regarding the Participant in writing, without cost, by contacting the local human resources representative.

(ii)For the purpose of operating the Plan in the European Union, Switzerland and the United Kingdom, the Company will collect and process information relating to Participants in accordance with the privacy notice which is provided to each Participant.

(k)Severability. If any portion of the Plan or any Award Agreement or any action taken thereunder is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan or such Award Agreement, and the Plan and such Award Agreement will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void.

(l)Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan will not apply.

All Awards will be subject to Applicable Laws on insider trading and dealing and any specific insider trading, window period and/or dealing policy adopted by the Company.

(m)Governing Law and Jurisdiction. The Plan and all Awards, including any non- contractual obligations arising in connection therewith, will be governed by and interpreted in accordance with the laws of England and Wales, disregarding any jurisdiction’s choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have exclusive jurisdiction to hear any dispute.

(n)Claw-back Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy that may be adopted from time to time to the extent such policy applies to the relevant Participant, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement, to the extent applicable and permissible under Applicable Laws. No recovery of compensation under such a claw-back policy will be an event giving rise to a Participant’s right to voluntary terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company.

(o)Other Group Company policies. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any relevant Company or Group Company policy to the extent such policy applies to the relevant Participant, including but not limited to any remuneration policy and/or share retention, ownership, or holding policy that may be adopted from time to time.

(p)Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s text, rather than such titles or headings, will control.

(q)Conformity to Applicable Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws and may be unilaterally cancelled by the Company (with the effect that all 

Participant’s rights thereunder lapse with immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable.

(r)Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided in writing in such other plan or an agreement thereunder.

(s)Broker-Assisted Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards: (a) any Shares to be sold through the broker-assisted sale will be sold (subject in all cases to the Administrator having regard to the orderly marketing and disposal of such Shares, and having the discretion to delay broker-assisted sales for such reasons) on the day the payment first becomes due, or as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all Participants receive an average price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee, or the Company or any Subsidiary may withhold from any payment to be made to the Participant (including but not limited to that Participant’s salary), an amount in cash sufficient to satisfy any remaining portion of the Participant’s obligation.

(t)Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Subsidiary is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Administrator may determine, to the extent permitted by Applicable Laws, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, subject to compliance with Applicable Laws, including, without limitation, Section 409A, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

(u)Deferrals. To the extent permitted by Applicable Laws, the Administrator, in its sole discretion, may determine that the issuance of Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and procedures for deferral elections to be made by Participants.

11.VALID ISSUANCE.

If the Company is unable to obtain the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Shares under the Plan, the Company will be relieved from any liability for failure to issue and sell Shares upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance of Shares pursuant to the Award if such grant or issuance would be in violation of any Applicable Laws.

12.DEFINITIONS.

As used in the Plan, the following words and phrases will have the following meanings:

(a)“Administrator” means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee.

(b)“Applicable Laws” means any applicable laws, statutes, constitutions, principles of common law, resolutions, ordinances, codes, edicts, decrees, rules, listing rules, regulations, judicial decisions, rulings or requirements issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial Industry Regulatory Authority), including without limitation: (a) the requirements relating to the administration of equity incentive plans under English, Jersey, U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws and rules of any other country or jurisdiction where Awards are granted; and (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether U.S. federal, state, local or foreign, applicable in the United Kingdom, Jersey, United States or any other relevant jurisdiction.

(c)“Award” means, individually or collectively, a grant under the Plan of Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, or Other Share Based Awards.

(d)“Award Agreement” means a written agreement between the Company and a Participant evidencing an Award, which may be electronic. The Award Agreement generally consists of the grant notice and the agreement that contains such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

(e)“Board” means the Board of Directors of the Company (or its designee).

(f)“Cause” means (i) if a Participant is a party to a written employment or consulting agreement with the Company or any of its Subsidiaries or an Award Agreement in which the term “cause” is defined (a “Relevant Agreement”), “Cause” as defined in the Relevant Agreement, and (ii) if no Relevant Agreement exists, (A) the Administrator’s determination that the Participant failed to substantially perform the Participant’s duties (other than a failure resulting from the Participant’s Disability); (B) the Administrator’s determination that the Participant failed to carry out, or comply with any lawful directive of the Board or the Participant’s immediate supervisor; (C) the occurrence of any act or omission by the Participant that could reasonably be expected to result in (or has resulted in) the Participant’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or indictable offence or crime involving fraud, dishonesty or moral turpitude (or equivalent in any jurisdiction); (D) the Participant’s unlawful use (including being under the influence) or possession of illegal drugs on the premises of the Company or any of its Subsidiaries or while performing the Participant’s duties and responsibilities for the Company or any of its Subsidiaries; (E) the Participant’s commission of (or attempted commission of) an act of fraud, embezzlement, misappropriation, misconduct, or breach of fiduciary duty against the Company or any of its Subsidiaries; (F) the Participant’s unauthorized use or disclosure of the confidential information or trade secrets of the Company or any Subsidiary; or (G) the Participant’s material violation of any contract or agreement between the Participant and the Company (or Subsidiary) or of any statutory duty owed to the Company (or Subsidiary) or such Participant’s material failure to comply with the written policies or rules of the Company (or Subsidiary).

(g)“Change in Control” means and includes each of the following:

(i)a Sale; or

(ii)a Takeover.

The Administrator shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

Notwithstanding the foregoing or any other provision of this Plan, the term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company.

(h)“Code” means the US Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

(i)“Committee” means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director” within the meaning of Rule 16b- 3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

(j)“Company” means Babylon Holdings Limited, incorporated in Jersey with company number 115471, or any successor.

(k)“Control” has the meaning given in Section 995(2) of the UK Income Tax Act 2007, unless otherwise specified.

(l)“Corporate Event” has the meaning given to it in Section 8(b).

(m)“Designated Beneficiary” means: (i) a Participant’s personal representative appointed on Participant’s death; or (ii) if the Administrator permits from time to time in its discretion, the beneficiary or beneficiaries a Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated.

(n)“Director” means a Board member.

(o)“Disability” means a permanent and total disability under Section 22(e)(3) of the Code, as amended, and will be determined by the Administrator on the basis of such medical evidence as the Administrator deems warranted under the circumstances.

(p)“Effective Date” means the means the date of the consummation of the merger by and between the SPAC Counterparty, the Company, and certain other parties, pursuant to that certain Agreement dated June 3, 2021.

(q)“Employee” means any employee of the Company or its Subsidiaries.

(r)“Equity Restructuring” means any return of capital (including a share dividend (whether payable in the form of cash, shares, or any other form of consideration)), bonus issue of shares or other Company securities by way of capitalization of profits, distribution, share split, reverse share split, spin-

off, rights offering, re-designation, redenomination, consolidation recapitalization through a large, nonrecurring cash dividend, or any similar equity restructuring transaction, that affects the number or class of Shares (or other Company securities) or the nominal value of Shares (or other Company securities) and causes a change in the per share value of the Shares underlying outstanding Awards. Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as an Equity Restructuring.

(s)“Exchange Act” means the US Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

(t)“Fair Market Value” means, as of any date, unless otherwise determined by the Administrator, the value of the Shares (as determined on a per share or aggregate basis, as applicable) determined as follows:

(i)If the Shares are listed on any established stock exchange or traded on any established market, the Fair Market Value will be the closing sales price for such Shares as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Shares) on the date of determination, as reported in a source the Administrator deems reliable.

(ii)If there is no closing sales price for the Shares on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

(iii)In the absence of such markets for the Shares, or if otherwise determined by the Administrator, the Fair Market Value will be determined by the Administrator in good faith.

(u)“Governmental Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (b) United Kingdom, Jersey U.S. federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or entity and any court or other tribunal, and for the avoidance of doubt, any tax authority) or other body exercising similar powers or authority; or (d) self- regulatory organization (including the Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority).

(v)“Greater Than 10% Shareholder” means an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of equity securities of the Company or its parent or subsidiary corporation, as defined in Section 424(e) and (f) of the Code, respectively.

(w)“Group” means the Company and its Subsidiaries (references to “Group Company” shall be construed accordingly).

(x)“ISO” means an Option intended to be, and that qualifies as, an “incentive stock option” as defined in Section 422 of the Code.

(y)“Materially Impair” means any amendment to the terms of the Award that materially adversely affects the Participant’s rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Administrator, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights. For example, the following types of amendments to the terms of an Award do not Materially 

Impair the Participant’s rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option that may be exercised; (ii) to maintain the qualified status of the Award as an ISO under Section 422 of the Code; (iii) to change the terms of an ISO in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an ISO under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws.

(z)“Non-Employee Sub-Plan” means the Non-Employee Sub-Plan to the Plan adopted by the Board.

(aa)    “Non-Qualified Option” means an Option not intended or not qualifying as an ISO.

(bb)    “Option” means an option to purchase Shares.

(cc) “Other Share Based Awards” means awards of Shares, and other awards valued wholly or partially by referring to, or are otherwise based on, Shares or other property, including the appreciation in value thereof (e.g., options or share rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant), that may be granted either alone or in addition to Awards provided for under Section 5 and Section 6.

(dd)    “Participant” means a Service Provider who has been granted an Award.

(ee)    “Plan” means this 2021 Equity Incentive Plan, as amended from time to time.

(ff)  “Prior Plans” means (i) the Long Term Incentive Plan with Non-Employee Sub-Plan adopted by the Company on 27 July 2015 and (ii) Company Share Option plan adopted by the Company on 24 February 2021 (each as subsequently amended from time to time and as assumed or adopted by the Company prior to the Effective Date).

(gg)  “Restricted Shares” means Shares awarded to a Participant under Section 6 subject to certain vesting conditions and other restrictions.

(hh) “Restricted Share Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share (or, if specified in the Award Agreement, other consideration determined by the Administrator to be of equal value as of such settlement date), subject to certain vesting conditions and other restrictions provided that nothing contained in the Plan or any Award Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between a Participant and the Company or a Subsidiary or any other person.

(ii)“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

(jj)  “Sale” means the sale of all or substantially all of the assets of the Company (in one transaction or a series of related transactions).

(kk) “Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.

(ll)    “Securities Act” means the US Securities Act of 1933, as amended.

(mm) “Service Provider” means an Employee, Director or Consultant, provided that Consultants and Directors who are not Employees are only considered “Service Providers” eligible to be granted Awards under the Non-Employee Sub-Plan.

(nn)    “Share” means a Class A Ordinary Share in the capital of the Company.

(oo)    “Share Appreciation Right” means a share appreciation right granted under Section 5.

(pp)    “Share Reserve” has the meaning given to it in Section 4(a).

(qq) “SPAC Counterparty” means Alkuri Global Acquisition Corp., a Delaware corporation, or any successor.

(rr)    “Subsidiary” has the meaning as set out in section 1159 of the UK Companies Act
2006.

(ss)    “Substitute Awards” means Awards granted or Shares issued by the Company in
assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.

(tt)    “Takeover” means if any person (or a group of persons acting in concert) (the “Acquiring Person”):

(i)obtains Control of the Company as the result of making a general offer to:

(1)acquire all of the issued ordinary share capital of the Company, which is made on a condition that, if it is satisfied, the Acquiring Person will have Control of the Company; or

(2)acquire all of the shares in the Company which are of the same class
as the Shares; or

(ii)obtains Control of the Company as a result of a compromise or arrangement sanctioned by a court under Section 899 of the UK Companies Act 2006, or sanctioned under any other similar law of another jurisdiction; or

(iii)becomes bound or entitled under Sections 979 to 985 of the UK Companies Act 2006 (or similar law of another jurisdiction) to acquire shares of the same class as the Shares; or

(iv)obtains Control of the Company in any other way.

(uu)    “Termination of Service” means the date the Participant ceases to be a Service Provider as defined in the Plan.

NON-EMPLOYEE SUB-PLAN

TO THE BABYLON HOLDINGS LIMITED 2021 EQUITY INCENTIVE PLAN

This sub-plan (the “Non-Employee Sub-Plan”) to the Babylon Holdings Limited 2021 Equity Incentive Plan (the “Plan”) governs the grant of Awards to Consultants (defined below) and Directors who are not Employees. The Non-Employee Sub-Plan incorporates all the provisions of the Plan except as modified in accordance with the provisions of this Non-Employee Sub-Plan.

Awards granted pursuant to the Non-Employee Sub-Plan are not granted pursuant to an “employees’ share scheme” for the purpose of English law.

For the purposes of the Non-Employee Sub-Plan, the provisions of the Plan shall operate subject to the following modifications:

1.Interpretation

In the Non-Employee Sub-Plan, unless the context otherwise requires, the following words and expressions have the following meanings:

“Consultant” means any person, including any adviser, engaged by the Company or any Group Company to render services to such entity if the consultant or adviser: (i) renders bona fide services to the Company or any Group Company; (ii) renders services not in connection with the offer or sale of securities in a capital-raising transaction and does not directly or indirectly promote or maintain a market for the Company’s securities; and (iii) is a natural person. Notwithstanding the foregoing, a person is treated as a Consultant only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.

“Service Provider” means a Consultant or Director who is not an Employee.

“Termination of Service” means, subject to Section 3 below, the date the Participant ceases to be a Service Provider as defined in this Non-Employee Sub-Plan.

2.Eligibility

Service Providers are eligible to be granted Awards under the Non-Employee Sub-Plan.

3.Service Provider status and Termination of Service

If the Administrator so determines, a Participant who ceases to be a Service Provider for the purposes of this Non-Employee Sub-Plan and who becomes a Service Provider as defined in the Plan immediately thereafter (provided that there is no interruption or termination of the Participant’s service with the Company or a Subsidiary) may be considered to remain continuously a Service Provider for the purposes of the Non-Employee Sub-Plan.

APPENDIX 1
OPTION GRANT NOTICE (US / UK)

BABYLON HOLDINGS LIMITED
2021 EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]

Capitalized terms not specifically defined in this Option Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Equity Incentive Plan [:Non-Employee Sub-Plan] (as amended from time to time, the “Plan”) of Babylon Holdings Limited (the “Company”).

The Company has granted to the participant listed below (“Participant”) the option described in this Grant Notice (the “Option”), subject to the terms and conditions of the Plan and the Option Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.

Participant:

Grant Date:

Exercise Price per Share:

Shares Subject to the Option:

Final Expiration Date:    The day before the [10th] anniversary of the Grant Date

Vesting Commencement Date:

Vesting Schedule:    [TBD].

Type of Option    [ISO][Non-Qualified Option]

By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and any Group Company policy that may be applicable to the Participant and the Option from time to time (the “Policies”) [including but not limited to the [Company’s claw-back policy
/ share retention policy / remuneration policy]]. Participant has reviewed the Plan, this Grant Notice, the Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

By accepting this Option, Participant consents to receive this Grant Notice, the Agreement, the Plan, the Policies and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Counterparts may be delivered via facsimile, electronic mail

(including pdf or any electronic signature complying with the US federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other Applicable Law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

BABYLON HOLDINGS LIMITED    PARTICIPANT

By: ________________________________            ______________________________

           _____________________________          ______________________________

Name    [Participant Name]
         
           _____________________________
         
Title:

Exhibit A

OPTION AGREEMENT

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

1.GENERAL

1.1.Grant of Option

The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant Date”).

