Document:

EX-10.7

					
		  	 Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Double asterisks denote omissions.
	  	Exhibit 10.7

 OPTION AGREEMENT 

This Agreement dated 22 November 2013 (“Effective Date”) is between: 

 

	1.	ISIS INNOVATION LIMITED, a company registered in England (company no. 02199542) with registered office address at University Offices, Wellington Square, Oxford OX1 2JD (“Isis”); and

  

	2.	SUMMIT CORPORATION PLC a company registered in England (company no. 05197494) with registered office address at 85B Park Drive, Milton Park, Abingdon, Oxfordshire OX14 4RY (“Summit”); and

  

	3.	THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD, whose administrative offices are at Wellington Square, Oxford OX1 2JD (the “University”) 

BACKGROUND 
  

	 	A.	MuOx Limited (a company in which the Founders, defined below and the University were initial shareholders) has taken an exclusive licence from Isis to certain intellectual property rights referred to as the Background
IP below. MuOx will on or around the Effective Date be acquired by Summit in return for the issue of shares in Summit to the Founders and the University and in accordance with an agreement between Summit, the Founders and the University
(“Share Purchase Agreement”). 

  

	 	B.	Summit is in addition funding certain research at the University of Oxford as provided for in a separate sponsored research agreement dated on or around the Effective Date (“Sponsored Research
Agreement”). 

  

	 	C.	Certain intellectual property rights may arise during the course of the Sponsored Research Agreement or otherwise in the Research Field (defined below). 

 

	 	D.	Isis is prepared to grant an option to Summit in relation to the intellectual property rights arising in the performance of the Sponsored Research Agreement and Research Field on the terms and conditions set out in this
Agreement. 

 OPERATIVE PROVISIONS 
  

	1.	Definitions and Interpretation 

  

	 	1.1.	In this Agreement the following words and expressions have the meaning set opposite: 

  

			
	Affiliate	  	means any company or other entity which directly or indirectly controls, is controlled by or is under common control with a party to this Agreement, where ‘control’ means the ownership of more than 50% of the issued share
capital or other equity interest or the legal power to direct or cause the direction of the general management and policies of the relevant party or such company or other entity;

			
		
	AIM	  	AIM, a market operated and regulated by the London Stock Exchange;
		
	Arising IP	  	means the Intellectual Property Rights (a) arising in the performance of the Sponsored Research Agreement; and/or (b) arising in the Research Field in each case to the extent such Arising IP is created or reduced to practice during
the Option Period and is created solely by the Founders, under the supervision of the Founders or by a third party sub-contractor appointed by the RMT and in any case to the extent Isis is legally able to licence such to Summit;
		
	Arising IP Type	  	means the four types of Arising IP as defined in Schedule 1 and referred to as Arising IP 1, Arising IP 2, Arising IP 3 and Arising IP 4;
		
	Background IP	  	means the Intellectual Property Rights licensed by Isis to MuOx under the Licence Agreement;
		
	Candidate Product	  	shall mean any product, process or service which (a) in the absence of the licence granted pursuant to this Agreement will infringe any Valid Claim of any patent within the Arising IP; or (b) uses, or is produced by use of, or which
comprises any Arising IP;
		
	Chemical Lead	  	means a compound achieving the criteria set out in Schedule 7 and corresponding to Decision Point #5 as defined in Hughes, et al Early Drug Discovery and Development Guidelines: For Academic Researchers, Collaborators and
Start-up Companies;
		
	Commercially Reasonable Endeavours	  	means, with respect to the efforts to be expended by Licensee hereunder, efforts and resources comparable to those used by a biotechnology company of comparable value, business model and resources; in respect of a product
proprietary to that company, which product is of similar market potential (taking into account the relevant patent and proprietary position) at a similar stage in its development or product life to any Candidate Product, utilizing sound and
reasonable scientific, business, (where relevant) pre-clinical and clinical practice and judgment in order to develop and commercialise such product in a timely manner. Commercially Reasonable Endeavours recognizes and accounts for a staggered
approach to multiple potential candidates (meaning focus is placed on a lead candidate and a small number of back up

  
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		  	candidates rather than equally across all potential candidates), the uncertainties of drug development, and is evaluated in the context of Territory-wide efforts, recognizing that some development and commercialization activities
may or may not be required by this standard for countries other than, for example, the EU and that a reasonable development and commercialization program may stage or stagger activities for different countries over time;
		
	Confidential Information	  	means (a) the terms of this Agreement and (b) the Arising IP;
		
	Effective Date	  	means the date set out above;
		
	Equity Event	  	shall have the meaning given in Schedule 3;
		
	Equity Milestone	  	means the events listed in Schedule 3 of the Warrant Instrument (Schedule 6) that trigger the commencement of the Subscription Periods, as defined in the Warrant Instrument;
		
	Field	  	means all therapeutic and commercial applications of small molecule utrophin modulators in humans and animals for any indication, particularly (but without limitation) for therapy of Duchenne Muscular Dystrophy and Becker Muscular
Dystrophy. For the avoidance of doubt, Summit shall have exclusive rights over Candidate Products in all indications;
		
