Document:

EX-10.2

 Exhibit 10.2 
 BIOCRYST PHARMACEUTICALS, INC. 
 EMPLOYEE STOCK PURCHASE PLAN

 (Amended and Restated March 8, 2014) 

 

	I.	PURPOSE OF THE PLAN 

 This
Employee Stock Purchase Plan is intended to promote the interests of BioCryst Pharmaceuticals, Inc. by providing eligible employees with the opportunity to acquire a proprietary interest in the Corporation through participation in a payroll
deduction based employee stock purchase plan designed to qualify under Section 423 of the Code. 
 Capitalized terms herein
shall have the meanings assigned to such terms in the attached Appendix. 
  

	II.	ADMINISTRATION OF THE PLAN 

The Plan Administrator shall have full authority to interpret and construe any provision of the Plan and to adopt such rules and
regulations for administering the Plan as it may deem necessary in order to comply with the requirements of Code Section 423. Decisions of the Plan Administrator shall be final and binding on all parties having an interest in the Plan.

  

	III.	STOCK SUBJECT TO PLAN 

 A.
The stock purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares of Common Stock purchased on the open market. The maximum number of shares of Common Stock which may be issued over the term
of the Plan shall not exceed 1,475,000 shares. 
 B. In the event any change is made to the Common Stock by reason of any stock
split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration, appropriate adjustments shall be made to
(i) the maximum number and class of securities issuable under the Plan, (ii) the maximum number and class of securities purchasable per Participant on any one Purchase Date and (iii) the number and class of securities and the price
per share in effect under each outstanding purchase right in order to prevent the dilution or enlargement of benefits thereunder. 
  

	IV.	PURCHASE PERIODS 

 A.
Shares of Common Stock shall be offered for purchase under the Plan through a series of successive purchase periods until such time as (i) the maximum number of shares of Common Stock available for issuance under the Plan shall have been
purchased or (ii) the Plan shall have been sooner terminated. 
 B. Each purchase period shall have a duration of six
(6) months. Purchase periods shall run from the first business day in February to the last business day in July and from the first business day of August to the last business day of January. 

 

	V	. ELIGIBILITY 

 A. Each
individual who is an Eligible Employee on the start date of any purchase period shall be eligible to participate in the Plan for that purchase period. 
 B. To participate in the Plan for a particular purchase period, the Eligible Employee must complete the enrollment forms prescribed by the Plan Administrator (including a stock purchase agreement and a
payroll deduction authorization form) and file such forms with the Plan Administrator (or its designate) on or before the start date of the purchase period. 

	VI.	PAYROLL DEDUCTIONS 

 A.
The payroll deduction authorized by the Participant for purposes of acquiring shares of Common Stock under the Plan may be any multiple of one percent (1%) of the Base Salary paid to the Participant during each purchase period, up to a maximum
of fifteen percent (15%). The deduction rate so authorized shall continue in effect for the entire purchase period and for each subsequent purchase period, except to the extent such rate is changed in accordance with the following guidelines:

 (i) The Participant may, at any time during the purchase period, reduce his or her rate of payroll deduction to become
effective as soon as possible after filing of the appropriate form with the Plan Administrator. The Participant may not, however, effect more than one (1) such reduction per purchase period. 

(ii) The Participant may, prior to the commencement of any new purchase period, increase the rate of his or her payroll deduction by
filing the appropriate form with the Plan Administrator. The new rate (which may not exceed the fifteen percent (15%) maximum) shall become effective as of the start date of the new purchase period. 

B. Payroll deductions shall begin on the first payday following the start date of the purchase period and shall (unless sooner terminated
by the Participant) continue through the payday ending with or immediately prior to the last day of the purchase period. The amounts so collected shall be credited to the Participant’s book account under the Plan, but no interest shall be paid
on the balance from time to time outstanding in such account. The amounts collected from the Participant shall not be held in any segregated account or trust fund and may be commingled with the general assets of the Corporation and used for general
corporate purposes. 
 C. Payroll deductions shall automatically cease upon the termination of the Participant’s purchase
right in accordance with the provisions of the Plan. 
 D. The Participant’s acquisition of Common Stock under the Plan
during any purchase period shall neither limit nor require the Participant’s acquisition of Common Stock during any subsequent purchase period. 
  

	VII.	PURCHASE RIGHTS 

 A.
Grant of Purchase Right. A Participant shall be granted a separate purchase right on the start date of each purchase period in which he or she participates. The purchase right shall grant the Participant the right to purchase shares of
Common Stock on the Purchase Date upon the terms set forth below. The Participant shall execute a stock purchase agreement embodying such terms and such other provisions (not inconsistent with the Plan) as the Plan Administrator may deem advisable.

 Under no circumstances shall purchase rights be granted under the Plan to any Eligible Employee if such individual would,
immediately after the grant, own (within the meaning of Code Section 424(d)) or hold outstanding options or other rights to purchase, stock possessing five percent (5%) or more of the total combined voting power or value of all classes of
stock of the Corporation or any Corporate Affiliate. 
 B. Exercise of the Purchase Right. Each purchase right
shall be automatically exercised on the Purchase Date, and shares of Common Stock shall accordingly be purchased on behalf of each Participant (other than Participants whose payroll deductions have previously been refunded in accordance with the
Termination of Purchase Right provisions below) on such date. The purchase shall be effected by applying the Participant’s payroll deductions for the purchase period (together with any carryover deductions from the preceding purchase period) to
the purchase of whole shares of Common Stock (subject to the limitation on the maximum number of shares purchasable per Participant on any one Purchase Date) at the purchase price in effect for that purchase period. 