1.2.Incorporation of Terms of Plan

The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

2.PERIOD OF EXERCISABILITY

2.1.Commencement of Exercisability

The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting Schedule”) except that (1) the Option shall not be exercisable in any part prior to the effective date of a registration statement on Form S-8 relating to the Shares issuable with respect to the Option and (2) any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company, the Option will immediately expire and be forfeited as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any reason.

2.2.Duration of Exercisability

The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.

2.3.Expiration of Option

The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur:

(a)The final expiration date in the Grant Notice;

(b)Except as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant’s Termination of Service, unless Participant’s Termination of Service is for Cause or by reason of Participant’s death or Disability;

(c)Except as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s Disability;

(d)Except as the Administrator may otherwise approve, the expiration of eighteen (18) months from the date of Participant’s Termination of Service by reason of Participant’s death;

(e)Except as the Administrator may otherwise approve, Participant’s Termination of Service for Cause;

(f)Immediately upon a Corporate Event if the Administrator has determined that the Option will terminate in connection with a Corporate Event;

(g)The day before the tenth anniversary of the Grant Date.

Notwithstanding the foregoing, if Participant dies during the period provided in Section 2.3(b) or 2.3(c) above, the term of the Option shall not expire until the earlier of (i) eighteen (18) months after Participant’s death, (ii) upon any termination of the Option in connection with a Corporate Event, (iii) the Final Expiration Date indicated in the Grant Notice, or (iv) the day before the tenth anniversary of the Grant Date. Additionally, the post-termination exercise period of the Option may be extended as provided in the Plan.

3.EXERCISE OF OPTION

3.1.Person Eligible to Exercise

During Participant’s lifetime, only Participant may exercise the Option. After Participant’s death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant’s Designated Beneficiary as provided in the Plan.

3.2.Partial Exercise

Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares.

3.3.Tax Withholding.

(a)The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in accordance with the Plan of any tax and/or social security withholding obligations arising in connection with the Option as Participant’s election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

(b)Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the Option. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s tax and/or social security liability.

3.4.Lock-up

By accepting the Option, Participant agrees that Participant will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any Shares or other securities of the Company held by Participant, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. Participant further agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to Participant’s Shares (or other securities of the Company) until the end of such period. Participant also agrees that any transferee of any Shares (or other securities of the Company) held by Participant will be bound by this Section. The underwriters of the Company’s Shares are intended third party beneficiaries of this Section and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

4.OTHER PROVISIONS

4.1.Option Not a Service Contract.

By accepting the Option, Participant acknowledges, understands and agrees that:

(a)the Option is not an employment or service contract, and nothing in the Option will be deemed to create in any way whatsoever any obligation on Participant’s part to continue in the employ of the Company or any Group Company, or of the Company or any Group Company to continue Participant’s employment. In addition, nothing in Participant’s Option will obligate the Company or any Group Company, their respective shareholders, boards of directors, officers or employees to continue any relationship that Participant might have as a Director or Consultant for the Company or any Group Company;

(b)the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted under the Plan;

(c)the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of options (whether on the same or different terms), or benefits in lieu of options, even if options have been granted in the past;

(d)Participant’s options and any Shares acquired under the Plan on exercise of Participant’s options, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;

(e)the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty;

(f)neither the Company nor any Group Company shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar (or such other currency in which the Exercise Price may be denominated) that may affect

the value of Participant’s options or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares received;

(g)for the purposes of the Option, Participant’s status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company or one of its Group Companies (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, (i) Participant’s right to vest in the Option under the Plan, if any, and (ii) the period (if any) during which Participant may exercise the Option after such termination as a Service Provider will terminate as of such date and in each instance will not be extended by any notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any; and the Board shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Option (including whether Participant may still be considered to be providing services while on a leave of absence); and

(h)no claim or entitlement to compensation or damages shall arise from forfeiture of this Option resulting from the termination of Participant’s status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of his or her employment or service agreement, if any), and in consideration of the grant of this Option to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company or any Group Company, waives his or her ability, if any, to bring any such claim, and release the Company and any Group Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim.

4.2.No Advice Regarding Grant; No Liability for Taxes

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or his or her acquisition or sale of the underlying Shares. Participant should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

As a condition to accepting the Option, Participant hereby (a) agrees to not make any claim against the Company, Group, or any of its officers, Directors, Employees related to tax or social security liabilities arising from the Option or other Company or Group compensation and
(b) acknowledges that Participant was advised to consult with Participant’s own personal tax, legal and financial advisors regarding the tax and social security consequences of the Option and has either done so or knowingly and voluntarily declined to do so. Additionally, if Participant is subject to tax in the United States, Participant acknowledges that the Option is exempt from Section 409A only if the exercise price per share is at least equal to the “fair market value” of a Share on the date of grant as determined by the US Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition to accepting the Option, Participant agrees not make any claim against the Company, Group, or any of its Officers, Directors, Employees in the event that the US Internal Revenue Service asserts that such exercise price per share is less than the “fair

market value” of a Share on the date of grant as subsequently determined by the US Internal Revenue Service.

4.3.Adjustments

Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

4.4.Notices

Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing address or email address in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given: (i) if sent by email, when actually received; and
(ii) if sent by certified mail (return receipt requested) and deposited with postage prepaid in the applicable national mail, when delivered by a nationally recognized express shipping company.

4.5.Titles

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

4.6.Conformity to Applicable Laws

Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and this Option may be unilaterally cancelled by the Company (with the effect that all Participant’s rights hereunder lapse with immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable.

4.7.Successors and Assigns

The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

4.8.Limitations Applicable to Section 16 Persons

Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

4.9.Entire Agreement

The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, with the exception of other equity awards previously granted to Participant and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and Participant in each case that specifies the terms that should govern this Option.

4.10.Agreement Severable

In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

4.11.Limitation on Participant’s Rights

Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

4.12.Counterparts

The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of which will be deemed an original and all of which together will constitute one instrument.

4.13.ISO

If the Option is designated as an ISO:

(a)Participant acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option with respect to the shares is granted) with respect to which options intended to qualify as “incentive stock options” under Section 422 of the Code, including the Option, are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for any other reason such options do not qualify or cease to qualify for treatment as “incentive stock options” under Section 422 of the Code, such options (including the Option) will be treated as non-qualified options. Participant further acknowledges that the rule set forth in the preceding sentence will be applied by taking the Option and other options into account in the order in which they were granted, as determined under Section 422(d) of the Code.

(b)Participant also acknowledges that if the Option is exercised more than three
(3) months after Participant’s Termination of Service, other than by reason of death or Disability, the Option will be taxed as a Non-Qualified Option. If the Company provides for the extended exercisability of the Option under certain circumstances for Participant’s benefit, the Option will not necessarily be treated as an ISO if Participant exercise the Option more than three (3) months after the date of Participant’s Termination of Service.

(c)Participant will notify the Company in writing within fifteen (15) days after the date of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

4.14.Choice of Law

The Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales disregarding any jurisdiction’s choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have exclusive jurisdiction to hear any dispute.

4.15.Other Documents

Participant hereby acknowledges receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the prospectus document containing the Plan information specified in Section 10(a) of the Securities Act. In addition, Participant acknowledges receipt of the Company’s Insider Trading and Window Period Policy.

4.16.Corporate Events.

The Option is subject to the terms of any agreement governing a Corporate Event involving the Company, including, without limitation, a provision for the appointment of a shareholder representative that is authorized to act on Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.

4.17.Non-Exempt U.S. Employees.

The Option, whether or not vested, if granted to an Employee who is a non-exempt employee for purposes of the U.S. Fair Labor Standards Act of 1938, as amended, will not be first exercisable for any Shares until at least six months following the Grant Date. Notwithstanding the foregoing, in accordance with the provisions of the U.S. Worker Economic Opportunity Act, any vested portion of the Option may be exercised earlier than six months following the Grant Date in the event of (i) the Participant’s death or Disability, (ii) a Corporate Event in which the Option is not assumed, continued or substituted, (iii) a Change in Control, or (iv) the Participant’s retirement (as such term may be defined in the Agreement or another applicable agreement or, in the absence of any such definition, in accordance with the Company’s then current employment policies and guidelines). This Section 4.17 is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of the Option will be exempt from Participant’s regular rate of pay.

APPENDIX 2
OPTION GRANT NOTICE (INTERNATIONAL)

BABYLON HOLDINGS LIMITED
2021 EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]

Capitalized terms not specifically defined in this Option Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Equity Incentive Plan [:Non-Employee Sub-Plan] (as amended from time to time, the “Plan”) of Babylon Holdings Limited (the “Company”).

The Company has granted to the participant listed below (“Participant”) the option described in this Grant Notice (the “Option”), subject to the terms and conditions of the Plan and the Option Agreement attached as Exhibit A (including any special terms and conditions for the Participant’s country set forth in the attached appendix (the “Appendix” and together, the “Agreement”)), both of which are incorporated into this Grant Notice by reference.

Participant:

Grant Date:

Exercise Price per Share:

Shares Subject to the Option:

Final Expiration Date:    The day before the [10th] anniversary of the Grant Date

Vesting Commencement Date:

Vesting Schedule:    [TBD].

Type of Option    Non-Qualified Option

By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and any Group Company policy that may be applicable to the Participant and the Option from time to time (the “Policies”) [including but not limited to the [Company’s claw-back policy
/ share retention policy / remuneration policy]]. Participant has reviewed the Plan, this Grant Notice, the Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

By accepting this Option, Participant consents to receive this Grant Notice, the Agreement, the Plan, the Policies and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the US federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other Applicable Law) or other transmission method and any counterpart

so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

BABYLON HOLDINGS LIMITED    PARTICIPANT

By:   ________________________________         

           _____________________________          ______________________________

Name    [Participant Name]
         
           _____________________________
         
Title:

Exhibit A

OPTION AGREEMENT

Capitalized terms not specifically defined in this Agreement (the definition of which includes any special terms and conditions for the Participant’s country set forth in the Appendix) have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

1.GENERAL

1.1.Grant of Option

The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant Date”).

1.2.Incorporation of Terms of Plan

The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

2.PERIOD OF EXERCISABILITY

2.1.Commencement of Exercisability

The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting Schedule”) except that (1) the Option shall not be exercisable in any part prior to the effective date of a registration statement on Form S-8 relating to the Shares issuable with respect to the Option and (2) any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company, the Option will immediately expire and be forfeited as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any reason.

2.2.Duration of Exercisability

The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.

2.3.Expiration of Option

The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur:

(a)The final expiration date in the Grant Notice;

(b)Except as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant’s Termination of Service, unless Participant’s Termination of Service is for Cause or by reason of Participant’s death or Disability;

(c)Except as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s Disability;

(d)Except as the Administrator may otherwise approve, the expiration of eighteen (18) months from the date of Participant’s Termination of Service by reason of Participant’s death;

(e)Except as the Administrator may otherwise approve, Participant’s Termination of Service for Cause;

(f)Immediately upon a Corporate Event if the Administrator has determined that the Option will terminate in connection with a Corporate Event;

(g)The day before the tenth anniversary of the Grant Date.

Notwithstanding the foregoing, if Participant dies during the period provided in Section 2.3(b) or 2.3(c) above, the term of the Option shall not expire until the earlier of (i) eighteen (18) months after Participant’s death, (ii) upon any termination of the Option in connection with a Corporate Event, (iii) the Final Expiration Date indicated in the Grant Notice, or (iv) the day before the tenth anniversary of the Grant Date. Additionally, the post-termination exercise period of the Option may be extended as provided in the Plan.

3.EXERCISE OF OPTION

3.1.Person Eligible to Exercise

During Participant’s lifetime, only Participant may exercise the Option. After Participant’s death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant’s Designated Beneficiary as provided in the Plan.

3.2.Partial Exercise

Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares.

3.3.Tax Withholding.

(a)The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in accordance with the Plan of any tax and/or social security withholding obligations arising in connection with the Option as Participant’s election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

(b)Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the Option. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s tax and/or social security liability.

3.4.Lock-up

By accepting the Option, Participant agrees that Participant will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any Shares or other securities of the Company held by Participant, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. Participant further agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to Participant’s Shares (or other securities of the Company) until the end of such period. Participant also agrees that any transferee of any Shares (or other securities of the Company) held by Participant will be bound by this Section. The underwriters of the Company’s Shares are intended third party beneficiaries of this Section and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

4.OTHER PROVISIONS

4.1.Option Not a Service Contract.

By accepting the Option, Participant acknowledges, understands and agrees that:

(a)the Option is not an employment or service contract, and nothing in the Option will be deemed to create in any way whatsoever any obligation on Participant’s part to continue in the employ of the Company or any Group Company, or of the Company or any Group Company to continue Participant’s employment. In addition, nothing in Participant’s Option will obligate the Company or any Group Company, their respective shareholders, boards of directors, officers or employees to continue any relationship that Participant might have as a Director or Consultant for the Company or any Group Company;

(b)the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted under the Plan;

(c)the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of options (whether on the same or different terms), or benefits in lieu of options, even if options have been granted in the past;

(d)Participant’s options and any Shares acquired under the Plan on exercise of Participant’s options, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;

(e)the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty;

(f)neither the Company nor any Group Company shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar (or such other currency in which the Exercise Price may be denominated) that may affect

the value of Participant’s options or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares received;

(g)for the purposes of the Option, Participant’s status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company or one of its Group Companies (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, (i) Participant’s right to vest in the Option under the Plan, if any, and (ii) the period (if any) during which Participant may exercise the Option after such termination as a Service Provider will terminate as of such date and in each instance will not be extended by any notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any; and the Board shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Option (including whether Participant may still be considered to be providing services while on a leave of absence); and

(h)no claim or entitlement to compensation or damages shall arise from forfeiture of this Option resulting from the termination of Participant’s status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of his or her employment or service agreement, if any), and in consideration of the grant of this Option to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company or any Group Company, waives his or her ability, if any, to bring any such claim, and release the Company and any Group Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim.

4.2.No Advice Regarding Grant; No Liability for Taxes

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or his or her acquisition or sale of the underlying Shares. Participant should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

As a condition to accepting the Option, Participant hereby (a) agrees to not make any claim against the Company, Group, or any of its officers, Directors, Employees related to tax or social security liabilities arising from the Option or other Company or Group compensation and
(b) acknowledges that Participant was advised to consult with Participant’s own personal tax, legal and financial advisors regarding the tax and social security consequences of the Option and has either done so or knowingly and voluntarily declined to do so. Additionally, if Participant is subject to tax in the United States, Participant acknowledges that the Option is exempt from Section 409A only if the exercise price per share is at least equal to the “fair market value” of a Share on the date of grant as determined by the US Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition to accepting the Option, Participant agrees not make any claim against the Company, Group, or any of its Officers, Directors, Employees in the event that the US Internal Revenue Service asserts that such exercise price per share is less than the “fair

market value” of a Share on the date of grant as subsequently determined by the US Internal Revenue Service.

4.3.Adjustments

Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

4.4.Language

Participant acknowledges that he or she is sufficiently proficient in the English language, or has consulted with an advisor who is sufficiently proficient in English, so as to allow him or her to understand the terms and conditions of this Agreement. If Participant has received this Agreement, or any other document related to the Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

4.5.Foreign Assets/Account, Exchange Control and Tax Reporting

Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends and the proceeds arising from the sale of Shares) derived from Participant’s participation in the Plan in, to and/or from a brokerage/bank account or legal entity located outside Participant’s country. The applicable laws in Participant’s country may require that he or she report such accounts, assets and balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country. Participant may also be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations and he or she is encouraged to consult with his or her personal legal advisor for any details.