	Founders	  	means any of Professor Dame Kay Davies; Professor Stephen Davies, Dr. Angela Russell, Dr. Graham Wynne and Dr. Rebecca Fairclough;
		
	GLP Toxicology Studies	  	means 14 day (or longer) repeat dose toxicology in two mammalian species comprising of a rodent and a second, non-rodent species in accordance with ICH Guideline M3 (R2) on the non-clinical safety studies for the conduct of human
clinical trials and marketing authorisation for pharmaceuticals. For the purposes of this Operative Provision, “Initiation” means dosing of the first animal in the first mammalian species cohort with a Candidate Product;
		
	Intellectual Property Rights	  	means patents, rights to inventions, copyright and related rights, trade marks, trade names and domain names, rights in designs, rights in computer software, database rights, rights in confidential information (including know-how)
and any other intellectual property rights, in each case whether registered or unregistered and including

  
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		  	all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection in any part of the world;
		
	Licence Agreement	  	means the licence agreement between Muox and Isis dated on or about the Effective Date;
		
	Master Licence	  	means the template agreement attached as Schedule 5;
		
	MuOx	  	means MuOx Limited, a company registered in England and Wales (company no. 08538316) and with registered office address at 9400 Garsington Road, Oxford Business Park, Oxford, England, OX4 2HN;
		
	Milestone Events	  	in respect of the Milestone Payments listed in column [3] of the table in Schedule 2, means the corresponding milestone triggers for those Milestone Payments as listed in column [1] of the same table and in the singular means any
one of those Milestone Events;
		
	Milestone Payments	  	in respect of the Milestone Events listed in column [1] of the table in Schedule 2, means the corresponding milestone payments for those Milestone Events as listed in column [3] of the same table and in the singular means any one of
those Milestone Payments;
		
	Option Exercise Fee	  	means in respect of first Option exercise, [**] pounds sterling (£[**]) (The Initial Option Exercise Fee) and [**] pounds sterling per subsequent exercise of the Option (Subsequent Option Exercise Fee) and up to a maximum of
[**] pounds sterling (£[**]);
		
	Option Fee	  	means the sum of [**] pounds Sterling (£[**]);
		
	Option Notice	  	shall have the meaning given in clause 2.1;
		
	Option Period	  	means a period starting on the Effective Date and ending on expiry of a period of [**] calendar months from notification of Arising IP by Isis under clause 2.1.1 only (and for clarity excluding notification under clause 2.1.2
or 2.1.3);
		
	Option Term	  	Means the Option Period together with the [**] month period (or such longer period as is provided in clause 2.2) required by Isis to obtain

  
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		  	assignments of Arising IP and carry out any internal due diligence in relation to Arising IP in accordance with clause 2.2;
		
	Personnel	  	means any directors, employees, agents, consultants, contractors, collaborators, sub-licensees of a party to this Agreement;
		
	Principal Investigators	  	means Professor Kay Davies, Professor Stephen Davies and Dr Angela Russell or their successors;
		
	Phase 1 Clinical Trial	  	means a human clinical trial, the principal purpose of which is preliminary determination of safety of a Candidate Product in healthy individuals or patients as described in 21 C.F.R. §312.21, or similar clinical study in a
country other than the United States;
		
	 Publish
	  	the publication of an abstract or an article in a journal or presentation at a conference or seminar (other than seminars internal to the University), and references to “Publication” are to be construed
accordingly;
		
	Research Field	  	means research and development in small molecule utrophin modulation in humans or animals;
		
	RMT	  	means the Research Management Team as appointed under the Sponsored Research Agreement;
		
	Royalties	  	means the royalty of [**]% currently provided for in the Arising IP 1 and IP3 Master Licence in Schedule 5;
		
	Share Purchase Agreement	  	shall have the meaning given in Recital A above;
		
	Sponsored Research Agreement	  	shall have the meaning given in Recital B above;
		
	Term	  	means the term of this Agreement as set out in clause 11 below;
		
	Third Party Funder	  	means a third party who contributes financial funding to either research covered by the Sponsored Research Agreement or research within the Research Field other than an Affiliate of Summit;
		
	Valid Claim	  	means (a) a claim of any issued and unexpired patent, to the extent that such claim in any patent has not lapsed, been withdrawn or been disclaimed, denied or admitted to be invalid
by

  
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		  	any court of competent jurisdiction in a non-appealable judgment or otherwise rendered invalid or unenforceable through reissue, disclaimer or otherwise through re-examination, opposition, post-grant review or inter partes
review, or lost through interference proceeding, or been cancelled or abandoned or dedicated to the public or (b) a claim of a pending patent application which has not been pending for a period of more than [**] years and that has not been finally
cancelled, withdrawn, abandoned or rejected by any administrative agency or other body of competent jurisdiction;
		
	Warrant	  	shall have the meaning given in clause 6.3;
		
	Warrant Instrument	  	means the warrant instrument in the form set out in Schedule 6, to be executed by Summit on the date hereof.