C. Purchase Price. The purchase price per share of Common Stock on any Purchase Date shall be equal to eighty-five percent
(85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start date of the purchase period or (ii) the Fair Market Value per share of Common Stock on the Purchase Date. 

D. Number of Purchasable Shares. The number of shares purchasable by a Participant on any Purchase Date shall be the number
of whole shares obtained by dividing the amount collected from the Participant through payroll deductions during the purchase period ending with such Purchase Date (together with any carryover deductions from the preceding purchase period) by the
purchase price in effect for that Purchase Date. However, 

  
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the maximum number of shares of Common Stock purchasable per Participant on any one Purchase Date shall not exceed Three Thousand (3,000) shares, subject to periodic adjustments in the event
of certain changes in the Corporation’s capitalization. 
 E. Excess Payroll Deductions. Any payroll
deductions not applied to the purchase of shares of Common Stock on any Purchase Date because they are not sufficient to purchase a whole share of Common Stock shall be held for the purchase of Common Stock on the next Purchase Date. However, any
payroll deductions not applied to the purchase of Common Stock by reason of the limitation on the maximum number of shares purchasable by the Participant on the Purchase Date shall be promptly refunded. 

F. Termination of Purchase Right. The following provisions shall govern the termination of outstanding purchase rights:

 (i) A Participant may, at any time prior to the last day of the purchase period, terminate his or her outstanding purchase
right by filing the appropriate form with the Plan Administrator (or its designate), and no further payroll deductions shall be collected from the Participant with respect to the terminated purchase right. Any payroll deductions collected during the
purchase period in which such termination occurs shall, at the Participant’s election, be immediately refunded or held for the purchase of shares on the next Purchase Date. If no such election is made at the time such purchase right is
terminated, then the payroll deductions collected with respect to the terminated right shall be refunded as soon as possible. 

(ii) The termination of such purchase right shall be irrevocable, and the Participant may not subsequently rejoin the purchase period for
which the terminated purchase right was granted. In order to resume participation in any subsequent purchase period, such individual must re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before the start
date of the new purchase period. 
 (iii) Should the Participant cease to remain an Eligible Employee for any reason (including
death, disability or change in status) while his or her purchase right remains outstanding, then that purchase right shall immediately terminate, and all of the Participant’s payroll deductions for the purchase period in which such cessation of
Eligible Employee status occurs shall be immediately refunded. 
 G. Corporate Transaction. In the event of a
Corporate Transaction during the purchase period, each outstanding purchase right shall automatically be exercised, immediately prior to the Effective Date of such Corporate Transaction, by applying the payroll deductions of each Participant for the
purchase period to the purchase of whole shares of Common Stock at a purchase price per share equal to eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start date of the purchase
period or (ii) the Fair Market Value per share of Common Stock immediately prior to the effective date of such Corporate Transaction. However, the applicable share limitations per Participant shall continue to apply to any such purchase.

 The Corporation shall use its best efforts to provide at least ten (10)-days prior written notice of the occurrence of any
Corporate Transaction, and Participants shall, following the receipt of such notice, have the right to terminate their outstanding purchase rights prior to the effective date of the Corporate Transaction. 

H. Proration of Purchase Rights. Should the total number of shares of Common Stock to be purchased pursuant to outstanding
purchase rights on any particular date exceed the number of shares then available for issuance under the Plan, the Plan Administrator shall make a pro-rata allocation of the available shares on a uniform and nondiscriminatory basis, and the payroll
deductions of each Participant, to the extent in excess of the aggregate purchase price payable for the Common Stock pro-rated to such individual, shall be refunded. 
 I. Assignability. During the Participant’s lifetime, the purchase right shall be exercisable only by the Participant and shall not be assignable or transferable by the Participant.

 J. Stockholder Rights. A Participant shall have no stockholder rights with respect to the shares subject to his
or her outstanding purchase right until the shares are purchased on the Participant’s behalf in accordance with the provisions of the Plan and the Participant has become a holder of record of the purchased shares. 

 

	VIII.	ACCRUAL LIMITATIONS 

 A.
No Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if and to the extent such accrual, when aggregated with (i) rights to purchase

  
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Common Stock accrued under any other purchase right granted under this Plan and (ii) similar rights accrued under other employee stock purchase plans (within the meaning of Code
Section 423) of the Corporation or any Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five Thousand Dollars ($25,000) worth of stock of the Corporation or any Corporate Affiliate (determined on the
basis of the Fair Market Value of such stock on the date or dates such rights are granted) for each calendar year such rights are at any time outstanding. 
 B. For purposes of applying such accrual limitations, the following provisions shall be in effect: 
 (i) The right to acquire Common Stock under each purchase right shall accrue on the Purchase Date in effect for the purchase period for which such right is granted. 