4.6.Appendix

Notwithstanding any provisions in this Agreement, the Option shall be subject to the special terms and conditions for Participant’s country set forth in the Appendix attached to this Agreement. Moreover, if Participant relocates to one of the countries included therein, the terms and conditions for such country will apply to Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

4.7.Notices

Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing address or email address in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given: (i) if sent by email, when actually received; and
(ii) if sent by certified mail (return receipt requested) and deposited with postage prepaid in the applicable national mail, when delivered by a nationally recognized express shipping company.

4.8.Titles

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

4.9.Conformity to Applicable Laws

Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and this Option may be unilaterally cancelled by the Company (with the effect that all Participant’s rights hereunder lapse with immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable.

4.10.Successors and Assigns

The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

4.11.Limitations Applicable to Section 16 Persons

Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

4.12.Entire Agreement

The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, with the exception of other equity awards previously granted to Participant and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and Participant in each case that specifies the terms that should govern this Option.

4.13.Agreement Severable

In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

4.14.Limitation on Participant’s Rights

Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general

unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

4.15.Counterparts

The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of which will be deemed an original and all of which together will constitute one instrument.

4.16.Choice of Law

The Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales disregarding any jurisdiction’s choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have exclusive jurisdiction to hear any dispute.

4.17.Other Documents

Participant hereby acknowledges receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the prospectus document containing the Plan information specified in Section 10(a) of the Securities Act. In addition, Participant acknowledges receipt of the Company’s Insider Trading and Window Period Policy.

4.18.Corporate Events.

The Option is subject to the terms of any agreement governing a Corporate Event involving the Company, including, without limitation, a provision for the appointment of a shareholder representative that is authorized to act on Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.

APPENDIX TO OPTION AGREEMENT

This Appendix includes special terms and conditions that govern the Option granted to Participant under the Plan if Participant resides and/or works in one of the countries listed below.

The information contained herein is general in nature and may not apply to Participant’s particular situation, and Participant is advised to seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to his or her situation. If Participant is a citizen or resident of a country other than the one in which he or she is currently working and/or residing, transfers employment and/or residency to another country after the Grant Date, is a Consultant, changes employment status to a consultant position, or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to Participant. References to an employer (if any) shall include any entity that engages Participant’s services.

[Country specific appendices to be added as required]

APPENDIX 3
RESTRICTED SHARE UNIT GRANT NOTICE (US / UK)

BABYLON HOLDINGS LIMITED
2021 EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]

Capitalized terms not specifically defined in this Restricted Share Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Equity Incentive Plan [: Non-Employee Sub- Plan] (as amended from time to time, the “Plan”) of Babylon Holdings Limited (the “Company”).

The Company has granted to the participant listed below (“Participant”) the Restricted Share Units (the “RSUs”) described in this Grant Notice (the “Award”), subject to the terms and conditions of the Plan and the Restricted Share Unit Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.

Participant:

Grant Date:

Number of RSUs:

Vesting Commencement Date:

Vesting Schedule:    [Time-based vesting schedule TBD]

By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and any Group Company policy that may be applicable to the Participant and the Option from time to time (the “Policies”) [including but not limited to the [Company’s claw-back policy
/ share retention policy / remuneration policy]]. Participant has reviewed the Plan, this Grant Notice, the Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

By accepting this Award, Participant consents to receive this Grant Notice, the Agreement, the Plan, the Policies and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the US federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other Applicable Law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

BABYLON HOLDINGS LIMITED    PARTICIPANT

By:   ________________________________         

           _____________________________          ______________________________

Name    [Participant Name]
         
           _____________________________
         
Title:

Exhibit A

RESTRICTED SHARE UNIT AGREEMENT

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

1.GENERAL

1.1Award of RSUs.

The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant Date”). Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash, in either case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of any cash until the time (if ever) the RSUs have vested.

1.2Incorporation of Terms of Plan.

The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

1.3Unsecured Promise.

The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.

2.VESTING; FORFEITURE AND SETTLEMENT

2.1Vesting; Forfeiture.

The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. In the event of Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company.

2.2Settlement.

(a)RSUs will be paid in Shares or cash at the Company’s option as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than sixty (60) days after the RSU’s vesting date (except as otherwise provided in Section 2.2(d) below). Notwithstanding the foregoing, to the extent permitted under Applicable Laws, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable Laws until the earliest date the Company reasonably determines the making of the payment will not cause such a violation.

(b)If an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of a Share on the day immediately preceding the payment date.

(c)If an RSU is paid in Shares, Participant may be required to pay the nominal value thereof in the same manner as provided for Withholding Taxes below.

(d)If the date Shares would otherwise be distributed pursuant to Section 2.2(a) (the “Original Issuance Date”) falls on a date that is not a business day, delivery of Shares will instead occur on the next following business day. In addition, if:

(i)the Original Issuance Date does not occur (1) during an “open window period” applicable to Participant, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or
(2) on a date when Participant is otherwise permitted to sell Shares on an established stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement”)), and

(ii)either (1) Withholding Taxes do not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy Withholding Taxes by withholding Shares from the Shares otherwise due, on the Original Issuance Date, to Participant under the Award, and (B) not to permit Participant to enter into a “same day sale” commitment with a broker-dealer (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit Participant to pay the Withholding Taxes in cash,

then the Shares that would otherwise be issued to Participant on the Original Issuance Date will not be delivered on such Original Issuance Date and will instead be delivered on the first business day when Participant is not prohibited from selling Shares of the in the open public market, but, if the Company determines that Participant may be subject to taxation in the United States, in no event later than December 31 of the calendar year in which the Original Issuance Date occurs (that is, the last day of Participant’s taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with United States Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the Shares under the Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

3.TAXATION AND TAX WITHHOLDING

3.1Representation.

Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the tax and/or social security consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.

3.2Tax Withholding.

(a)On each vesting date, and on or before the time Participant receives a distribution of the shares underlying the RSUs, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, Participant hereby authorizes any required withholding from the shares issuable to Participant and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax and/or social security withholding obligations of the Company or any parent or Subsidiary that arise in connection with Participant’s RSUs (the “Withholding Taxes”). Participant hereby authorizes the Company and/or the relevant parent or Subsidiary, or their respective agents, at their discretion, to satisfy the obligations with regard to all Withholding Taxes by one or a combination of the

following: (i) withholding from any compensation otherwise payable to Participant by the Company or any parent or Subsidiary; (ii) causing Participant to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company); (iii) withholding shares from the shares issued or otherwise issuable to Participant in connection with Participant’s RSUs with a fair market value (measured as of the date shares are issued to Participant) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares so withheld will not exceed the amount necessary to satisfy the required tax and/or social security withholding obligations using the minimum statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and, provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the prior approval of the Company’s Remuneration Committee; or (iv) by requiring Participant to enter into a “same day sale” commitment with a broker-dealer in a manner satisfactory to the Company (including but not limited to a commitment under a 10b5-1 Arrangement).

(b)Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the RSUs. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax and/or social security liability.

4.OTHER PROVISIONS

4.1No Advice Regarding Grant; No Liability for Taxes

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or his or her acquisition or sale of the underlying Shares. Participant should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

As a condition to accepting the Award, Participant hereby (a) agrees to not make any claim against the Company, Group, or any of its officers, Directors, Employees related to tax or social security liabilities arising from the Award or other Company or Group compensation and
(b)acknowledges that Participant was advised to consult with Participant’s own personal tax, legal and financial advisors regarding the tax and social security consequences of the Award and has either done so or knowingly and voluntarily declined to do so.

4.2Adjustments.

Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

4.3Notices.

Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal

office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at Participant’s last known mailing address or email address. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given: (i) if sent by email, when actually received; and (ii) if sent by certified mail (return receipt requested) and deposited with postage prepaid in the applicable national mail, when delivered by a nationally recognized express shipping company.

4.4Titles.

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

4.5Conformity to Securities Laws.

Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and the RSUs may be unilaterally cancelled by the Company (with the effect that all Participant’s rights hereunder lapse with immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable.

4.6Successors and Assigns.

The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

4.7Limitations Applicable to Section 16 Persons.

Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, and the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

4.8Entire Agreement.

The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof, with the exception of other equity awards previously granted to the Participant and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and the Participant in each case that specifies the terms that should govern this Award.

4.9Agreement Severable.

In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be

construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

4.10Limitation on Participant’s Rights.

Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement.

4.11Not a Contract of Employment.

By accepting the Award, Participant acknowledges, understands and agrees that:

(a)the Award is not an employment or service contract, and nothing in the Award will be deemed to create in any way whatsoever any obligation on Participant’s part to continue in the employ of the Company or any Group Company, or of the Company or any Group Company to continue Participant’s employment. In addition, nothing in Participant’s Award will obligate the Company or any Group Company, their respective shareholders, boards of directors, officers or employees to continue any relationship that Participant might have as a Director or Consultant for the Company or any Group Company;

(b)the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted under the Plan;

(c)the grant of the Award is voluntary and occasional and does not create any contractual or other right to receive future grants of options (whether on the same or different terms), or benefits in lieu of options, even if options have been granted in the past;

(d)Participant’s Award and any Shares acquired under the Plan in respect of Participant’s Award, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;

(e)the future value of the Shares underlying the Award is unknown, indeterminable, and cannot be predicted with certainty;

(f)neither the Company nor any Group Company shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar (or such other currency in which the Exercise Price may be denominated) that may affect the value of Participant’s Award or of any amounts due to Participant pursuant to the Award or the subsequent sale of any Shares received;

(g)for the purposes of the Award, Participant’s status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company or one of its Group Companies (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment

laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, Participant’s right to vest in the Award under the Plan, if any, will terminate as of such date and in each instance will not be extended by any notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any; and the Board shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Award (including whether Participant may still be considered to be providing services while on a leave of absence); and

(h)no claim or entitlement to compensation or damages shall arise from forfeiture of this Award resulting from the termination of Participant’s status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of his or her employment or service agreement, if any), and in consideration of the grant of this Award to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company or any Group Company, waives his or her ability, if any, to bring any such claim, and release the Company and any Group Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim.

4.12Lock-up.

By accepting the Award, Participant agrees that Participant will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any Shares or other securities of the Company held by Participant, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. Participant further agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to Participant’s Shares (or other securities of the Company) until the end of such period. Participant also agrees that any transferee of any Shares (or other securities of the Company) held by Participant will be bound by this Section. The underwriters of the Company’s Shares are intended third party beneficiaries of this Section and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

4.13Counterparts.

The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of which will be deemed an original and all of which together will constitute one instrument.

4.14Choice of Law

The Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales disregarding any jurisdiction’s choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have exclusive jurisdiction to hear any dispute.

4.15Other Documents

Participant hereby acknowledges receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the prospectus document containing the Plan information specified in Section 10(a) of the Securities Act. In addition, Participant acknowledges receipt of the Company’s Insider Trading and Window Period Policy.

4.16Corporate Events.

The Award is subject to the terms of any agreement governing a Corporate Event involving the Company, including, without limitation, a provision for the appointment of a shareholder representative that is authorized to act on Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.

APPENDIX 4
RESTRICTED SHARE UNIT GRANT NOTICE (INTERNATIONAL)

BABYLON HOLDINGS LIMITED
2021 EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]

Capitalized terms not specifically defined in this Restricted Share Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Equity Incentive Plan [: Non-Employee Sub- Plan] (as amended from time to time, the “Plan”) of Babylon Holdings Limited (the “Company”).

The Company has granted to the participant listed below (“Participant”) the Restricted Share Units (the “RSUs”) described in this Grant Notice (the “Award”), subject to the terms and conditions of the Plan and the Restricted Share Unit Agreement attached as Exhibit A (including any special terms and conditions for the Participant’s country set forth in the attached appendix (the “Appendix” and together, the “Agreement”)), both of which are incorporated into this Grant Notice by reference.

Participant:

Grant Date:

Number of RSUs:

Vesting Commencement Date:

Vesting Schedule:    [Time-based vesting schedule TBD].

By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and any Group Company policy that may be applicable to the Participant and the Option from time to time (the “Policies”) [including but not limited to the [Company’s claw-back policy
/ share retention policy / remuneration policy]]. Participant has reviewed the Plan, this Grant Notice, the Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

By accepting this Award, Participant consents to receive this Grant Notice, the Agreement, the Plan, the Policies and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the US federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other Applicable Law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

BABYLON HOLDINGS LIMITED    PARTICIPANT

By:   ________________________________         

           _____________________________          ______________________________

Name    [Participant Name]
         
           _____________________________
         
Title:

Exhibit A

RESTRICTED SHARE UNIT AGREEMENT

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

Capitalized terms not specifically defined in this Agreement (the definition of which includes any special terms and conditions for the Participant’s country set forth in the Appendix) have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

1.GENERAL

1.1Award of RSUs.

The Company has granted the RSUs to the Participant effective as of the grant date set forth in the Grant Notice (the “Grant Date”). Each RSU represents the right to receive one Share or, at the option of the Company (subject to the provisions of the Appendix), an amount of cash, in either case, as set forth in this Agreement. The Participant will have no right to the distribution of any Shares or payment of any cash until the time (if ever) the RSUs have vested.

1.2Incorporation of Terms of Plan.

The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

1.3Unsecured Promise.

The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.

2.VESTING; FORFEITURE AND SETTLEMENT

2.1Vesting; Forfeiture.

The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. In the event of the Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between the Participant and the Company.

2.2Settlement.

(c)RSUs will be paid in Shares or cash at the Company’s option as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than sixty (60) days after the RSU’s vesting date (except as otherwise provided in Section 2.2(d) below). Notwithstanding the foregoing, to the extent permitted under Applicable Laws, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable Laws until the earliest date the Company reasonably determines the making of the payment will not cause such a violation.

(d)If an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of a Share on the day on which the applicable RSU vests.

(e)If an RSU is paid in Shares, Participant may be required to pay the nominal value thereof in the same manner as provided for Withholding Taxes below.

(f)If the date Shares would otherwise be distributed pursuant to Section 2.2(a) (the “Original Issuance Date”) falls on a date that is not a business day, delivery of Shares will instead occur on the next following business day. In addition, if:

(i)the Original Issuance Date does not occur (1) during an “open window period” applicable to the Participant, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or
(2) on a date when the Participant is otherwise permitted to sell Shares on an established stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement”)), and

(ii)either (1) Withholding Taxes do not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy Withholding Taxes by withholding Shares from the Shares otherwise due, on the Original Issuance Date, to the Participant under the Award, and (B) not to permit the Participant to enter into a “same day sale” commitment with a broker-dealer (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit the Participant to pay the Withholding Taxes in cash,

then the Shares that would otherwise be issued to the Participant on the Original Issuance Date will not be delivered on such Original Issuance Date and will instead be delivered on the first business day when the Participant is not prohibited from selling Shares of the in the open public market, but, if the Company determines that the Participant may be subject to taxation in the United States, in no event later than December 31 of the calendar year in which the Original Issuance Date occurs (that is, the last day of the Participant’s taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with United States Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the Shares under the Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

3.TAXATION AND TAX WITHHOLDING

3.1Representation.