  

	 	1.2.	In this Agreement: 

  

	 	1.2.1	references to clauses are to the clauses of this Agreement; 

  

	 	1.2.2	references to the parties are to the parties to this Agreement; 

  

	 	1.2.3	headings are used for convenience only and do not affect its interpretation; and 

  

	 	1.2.4	references to a statutory provision include references to the statutory provision as modified or re-enacted or both from time to time and to any subordinate legislation made under the statutory provision.

  

	2.	Option 

  

	 	2.1.	During the Option Term, Isis grants to Summit an exclusive option to a licence or licences under the Arising IP in the Field on the terms set out in this Agreement (“Option”). The option shall be
exercised in each case by Summit notifying Isis in writing in accordance with any of clauses 2.1.1 or 2.1.2 or 2.1.3 below (each an “Option Notice”): 

 

	 	2.1.1	On expiry or termination of the Sponsored Research Agreement, Isis shall provide to Summit a written list of all Arising IP existing as of the date of such expiry or termination including Arising IP identified to the
RMT of which it is aware. Summit shall have [**] months from receipt of such written list to serve an Option Notice on Isis in relation to any of the Arising IP listed by Isis; or 

 

	 	2.1.2	Service of an Option Notice by Summit at any time during the Option Period such notice specifying the chemical series around a Candidate Product or enabling technology under either Arising IP2 or Arising IP4 in respect
of which Summit wishes to exercise the Option; or 

  

	 	2.1.3	 Where GLP Toxicology Studies are initiated in relation to any Candidate Product, Summit shall have [**] calendar days from

  
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receipt of written list of Arising IP relating to such Candidate Product to serve an Option Notice on Isis in relation to any of the listed Arising IP. For clarity, where any Arising IP has not
been listed by Isis and is subsequently identified as having been created during the Option Period to cover the Candidate Product exercise of an option in relation to such Arising IP can be made by Summit in accordance with clause 2.1.1 or 2.1.2.

  

	 	2.2.	On receipt of the Option Notice in accordance with clause 2.1 above, Isis and Summit shall cooperate (a) to produce a list of all relevant Arising IP and (b) to procure the grant of a licence (i) on the
terms set out in Schedule 5 for any licence pertaining to Arising IP1 and Arising IP3, or (ii) on terms based on Isis’s template licence and the terms determined pursuant to Clause 4.2.2 for any licence pertaining to Arising IP2 or Arising
IP4, and in either case within [**] months of receipt of Option Notice by Isis. Such [**] month period is provided to enable Isis to obtain any necessary assignments of Arising IP from the University and to carry out its internal due diligence
process. The [**] month period will be extended where Isis has not obtained the required assignments of Arising IP or completed its internal due diligence process but in each case Isis and the University will use reasonable endeavours to complete
any assignment and due diligence and shall execute a definitive licence agreement (of the form provided in Schedule 5 to this Agreement for Arising IP1 and Arising IP3 and based on Isis’s template licence for an enabling technology and the
terms determined pursuant to Clause 4.2.2 for any licence pertaining to Arising IP2 or Arising IP4) as quickly as possible after receipt of Option Notice by Isis. For clarity, the Parties intend there to be only one licence agreement and, in the
event of multiple exercises of the Option, any additional Arising IP in respect of which Summit has exercised the Option shall be added to the existing licence subject to payment of the Option Exercise Fee by completion of amendments to Schedules 2
to 4 to the Master Licence to include the new Arising IP. 

  

	 	2.3.	The Parties will co-operate to determine and identify, as quickly as possible, the Arising IP in relation to which either the Option is being exercised (in accordance with clauses 2.1.2) or in relation to which Isis is
providing notification (in accordance with clauses 2.1.1 and 2.1.3) and where possible the Option Notice should include the information set out in Schedule 4. Multiple Option Notices may be given by Summit during the Option Period in accordance with
any of clauses 2.1.1-2.1.3. For clarity, an Option Notice specifying a specific Arising IP Type shall not prevent or affect Summit’s ability to serve any further Option Notice in relation to further Arising IP of the same or different Arising
IP Types. 

  

	 	2.4.	During the Option Term and subject to clause 2.7 below, neither Isis nor the University shall (a) license, sell or otherwise dispose of the Arising IP to any third party within the Field; (b) enter into any
negotiations for the licensing, sale or other disposal of the Arising IP to any third party within the Field; (c) grant any third party an option over the Arising IP within the Field, in each case in any way which would conflict with the
granting of a licence to Summit in accordance with clause 3 of this Agreement. 

  

	 	2.5.	 During the Option Term the Parties shall comply with the Project Management and Governance obligations set out in the Schedule 9 to this

  
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Agreement. The Project Management and Governance obligations in this Agreement are the same (save for necessary contextual changes) as those set forth in the Sponsored Research Agreement and, in
order to avoid duplication of effort, the Parties agree that the meetings of the respective RMTs and JSCs shall be held at the same time. 