(ii) No right to acquire Common Stock under any outstanding purchase right shall accrue to the extent the Participant has already accrued
in the same calendar year the right to acquire Common Stock under one (1) or more other purchase rights at a rate equal to Twenty-Five Thousand Dollars ($25,000) worth of Common Stock (determined on the basis of the Fair Market Value of such
stock on the date or dates of grant) for each calendar year such rights were at any time outstanding. 
 C. If by reason of such
accrual limitations, any purchase right of a Participant does not accrue for a particular purchase period, then the payroll deductions which the Participant made during that purchase period with respect to such purchase right shall be promptly
refunded. 
 D. In the event there is any conflict between the provisions of this article and one or more provisions of the Plan
or any instrument issued thereunder, the provisions of this article shall be controlling. 
  

	IX.	EFFECTIVE DATE AND TERM OF THE PLAN 

 A. The Plan was originally adopted by the Board on December 9, 1994 and became effective on the Effective Date subject to approval by the stockholders of the Corporation and the Corporation having
complied with all applicable requirements of the 1933 Act (including the registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration statement filed with the Securities and Exchange Commission) and applicable
listing requirements of any stock exchange (or the Nasdaq Global Market, if applicable) on which the Common Stock is listed for trading and all other applicable requirements established by law or regulation. 

B. Unless sooner terminated by the Board, the Plan shall terminate upon the earlier of (i) the date on which all shares
available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan or (ii) the date on which all purchase rights are exercised in connection with a Corporate Transaction. 

 

	X.	AMENDMENT OF THE PLAN 

The Board may alter, amend, suspend or discontinue the Plan following the close of any purchase period. However, the Board may not,
without the approval of the Corporation’s stockholders, (i) materially increase the number of shares of Common Stock issuable under the Plan or the maximum number of shares purchasable per Participant on any one Purchase Date, except for
permissible adjustments in the event of certain changes in the Corporation’s capitalization, (ii) alter the purchase price formula so as to reduce the purchase price payable for the shares purchasable under the Plan, or
(iii) materially increase the benefits accruing to Participants under the Plan or materially modify the requirements for eligibility to participate in the Plan. 
  

	XI.	GENERAL PROVISIONS 

 A.
All costs and expenses incurred in the administration of the Plan shall be paid by the Corporation. 
 B. Nothing in the Plan
shall confer upon the Participant any right to continue in the employ of the Corporation or any Corporate Affiliate for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any
Corporate Affiliate employing such person) or of the Participant, which rights are hereby expressly reserved by each, to terminate such person’s employment at any time for any reason, with or without cause. 

C. The provisions of the Plan shall be governed by the laws of the State of Alabama without resort to that State’s conflict-of-laws
rules. 

  
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 Schedule A 

Corporations Participating in 
 Employee Stock Purchase Plan 
 As of the Effective Date

 BioCryst Pharmaceuticals, Inc. 

  
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 DEFINITIONS 

The following definitions shall be in effect under the Plan: 
 A. Base Salary shall mean the regular base salary paid to a Participant by one or more Participating Companies during such individual’s period of participation in the Plan, plus any
pre-tax contributions made by the Participant to any Code Section 401(k) salary deferral plan or any Code Section 125 cafeteria benefit program now or hereafter established by the Corporation or any Corporate Affiliate. The following items
of compensation shall not be included in Base Salary: (i) all overtime payments, bonuses, commissions (other than those functioning as base salary equivalents), profit-sharing distributions and other incentive-type payments and
(ii) any and all contributions (other than Code Section 401(k) or Code Section 125 contributions) made on the Participant’s behalf by the Corporation or any Corporate Affiliate under any employee benefit or welfare plan now or
hereafter established. 
 B. Board shall mean the Corporation’s Board of Directors. 

C. Code shall mean the Internal Revenue Code of 1986, as amended. 

D. Common Stock shall mean the Corporation’s common stock. 

E. Corporate Affiliate shall mean any parent or subsidiary corporation of the Corporation (as determined in accordance with
Code Section 424), whether now existing or subsequently established. 
 F. Corporate Transaction shall mean
either of the following stockholder-approved transactions to which the Corporation is a party: 
 (i) a merger or consolidation
in which securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities are transferred to a person or persons different from the persons holding those securities
immediately prior to such transaction, or 
 (ii) the sale, transfer or other disposition of all or substantially all of the
assets of the Corporation in complete liquidation or dissolution of the Corporation. 
 G. Corporation shall mean
BioCryst Pharmaceuticals, Inc., a Delaware corporation, and any corporate successor to all or substantially all of the assets or voting stock of BioCryst Pharmaceuticals, Inc. which shall by appropriate action adopt the Plan. 

H. Effective Date shall mean February 1, 1995. Any Corporate Affiliate which becomes a Participating Corporation after
such Effective Date shall designate a subsequent Effective Date with respect to its employee-Participants. 
 I. Eligible
Employee shall mean any person who is engaged, on a regularly-scheduled basis of more than twenty (20) hours per week for more than five (5) months per calendar year, in the rendition of personal services to any Participating
Corporation as an employee for earnings considered wages under Section 3401 (a) of the Code. 
 J. Fair Market
Value per share of Common Stock on any relevant date shall be determined in accordance with the following provisions: 

(i) If the Common Stock is at the time traded on the Nasdaq Global Market, the Fair Market Value shall be the closing selling price per
share of Common Stock on the date in question, as such price is reported on the Nasdaq Global Market or any successor system. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the
closing selling price on the last preceding date for which such quotation exists. 
 (ii) If the Common Stock is at the time
listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock,
as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last
preceding date for which such quotation exists. 