The Participant represents to the Company that the Participant has reviewed with the Participant’s own tax advisors the tax and/or social security consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.

3.2Tax Withholding.

(g)On each vesting date, and on or before the time the Participant receives a distribution of the shares underlying the RSUs, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, the Participant hereby authorizes

any required withholding from the shares issuable to the Participant and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax and/or social security withholding obligations of the Company or any parent or Subsidiary that arise in connection with the Participant’s RSUs (the “Withholding Taxes”). The Participant hereby authorizes the Company and/or the relevant parent or Subsidiary, or their respective agents, at their discretion, to satisfy the obligations with regard to all Withholding Taxes by one or a combination of the following: (i) withholding from any compensation otherwise payable to the Participant by the Company or any parent or Subsidiary; (ii) causing the Participant to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company); (iii) withholding shares from the shares issued or otherwise issuable to the Participant in connection with the Participant’s RSUs with a fair market value (measured as of the date shares are issued to the Participant) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares so withheld will not exceed the amount necessary to satisfy the required tax and/or social security withholding obligations using the maximum statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and, provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the prior approval of the Company’s Remuneration Committee; or (iv) by requiring the Participant to enter into a “same day sale” commitment with a broker-dealer in a manner satisfactory to the Company (including but not limited to a commitment under a 10b5-1 Arrangement).

(h)The Participant acknowledges that the Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the RSUs. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the RSUs to reduce or eliminate the Participant’s tax and/or social security liability.

4.OTHER PROVISIONS

4.1No Advice Regarding Grant; No Liability for Taxes

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or his or her acquisition or sale of the underlying Shares. The Participant should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

As a condition to accepting the Award, the Participant hereby (a) agrees to not make any claim against the Company, Group, or any of its officers, Directors, Employees related to tax or social security liabilities arising from the Award or other Company or Group compensation and
(b) acknowledges that the Participant was advised to consult with the Participant’s own personal tax, legal and financial advisors regarding the tax and social security consequences of the Award and has either done so or knowingly and voluntarily declined to do so.

4.2Adjustments.

The Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

4.3Language

The Participant acknowledges that he or she is sufficiently proficient in the English language, or has consulted with an advisor who is sufficiently proficient in English, so as to allow him or her to understand the terms and conditions of this Agreement. If the Participant has received this Agreement, or any other document related to the Award and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

4.4Foreign Assets/Account, Exchange Control and Tax Reporting

The Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends and the proceeds arising from the sale of Shares) derived from the Participant’s participation in the Plan in, to and/or from a brokerage/bank account or legal entity located outside the Participant’s country. The applicable laws in the Participant’s country may require that he or she report such accounts, assets and balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country. the Participant may also be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations and he or she is encouraged to consult with his or her personal legal advisor for any details.

4.5Appendix

Notwithstanding any provisions in this Agreement, the Award shall be subject to the special terms and conditions for the Participant’s country set forth in the Appendix attached to this Agreement. Moreover, if the Participant relocates to one of the countries included therein, the terms and conditions for such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

4.6Notices.

Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to the Participant must be in writing and addressed to the Participant at the Participant’s last known mailing address or email address. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given: (i) if sent by email, when actually received; and (ii) if sent by certified mail (return receipt requested) and deposited with postage prepaid in the applicable national mail, when delivered by a nationally recognized express shipping company.

4.7Titles.

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

4.8Conformity to Securities Laws.

The Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and the RSUs may be unilaterally cancelled by the Company (with the effect that all the Participant’s rights hereunder lapse with immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable.

4.9Successors and Assigns.

The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

4.10Limitations Applicable to Section 16 Persons.

Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, and the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

4.11Entire Agreement.

The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof, with the exception of other equity awards previously granted to the Participant and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and the Participant in each case that specifies the terms that should govern this Award.

4.12Agreement Severable.

In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

4.13Limitation on the Participant’s Rights.

Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement.

4.14Not a Contract of Employment.

By accepting the Award, the Participant acknowledges, understands and agrees that:

(i)the Award is not an employment or service contract, and nothing in the Award will be deemed to create in any way whatsoever any obligation on the Participant’s part to continue in the employ of the Company or any Group Company, or of the Company or any Group Company to continue the Participant’s employment. In addition, nothing in the Participant’s Award will obligate the Company or any Group Company, their respective shareholders, boards of directors, officers or employees to continue any relationship that the Participant might have as a Director or Consultant for the Company or any Group Company;

(j)the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted under the Plan;

(k)the grant of the Award is voluntary and occasional and does not create any contractual or other right to receive future grants of options (whether on the same or different terms), or benefits in lieu of options, even if options have been granted in the past;

(l)the Participant’s Award and any Shares acquired under the Plan in respect of the Participant’s Award, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;

(m)the future value of the Shares underlying the Award is unknown, indeterminable, and cannot be predicted with certainty;

(n)neither the Company nor any Group Company shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Participant’s Award or of any amounts due to the Participant pursuant to the Award or the subsequent sale of any Shares received;

(o)for the purposes of the Award, the Participant’s status as a Service Provider will be considered terminated as of the date the Participant is no longer actively providing services to the Company or one of its Group Companies (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant’s right to vest in the Award under the Plan, if any, will terminate as of such date and in each instance will not be extended by any notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any; and the Board shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Award (including whether the Participant may still be considered to be providing services while on a leave of absence); and

(p)no claim or entitlement to compensation or damages shall arise from forfeiture of this Award resulting from the termination of the Participant’s status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of his or her employment or service agreement, if any), and in consideration of the grant

of this Award to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against the Company or any Group Company, waives his or her ability, if any, to bring any such claim, and release the Company and any Group Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim.

4.15Lock-up.

By accepting the Award, the Participant agrees that the Participant will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any Shares or other securities of the Company held by the Participant, for a period of one hundred eighty
(180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. The Participant further agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Participant’s Shares (or other securities of the Company) until the end of such period. The Participant also agrees that any transferee of any Shares (or other securities of the Company) held by the Participant will be bound by this Section. The underwriters of the Company’s Shares are intended third party beneficiaries of this Section and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

4.16Counterparts.

The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of which will be deemed an original and all of which together will constitute one instrument.

4.17Choice of Law.

The Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales disregarding any jurisdiction’s choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have exclusive jurisdiction to hear any dispute.

4.18Other Documents

Participant hereby acknowledges receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the prospectus document containing the Plan information specified in Section 10(a) of the Securities Act. In addition, Participant acknowledges receipt of the Company’s Insider Trading and Window Period Policy.

4.19Corporate Events.

The Award is subject to the terms of any agreement governing a Corporate Event involving the Company, including, without limitation, a provision for the appointment of a shareholder representative that is authorized to act on the Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.

APPENDIX TO RESTRICTED SHARE UNIT AGREEMENT

This Appendix includes special terms and conditions that govern the Award granted to the Participant under the Plan if the Participant resides and/or works in one of the countries listed below.

The information contained herein is general in nature and may not apply to the Participant’s particular situation, and the Participant is advised to seek appropriate professional advice as to how the relevant laws in the Participant’s country may apply to his or her situation. If the Participant is a citizen or resident of a country other than the one in which he or she is currently working and/or residing, transfers employment and/or residency to another country after the Grant Date, is a Consultant, changes employment status to a consultant position, or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to the Participant. References to an employer (if any) shall include any entity that engages the Participant’s services. References to “you” are to the Participant.

[Country specific appendices to be added as required]Document

SUBLEASE AGREEMENT
THIS SUBLEASE AGREEMENT (“Sublease”) is made as of this 1st day of November, 2021 (the “Effective Date”), by and between TEXAS EZPAWN L.P., a Texas limited partnership (herein called “Sublandlord”), and BABYLON INC., a Delaware corporation d/b/a Babylon Technologies Inc. (herein called “Subtenant”).
WHEREAS, pursuant to the Prime Lease (hereinafter defined), Sublandlord leased from Prime Landlord (hereinafter defined) certain office space (the “Premises”), currently consisting of approximately 112,248 rentable square feet on the top three floors of a building commonly known as Building One at Rollingwood Center, located at 2500 Bee Cave Road, Rollingwood, Texas 78746 (the “Building”); and
WHEREAS, Sublandlord desires to sublease a portion of the Premises to Subtenant, and Subtenant desires to sublease such portion of the Premises from Sublandlord, on the terms and conditions set forth in this Sublease.
NOW, THEREFORE, in consideration of the rents, covenants and agreements hereafter reserved and contained on the part of Subtenant to be observed and performed, Sublandlord demises and subleases to Subtenant, and Subtenant rents from Sublandlord that portion of the Premises consisting of approximately 37,883 rentable square feet (the “Subleased Premises”), comprising all of the fourth (4th) floor of the Building and more particularly depicted on Exhibit A attached hereto.  This Sublease consists of the foregoing paragraphs, the Sublease Summary, the Sublease Provisions and all Exhibits hereto.
SUBLEASE SUMMARY
(a)Address for Notices/Rent:

(i)Sublandord’s Address:    Texas EZPAWN L.P.
2500 Bee Cave Road
Building 1, Suite No. 200
Rollingwood, Texas 78746
Attn: Lease Administration Department
Phone: (512) 314-3448

(ii)Subtenant’s Address:        Babylon Inc.
1 Knightsbridge Green
London
SW1X 7QA
UK
Attn: Facilities and Real Estate

With a copy to: 

Babylon Inc.
2500 Bee Cave Road
Building 1, Suite No. 400
Rollingwood, Texas 78746
Attn: Facilities and Real Estate

(b)Rentable Square Footage of the Subleased Premises:  Approximately 37,883 rentable square feet, measured in accordance with a modified 2010 BOMA standard and calculation.
(c)Commencement Date:  Commencement Date of this Sublease shall be the later of  thirty (30) days following (i) receipt of Landlord’s consent to this Sublease, and (ii) Sublandlord’s delivery of possession of the Subleased Premises to Tenant in the condition required by this Sublease.
(d)Sublease Term:  The term of this Sublease shall commence on the Commencement Date and shall automatically terminate on March 31, 2029 (the “Termination Date”).  
(e)Base Rent:  Subtenant shall pay Base Rent for the Subleased Premises in accordance with the following schedule:
									
	Period	Annual Base Rental Rate PSF/NRA
	

Monthly
Base Rent

			
	Months 1 – 12	$37.50	$118,384.38*
	Months 13 – 24	$38.63	$121,935.91
	Months 25 – 36	$39.78	$125,593.98
	Months 37 – 48	$40.98	$129,361.80
	Months 49 - 60	$42.21	$133,242.66
	Months 61 - 72	$43.47	$137,239.94
	Months 73 - 84	$44.78	$141,357.13
	Months 85 – term date 3/31/29	$46.12	$145,597.85

*subject to abatement as provided below
(f)Operating Expenses and Taxes:  The Operating Expenses and Taxes for 2021 are currently estimated to be $62,570.00 per month (based on $19.82 per square foot per year); provided, however, that Sublandlord shall not be bound by any estimate of the Operating Expenses and Taxes and Subtenant must pay the actual amounts of such Operating Expenses and Taxes with respect to the Subleased Premises pursuant to this Sublease.  For purposes of determining Operating Expenses and Taxes with respect to the Subleased Premises, Subtenant shall receive the benefit of the cap on Controllable Operating Expenses set forth in the Primary Lease.
(g)Permitted Use of Subleased Premises: General office use subject to the restrictions set forth in the Prime Lease.
(h)Prime Lease:  That certain Rollingwood Center Office Lease dated October 27, 2014 (the “Prime Lease”), between LORE ATX ROLLINGWOOD, LLC, successor-in-interest to PPF OFF ROLLINGWOOD LANDOWNER, LP, as landlord (the “Prime Landlord”), and Sublandlord, a redacted copy of which is attached hereto as Exhibit B and incorporated herein by reference.  Sublandlord represents and warrants to Subtenant that (i) the Prime Lease attached hereto as Exhibit B is a true, correct and complete copy of the Prime Lease, that the Prime 
    2

Lease has not been amended or otherwise modified and there are no other agreements between Sublandlord and Prime Landlord with respect to the Prime Lease and/or the Premises, (ii) there exists no breach, default or event or condition which, with the giving of notice or the passage of time or both, would constitute a breach or default under the Prime Lease, and (iii) there are no existing claims, defenses or offsets against rent due or to become due under the Prime Lease.  All capitalized terms not defined in this Sublease will have the meanings given such terms in the Prime Lease. 
SUBLEASE PROVISIONS
1.RENT; LETTER OF CREDIT.  
(a)Commencing on the Commencement Date, all Base Rent payments and any other payments or charges that may be due or payable under this Sublease, including, but not limited to Operating Expenses and Taxes solely related to the Subleased Premises, and sums payable on account of an Event of Default (defined below) by Subtenant (collectively, “Additional Rent”), shall become due and payable, without notice and without offset, abatement or deduction (except as otherwise provided in this Sublease), at the address listed for Rent payments in the Sublease Summary or at such other place or account located in the continental United States as may be designated in writing by Sublandlord, in advance without demand, at least thirty (30) days prior to the first (1st) day of each calendar month during the term of this Sublease (the term “Rent” as used in this Sublease shall include both Base Rent and Additional Rent).  Notwithstanding anything in the above Section 1(a) to the contrary, provided there is no existing Event of Default by Subtenant under the terms of this Sublease beyond any applicable notice and cure periods, monthly Base Rent only in the amount of $118,384.38 shall be abated from the Commencement Date until fully credited to Subtenant.  All other Rent payments due hereunder during such abatement shall continue to be payable as provided herein.  Subtenant shall have the right to request that Sublandlord audit Operating Expenses and Taxes in accordance with the Prime Lease, and Sublandlord shall work with Subtenant in good faith to conduct such an audit if reasonable under the circumstances, but such audit shall be conducted at Subtenant’s expense (unless Prime Landlord is required to pay for such audit under the Prime Lease).
(b)All taxes, charges, costs, assessments and expenses that are due and payable by Subtenant hereunder, together with all interest and late charges that may accrue thereon in the event of the failure of Subtenant to pay those items in accordance with this Sublease, and all other damages, costs, expenses and sums that Sublandlord may suffer or incur, or that may become due by reason of any Event of Default or failure by Subtenant to comply with the terms and conditions of this Sublease, shall be deemed to be Additional Rent, and in the event of non-payment Sublandlord shall have all the rights and remedies as herein provided for failure to pay Rent after applicable notice and cure periods.
(c)Subtenant shall pay before delinquency all personal taxes and assessments on the furniture, fixtures, equipment, and other property of Subtenant located in the Subleased Premises and on additions and improvements in the Subleased Premises belonging to Subtenant.
(d)    Letter of Credit. 
(1)    Within thirty (30) days after the Commencement Date, Subtenant shall deposit with Sublandlord an unconditional and irrevocable letter of credit (the “Letter of Credit”) in the amount of One Million and 00/100 Dollars ($1,000,000.00) in form and issued by a bank reasonably satisfactory to Sublandlord, such letter of credit to be held for the performance by Subtenant of Subtenant's covenants and obligations under the Sublease, it being 
    3