  

	 	2.6.	On expiry of the periods for exercise set out in clauses 2.1.1 and 2.1.3 and in circumstances where Isis has not received any Option Notice from Summit in relation to any of the Arising IP listed by Isis the option set
out in clause 2.1 shall expire in relation to any listed Arising IP which is not subject to an Option Notice on expiry of period for exercise. On such expiry clause 2.4 shall cease to apply in relation to any listed Arising IP which is not subject
to an Option Notice. 

  

	 	2.7.	During the term of this Agreement, the University and Isis shall together use their respective commercial endeavours to ensure that all Arising IP is owned by one of the University and/or Isis and shall take all
reasonable steps and execute all documentation as may be required to ensure that such Arising IP is owned by the University and/or Isis. 

  

	3.	Control of Prosecution 

  

	 	3.1.	As of the Effective Date Isis shall be responsible for the prosecution, maintenance and filing of any patent applications claiming solely Arising IP 2 and Arising IP 4 (“Isis Patents”). Isis shall have
the final decision in relation to such filing, prosecution and maintenance of Isis Patents. However Isis shall: 

  

	 	a)	copy Summit on all material correspondence relating to Isis Patents and provide Summit with a reasonable opportunity to comment on such material correspondence; 

 

	 	b)	consult with Summit prior to making any material decisions in relation to Isis Patents and take into consideration any comments received from Summit; 

 

	 	c)	save that in the case of an emergency, Isis may proceed without first informing or consulting with Summit provided that disclosure of such action shall be made to Summit as soon as practicable thereafter.

  

	 	3.2.	From the Effective Date, Summit shall be responsible for the filing, prosecution and maintenance of any patent application or patent claiming any of the Arising IP 1 or Arising IP 3 (“Summit Patents”).
However Summit shall: 

  

	 	a)	copy Isis on all material correspondence relating to Summit Patents and provide Isis with a reasonable opportunity to comment on such material correspondence; 

 

	 	b)	consult with Isis prior to making any material decisions in relation to Summit Patents and obtain Isis’s prior written consent to such material decisions (such consents not to be unreasonable withheld delayed or
conditioned); 

  

	 	c)	save that in the case of an emergency, Summit may proceed without first informing or consulting with Isis provided that disclosure of such action shall be made to Isis as soon as practicable thereafter.

  
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	 	3.3.	The parties shall agree which patent agents shall be used to advise on the filing, prosecution and maintenance of any patents and patent applications covering the Arising IP. For clarity, different patent agents may be
agreed in relation to patents and patent applications claiming different Arising IP Types. 

  

	 	3.4.	Summit shall be responsible for all costs relating to the filing of any patent application or patent claiming any of Arising IP 1 or Arising IP 3, including Summit Patents. Isis shall be responsible for the costs
relating to the filing of any patent application or patent claiming Arising IP other than Arising IP 1 or Arising IP 3, including Isis Patents. Summit agrees to reimburse Isis for [**]% of the reasonable third party costs incurred by Isis in
prosecution, filing and maintenance of the patents and patent applications covering the Arising IP and for which Isis has responsibility. Such reimbursement shall be made within [**] days of receipt by Summit of an invoice from Isis for such third
party costs. Upon execution of a licence to any Isis Patents, Summit will pay to Isis the remaining [**]% of costs incurred by Isis in prosecution, filing and maintenance of the patents and patent applications within [**] days of receipt of an
invoice from Isis. 

  

	 	3.5.	Isis and Summit shall be entitled to attend any meetings with patent agents relating to any patents or patent applications claiming Arising IP, regardless of whether they are responsible for the prosecution, maintenance
or filing of such Arising IP. Summit and Isis shall keep the other reasonably informed of the dates of any planned meetings with patent agents in which any patents or patent applications claiming Arising IP are intended to be discussed.

  

	 	3.6.	Prior to either Summit or Isis permitting any patent application or patent claiming any Arising IP to lapse, the relevant party shall notify the other and provide the other with at least [**] days’ written notice
to take over the prosecution, maintenance and filing of the notified patent application or patent. The other of Isis or Summit shall have [**] days from date of written notice to respond should it wish to take over the filing, prosecution and
maintenance of the notified patent or patent application. In the absence of any response within such [**] day period, the party responsible for prosecution, filing and maintenance shall be entitled to permit such patent application or patent to
lapse. Where the other party does notify within the [**] day period that it wishes to take over the filing, prosecution and maintenance of any notified patent or patent application, Isis and Summit shall co-operate to ensure transfer of filing,
prosecution and maintenance as quickly as possible and in any event within any timescales for lapse or renewal of such patent or patent application. 

  

	 	3.7.	On entry of Summit and Isis into any licence agreement pursuant to Option exercise, the provisions of this clause 3 will automatically be replaced by the relevant prosecution, filing and maintenance provisions of the
licence agreement in relation to the Arising IP licensed under such agreement. 