  
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 K. 1933 Act shall mean the Securities Act of 1933, as amended. 

L. 1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

M. Participant shall mean any Eligible Employee of a Participating Corporation who is actively participating in the Plan.

 N. Participating Corporation shall mean the Corporation and such Corporate Affiliate or Affiliates as may be
authorized from time to time by the Board to extend the benefits of the Plan to their Eligible Employees. The Participating Corporations in the Plan as of the Effective Date are listed in attached Schedule A. 

O. Plan shall mean the Corporation’s Employee Stock Purchase Plan, as set forth in this document. 

P. Plan Administrator shall mean the committee of two (2) or more Board members appointed by the Board to administer
the Plan. 
 Q. Purchase Date shall mean the last business day of each purchase period. 

R. Stock Exchange shall mean either the American Stock Exchange or the New York Stock Exchange. 

  
 7EX-10.1

 Exhibit 10.1 
  

 
 

 
 Rules of the Markit Additional Share Option Plan 

Markit Group Limited 
 Rules approved by the Board in 2004 and
by the shareholders 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
			
	1.	 	 DEFINITIONS
	  	 	3	  
	2.	 	 COMMENCEMENT AND TITLE
	  	 	4	  
	3.	 	 THE GRANT OF OPTIONS
	  	 	4	  
	4.	 	 THE EXERCISE PRICE
	  	 	5	  
	5.	 	 NON-ASSIGNABILITY OF OPTIONS
	  	 	5	  
	6.	 	 WHEN OPTIONS MAY BE EXERCISED
	  	 	5	  
	7.	 	 MANNER OF EXERCISE OF OPTIONS
	  	 	6	  
	8.	 	 ALTERATIONS OF SHARE CAPITAL
	  	 	7	  
	9.	 	 SALE, FLOTATION AND LIQUIDATION
	  	 	7	  
	10.	 	 EMPLOYMENT RIGHTS
	  	 	8	  
	11.	 	 ADMINISTRATION AND AMENDMENT
	  	 	9	  
	12.	 	 EXCLUSION OF THIRD PARTY RIGHTS
	  	 	10	  
	13.	 	 TERMINATION
	  	 	10	  
	14.	 	 TERM
	  	 	10	  
	15.	 	 INCENTIVE STOCK OPTION LIMITATIONS
	  	 	10	  
	16.	 	 GOVERNING LAW
	  	 	10	  

 RULES OF THE MARKIT 2004 

ADDITIONAL SHARE OPTION PLAN 
  

	1.	DEFINITIONS 

 In these Rules (unless the context otherwise requires) the following words
and phrases have the following meanings: 
 “Affiliate” has the meaning given to it in the Articles; 

“Articles” means the Articles of Association of the Company currently in force and as amended from time to time and
“Article” shall be construed accordingly; 
 “Bad Leaver” has the meaning given to it in Article 15.3 of the
Articles; 
 “Board” means the board of directors from time to time of the Company (or the directors present at a duly
convened meeting of such board) or a duly authorised committee of the board; 
 “Code” means the Internal Revenue Code of
1986, as amended; 
 “Commencement Date” means the date on which the Plan is approved by the Board, subject to the approval
of the Plan by the shareholders of the Company within 12 months before or after the Plan is adopted by the Board; 

“Company” means Markit Group Limited; 

“Date of Grant” means the date on which the Board grants an Option in accordance with Rule 3; 

“Deed of Adherence” means a valid deed of adherence to the Shareholders’ Agreement; 

“Departing Employee” has the meaning given to it in Article 15.1 of the Articles; 

“Drag Along Notice” has the meaning given to it in Article 14.1 of the Articles; 

“Eligible Participant” means any employee (including a director) of, or any consultant to, the Company or an Affiliate of the
Company; 
 “Exercise Price” means the price per Share at which a Participant may exercise an Option, established in
accordance with Rule 4; 
 “Fair Market Value” shall be set in good faith by the Board based on reasonable methods;

 “Good Leaver” has the meaning given to it in Article 15.3(c) of the Articles; 

“Incentive Stock Option” means any Option granted to a Participant under the Plan intended to be and designated as an
“Incentive Stock Option” within the meaning of Section 422 of the Code; 
 “Listing” has the meaning given to
it in the Articles; 
 “Member of the Group” means the Company or any Affiliate of the Company from time to time; 

“Non-Qualified Stock Option” means any Option granted under the Plan that is not an Incentive Stock Option; 

  
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 “Option” means a right to acquire Shares at the Exercise Price in accordance
with the Rules; 
 “Option Tax Liability” means an amount sufficient to satisfy all taxes, duties, social security or
national insurance contributions or any other amounts which are required to be withheld or accounted for on behalf of the Participant by any Member of the Group; 

“Parent” means any parent corporation of the Company within the meaning of Section 424(e) of the Code; 

“Participant” means any individual who has been granted and remains entitled to exercise a Subsisting Option or (where the
context admits) the personal representatives of any such individual; 
 “Plan” means this plan as governed by the Rules;

 “Qualifying Proposed Sale” has the meaning given to it in Article 14.1 of the Articles; 

“Rules” means these rules as from time to time amended in accordance with their provisions by the Board or by the Company in
general meeting; 
 “Share” means a fully paid C Ordinary Share in the capital of the Company, as defined in the Articles;

 “Shareholders’ Agreement” is the agreement defined in the Articles; 

“Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code; 

“Subsisting Option” means an Option to the extent that it has neither lapsed nor been exercised; 

“Ten Percent Shareholder” means a person owning stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company, its Subsidiaries or its Parent; 
 “Vesting Schedule” means, subject to the terms of the
Plan, the vesting schedule attached to these Rules as Appendix A hereto or such other vesting schedule determined by the Board; and 

“Voluntary Resignation” has the meaning given to it in the Articles. 