expressly understood that the Letter of Credit shall not be considered an advance payment of Rent or a measure of Sublandlord's damages in case of an Event of Default by Subtenant.   Sublandlord hereby approves Silicon Valley Bank as reasonably satisfactory to issue the Letter of Credit and approves the form of Letter of Credit attached hereto as Exhibit D.  Notwithstanding the foregoing to the contrary, so long as no Event of Default then exists, the amount of the Letter of Credit required to be maintained by Tenant shall be reduced to $500,000.00 on the first day of the 73rd month after the Commencement Date.  Subtenant acknowledges that the Letter of Credit shall be held by Sublandlord.  Upon the occurrence and during the continuance of any Event of Default by Subtenant under this Sublease which shall remain uncured beyond the applicable cure period, Sublandlord may from time to time, without prejudice to any other remedy draw on the Letter of Credit, in whole or in part to the extent necessary to make good any arrears of Rent or other payments hereunder and/or any damage, injury, expense or liability caused to Sublandlord by such Event of Default (provided that Sublandlord may draw upon the Letter of Credit in whole in the event Subtenant defaults in its obligation to timely deliver a replacement letter of credit as required hereunder).  If any portion of the proceeds from a draw on any Letter of Credit is so used or applied, Subtenant shall within thirty (30) days cause the issuing bank to restore any Letter of Credit to the amount existing prior to such application.  Any remaining balance of Letter of Credit shall be returned by Sublandlord to Subtenant within thirty (30) days after the termination of this Sublease; provided, however, Sublandlord shall have the right to retain and expend such remaining balance (i) to reimburse Sublandlord for any and all Rent or other sums due hereunder that have not been paid in full by Subtenant and/or (ii) for cleaning and repairing the Subleased Premises if Subtenant shall fail to deliver same at the termination of this Sublease in the condition required by this Sublease, ordinary wear and tear, and damage due to casualty and condemnation only excepted.  Sublandlord shall not be required to keep the proceeds from any Letter of Credit separate from its general funds and Subtenant shall not be entitled to any interest on same.  
(2)    Any letter of credit delivered by Subtenant hereunder as the Letter of Credit shall expire no earlier than twelve (12) months after issuance and shall provide for automatic renewals of one-year periods unless the issuer has provided Sublandlord written notice of non-renewal at least sixty (60) days prior to the then expiration date (whereupon Subtenant shall be obligated to provide a replacement letter of credit or a "Letter of Credit Extension", as described below, meeting the requirements of this Section 1(d) no later than prior to the expiration of the then outstanding and expiring letter of credit, as provided below).  Any subsequent replacement letter of credit shall expire no earlier than twelve (12) months from the expiration date of the then outstanding and expiring letter of credit and shall provide for automatic 1-year renewals as described above, it being understood that in lieu of replacing any letter of credit, Subtenant may procure an amendment extending its expiration date and so providing for automatic 1-year renewals (each a "Letter of Credit Extension"). Subtenant shall ensure that at all times during the Sublease Term and for fifteen (15) business days after expiration of the Sublease Term, one or more unexpired letters of credit in the aggregate amount of the amount required hereunder shall have been delivered to Sublandlord in accordance with this Section 1(d).  To the extent that Subtenant is obligated to furnish a replacement Letter of Credit hereunder, Subtenant shall deliver a Letter of Credit Extension or a replacement letter of credit to Sublandlord no later than the expiration date of the then outstanding and expiring letter of credit; provided, however, that a replacement letter of credit shall not be required to have an effective date earlier than the expiration date of the then existing letter of credit being so replaced (it being the intent that Subtenant not be required to have two outstanding letters of credit covering the same required amount at any one time).  Failure by Subtenant to deliver any Letter of Credit Extension or any replacement letter of credit as required above shall entitle Sublandlord to draw under the outstanding letter(s) of credit and to retain the entire proceeds thereof as security for Subtenant’s obligations hereunder.  Each letter of credit shall be for the benefit of Sublandlord and its successors and assigns, and shall entitle Sublandlord or its successors or assigns to draw from time to time under the letter of credit in accordance with this Section 1(d) 
    4

in portions or in whole upon presentation of a sight draft.  Subtenant acknowledges and agrees that the Letter of Credit is a separate and independent obligation of the issuing bank to Sublandlord and that Subtenant is not a third party beneficiary of such obligation, and that Sublandlord’s right to draw upon the Letter of Credit for the full amount due and owing thereunder in accordance with this Section 1(d) shall not be, in any way, restricted, impaired, altered or limited by virtue of any provision of the United States Bankruptcy Code, including without limitation, Section 502(b)(6) thereof.
2.TERM.  The Sublease Term shall commence on the Commencement Date and shall expire on the Termination Date, unless sooner terminated as provided herein.  Prior to the Commencement Date, Sublandlord shall deliver to Subtenant possession of the Subleased Premises free and clear of occupants, tenants or other third party claims, in good, operating and broom clean condition and with all furniture, fixtures and equipment located in the Subleased Premises as agreed upon Sublandlord and Subtenant as of the Effective Date (such date, the “Delivery Date”).  Sublandlord and Subtenant presently anticipate that the Delivery Date will occur not later than December 1, 2021 (the “Estimated Delivery Date”).  If the Delivery Date does not occur by February 1, 2022 (the “Delivery Termination Date”), then Subtenant may terminate this Sublease by delivering to Landlord written notice thereof at any time before the Delivery Date. If Subtenant terminates this Sublease pursuant to the preceding sentence, then (i) Sublandlord shall return to Tenant all sums previously paid by Subtenant to Sublandlord, and (ii) the parties shall have no further obligations to one another except to the extent the same expressly survive such termination. During the period between the Delivery Date and the Commencement Date (the “Early Access Period”), Subtenant shall have the right to construct the Subtenant Improvements (as defined below), coordinate installation of Subtenant’s furniture, trade fixtures and telecommunications and otherwise use and occupy the Subleased Premises.  All insurance, waiver and indemnity provisions of the Sublease shall be in full force and effect during Early Access Period, but Subtenant shall not be obligated to pay Rent during the Early Access Period.  
3.SUBLEASED PREMISES; COMMON AREAS; PARKING.
(a)    In addition to the Subleased Premises described in this Sublease, and subject to the terms and conditions of this Sublease, Subtenant is given the right (for the Sublease Term) to the nonexclusive use, in common with other occupants of the Building, of all common areas of the Building to the same extent granted to Sublandlord in the Prime Lease, subject to the terms and conditions of the Prime Lease.   All such common areas, as constituted from time to time, which Subtenant may be permitted to use and occupy, are to be used and occupied under the license granted under the Prime Lease, and if all or any portion of such areas be temporarily closed or permanently diminished in accordance with the Prime Lease, Subtenant shall not be entitled to any compensation, damages, or diminution or abatement of rent, nor shall such revocation or diminution of such area be deemed constructive or actual eviction unless such revocation or diminution denies Subtenant access to or use of the Subleased Premises (except in the case of an enforcement of Sublandlord's rights after an Event of Default by Subtenant under this Sublease).  Sublandlord shall, at its cost or expense, deliver to Subtenant 200 access cards for the Subleased Premises and main exterior doors of the Building.
(b)    Throughout the Sublease Term, Sublandlord will make available to Subtenant, permits to park automobiles on an unreserved basis at a ratio of 4.0 permits per 1,000 rentable square feet of the Subleased Premises in the areas(s) designated for parking by Prime Landlord available to Subtenant, which shall include eight (8) reserved parking spaces in the parking area beneath the Building (as depicted on the attached Exhibit C), all at no additional cost.  Subtenant’s use of the parking space must in compliance with the terms and conditions of the Prime Lease and Subtenant acknowledges that Prime Landlord has the right to alter, restrict, reduce or relocate parking privileges, the methods used to control parking, and the rules and 
    5

regulations regarding parking pursuant to the terms and conditions set forth in the Prime Lease.  Subtenant further acknowledges that Prime Landlord and Sublandlord have the right to tow or otherwise remove vehicles improperly parked or violating parking rules, at the expense of the offending owner of the vehicle, without such actions being deemed an eviction of Subtenant or a disturbance of Subtenant’s use or occupancy of the Subleased Premises and without Sublandlord being deemed in default under this Sublease.  Subtenant agrees that (i) Prime Landlord and Sublandlord have no obligation to provide a parking garage attendant, (ii) Sublandlord shall have no liability on account of any loss or damage to any vehicle or the contents thereof and that Subtenant agrees to bear the risk of loss for the same, and (iii) Subtenant, its agent, employees and invitees, shall park their automobiles and other vehicles only where and as designated from time to time by Prime Landlord within the parking area in accordance with the Prime Lease. 
4.INITIAL SUBTENANT IMPROVEMENTS; AS IS.
(a)Subtenant shall take the Subleased Premises in its “as is” condition, except as expressly provided herein.  Subtenant will be responsible for construction of any physical improvements to the Subleased Premises desired by Subtenant, including, without limitation, partitions, wiring, floor coverings, wall coverings, kitchens, HVAC, lighting, ceilings, outlets, data and telecommunications cable and millwork (collectively, “Subtenant Improvements”), in accordance with, and subject to, the terms and conditions of making alterations pursuant to Section 8 below.
(b)SUBTENANT AGREES THAT IT IS NOT RELYING ON ANY WARRANTY OR REPRESENTATION MADE BY SUBLANDLORD, SUBLANDLORD’S AGENTS, OR ANY BROKER CONCERNING THE USE OR CONDITION OF THE SUBLEASED PREMISES, COMMON AREAS OR THE PROPERTY, EXCEPT AS EXPRESSLY PROVIDED IN THIS SUBLEASE.  SUBTENANT ACKNOWLEDGES AND AGREES THAT IT HAS INSPECTED THE SUBLEASED PREMISES AND THAT IT ACCEPTS THE SUBLEASED PREMISES IN ITS PRESENT “AS-IS, WHERE IS” PHYSICAL CONDITION, WITHOUT ANY OBLIGATION BY SUBLANDLORD TO PAINT, REDECORATE, OR PERFORM ANY OTHER WORK IN, ON OR ABOUT THE SUBLEASED PREMISES AT ANY TIME, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS SUBLEASE.  SUBLANDLORD, ANY AGENT OF SUBLANDLORD AND ANY BROKER HAVE NOT MADE, AND WILL NOT MAKE, ANY WARRANTY OR REPRESENTATION OF ANY KIND, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUBLEASED PREMISES, THE BUILDING, COMMON AREAS OR ANY OTHER PORTION OF THE PROPERTY, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS SUBLEASE.  SUBLANDLORD EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTY OF SUITABILITY, HABITABILITY OR MERCHANTABILITY.  
5.SERVICES.
Notwithstanding anything herein to the contrary, Subtenant acknowledges and agrees that the only services or other rights that Subtenant is entitled to under this Sublease are those to which Sublandlord is entitled under the Prime Lease, including, without limitation, utility service, and the Subtenant agrees that Subtenant will look solely to Prime Landlord under the Prime Lease for all such services and other rights and, that Sublandlord is not responsible therefor.
    6

6.SECURITY.
It is understood and agreed that Sublandlord is not responsible for security for the Building and the parking garage(s).  Subtenant may install its own security system within the Subleased Premises.
7.REPAIRS; MAINTENANCE OF SUBLEASED PREMISES.
Subtenant shall be responsible for all repair work and maintenance, at Subtenant’s sole expense, required of the Tenant under the Prime Lease, but only with respect to the Subleased Premises (and no other portion of the Premises).  If Subtenant fails to make any of such repairs within a reasonable time after Subtenant receives written notice of such failure from Sublandlord, Sublandlord may make such repairs and invoice Subtenant for the cost thereof to the extent set forth in the Prime Lease.  Sublandlord shall have no obligation to repair, maintain, alter, replace, or modify the Subleased Premises or any part thereof, or any electrical, plumbing, or other mechanical system exclusively serving the Subleased Premises, except as expressly provided in this Sublease and to the extent Sublandlord is required to do the same under the Prime Lease with respect to portions of the Primary Premises outside of the Subleased Premise (e.g., for systems serving the Subleased Premises and other portions of the Primary Premises).
8.ALTERATIONS.
    Subtenant shall not make alterations of any kind to the Subleased Premises in any manner without the prior written consent of Prime Landlord and Sublandlord (such Sublandlord consent not to be unreasonably withheld, conditioned or delayed). To the extent Prime Landlord and Sublandlord provide such consent, then any such alterations must be made in strict accordance with the terms and conditions of the Prime Lease.  If desired by Subtenant, Sublandlord shall work with Subtenant in good faith and use commercially reasonable efforts to obtain from Prime Landlord consent to allow Subtenant to (a) exercise Sublandlord’s right to install a generator pursuant to the terms of the Prime Lease, and (b) have the right to install extra seating and a shade sail in the outdoor areas of the Building.
9.AFFIRMATIVE COVENANTS OF SUBTENANT.
Subtenant covenants that it shall:
(a)Pay all Rent at the times, and in the manner, set forth in this Sublease.
(b)Comply with the terms of all statutes ordinances, regulations and other laws applicable to Subtenant or its use of the Subleased Premises and save Sublandord harmless from penalties, fines, costs, expenses, or damages resulting from Subtenant’s failure to do so.  
(c)Give to Sublandlord prompt written notice of any accident, fire, or damage occurring on or to the Subleased Premises or, on or to the common areas of the Building if caused by Subtenant or its agents, employees, contractors or invitees.
(d)Comply with all rules and regulations of Prime Landlord with respect to the Subleased Premises, common areas, and/or the Building, whether in effect at the time of execution of this Sublease or amended or promulgated from time to time thereafter by Prime Landlord, provided Prime Landlord and/or Sublandlord has provided such rules and regulations to Subtenant, including and amendments thereto.
(e)Subtenant must not create any lien or permit any lien to attach to the Subleased Premises, or any interest of Prime Landlord or Sublandlord in the Subleased Premises or the 
    7