  
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	4.	Consideration 

  

	 	4.1.	In consideration of the grant of the Option, Summit will issue the Warrants to Isis. 

 Within
[**] days of the Effective Date, Summit shall pay to Isis the Option Fee. On the occasion of the first exercise by Summit of its Option over Arising IP, Isis shall send Summit an invoice for the Initial Option Exercise Fee and Summit shall pay the
same within [**] days of receipt of that invoice. For exercise of its Option over subsequent Arising IP types, Summit shall make the Subsequent Option Exercise Fee payment within [**] days of receipt of an invoice from Isis for such. For clarity,
Summit is not required to pay an Option Exercise Fee more than once for each Arising IP Type in respect of which it exercises its Option 
  

	 	4.2.	In advance of any grant of a licence under any Arising IP, Summit also agrees to pay certain milestone payments in relation to Candidate Products on the basis set out below in this clause 4. 

 

	 	4.2.1	In relation to any Candidate Product which would in the absence of any licence infringe Valid Claims of Arising IP 1 and/or Arising IP 3 or comprise or use any Arising IP 1 and/or Arising IP 3, then Milestone Payments
in accordance with clause 5 shall become payable. 

  

	 	4.2.2	In relation to any Candidate Product which would in the absence of any licence infringe only Valid Claims of Arising IP 2 and/or Arising IP 4 or comprises or uses only Arising IP 2 and/or Arising IP 4 then the parties
agree to negotiate in good faith at the time the level of milestone payments to be paid under a licence agreement. Where the parties are unable to agree on the level of milestone payments under this paragraph, either party may refer the matter to an
independent expert for resolution. The independent expert shall be mutually appointed, or in the absence of agreement, appointed by the President of the Law Society of England and Wales. As a minimum the expert shall be a practising IP professional
having a minimum of ten years’ experience in IP valuation. The expert’s decision shall be final and binding on both parties in the absence of manifest error and the expert shall determine which party or parties pay his costs.

  

	 	4.2.3	 The amount of consideration payable under clauses 4.2.1 and 4.2.2 shall take into account the involvement of the Founders in the creation or reduction
to practice of Arising IP 1 and IP 2 and the Parties agree that the Founders have already received consideration under the Share Purchase Agreement in relation to Arising IP 1 and IP 2. Where the parties are unable to agree the applicable level of
payments required in accordance with this clause either party may refer the matter to an independent expert for resolution. The independent expert shall be mutually appointed, or in the absence of agreement, appointed by the

  
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President of the Law Society of England and Wales. As a minimum the expert shall be a practising IP professional having a minimum of ten years’ experience in IP valuation. The expert’s
decision shall be final and binding on both parties in the absence of manifest error and which party pays the expert’s costs shall be determined by the expert. 

 

	 	4.3.	For clarity, any obligation (other than an accrued liability) to pay Milestone Payments under this Agreement in relation to any Candidate Product shall cease on entry into a licence agreement between Isis and Summit in
relation to any Arising IP covering or used within such Candidate Product, and the Milestone Payment obligations under such licence agreement shall then apply to the relevant Candidate Product. 

 

	 	4.4.	All amounts payable to Isis under this Agreement: 

  

	 	4.4.1	are exclusive of VAT (or any similar tax) which Summit will pay at the rate from time to time prescribed by law; 

  

	 	4.4.2	will be paid by Summit within [**] days after date of the relevant invoice by telegraphic transfer to the bank account nominated by Isis from time to time; and 

 

	 	4.4.3	will be paid in GBP pounds sterling. 

  

	 	4.4.4	The Parties confirm that it is anticipated, as at the Effective Date, that the Founders shall not be entitled to a share of the Milestone Payments where the Milestone Payment relates to a Candidate Product which uses or
comprises only Arising IP1 or Arising IP2 as consideration for such has already been paid to the Founders in accordance with the terms of the Share Purchase Agreement. 

 

	 	4.5.	Where Summit has to withhold tax by law, Summit will deduct the tax, pay it to the relevant taxing authority, and supply Isis with a Certificate of Tax Deduction at the time of payment of relevant consideration to Isis.

  

	 	4.6.	In the event that full payment of any amount due from Summit to Isis under this agreement is not made by any of the dates stipulated, Isis may in its sole discretion charge Summit interest on the amount unpaid at the
rate of [**] per cent ([**]%) over the base rate for the time being of [**], from the date when payment was due until the date of actual payment. 

  

	5.	Milestone Payments and Royalties for Arising IP 1 and Arising IP 3 

  

	 	5.1.	Summit shall pay the Milestone Payments on each of the Milestone Events. The Milestone Payment shall be due for each Candidate Product reaching such Milestone Event. For the purposes of this clause a Candidate Product
will be considered to be a different Candidate Product if it were to be subject to a different marketing authorisation in any country. 

  

	 	5.1.1	 For clarity the amounts set out in this clause shall only be payable in relation to Candidate Products which infringe any

  
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Valid Claims only of Arising IP 1 and/or Arising IP 3 or which comprise or use only Arising IP 1 and/or Arising IP 3. Milestone and milestone payments in respect of Licensed Products which
infringe any Valid Claims of Arising IP 2 and/or Arising IP 4 or which comprise or use any of Arising IP 2 and/or Arising IP 4 shall be negotiated by the parties in accordance with clause 4.2.2 of this Agreement. 