Where the context so admits the singular shall include the plural and vice versa and the masculine gender shall include the feminine. Any
reference to a statutory provision is to be construed as a reference to that provision as for the time being amended or re-enacted and shall include any regulations or other subordinate legislation made under it. The Vesting Schedule forms a part of
the Plan. 
 The provisions of Rules 7.2 (a) and (b) shall only apply to the extent applicable, and Rule 10 shall not be
applicable, to any Participant who is a consultant (and not a director or employee). 
  

	2.	COMMENCEMENT AND TITLE 

 The Plan shall commence on the Commencement Date and shall be
known as The Mark-it 2004 Additional Share Option Plan. 
  

	3.	THE GRANT OF OPTIONS 

  

	3.1	 The Board may grant Options to Eligible Participants to acquire Shares subject to the rules of this Plan including the Vesting Schedule and such other
objective terms or conditions as the Board may in its absolute discretion determine. Options may be granted only to such 

  
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Eligible Participants as the Board shall in its absolute discretion select. No Eligible Participant shall be entitled as of right to participate. The extent of any grant of Options shall be
determined by the Board in its absolute discretion. 
  

	3.2	No consideration shall be payable for the grant of an Option. The Board shall grant Options by deed in such form as the Board shall decide. A single deed of grant may be executed in favour of any number of Participants.
Each Participant shall on, or as soon as possible after, the Date of Grant be issued with a certificate as evidence of the grant of an Option. 

  

	3.3	The aggregate number of Shares that may be issued or used for reference purposes under this Plan shall not exceed 648,387 Shares (subject to any increase or decrease pursuant to Rule 8.1 of the Plan). If any Option
granted under this Plan expires, terminates or is cancelled for any reason without having been exercised in full, the number of Shares underlying any unexercised Option shall again be available for the purpose of Options under the Plan.

  

	3.4	The Board shall have authority to determine whether an Option is an Incentive Stock Option or a Non-Qualified Stock Option, provided that an Eligible Participant who is a director is not eligible to be granted an
Incentive Stock Option; and, provided, further, only Eligible Participants who are employees of the Company or any Subsidiary or Parent are eligible to be granted Incentive Stock Options. 

 

	4.	THE EXERCISE PRICE 

  

	4.1	The Exercise Price of an Option shall be determined by the Board in its absolute discretion no later than the Date of Grant, provided that the Exercise Price of an Incentive Stock Option shall not be less than 100% of
the Fair Market Value of a Share on the Date of Grant; and provided, further, that if an Incentive Stock Option is granted to a Ten Percent Shareholder, the Exercise Price shall be no less than 110% of the Fair Market Value of a Share on the Date of
Grant. 

  

	4.2	The Exercise Price is subject to adjustment in accordance with Rule 8. 

  

	5.	NON-ASSIGNABILITY OF OPTIONS 

 No Option granted to an Eligible Participant under the
Plan shall be capable of being transferred by him or his personal representative(s) or of being mortgaged, pledged or encumbered in any way whatsoever. In the event of any breach or purported breach of this provision the Option shall lapse
forthwith. This Rule 5 shall not prevent the personal representative(s) of a deceased Participant from exercising the Option in accordance with the Rules. 
  

	6.	WHEN OPTIONS MAY BE EXERCISED 

  

	6.1	Subject to Rule 9, a Subsisting Option shall be exercisable only to the extent that it has vested in accordance with the Vesting Schedule. 

 

	6.2	A Subsisting Option, whenever granted, shall lapse and cease to be exercisable upon the earliest to happen of the following: 

  

	 	(a)	the tenth anniversary of its Date of Grant, or the fifth anniversary of its Date of Grant with respect to an Incentive Stock Option granted to a Ten Percent Shareholder; 

 

	 	(b)	the first anniversary of the date of death of the Participant; 

  

	 	(c)	the date upon which the Participant becomes a Departing Employee in circumstances where the Participant is a Bad Leaver; 

  
 5 

	 	(d)	the date on which a Participant who is a consultant (and not a director or employee) ceases to be a consultant in the circumstances contemplated by paragraph 3 of the Vesting Schedule; 

 

	 	(e)	three months from the date on which a Participant becomes a Departing Employee in respect of the element of the Subsisting Option which has vested in accordance with the Vesting Schedule and immediately on the date on
which the Participant becomes a Departing Employee in respect of any element of the Subsisting Option which has not vested in accordance with the Vesting Schedule on such date; and 

 

	 	(f)	the expiry of the periods mentioned in Rule 9.1,9.2, 9.3, 9.4 and 9.5. 