Building, in each case arising by, through or under Subtenant.  If any such lien shall at any time be filed against the Subleased Premises, Subtenant shall cause the same to be discharged of record within thirty (30) days after Subtenant receives notice of the filing of same (or sooner than such thirty (30) day deadline if any mortgagee holding a secured interest in the Building or the real property upon which the Building is located so requires and Sublandlord provides Subtenant with written notice of such earlier deadline).  If Subtenant shall fail to discharge the lien within said period, then, in addition to any other right or remedy of Sublandlord resulting from an Event of Default, Sublandlord may, but shall not be obligated to, discharge the same by paying the amount claimed to be due, procuring the discharge of the lien by giving security, or taking such other action as may be permitted by law.  
10.NEGATIVE COVENANTS OF SUBTENANT.
Subtenant covenants that it shall not do, or fail to do, anything in violation of the terms of the Prime Lease or applicable laws. 
11.RIGHTS OF SUBLANDLORD.
In addition to any other rights of Sublandlord reserved herein, Sublandlord reserves the following rights with respect to the Subleased Premises:
(a)At all reasonable times after at least two (2) business days’ prior written notice, provided that no written notice shall be required during the continuance of an Event of Default or in connection with an emergency, Sublandlord and/or its duly authorized agents, may go upon and inspect the Subleased Premises, and at its option make repairs thereto.  If Subtenant shall not be personally present to open and permit an entry by Sublandlord into the Subleased Premises, and if an entry therein shall be necessary in the case of an emergency, Sublandlord or its agents may make forcible entry without rendering Sublandlord or its agents liable therefor (except to the extent arising out of the negligence of willful misconduct of Sublandlord or its agents) and without in any manner affecting the obligations and covenants of this Sublease.  Subtenant hereby irrevocably grants Sublandlord the necessary licenses to carry out the terms of this subsection, provided that Prime Landlord and Sublandlord shall not unreasonably interfere with the operation of Subtenant’s business at the Subleased Premises. 
(b)The exercise of any right reserved to Prime Landlord under the Prime Lease or to Sublandlord in this Sublease shall not be deemed an eviction or disturbance of Subtenant’s use and possession of the Subleased Premises, nor render Prime Landlord or Sublandlord liable in any manner to Subtenant, any of Subtenant’s representatives or any other person; provided, however, that (i) to the extent Prime Landlord would have liability under the Prime Lease to Tenant, Sublandlord shall have liability under this Sublease to Subtenant, and (ii) to the extent Tenant would be entitled to an abatement of rent under the Prime Lease, Subtenant shall be entitled to an abatement of Rent under this Sublease.
12.FIRE OR CASUALTY OR EMINENT DOMAIN; INTERRUPTION OF SERVICE.
(a)In the event of a fire or other casualty affecting the Building or the Subleased Premises, or of a taking of all or part of the Building or Subleased Premises under the power of eminent domain, Sublandlord’s election of whether to terminate or continue its tenancy, if such election right exists, shall be at Sublandlord’s sole option and shall be binding on Subtenant; provided, however, Sublandlord shall not exercise a right to terminate the Prime Lease with respect to the Subleased Premises without Subtenant’s prior written consent. In the event Sublandlord is entitled under the Prime Lease to a rent abatement as a result of fire or other casualty or as a result of a taking under the power of eminent domain, then Subtenant shall be 
    8

entitled to an equitable rent abatement under this Sublease, provided that it is understood that any rent abatement under the Prime Lease that exceeds the Rent amount due by Subtenant in a given time period shall be retained and inure to the benefit of Sublandlord.  If the Prime Lease imposes on Sublandlord the obligation to repair or restore leasehold improvements or alterations located in the Subleased Premises, Subtenant shall be responsible for repair or restoration of its leasehold improvements or alterations located in the Subleased Premises (and no other portion of the Premises).  If Subtenant fails to make such repairs with reasonable time after Subtenant receives written notice from Sublandlord of such failure and Sublandlord decides in its sole discretion to make the same, Subtenant shall make any insurance proceeds under insurance required to be maintained by Subtenant pursuant to this Sublease resulting from the loss which Sublandlord is obligated to repair or restore available to Sublandlord and shall permit Sublandlord to enter the Subleased Premises to perform the same, subject to such conditions as Subtenant may reasonably impose.  If Prime Landlord terminates the Prime Lease or if the Prime Lease automatically terminates due to a fire, casualty or eminent domain pursuant to the terms of the Prime Lease, then this Sublease shall automatically terminate on the same date as the Prime Lease, subject to the terms and conditions of the Non-Disturbance Agreement (defined below) between Prime Landlord and Subtenant. 
(b)It is expressly understood and agreed that neither Prime Landlord nor Sublandlord warrants that any utility services that Prime Landlord or Sublandlord may supply will be free from interruption.  Subtenant acknowledges that any utility service may be suspended by reason of accident or repairs, alterations or improvements necessary to be made, or by strikes or lockouts, or by reason of operation of law, or other causes beyond the control of Prime Landlord and Sublandlord, including any force majeure.  No such interruption or discontinuance of utility service will be deemed an eviction or a disturbance of Subtenant’s use and possession of the Subleased Premises or any part thereof, or render Prime Landlord or Sublandlord liable to Subtenant for any damages or abatement of Rent or relieve Subtenant from performing any of Subtenant’s obligations under the Prime Lease and this Sublease; provided that if the Building experiences an interruption of critical utility services for sustained time, subject to force majeure, that materially affects the use of the Subleased Premises for the purposes of Subtenant conducting its business (the “Interruption”), Subtenant may so notify Sublandlord (upon Sublandlord’s receipt of such notice, Sublandlord shall notify Prime Landlord), and Sublandlord shall use good faith efforts to cause Prime Landlord to commence to cure the Interruption as and to the extent provided in the Prime Lease; provided, further, however, (i) to the extent Prime Landlord would have liability under the Prime Lease to Tenant, Sublandlord shall have liability under this Sublease to Subtenant, and (ii) to the extent Tenant would be entitled to an abatement of rent under the Prime Lease, Subtenant shall be entitled to an abatement of Rent under this Sublease.  
13.INDEMNIFICATION AND INSURANCE REQUIREMENTS; HAZARDOUS MATERIALS.
(a)Subtenant hereby agrees to release, indemnify, defend and hold harmless Sublandlord, its agents, employees, officers, directors, shareholders, beneficiaries, representatives, affiliates and related parties, from and against any and all losses, damages, judgments, liabilities, penalties, fines, debts, actions, suits, proceedings, causes of action, costs, fees and expenses, including, without limitation, costs of court, defense costs and reasonable attorneys' fees (“Losses”) suffered or incurred by Sublandlord or any such indemnified party, or asserted or claimed against Sublandlord or any such indemnified party arising out of or in connection with Subtenant’s use, occupancy, operation or improvement of the Subleased Premises, from whatever source or for whatever reason, including claims of personal injury, bodily injury (including death) and property damage.  Sublandlord hereby agrees to release, indemnify, defend and hold harmless Subtenant, its agents, employees, officers, directors, shareholders, beneficiaries, representatives, affiliates and related parties, from and against any 
    9

and all Losses suffered or incurred by Subtenant or any such indemnified party, or asserted or claimed against Subtenant or any such indemnified party arising out of or in connection with Sublandlord’s use, occupancy, operation or improvement of the Premises, from whatever source or for whatever reason, including claims of personal injury, bodily injury (including death) and property damage.  THE FOREGOING INDEMNITIES SHALL NOT APPLY TO LOSSES BASED OR ALLEGED TO BE BASED ON A NEGLIGENT ACT OR OMISSION BY PRIME LANDLORD OR ANY OF THE PARTIES INDEMNIFIED HEREUNDER.  Subtenant’s and Sublandlord’s indemnification obligation hereunder shall survive the expiration or earlier termination of this Sublease.
(b)Subtenant shall procure and maintain, at its own cost and expense, such liability insurance (but only with respect to the Subleased Premises) as is required to be carried by Sublandlord under the Prime Lease, naming Sublandlord, as well as Prime Landlord, in the manner required therein, such property insurance as is required to be carried by Sublandlord under the Prime Lease (but only with respect to the Subleased Premises), and such workers compensation insurance as is required by the Prime Lease.  If the Prime Lease requires Sublandlord to insure leasehold improvements or alterations, then Subtenant shall insure such leasehold improvements installed by or on behalf Subtenant which are located in the Subleased Premises, as well as alterations in the Subleased Premises made by Subtenant; Sublandlord shall insure all leasehold improvements or alterations in the Subleased Premises in existence as of the Delivery Date.  Subtenant shall furnish to Sublandlord a certificate of Subtenant’s insurance required hereunder prior to Subtenant’s taking possession of the Subleased Premises.  Each party hereby waives claims against the other for property damage to the extent covered, or required to be covered, by the property insurance required under the Prime Lease provided such waiver shall not invalidate the waiving party’s property insurance; each party shall attempt to obtain from its insurance carrier a waiver of its rights of subrogation.
(c)Subtenant shall not use the Subleased Premises for the generation, storage or disposal of any Hazardous Material (as hereinbelow defined) and shall remain in compliance with all requirements of Environmental Law (as defined herein) with respect to Subtenant’s use of the Subleased Premises, including, without limitation, requirements, orders and regulations of the Texas Commission on Environmental Quality and the Environmental Protection Agency.  Subtenant shall be strictly liable to Sublandlord for any contamination or legal violation arising from Subtenant’s violation of the foregoing sentence, and shall release, indemnify, defend and hold harmless Sublandlord, its partners, and its and their respective agents, employees, shareholders, directors, officers and affiliates, from and against any and all Losses, which arise during or after the term of this Sublease as a result of such Hazardous Material being present upon, released upon or within or released from the Subleased Premises during the Sublease Term from such sources and causes for which Subtenant is liable hereunder; provided that in no event shall Subtenant be responsible for, or indemnify Sublandlord or Prime Landlord from, Losses arising from or related to the presence or release of Hazardous Materials prior to the Commencement Date  or that was attributable to the acts or omissions of Sublandlord, Prime Landlord or their respective Subtenant or their respective agents, employees, shareholders, directors, officers, affiliates, contractors, invitees or licensees.  Sublandlord shall not use the Premises for the generation, storage or disposal of any Hazardous Material (as hereinbelow defined) and shall remain in compliance with all requirements of Environmental Law (as defined herein) with respect to Sublandlord’s use of the Premises, including, without limitation, requirements, orders and regulations of the Texas Commission on Environmental Quality and the Environmental Protection Agency.  Sublandlord shall be strictly liable to Subtenant for any contamination or legal violation arising from Sublandlord’s violation of the foregoing sentence, and shall release, indemnify, defend and hold harmless Subtenant, its partners, and its and their respective agents, employees, shareholders, directors, officers and affiliates, from and against any and all Losses, which arise during or after the term of this Sublease as a result of such Hazardous Material being present upon, released upon or within or released from the 
    10

Premises during the Sublease Term from such sources and causes for which Sublandlord is liable hereunder; provided that in no event shall Sublandlord be responsible for, or indemnify Subtenant from, Losses arising from or related to the presence or release of Hazardous Materials that was attributable to the acts or omissions of Subtenant or its agents, employees, shareholders, directors, officers, affiliates, contractors, invitees or licensees.  The indemnifications set forth in this paragraph shall survive expiration or termination of this Sublease. Without limiting the foregoing, if the presence of any Hazardous Material caused or permitted by Subtenant results in any contamination of the Subleased Premises, Subtenant shall promptly take all actions, at its sole expense, as are necessary to return the Subleased Premises to the condition existing prior to the introduction of any such Hazardous Material; provided that Sublandlord’s and Prime Landlord’s approval of such actions shall first be obtained; Sublandlord shall be promptly take all actions, at is sole expense, as necessary under the Primary Lease regarding Hazardous Materials in the Premises to the extent not Subtenant’s obligations under this sentence.  
(d)    As used herein, “Hazardous Material(s)” mean all substances regulated by any Environmental Law, and shall include, but is not limited to (i) asbestos, (ii) petroleum, (iii) any explosive, toxic and radioactive materials, wastes or substances, or (iv) any substances defined as “hazardous substances” or “toxic substances” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42. U.S.C. §9601, et seq., the Hazardous Materials Transportation Act (49 U.S.C. §1802), as amended, the Resource Conservation and Recovery Act (42 U.S.C. §6901), as amended, or any other Environmental Law.
(e)    As used herein, “Environmental Laws” means the foregoing named statutes and every other Applicable Law regulating the generation, disposal or release into the environment of materials or substances deemed hazardous or potentially hazardous to human health, wildlife and/or the environment.  
14.WAIVER OF CLAIMS.  Except for claims resulting from the misconduct or negligent acts or omissions of Sublandlord, its agents, employees, shareholders, directors, officers, affiliates, contractors, invitees or licensees, Sublandlord and Sublandlord’s agents, contractors, employees, and contractors shall not be liable for, and Subtenant hereby releases all claims for damages to person or property sustained by Subtenant or any person claiming through Subtenant resulting from, any fire, accident, occurrence, or condition in or upon the Subleased Premises.
15.SURRENDER.  At the end of the Sublease Term or the earlier termination of this Sublease, Subtenant must remove its furniture and Subtenant’s other personal property from the Subleased Premises and otherwise surrender possession of the Subleased Premises in the condition required by the Prime Lease. 
16.ASSIGNING, MORTGAGING, SUBLETTING.
(a)Subtenant covenants that it shall not, by operation of law or otherwise, assign this Sublease, sublease all or any part of the Subleased Premises, permit the Subleased Premises to be used by others or encumber or mortgage this Sublease (each a “Transfer”) without the prior written consent of both the Prime Landlord (in accordance with terms of the Prime Lease) and Sublandlord (such Sublandlord consent not to be unreasonably withheld, conditioned or delayed).  Any attempt by Subtenant to consummate a Transfer without Sublandlord’s consent shall be voidable at Sublandlord’s election.  The consent by Prime Landlord and Sublandlord to any Transfer shall not constitute a waiver of Prime Landlord’s or Sublandlord’s right to withhold its consent to any other Transfer.  The absolute and unconditional prohibitions set forth in this Section 16(a), and Subtenant’s agreement thereto are material inducements to Sublandlord to enter into this Sublease with Subtenant, and any breach or attempted breach thereof shall constitute an Event of Default under this Sublease, for which no notice or opportunity to cure need be given.   
    11

(b)No consent by Sublandlord to a Transfer shall be effective unless and until Subtenant shall deliver to Sublandlord an agreement, in a commercially reasonable form and substance, pursuant to which such assignee assumes and agrees to be bound by all of the provisions of this Sublease to the extent applicable to such Transfer.  In no event shall Subtenant be released from its obligations hereunder as a result of a Transfer, and the Subtenant named herein and any assignee of such Subtenant who assumes the obligations of the named Subtenant under this Sublease, from and after such assignment, shall be jointly and severally liable for performance of all obligations of Subtenant under this Sublease arising from and after such Transfer.
(c)The acceptance by Sublandlord of the payment of Rent following any Transfer shall neither be deemed to be consent by Sublandlord to any such Transfer, nor deemed to be a waiver of any right or remedy of Sublandlord hereunder. 
17.SUBLEASE CONTINGENT UPON PRIME LANDLORD’S CONSENT.  The parties hereto acknowledge and agree that this Sublease is contingent upon the parties hereto obtaining the Prime Landlord’s consent to this Sublease.  Sublandlord shall, at Sublandlord’s sole cost and expense (including paying any amounts due to Prime Landlord under the Prime Lease), use commercially reasonable efforts to obtain the Prime Landlord Consent.  If the Prime Landlord Consent has not been obtained by February 1, 2022, then Subtenant shall have the right to terminate this Sublease by written notice to Sublandlord delivered at any time prior to receipt of the Prime Landlord Consent, in which event Sublandlord shall return to Subtenant any sums previously paid to Sublandlord and the parties shall have no obligations one to the other under this Sublease.
18.PRIME LEASE.  Notwithstanding anything to the contrary herein, this Sublease and all of Subtenant’s rights hereunder are and shall be subject and subordinate to the Prime Lease and to all mortgages, leases and other documents to which the Prime Lease is or may hereafter become subject and subordinate. This clause shall be self-operative. Subtenant shall, upon request of Sublandlord, execute all certificates, reasonably requested, in confirmation of such subordination.  Notwithstanding anything in this Sublease to the contrary, Subtenant shall have all rights and benefits afforded to “Tenant” in the Lease and all rights and benefits afforded to Subtenant in the Prime Landlord Consent. Sublandlord shall use all efforts to ensure that Prime Landlord performs any obligation of Prime Landlord under the Prime Lease.  Sublandlord agrees that it will not, by its act or omission to act, cause a default under the Prime Lease.  In order to afford to Subtenant the benefits of this Sublease and of those provisions of the Prime Lease which by their nature are intended to benefit the party in possession of the Subleased Premises:
(a)Sublandlord shall pay, when and as due, all base rent, additional rent and other charges payable by Sublandlord to Prime Landlord under the Prime Lease;
(b)Sublandlord shall perform its covenants and obligations under the Prime Lease which do not require for their performance possession of the Subleased Premises.  For example, Sublandlord shall at all times keep in full force and effect all insurance required of Sublandlord as Tenant under the Prime Lease.
(c)Sublandlord shall not agree to an amendment, termination or other modification to the Prime Lease, unless Sublandlord shall first obtain Subtenant’s prior written approval thereof (which Subtenant may withhold in its sole and absolute discretion).
(d)Sublandlord hereby grants to Subtenant the right to receive all of the services and benefits with respect to the Subleased Premises which are to be provided by Prime Landlord under the Prime Lease.  Subtenant may deal directly with Prime Landlord with respect to such services and benefits.  Sublandlord agrees that it will, upon notice from Subtenant, make demand 
    12