 

	 	5.1.2	The Milestone Payments and Royalties in respect of Arising IP 1 and Arising IP 3 actually payable by Summit shall be adjusted pro rata based on (i) the proportion of value delivered to the Arising IP 1 and Arising
IP 3 by funding provided by Summit under the SRA and by Third Party Funders, as ascertained through the University’s standard IP due diligence procedures and (ii) additionally taking into account the value delivered to the Arising IP 1 or
Arising IP 3 through Summit’s external spend with contract research organisations conducted to support the Arising IP, as identified at the date the invention is disclosed to Isis under its standard procedures. 

The parties will work together in good faith to agree the proportionality of the value delivered to the Arising IP by Summit’s external
research spend versus the combined value delivered by Summit’s funding under the Sponsored Research Agreement and Third Party Funding. By way of example only, work that has produced an inventive step will have greater value than work that
further exemplifies the invention the invention embodied by the Arising IP 1 or Arising IP 3. In particular the above Milestone Payments and Royalties payable by Summit shall be reduced where any of the Arising IP 1 and Arising IP 3 used in the
Candidate Product or comprised within any Candidate Product, or which the Candidate Product would infringe in the absence of any licence is funded wholly or partly by Summit. Where funded wholly by Summit then the Milestone Payments and Royalties
due and payable by Summit shall be reduced by [**]% ([**] per cent). 
 For the purposes of calculating the reduction in the Milestone
Payment and Royalties, the proportion of value contributed to the Arising IP 1 or Arising IP 3 by Summit’s external research spend shall be treated as if it were Summit’s funding under the Sponsored Research Agreement. Where funded partly
by Summit (whether under either the SRA or via Summit’s external research spend) and partly by a Third Party Funder or Third Party Funders the reduction of [**]% ([**] per cent) shall be adjusted pro rata based on the overall proportion of
value delivered to the Arising IP by Summit’s funding under the SRA and/or Summit’s external research spend incurred in developing the relevant Arising IP 1 and Arising IP 3. 

Where the parties are unable to agree on the amount of reduction applicable under this paragraph, either party may refer the matter to an
independent expert for resolution. The independent expert shall be mutually appointed, or in the absence of agreement, appointed by the President of the Law 

  
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Society of England and Wales. As a minimum the expert shall be a practising IP professional having a minimum of ten years’ experience in IP valuation. The expert’s decision shall be
final and binding on both parties in the absence of manifest error and the expert shall determine which party or parties pay his costs. 
  

	 	5.2.	The Milestone Payments shall be due within [**] days of invoice from Isis issued after any Milestone Event has occurred. 

  

	 	5.3.	To the extent not covered by clause 6.1 below, Summit shall keep Isis informed of the development of the Arising IP, to the extent such development is not carried out under the Sponsored Research Agreement and shall
provide Isis with regular updates (meaning no less frequently than once per calendar year) on the progress towards the Milestone Events. Summit shall inform Isis in writing of the achievement of each Milestone Event that it reaches within [**] days
of having reached the relevant Milestone Event. 

  

	 	5.4.	Distribution by Isis of Milestone Payments received from Summit shall be in accordance with Isis standard policy and University statutes and regulations as in force as at the time of distribution. 

 

	6.	Equity Milestones 

  

	 	6.1.	During the term of this Agreement, Summit shall keep Isis informed of progress of the development of each Candidate Product through provision once per calendar year of written progress reports. Progress reports shall be
provided within [**] business days following the anniversary of the Effective Date. Summit shall use Commercially Reasonable Endeavours to research and develop a Candidate Product. In particular Summit shall keep Isis informed of the selection of
Candidate Products for further development and initiation of GLP Toxicology Studies in relation to any Candidate Products. 

  

	 	6.2.	In accordance with clause 4.1 Summit shall issue to Isis warrants to subscribe for a total of seven million, eighty one thousand, seven hundred and seventy (7,081,770) new Ordinary shares in Summit at 1 penny per
Ordinary share (“Warrants”). The Warrants shall be issued on and subject to the terms of the Warrant Instrument. 

  

	 	6.3.	The issued shares resulting from exercise of the warrants shall rank pari passu with the ordinary shares of Summit existing at the time of issue. Following issue and allotment Summit shall (for so long as its shares are
admitted to trading on AIM) procure admission of the allotted shares to trading on AIM as soon as practicable following the due date for issue and allotment of shares on the exercise of warrants and in accordance with the AIM rules.

  

	 	6.4.	Nothing in this clause 6 shall oblige Summit to act other than in accordance with relevant stock exchange rules (including rules of AIM) and other regulatory and statutory requirements. 