  

	7.	MANNER OF EXERCISE OF OPTIONS 

  

	7.1	Subject to Rule 7.2, an Option shall be exercised by the Participant lodging with the Secretary of the Company at its registered office (or otherwise as may be notified to Participants from time to time):

  

	 	(a)	an option certificate in respect of the Option to be exercised; 

  

	 	(b)	a notice of exercise in such form as the Board may from time to time prescribe, duly executed in accordance with the instructions in such notice; 

 

	 	(c)	payment (in such manner as the Board shall direct) of a sum equal to the aggregate Exercise Price of the Shares in relation to which the Option is then being exercised, together with an amount equal to that required to
be paid pursuant to Rule 7.2(b) below; and 

  

	 	(d)	in respect of an exercise of an Option in the circumstances set out in Rule 9.1, a duly executed power of attorney in the form provided by the Company on grant of the Option appointing the Company as the
Participant’s attorney to execute documents on behalf of the Participant to give effect to the transfer of the Shares the Participant would hold following the exercise of such Option. PROVIDED ALWAYS THAT if the relevant Qualifying Proposed
Sale has not completed within 60 days of the date on which the Drag Along Notice is delivered to the Company pursuant to Article 14.1 or the date on which a copy of the relevant offer to the Participants pursuant to Article 14.2(d) is delivered to
the Company, as the case may be, then the Company shall return to the Participants the documents referred to in Rules 7.1(a) and (b) and the payment referred to in Rule 7.1(c) and, notwithstanding anything to the contrary in the Plan, the
Option shall be deemed not to have been exercised. 

  

	7.2	The exercise of an Option by a Participant under Rule 7.1 shall be conditional upon: 

  

	 	(a)	agreement being reached between the Company and the Participant as to the amount, or their best estimate of the amount, of the Option Tax Liability; and 

 

	 	(b)	payment of the estimate or amount of the Option Tax Liability or arrangements which are satisfactory to the Company for the payment by the Participant of the Option Tax Liability whether in cash or by deduction from
cash payments otherwise to be made to the Participant or by the withholding of Shares otherwise deliverable to the Participant on the exercise of the Option equal in value to the amount of the Option Tax Liability; and 

 

	 	(c)	execution by the Participant of a Deed of Adherence and agreement by the Participant that he shall take the Shares subject to the Shareholders’ Agreement and Memorandum of Association of the Company and the
Articles. 

  
 6 

	7.3	Subject to the obtaining of any necessary regulatory consents the Board shall within 30 days of the exercise of any Option cause the Company to allot and issue or procure the transfer of the relevant Shares and send or
cause to be sent to the Participant who has exercised the Option a share certificate for the Shares in respect of which the Option is exercised provided such allotment or transfer is lawful. 

 

	7.4	Shares issued pursuant to the Plan will rank pari passu in all respects with the Shares then already in issue except that they and any Shares transferred pursuant to the Plan will not rank for any dividend or other
distribution of the Company paid or made by reference to a record date falling prior to the date of exercise of the relevant Option. 

  

	7.5	The Company shall maintain sufficient unissued share capital to satisfy all rights to subscribe for Shares from time to time under Subsisting Options. 

 

	8.	ALTERATIONS OF SHARE CAPITAL 

  

	8.1	In the event of any variation in the share capital of the Company by way of capitalisation of profits or reserves or by way of rights or any consolidation or sub-division or reduction of capital or otherwise, then the
number and the nominal value of Shares subject to any Subsisting Options, the Exercise Price and, where an Option has been exercised but as at the date of the variation of capital referred to above no Shares have been allotted or transferred
pursuant to such exercise, the number of Shares which may be so allotted or transferred and the price at which they may be acquired, may be adjusted by the Board in such manner and with effect from such date as the Board may in its absolute
discretion determine to be appropriate. 

  

	8.2	No adjustment under Rule 8.1 shall be made which would reduce the Exercise Price of any Option to subscribe for Shares below the nominal value of a Share unless and to the extent that: 

 

	 	(a)	the Board is authorised to capitalise from the reserves of the Company a sum equal to the amount by which the nominal value of the Shares subject to the Option exceeds the aggregate adjusted Exercise Price; and

  

	 	(b)	the Board shall resolve to capitalise and apply such sum on exercise of that Option. 

  

	8.3	The Board shall notify Participants in such manner as it thinks fit of any adjustment made under Rule 8.1 and may call in, cancel, endorse, issue or re-issue any option certificate as a result of any such adjustment.

  

	9.	SALE, FLOTATION AND LIQUIDATION 

  

	9.1	In the event of a Qualifying Proposed Sale a Subsisting Option shall be exercisable in full (but only to the extent that the Option has not lapsed) from the date on which either (a) the Drag Along Notice is
delivered to the Company pursuant to Article 14.1 (in the case of a proposed sale by Initiating Shareholders to a third party in accordance with Article 14.1) or (b) a copy of the offer(s) to the Participants pursuant to Article 14.2(d) is
delivered to the Company pursuant to such Article (in the case of a sale to a third party purchaser in accordance with Article 14.2) until completion of the relevant sale under (a) or (b) above (as the case may be). 