upon Prime Landlord to perform its obligations under the Prime Lease and Sublandlord will take appropriate actions to enforce the Prime Lease.  Further, Subtenant shall be entitled to the benefit of the provisions of the Primary Lease with respect to Default by Landlord.
(e)Subtenant and Sublandlord acknowledge and agree that, notwithstanding any provision of this Sublease or the Prime Lease to the contrary, Subtenant shall not be liable for the performance of any obligations hereunder or under the Prime Lease, except for those obligations which relate specifically to the Subleased Premises and arise from and after the Effective Date.  IN NO EVENT SHALL SUBLESSEE BE OBLIGATED TO PAY UNDER THIS SUBLEASE ANY RENT OR ADDITIONAL RENT OR COSTS, CHARGES OR EXPENSES FOR UTILITIES AND SERVICES FOR THE SUBLEASED PREMISES PRIOR TO THE EFFECTIVE DATE, FOR OTHER PORTIONS OF THE PREMISES OR IN EXCESS OF THE AMOUNT OF RENT PAYABLE PURSUANT TO THIS SUBLEASE.
19.INCORPORATION OF TERMS.
(a)Subject to the modifications set forth in this Sublease, the terms, covenants, conditions and provisions contained in the Prime Lease relating to the rights, duties and obligations of the Landlord and the rights, duties and obligations of the Tenant are incorporated herein by reference, and shall, as between Sublandlord and Subtenant (as if they were the Landlord and Tenant, respectively, under the Prime Lease) constitute additional terms of this Sublease except to the extent that they are inconsistent with the terms of this Sublease, in which event the terms of this Sublease shall prevail.  
(b)All acts to be done by Sublandlord as the tenant under the Prime Lease (other than payment of Rent) with respect to the Subleased Premises, shall be done or performed by Subtenant, except as otherwise provided by this Sublease, and Subtenant’s obligations shall run to Sublandlord and Prime Landlord as Sublandlord may determine to be appropriate or required by the respective interests of Sublandlord and Prime Landlord.
(c)For the purposes of incorporation by reference of the Prime Lease herein, the following provisions and any specifically related terms or provisions of the Prime Lease are deemed to be deleted in their entirety:  provisions with respect to the Commencement Date, Must Take Premises, Must Take Commencement Date, Guarantor, Renewal Terms, Construction of Tenant’s Improvements, Basic Rent, Basic Rent Credit, Security Deposit, Brokers, Monument Sign, Tenant’s Financial Reporting Requirements, Storage Space, Tenant’s Exterior Building Signage, First Refusal Space, Allowance, Renewal, Landlord’s Work, Tenant Improvements, Right of First Refusal.
20.SUBLANDLORD’S OBLIGATIONS
(a)Subtenant shall be entitled to receive all services to be provided by Prime Landlord under the Prime Lease.  Sublandlord will cooperate with Subtenant and use reasonable efforts, both at Sublandlord’s expense, to attempt to cause Prime Landlord to perform Landlord’s obligations under the Prime Lease.
(b)It is expressly agreed by the parties that Sublandlord does not assume, and shall be under no obligation to perform, any of the terms, covenants and conditions contained in the Prime Lease on the part of Prime Landlord to be performed, whether or not incorporated by reference herein.  Sublandlord shall not be liable to Subtenant for any default of Prime Landlord or failure of Prime Landlord to comply with any of its obligations under the Prime Lease.  This is a sublease and Subtenant shall look solely to Prime Landlord for the furnishing of the services and the performance of repairs and the obligations of Prime Landlord under the Prime Lease, except as expressly set forth in this Sublease.  Subtenant agrees that to the extent Sublandlord 
    13

may have or be deemed to have any obligations under this Sublease, performance by Sublandlord of such obligations hereunder is conditional upon due performance by Prime Landlord of its corresponding obligations under the Prime Lease.  Neither party shall take any action which would cause a default by Sublandlord under the Prime Lease, nor any action that may cause Prime Landlord to have the right to terminate Sublandlord’s tenancy under the Prime Lease. 
(c)Sublandlord shall comply with its obligations under the Prime Lease to the extent necessary to ensure that Subtenant’s rights under this Sublease are not impaired during the Sublease Term.
(d)If Sublandlord receives an abatement of rent under the Prime Lease, Subtenant shall be entitled to a similar abatement based upon the affected area/period covered by the abatement.
21.TERMINATION OF UNDERLYING LEASE.  If for any reason the term of the Prime Lease is terminated prior to the expiration date of this Sublease, this Sublease shall thereupon be automatically terminated, and Sublandlord shall not be liable to Subtenant by reason thereof, unless said termination was effected as a result of the breach or default of Sublandlord (not caused by the parallel default of Subtenant hereunder) under the Prime Lease.
22.CONSENTS.  In all provisions of the Prime Lease, as incorporated herein, requiring the approval or consent of Prime Landlord, Subtenant shall be required to obtain the approval or consent of both Sublandlord (such Sublandlord consent not to be unreasonably withheld, conditioned or delayed) and Prime Landlord.  Sublandlord will cooperate with Subtenant and use reasonable efforts, both at Subtenant’s sole expense, in attempting to obtain the consent of Prime Landlord when such consent is required hereunder or under the Prime Lease. 
23.ESTOPPEL STATEMENT.  Within ten (10) business days after request therefor by Sublandlord, Subtenant shall deliver a statement signed by a duly authorized representative of Subtenant to Sublandlord or any mortgagee of Sublandlord, or any proposed mortgagee or transferee of the Sublandlord’s interest in this Sublease (as the case may be), certifying (if such be the case) as any information reasonably requested.  If Subtenant fails or refuses to give a certificate hereunder within the time period herein specified and such failure continues for five (5) business days after Subtenant receives written notice of such failure from Sublandlord, then the information contained on such certificate as submitted by Sublandlord shall be deemed correct for all purposes.  
24.PERFORMANCE OF SUBTENANT’S COVENANTS.  Subtenant shall perform all of the covenants and conditions on its part to be performed under this Sublease with respect to the Subleased Premises (and no other portion of the Premises), and upon receipt of written notice from Sublandlord (where notice of non-performance is required by this Sublease) will promptly comply with the requirements of such notice.  If Subtenant shall violate any covenant or condition of this Sublease and such violation continues beyond a reasonable time after Subtenant receives written notice from Sublandlord of such violation, Sublandlord may, at its option, do or cause to be done any or all of the things required by this Sublease that Subtenant did not perform.  In so doing Sublandlord shall have the right to cause its agents, employees, and contractors to enter upon the Subleased Premises, and in such event shall have no liability to Subtenant, its agents and employees, for any loss or damages resulting in any way from such action, except to the extent arising due to the negligent acts or omissions of Sublandlord or its agents, employees, and contractors.  Subtenant hereby grants Sublandlord all necessary licenses required to carry out the terms of this Section.  Subtenant shall pay to Sublandlord, within thirty (30) days of written demand (along with reasonable supporting evidence), any monies paid or expenses incurred by 
    14

Sublandlord in taking such actions, including reasonable attorney’s fees and costs in all proceedings, and such sums shall be collectible from Subtenant as Additional Rent hereunder.  
25.CUSTOM AND USAGE.  Any law, usage, or custom to the contrary notwithstanding, Sublandlord and Subtenant shall each have the right at all times to enforce the covenants and conditions of this Sublease in strict accordance with the terms hereof, notwithstanding any conduct or custom on the part of Sublandlord or Subtenant in refraining from so doing at any time or times.  The waiver by Sublandlord or Subtenant of any term, covenant or condition in this Sublease shall not be deemed to be a waiver of any subsequent breach of the same or of any other term, covenant or condition herein.  The subsequent acceptance or payment (as the case may be) of Rent or any other monetary obligation of Subtenant hereunder by Sublandlord or Subtenant (as the case may be) shall not be deemed to be a waiver of any preceding breach or default by Subtenant or Sublandlord (as the case maybe) of any term, covenant or condition of this Sublease, other than the failure of Subtenant to make the particular payment so accepted, regardless of Sublandlord’s or Subtenant’s (as the case may be) knowledge of such preceding breach or default at the time of acceptance of such payment.  No covenant, term or condition of this Sublease shall be deemed to have been waived by Sublandlord or Subtenant unless such waiver is in writing and executed by Sublandlord or Subtenant (as the case may be).
26.SURRENDER AND HOLDING OVER.
(a)Subtenant, upon expiration or termination of this Sublease, either by lapse of time or otherwise, shall peaceably surrender the Subleased Premises to Sublandlord in the condition required by the Prime Lease, with Subtenant also removing any improvements or fixtures installed by Subtenant in the Sublease required to be removed pursuant to the Prime Lease.  In the event that Subtenant shall fail to surrender the Subleased Premises upon demand, Sublandlord, in addition to all other remedies available to it hereunder or at law or in equity, shall have the right to receive, as liquidated damages for all the time Subtenant shall so retain possession of the Subleased Premises or any part thereof, an amount equal to the amount Sublandlord is required to pay to Prime Landlord under the Prime Lease, provided that Subtenant shall nonetheless be a Subtenant at sufferance.  Notwithstanding anything in this Sublease to the contrary, in no event shall Subtenant be required to remove any alterations, improvements, wires or other items installed in the Subleased Premises prior to the Effective Date or otherwise by or on behalf of Sublandlord or to otherwise restore the Subleased Premises; Sublandlord shall be responsible for all such removal and restoration obligations upon expiration of the Prime Lease.
(b)If Subtenant remains in possession of the Subleased Premises with Sublandlord’s and Prime Landlord’s consent but without a new Sublease or a direct lease with Prime Landlord in writing and duly executed by Sublandlord, Subtenant shall be deemed to be occupying the Subleased Premises as a Subtenant from month to month, but otherwise subject to all the covenants and conditions of this Sublease.
27.EVENTS OF DEFAULT.
The occurrence of any of the following shall constitute an event of default (an “Event of Default”) hereunder:
(a)Failure of Subtenant to pay any Rent or other sum required under this Sublease or before the due date, if Subtenant does not cure such failure within ten (10) business days after Subtenant receives written notice of such failure.
(b)The filing of a petition by or against Subtenant for relief under the United States Bankruptcy Code (the “Bankruptcy Code”) where any such petition for involuntary bankruptcy is not dismissed within sixty (60) days, reorganization, or appointment of a receiver or trustee of 
    15

Subtenant or Subtenant’s property; or an assignment by Subtenant for the benefit of creditors; or the taking of possession of the property of Subtenant by any governmental officer or agency pursuant to statutory authority for the dissolution or liquidation of Subtenant; or if a temporary or permanent receiver or trustee shall be appointed for Subtenant or for Subtenant’s property and such temporary or permanent receiver or trustee shall not be discharged within twenty (20) days from the date of appointment; or any other execution, levy, attachment or other process of law upon Subtenant’s leasehold interest hereunder (or any part thereof).
(c)The transfer or attempted transfer of any legal or equitable interest, whether by operation of law or otherwise, of this Sublease or Subtenant’s interest in this Sublease, except strictly in accordance with the express terms of this Sublease, and Subtenant’s failure to cure the same within ten (10) business days after Subtenant’s written notice of such violation from Sublandlord.
(d)Subtenant’s failure to perform or observe any other provision of this Sublease, within thirty (30) days after written notice and demand, provided that, if such failure is of a character as not to permit compliance by Subtenant within such 30-day period, then Subtenant’s failure to proceed diligently and promptly upon receipt of notice to commence the cure of such failure within such 30-day period, and thereafter to complete such cure with all reasonable diligence within a reasonable period thereafter. 
The occurrence of any one or more of the following shall constitute a default by Sublandlord under this Sublease:  (i) failure to pay any amount as and when due hereunder if Sublandlord does not cure such failure within ten (10) business days after Sublandlord receives notice of such failure; (ii) failure to comply with any term or provision of this Sublease or, to the extent imposed upon Sublandlord, the Prime Lease, and Sublandlord fails to cure such failure within thirty (30) days (or such longer period as reasonably required) after Sublandlord receives written notice of such failure; (iii) the filing of a petition by or against Sublessor for relief under the Bankruptcy Code where any such petition for involuntary bankruptcy is not dismissed within sixty (60) days, reorganization, or appointment of a receiver or trustee of Sublandlord or Sublandlord’s property; or an assignment by Sublandlord for the benefit of creditors; or the taking of possession of the property of Sublandlord by any governmental officer or agency pursuant to statutory authority for the dissolution or liquidation of Sublandlord; or if a temporary or permanent receiver or trustee shall be appointed for Sublandlord or for Sublandlord’s property and such temporary or permanent receiver or trustee shall not be discharged within twenty (20) days from the date of appointment; or any other execution, levy, attachment or other process of law upon Sublandlord’s leasehold interest hereunder or under the Prime Lease (or any part thereof); and (iv) the occurrence of any other act or omission by Sublandlord that results in an event of default by Sublandlord on the Prime Lease.  Upon the occurrence of an default by Sublandlord, Subtenant shall have all the rights with respect to this Sublease that Sublandlord as “Tenant” has as against the Prime Landlord under the Prime Lease and all other rights and remedies available to Subtenant under this Sublease, at law and in equity.  All rights of Subtenant shall be cumulative and not exclusive, and may be pursued independently or concurrently.  No failure or delay by Subtenant in declaring an default by Prime Landlord or insisting on strict performance of this Sublease shall constitute a waiver of Subtenant’s rights hereunder.  Subtenant may make payments without waiving Subtenant’s right to timely performance of Sublandlord’s obligations under this Sublease.
28.SUBLANDLORD’S REMEDIES UPON DEFAULT BY SUBTENANT.
(a)Upon the occurrence and during the continuance of any Event of Default as set forth in this Sublease, in addition to any right or remedy provided by law or allowed in equity, Sublandlord, at its option, may at such times as it may determine, concurrently or successively, 
    16