  
 Page 13 

	 	6.6	Prior to exercising a Warrant, Isis shall identify the Personnel and any third parties who in accordance with University statutes and regulations may be entitled to compensation in relation to any Arising IP licensed to
Summit. Isis will ask all its Personnel to elect in writing whether they wish to receive their compensation by way of shares in Summit or cash reward. Isis shall then calculate the number of shares resulting from exercise of the relevant Warrant
which must be sold in order to discharge any income tax and National Insurance obligations payable in respect of any allocation of compensation. Isis shall deduct this number of shares from the total shares which will be received as a result of
exercise of the relevant Warrant and shall calculate from the remaining shares the proportions of such shares which should be allocated to the University, Isis, Personnel and any third parties in accordance with the University statutes and
regulations. Isis shall then exercise the relevant Warrant and in its notice of exercise it shall inform Summit of the number of shares which should be allotted by Summit to each Personnel or third party who has elected to receive compensation by
way of shares. Summit will allot the shares resulting from exercise of any Warrants by Isis either to such persons as so directed by Isis, or to Isis or its nominated broker who shall sell shares sufficient to cover any calculated income tax or
National Insurance obligations. Isis shall be responsible for distribution of the cash resulting from sale of such shares in accordance with applicable University statutes and regulations. This clause 6.6 shall not impose any greater obligations on
Summit than shall be contained in the Warrant Instrument. 

  

	7.	Infringement 

  

	 	7.1.	Each party will notify the other in writing of any misappropriation or infringement of any Arising IP of which the party becomes aware. 

 

	 	7.2.	The party responsible for prosecution, filing and maintenance of Arising IP under clause 3 (“Prosecuting Party”) has the first right (but is not obliged) to take legal action at its own cost against any
misappropriation or infringement of any rights included in the Arising IP. The Prosecuting Party must discuss any proposed legal action with the other party (although in the case of Isis and the University, where Isis owns the relevant Arising IP,
consultation with Isis shall be deemed to be sufficient consultation with the University) prior to the legal action being commenced, and as far as reasonably possible and taking into account the Prosecuting Party’s own commercial interests,
take due account of the legitimate interests of the other party in the action it takes. 

  

	 	7.3.	If Summit takes legal action under clause 7.2, Summit will: 

  

	 	7.3.1	indemnify and hold Isis and the University harmless against all reasonable costs (including lawyers’ and patent agents’ fees and expenses), claims, demands and liabilities arising out of such activities and
will settle any invoice received from Isis in respect of such costs, claims, demands and liabilities within [**] days of receipt; 

  

	 	7.3.2	keep Isis regularly informed of the progress of the legal action, including, without limitation, any claims affecting the scope of any Arising IP; and 

 

	 	7.3.3	be entitled to retain all damages received from any such action 

  
 Page 14 

 Clause 7.3.1 shall not apply to the extent that any costs, claims, demands and liabilities are
due to any negligence of or breach of this Agreement by Isis or the University after the Effective Date. 
  

	 	7.4.	If the Prosecuting Party has notified the other parties (or Isis in the case of Isis and the University) in writing that it does not intend to take any action in relation to the misappropriation or infringement or the
Prosecuting Party has not taken any such action within [**] days [**] days of the notification under clause 7.1, the other party (or Isis in the case of Isis and the University) may take such legal action at its own cost. 

 

	 	7.5.	On entry into any licence agreement in relation to any specific Arising IP, any action relating to any misappropriation or infringement of any rights included in such specific Arising IP shall be governed by the
provisions of the relevant licence agreement and this clause 7 shall cease to apply in relation to such Arising IP. 

  

	8.	Confidentiality 

  

	 	8.1.	Each party agrees: 

  

	 	8.1.1	to keep the Confidential Information in strict confidence and to take all reasonable precautions to prevent the unauthorised disclosure of it to any third party; 

 

	 	8.1.2	not to disclose any of the Confidential Information in whole or in part to any third party without the prior written consent of the disclosing party or as otherwise expressly permitted by any other clause of this
Agreement; 

  

	 	8.1.3	not to use any of the Confidential Information for any purpose other than as necessary to fulfil its obligations under this Agreement or for exercise of any licence without the prior written consent of the other
parties. For the purposes of this sub-clause consent from Isis shall be deemed to include consent from the University. 

  

	 	8.2.	The receiving party may disclose the Confidential Information of the disclosing party to such of its Personnel as reasonably require access to it for the purpose of fulfilling the receiving party’s obligations
under this Agreement or for exercise of any licence provided that before Confidential Information is disclosed to them, they are made aware of its confidential nature and that they are under a legally-binding obligation to treat that Confidential
Information in accordance with the terms of this Agreement. 

  
 Page 15 

	 	8.3.	The obligations of confidence and non-use set out in clause 8.1 will not apply to any Confidential Information that: 

  

	 	8.3.1	is or becomes published, known publicly or is otherwise in the public domain save where such publication is in breach of the terms of this Agreement; 

 

	 	8.3.2	is, at any time, disclosed to a party by a third party under no obligation of confidentiality and in circumstances in which the receiving party has no reason to believe that there has been a breach of any obligation of
confidence; 

 except that the above exceptions do not extend to circumstances where the Confidential Information includes
information that was previously in the public domain, but where the novel collection of that information is separately protectable by the law of confidence. 
  