 

	9.2	Upon receipt by the Company of a Drag Along Notice pursuant to Article 14.1(b)or a copy of the offer(s) to the Participants pursuant to Article 14.2(d), the Company shall use all reasonable endeavours as soon as
reasonably practicable thereafter to notify the Participants of the details of: 

  

	 	(a)	the Drag Along Notice and the date (if any) specified therein on which the Non-Initiating Shareholders (as defined in the Articles) must transfer their Ordinary Shares to the proposed transferee (in the case of 9.1(a)
above); or 

  
 7 

	 	(b)	the offer(s) (in the case of 9.1(b) above). 

 The Participants shall be Non-Initiating
Shareholders (as defined in the Articles) and shall be bound to transfer their Shares to the proposed transferee as provided for in Article 14.1 if they exercise their Options pursuant to Rule 9.1. The proposed transferee shall be entitled to
enforce this right or benefit against the Participants in accordance with the Contracts (Rights of Third Parties) Act 1999 provided that no amendment, variation or termination of the Plan (whether or not affecting such right or benefit) shall
require the consent of the transferee nor shall such transferee be entitled to veto any amendment, variation or termination of the Plan. 
  

	9.3	If the Court sanctions a compromise or arrangement under section 425 of the Companies Act 1985 in respect of the Company (other than for the purpose of a restructuring), any Subsisting Option may (notwithstanding any
other provision of this Plan) be exercised in full (but only to the extent that the Option has not lapsed) within 60 days of the Court sanctioning the compromise or arrangement, provided that the notice of exercise given in accordance with Rule
7.1(b) has been received by the Company within 30 days of the Court’s sanction. 

  

	9.4	If any person becomes bound or entitled to acquire shares in the Company under sections 428 to 430F of the Companies Act 1985, any Subsisting Option may (notwithstanding any other provision of this Plan) be exercised in
full (but only to the extent that the Option has not lapsed) at any time when that person remains so bound or entitled. 

  

	9.5	If the Company passes a resolution for voluntary winding-up, any Subsisting Option may (notwithstanding any other provision of this Plan) be exercised in full (but only to the extent that the Option has not lapsed)
within one month of the passing of the resolution. 

  

	9.6	Any Subsisting Option may (notwithstanding any other provision of this Plan) be exercised in full (but only to the extent that the Option has not lapsed) within six months of the effective date of a Listing in respect
of the Company. 

  

	9.7	The exercise of an Option pursuant to the preceding provisions of this Rule 9 shall be subject to the provisions of Rule 7. 

  

	10.	EMPLOYMENT RIGHTS 

  

	10.1	The Plan shall not form part of any contract of employment between any Member of the Group and any employee of any such company and the rights and obligations of any individual under the terms of his office or
employment with any Member of the Group shall not be affected by his participation in the Plan or any right which he may have to participate therein. 

  

	10.2	Participation in the Plan shall be on the express condition that: 

  

	 	(a)	neither it nor cessation of participation shall afford any individual under the terms of his office or employment with any Member of the Group any additional or other rights to compensation or damages; and

  

	 	(b)	no damages or compensation shall be payable in consequence of the termination of such office or employment (whether or not in circumstances giving rise to a claim for wrongful or unfair dismissal) or for any other
reason whatsoever to compensate him for the loss of any rights the Participant would otherwise have had (actual or prospective) under the Plan howsoever arising but for such termination; and 

 

	 	(c)	the Participant shall be deemed irrevocably to have waived any such rights to which he may otherwise have been entitled. 

  
 8 

	10.3	No individual shall have any claim against a Member of the Group arising out of his not being admitted to participation in the Plan which (for the avoidance of all, if any, doubt) is entirely within the discretion of
the Board. 

  

	10.4	No Participant shall be entitled to claim compensation from any Member of the Group in respect of any sums paid by him pursuant to the Plan or for any diminution or extinction of his rights or benefits (actual or
otherwise) under any Option held by him consequent upon the lapse for any reason of any Option held by him or otherwise in connection with the Plan and each Member of the Group shall be entirely free to conduct its affairs as it sees fit without
regard to any consequences under, upon or in relation to the Plan or any Option or Participant. 

  

	11.	ADMINISTRATION AND AMENDMENT 

  

	11.1	The Plan shall be administered under the direction of the Board who may at any time and from time to time by resolution and without other formality delete, amend or add to the Rules of the Plan in any respect provided
that no deletion, amendment or addition shall operate to affect adversely in any way any rights already acquired by a Participant under the Plan without the approval such number the affected Participants as would be required to amend the
Company’s Articles with respect to the terms of the Shares on the assumption that the affected Participants constitute the sole shareholders of the Company. 

  

	11.2	Notwithstanding anything to the contrary contained in these Rules, the Board may at any time by resolution and without further formality: 

 

	 	(a)	amend the Plan in any way to the extent necessary to obtain or maintain beneficial tax treatment for any Member of the Group in any jurisdiction; and 

 

	 	(b)	amend the Plan in any way to the extent necessary to take account of federal, state or other local tax, exchange control or securities laws, regulation or practice in any jurisdiction relevant to a Participant or Member
of the Group. 

  

	11.3	Any notice or other communication under or in connection with the Plan may be given: 

  

	 	(a)	by the Company to an Eligible Participant or Participant either personally or sent to him at his place of work by electronic mail or by post addressed to the address last known to the Company (including any address
supplied by the relevant Participating Company or any Subsidiary) or sent through the Company’s internal postal service: and 

  

	 	(b)	to the Company either personally or by post to the Company Secretary. 