without being deemed to have waived any rights or to have made an election of remedies in any circumstance, do any or all of the following:
(i)Sublandlord may serve upon Subtenant notice that this Sublease and the then unexpired Sublease Term shall terminate and become absolutely void on a date specified in such notice and this Sublease, as well as the right, title, and interest of Subtenant hereunder shall, except as to the rights and remedies of Sublandlord upon termination as provided herein, terminate and become void in the same manner and with the same force and effect as if the date provided in such notice were the date originally specified for the expiration of the Sublease Term.  Subtenant shall then immediately quit and surrender to Sublandlord the Subleased Premises and all rights of Subtenant with respect to the common areas of the Building, and Sublandlord may then or at any time thereafter enter into and repossess the Subleased Premises, opening locked doors, if necessary, to effect such entrance, and may remove all occupants and any property thereon without being liable for any action or prosecution of any kind for such entry or the manner thereof or loss of or damage to any property upon the Subleased Premises.
In the event of (i) above, Sublandlord may, but shall not be obligated to (unless required by law) obtain possession of the Subleased Premises by any judicial proceeding, which it may, in its sole discretion, institute for such purpose.
(b)Except as specifically provided herein and the fullest extent permitted under applicable law, without limitation of or by the foregoing, Subtenant waives any and all demands and notices of any kind which may be required by law to be given prior to any entry or reentry by Sublandlord, by means of judicial proceedings for that purpose or otherwise.  In the event Sublandlord shall terminate this Sublease prior to the date of expiration of the Sublease Term as set forth herein, or in the event Sublandlord shall repossess the Subleased Premises, by judicial process or otherwise, with or without termination of this Sublease, Subtenant waives all right to recover or regain possession of the Subleased Premises to save forfeiture of possession or of this Sublease, as the case may be, by payment of rent due or by other performance of the covenants and conditions hereof, and without limitation of or by the foregoing, Subtenant waives all right to reinstate or redeem this Sublease notwithstanding any provisions of any statute, law, or decision hereafter in force and effect.
(c)Subtenant shall not interpose or assert any claim or non-compulsory counterclaim in any action or proceeding brought by Sublandlord under this Sublease for possession of the Subleased Premises.  Subtenant acknowledges that any such claim or counterclaim would be inconvenient to Sublandlord and would prejudice the rights of Sublandlord under this Sublease.  If Subtenant violates this subsection, Sublandlord and Subtenant stipulate that any such claim or counterclaim shall be severed and tried separately from the action or proceeding brought by Sublandlord for possession of the Subleased Premises if permitted pursuant to applicable rules of civil procedure or other applicable law.  This subsection (c) shall in no way impair the right of Subtenant to commence a separate action against Sublandlord for any violation by Sublandlord of the provisions of this Sublease or to which Subtenant has not waived any claim pursuant to the provisions of this Sublease.  Notwithstanding anything in this Sublease to the contrary, in no event shall Sublandlord or Subtenant be responsible for any consequential damages incurred by the other party, including lost profits or interruption of business, as a result of any default by Sublandlord or Subtenant (as the case may be).
(d)The various rights, remedies, powers, options and elections of Sublandlord and Subtenant reserved, expressed, or contained in this Sublease are distinct, separate and cumulative, and no one of them shall be deemed to be exclusive of the other rights, remedies, powers or options provided herein, or as are now or may hereafter be conferred upon Sublandlord or Subtenant by statute or by law or equity.
    17

(e)During  the continuance of any Event of Default, Sublandlord shall apply any remaining balance of the Letter of Credit toward any amounts owed by Subtenant and may institute any legal proceedings to enforce payment of any amounts owed by Subtenant in excess of such Letter of Credit.  
(f)No receipt of money by Sublandlord from Subtenant during the continuance of an Event of Default or after a termination of this Sublease shall: (i) reinstate, continue, or extend the term or affect any notice given to Subtenant, (ii) operate as a waiver of the right of Sublandlord to enforce the payment of amounts under this Sublease then due or to become due, or (iii) operate as a waiver of the right of Sublandlord to recover possession of the Subleased Premises by suit, action, proceeding, or other remedy.
(g)Any sums which may be expended by either party in accordance with the terms of this Sublease that are paid on behalf of the other party in accordance with the terms of this Sublease shall bear interest at the lesser of ten percent (10%) per annum or the maximum rate allowed by law, and the other party shall be liable for such sums plus such interest.
(h)Sublandlord hereby waives any contractual, statutory or other landlord’s or other liens arising out of this Sublease or otherwise.
29.SIGNAGE.  Subtenant has the right erect or attach to the Subleased Premises such signs as it considers proper and necessary in accordance with the rules and regulations of the Building subject to Prime Landlord’s and Sublandlord’s approval (such Sublandlord consent not to be unreasonably withheld, conditioned or delayed); provided, however, that Subtenant shall have the right to install Subtenant’s name on the entry to the Subleased Premises and the Building directory, and may do so without any further approval of Sublandlord or Prime Landlord.  
30.AUTHORITY.  Each party to this Sublease represents and warrants to the other party that the representing party has been and is qualified to do business in the State of Texas, that the representing party has full right and authority to enter into this Sublease, and that the person signing on behalf of the representing party was authorized to do so by appropriate organizational actions.  
31.LIABILITY OF SUBLANDLORD.  Subtenant shall be in exclusive control and possession of the Subleased Premises, and Sublandlord shall not be liable for any injury or damages to any property or to any person on or about the Subleased Premises, nor for any injury or damage to any property of Subtenant, unless resulting from the misconduct or negligence of Sublandlord, its employees, shareholders, directors, officers, affiliates, contractors, invitees or licensees.  The provisions herein permitting Sublandlord to enter and inspect the Subleased Premises are made to ensure that Subtenant is in compliance with the terms and conditions hereof and to make repairs that Subtenant has failed to make in accordance with the terms of this Sublease.  Sublandlord shall not be liable to Subtenant for any entry on the Subleased Premises for inspection or maintenance purposes or any actions with regard to maintenance or operation of the Building, except with respect to the negligence or misconduct of Sublandlord, its agents, employees, shareholders, directors, officers, affiliates, contractors, invitees or licensees.
32.LEGAL EXPENSES.  If any legal action or other proceeding is brought for the enforcement of this Sublease, or because of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Sublease, the successful or prevailing party or parties shall be entitled to recover reasonable fees of attorneys, paralegals, and legal assistants, court costs and all expenses even if not taxable as court costs (including, without limitation, all such fees, costs and expenses incident to appeals), incurred in that action or 
    18

proceeding, in addition to any other relief to which such party or parties may be entitled under applicable law.
33.TIME OF THE ESSENCE.  Time is of the essence in all provisions of this Sublease.
34.QUIET ENJOYMENT.  So long as no Event of Default by Subtenant is occurring under this Sublease, Subtenant shall peaceably and quietly hold and enjoy the Subleased Premises for the Sublease Term hereby demised without hindrance or interruption by Sublandlord or Prime Landlord or any other person or persons lawfully or equitably claiming by, through or under Sublandlord or Prime Landlord.
35.SCOPE AND INTERPRETATION OF AGREEMENT; CONFIDENTIALITY.  This Sublease and all Exhibits set forth all of the covenants, promises, agreements, conditions, and understandings between Sublandlord and Subtenant concerning the Subleased Premises, and there are no covenants, promises, conditions, or understandings, either oral or written, other than as set forth herein.  No subsequent alteration, change or addition to this Sublease shall be binding upon Sublandlord or Subtenant unless reduced to writing and signed by both parties.  The laws of the State of Texas shall govern the validity, interpretation, performance, and enforcement of this Sublease.  This Sublease shall not be more strictly enforced against either party regardless of who was more responsible for its preparation.  No part of this Sublease or any memorandum thereof may be recorded in the public records of any municipality or county; provided, however, the Non-Disturbance Agreement may be recorded by either party thereto in the county records in which the Subleased Premises are located.
36.INVALID PROVISIONS.  If any provision of this Sublease shall be determined to be void by any court of competent jurisdiction or by any law enacted subsequent to the date hereof, then such determination shall not affect any other provisions hereof, all of which other provisions shall remain in full force and effect.
37.CAPTIONS.  Any headings preceding the text of the provisions and subparagraphs hereof are inserted solely for convenience of reference and shall not constitute a part of this Sublease, nor shall they affect its meaning, construction or effect.
38.SUCCESSORS AND ASSIGNS.  All rights, obligations, and liabilities given to, or imposed upon, the parties hereto shall extend to and bind the respective successors, sublessees, licensees, concessionaires and assigns of such parties, subject to the terms of Section 16 hereof.   Nothing contained in this Sublease shall in any manner restrict Sublandlord’s right to assign or encumber this Sublease in connection with Sublandlord’s assignment or encumbrance of the Prime Lease in accordance with the terms of the Prime Lease.
39.NOTICES.  All notices, requests, consents and other communications required or permitted under this Sublease shall be in writing and shall be (as elected by the person giving such notice) hand delivered by messenger or overnight courier service, transmitted by facsimile or email (with original to follow by overnight commercial courier for delivery on the next business day if sent by facsimile or email), or mailed by registered or certified mail (postage prepaid), return receipt requested, addressed to Sublandlord’s Address for Notices listed in the Sublease Summary and to Subtenant’s Address for Notices listed in the Sublease Summary, as appropriate, or to such other address as any party may designate by notice complying with the terms hereof.  Each such notice shall be deemed delivered (a) on the date delivered if by personal or overnight delivery, (b) on the date transmitted if by facsimile or email (with original to follow as provided above), and (c) on the date upon which the return receipt is signed or delivery is refused or the notice is designated by the postal authorities as not deliverable, as the case may be, if mailed.  During the Sublease Term and promptly upon its receipt, each party shall forward to 
    19

the other party any notice or other correspondence from Prime Landlord that either party may receive (including, without limitation, any notices of default).  
40.PERMITTED USES.  Subtenant shall use and occupy the Subleased Premises only for the Permitted Use and for no other purpose, without the prior written consent of Sublandlord and Prime Landlord.  
41.WAIVER OF JURY TRIAL.  SUBLANDLORD AND SUBTENANT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SUBLEASE OR THE OBLIGATIONS EVIDENCED HEREBY, OR ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY.  THIS PROVISION IS A MATERIAL INDUCEMENT TO EACH OF SUBLANDLORD AND SUBTENANT IN ENTERING INTO THIS SUBLEASE.
42.NO REPRESENTATIONS; NO OFFER WAIVER OF IMPLIED WARRANTIES.
(a)Subtenant acknowledges and agrees that it has not relied upon any statements, representations, agreements or warranties except those expressed in this Sublease, and that this Sublease contains the entire agreement of the parties hereto with respect for the subject matter hereof.
(b)The submission of this document for examination and review does not constitute an option, an offer to Sublease space, or an agreement to sublease space.  This document shall have no binding effect on the parties unless and until executed and delivered by both Sublandlord and Subtenant and approved by Prime Landlord as set forth in Section 17 hereof. 
(c)SUBTENANT HEREBY AGREES, AS A MATERIAL PART OF THE CONSIDERATION FOR SUBLANDLORD'S ENTERING INTO THIS SUBLEASE, THAT SUBLANDLORD HAS MADE NO WARRANTIES TO SUBTENANT (OR ANY OF SUBTENANT'S EMPLOYEES OR AGENTS) REGARDING THE CONDITION OF THE SUBLEASED PREMISES, EITHER EXPRESS OR IMPLIED (EXCEPT AS OTHERWISE SET FORTH IN THIS SUBLEASE), AND SUBLANDLORD HEREBY EXPRESSLY DISCLAIMS ANY WARRANTY (INCLUDING ANY IMPLIED WARRANTY) THAT THE SUBLEASED PREMISES ARE OR WILL BE SUITABLE FOR SUBTENANT'S INTENDED USE THEREOF.  EXCEPT AS OTHERWISE SET FORTH HEREIN, SUBTENANT AGREES THAT SUBTENANT'S OBLIGATION TO PAY RENT HEREUNDER IS NOT DEPENDENT UPON THE CONDITION OF THE SUBLEASED PREMISES OR THE PERFORMANCE BY SUBLANDLORD OF ITS OBLIGATIONS HEREUNDER, BUT THAT SUBTENANT WILL CONTINUE TO PAY BASE RENT AND ADDITIONAL RENT WHEN DUE HEREUNDER, WITHOUT ABATEMENT, SET-OFF OR DEDUCTION, NOTWITHSTANDING ANY BREACH OR ALLEGED BREACH BY SUBLANDLORD OF ANY OF ITS EXPRESS OBLIGATIONS UNDERTAKEN IN THIS SUBLEASE.
43.BROKERS.  The Sublandlord is represented by The Altschuler Company and Subtenant is represented by Jones Lang LaSalle Brokerage, Inc.  Sublandlord shall be responsible to pay The Altschuler Company and Jones Lang LaSalle Brokerage, Inc. a brokerage fee pursuant to the terms and conditions of a separate agreement.  Each party hereto agrees to indemnify, defend and hold the other harmless from and against any other claims for brokers, or realtors’ fees or commissions by any other broker, agent or salesmen claiming by, through or under said party, 
    20

resulting from this Sublease, and Sublandlord agrees to indemnify, defend and hold Subtenant harmless from and against any claims for brokers, or realtors’ fees or commissions by the foregoing referenced brokers.
44.CONFIDENTIALITY.  Each party agrees to hold this Sublease confidential and not to reveal the terms and conditions of the Sublease to any other party without the prior written permission of the other party, except that a party shall be entitled to disclose the terms of this Sublease to any lender or prospective lender providing or being requested to provide financing to the party, to any shareholders, owners or members of the party’s company or directors, officers, employees, attorneys or accountants of a party (though the disclosing party shall be responsible to ensure those parties do not violate this clause), to any buyer or prospective buyer of the party’s assets or equity interests (provided that the buyer or prospective buyer agrees to a confidentiality provision equivalent to this provision), and to any governmental regulatory body entitled under applicable law to require that a party disclose the same in connection with some action, proceeding or investigation by such body. 
45.EXHIBITS.
The following exhibits are a part of this Sublease and are incorporated herein by reference:
Exhibit A – Floor Plan of the Subleased Premises 
Exhibit B – Prime Lease
Exhibit C – Parking Permits
Exhibit D – Approved Form Letter of Credit

46.RENEWAL RIGHTS; RIGHT OF FIRST REFUSAL; EARLY TERMINATION.  Sublandlord has no obligation to exercise any renewal rights, rights of first refusal or early termination rights that it may have under the Prime Lease.  
47.COUNTERPARTS.  This Sublease may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same document and agreement.  A copy, facsimile or electronic mail (PDF file) transmission of any part of this Sublease, including the signature page, shall have the same force and effect as an original.
[Signatures Follow]

    21

IN WITNESS WHEREOF, the parties have caused this Sublease to be executed as of the Effective Date.
						
	

	SUBLANDLORD:

Texas EZPAWN L.P., a Texas limited partnership

By:    Texas EZPAWN Management, Inc., a Delaware corporation, 
its general partner

By: /s/ Thomas H. Welch Jr.    
Print Name: Thomas H Welch Jr.    
Print Title: Sr. Vice President    

	

	SUBTENANT:

BABYLON INC., a Delaware corporation d/b/a Babylon Technologies Inc.

By: /s/ Charlie Steel    
Print Name: Charlie Steel    
Print Title: CFO    

    22

EXHIBIT A
FLOOR PLAN OF SUBLEASED PREMISES

    - 1 -

EXHIBIT B
PRIME LEASE

(see attached)
    - 1 -			
	

EXHIBIT C
PARKING PERMITS

    - 1 -			
	

EXHIBIT D
APPROVED FORM LETTER OF CREDIT
L/C DRAFT LANGUAGE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]