 Items sent by post shall
be pre-paid and shall be deemed to have been received 72 hours after posting. 
  

	11.4	The Company shall bear the costs of setting up and administering the Plan. However, the Company may require any Member of the Group to reimburse the Company for any costs borne by the Company directly or indirectly in
respect of such company’s officers or employees. 

  

	11.5	The Company shall maintain all necessary books of account and records relating to the Plan. 

  

	11.6	The Board shall be entitled to authorise any person to execute on behalf of a Participant, at the request of the Participant, any document relating to the Plan, in so far as such document is required to be executed
pursuant hereto. 

  
 9 

	11.7	The Company may send copies to Participants of any notice or document sent by the Company to the holders of Shares. 

  

	11.8	If any Option certificate shall be worn out, defaced or lost, it may be replaced on such evidence being provided as the Board may require. 

 

	11.9	In the case of the partial exercise of an Option, the Board may call in and endorse or cancel and re-issue as it thinks fit, any certificate for the balance of Shares over which the Option was granted.

  

	12.	EXCLUSION OF THIRD PARTY RIGHTS 

 Save as provided in Rule 9.2, the Contracts (Rights of
Third Parties) Act 1999 shall not apply to this Plan nor to any Option granted under it and no person other than the parties to an Option shall have any rights under it nor shall it be enforceable under that Act by any person other than the parties
to it. 
  

	13.	TERMINATION 

 The Plan may be terminated at any time by a resolution of the Board or by a
resolution of the Company in general meeting. On termination, no further Options shall be granted but such termination shall not affect the subsisting rights of Participants 
  

	14.	TERM 

 No Option shall be granted pursuant to the Plan on or after the tenth anniversary
of the earlier of the date the Plan is adopted or the date of shareholder approval, but Options granted prior to such tenth anniversary may extend beyond that date. 
  

	15.	INCENTIVE STOCK OPTION LIMITATIONS 

 To the extent that the aggregate Fair Market Value
(determined as of the Date of Grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company,
any Subsidiary or any Parent exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Participant which is an employee does not remain employed by the Company, any Subsidiary or any Parent at all
times from the time an Incentive Stock Option is granted until three months prior to the date of exercise thereof (or such other period as required by applicable law), such Option shall be treated as a Non-Qualified Stock Option. Should any
provision of this Plan not be necessary in order for the Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Board may amend this Plan accordingly, without the necessity of obtaining the approval of
the shareholders of the Company. 
  

	16.	GOVERNING LAW 

 These Rules and all matters arising from the Rules shall be governed and
construed in accordance with English law and Participants shall agree to submit to the jurisdiction of the English Courts in respect of this Plan, their Option(s) and any Shares issued or transferred to them in respect of such Option(s). 

  
 10 

 APPENDIX A 

VESTING SCHEDULE 
  

	1.	Subject to 2 and 3 below and provided the Participant has not become a Departing Employee, an Option shall vest in accordance with one of the following Vesting Conditions determined by the Board in its absolute
discretion on the Date of Grant: 

 Vesting Condition 1 

The Option shall vest as to 1/36 of the total number of Shares subject to the Option on the first day of each calendar month, commencing in the
month following the month in which the Date of Grant takes place. 
 Vesting Condition 2 

The Option shall vest as to: 
  

	 	(a)	50% of the total number of Shares subject to the Option on the Date of Grant; and 

  

	 	(b)	as to the remaining 50% of such Shares, on the first day of the calendar month falling eight months after of the Date of Grant. 

Vesting Condition 3 
 The Option
shall vest over all or such number of Shares subject to the Option and on such date or dates and generally in such manner as may be determined by the Board. 
  

	2.	If a Participant who is an employee becomes a Departing Employee prior to the final vesting date (as determined in paragraph 1 above) in circumstances in which he is a Good Leaver, other than by reason of his Voluntary
Resignation, his Option shall vest as to an additional number of Shares calculated in accordance with the following formula or if lower, the number of Shares which remain unvested, but shall otherwise cease to vest: 

 
  
 

 
 Where: 
  

	 	NS	is the number of Shares under Option; 

  

	 	A	is the number of full months between 1 January 2005 and the date on which a Participant becomes a Departing Employee; 

  

	 	X	6; 

  

	 	NM	is the number of full months between the period beginning on 1 January 2005 and ending on the final date on which the Option would have vested in accordance with paragraph 1 above; and 

 

	 	NV	is the number of Shares subject to the Subsisting Option which has already vested on the date on which a Participant becomes a Departing Employee. 

 

	3.	 If a Participant who is a consultant (and not an employee) ceases to be a consultant (that is he ceases to provide services to the Company) and the
reason for the Participant 

  
 11 

	 	
having ceased to be a consultant is as a result of either (i) the termination by the Company (or other Member of the Group) of his consultancy agreement (or other agreement under which his
services are provided) pursuant to the terms of such agreement or (ii) the Participant voluntarily terminates such agreement or gives notice to terminate the agreement within six months of the Date of Grant, any unvested portion of the
Participant’s Option shall immediately lapse. 

  

	4.	In the event that the number of vested shares would give rise to an entitlement to a fraction of a Share, the number of Shares so vested shall be rounded to the nearest whole number of Shares, or rounded upwards if the
entitlement to a fraction of a Share would otherwise have been an entitlement to one half of one Share. 

  
 12

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