	 	8.4.	No party will be in breach of its obligations under clause 8.1 to the extent that it is required to disclose any Confidential Information of the other under any law or by or to a court or other public or regulatory body
that has jurisdiction over it, (including but not limited to the London Stock Exchange or any other relevant stock exchange) provided that the receiving party gives the disclosing party written notice prior to disclosing any of the disclosing
party’s Confidential Information and that the disclosure is made only to the extent required and for the purpose of complying with the requirement and that the receiving party takes all reasonable measures to ensure, as far as it is possible to
do so, the continued confidentiality of any Confidential Information so disclosed. 

  

	 	8.5.	There will be no breach of obligations under clause 8.1 where Confidential Information becomes public in the ordinary course of the filing and prosecution of patent applications covering such Confidential Information,
in each case provided such filing is in accordance with clause 3. 

  

	 	8.6.	No party will use the others’ name or logo in any press release or product advertising, or for any other promotional purpose, without first obtaining the other’s written consent. The Parties shall agree upon a
press release to be made regarding the entering into of this transaction. 

  

	 	8.7.	No party will disclose to any other person the terms of this Agreement without the prior written consent of the others unless required to do so under any law or pursuant to any request, requirement or order of any
court, government department or other legal or regulatory body that has jurisdiction over it. 

  

	 	8.8.	There shall be no breach of the obligations of clause 8.1 where any party is required to disclose any Confidential Information by law or regulatory authority (including as relevant under the Freedom of Information Act,
under Data Protection Legislation or as required by the London Stock Exchange or any other relevant stock exchange) provided in each case that such party uses reasonable endeavours to procure confidentiality protection for any Confidential
Information required to be disclosed and only discloses such Confidential Information as is required to be disclosed by law or regulatory authority. 

  

	 	8.9	Isis acknowledges that certain information it receives hereunder may constitute unpublished price sensitive information in relation to Summit’s ordinary shares and Isis undertakes that it will not deal in such
while in possession of such unpublished price sensitive information. 

  
 Page 16 

	9.	Warranties and Limitation of Liability 

  

	 	9.1.	Each party warrants to the others that it has the full power, authority and right to enter into this Agreement. 

  

	 	9.2.	Isis warrants that, as at the Effective Date (a) it has full power authority and rights to grant the options set forth in Clause 2 above and to enter into and fully comply with the obligations set forth in this
Agreement and (b) save for the rights granted to the MDA and the MDC (full details of which have been provided to Summit), it is not aware of any agreements or third party rights (including any rights of any Third Party Funders or third parties
who have funded the development of the Background IP) which would conflict with the terms of this Agreement or prevent or restrict the grant of the Option under Clause 2 or the grant of the licence to Summit on exercise of the Option.

  

	 	9.3.	Summit understands and accepts that as a result of the nature of the Arising IP, no warranty or guarantee can be given that any Candidate Product can be further developed or that it will result in a product which can be
sold and supplied by Summit or that the Arising IP is valid, patentable or will not infringe third party rights. 

  

	 	9.4.	Subject to clause 9.6, 9.7 and 9.8 the liability of each party for any breach of this Agreement, for any negligence or arising in any other way out of the subject-matter of this Agreement, will not extend to any
indirect damages or losses or costs. 

  

	 	9.5.	Subject to clause 9.6, 9,7 and 9.8 the liability of each party for any breach of this Agreement, for any negligence or arising in any other way out of the subject-matter of this Agreement, will not extend to any loss of
profits, loss of revenue, loss of data, loss of contracts or opportunity, whether direct or indirect even if the party bringing the claim has advised the other of the possibility of those losses, or if they were within the other party’s
contemplation. 

  

	 	9.6.	Subject to clauses 9.8 and 9.9, the maximum liability of Isis to Summit under or otherwise in connection with this Agreement (including in respect of negligence) or its subject-matter will not exceed in aggregate a sum
equal to three (3) times the total of (i) the option fee and (ii) all option exercise fees paid and (iii) the milestone payments paid. 

  

	 	9.7.	Subject to clauses 9.8 and 9.9 below the maximum liability of the University to Summit under or otherwise in connection with this agreement or its subject-matter (including in respect of negligence) will not exceed in
aggregate the consideration received by the University pursuant to the Share Purchase Agreement. 

  

	 	9.8.	 Neither the University nor Isis shall profit from any breach of clause 2.4 of this agreement and in the event of a breach of clause 2.4, whether by
Isis or the University, Isis shall pay over to Summit, as soon as practicable and 

  
 Page 17 

	 	
in any event no later than [**] months following demand by Summit, all consideration whether in the form of cash or otherwise received by the University and/or Isis under any agreement,
arrangement or understanding entered into in breach of clause 2.4 and whether or not such consideration is in the form of cash payments and whether received during or after this agreement . This clause 9.8 sets out Summit’s full entitlement to
compensation for a breach of clause 2,4 save in the event of wilful misconduct on the part of the University or Isis. 

  

	 	9.9.	Nothing in this Agreement limits or excludes any party’s liability for: 

  

	 	9.9.1	death or personal injury caused by its negligence; or 

  

	 	9.9.2	for fraud, fraudulent misrepresentation, wilful misconduct or any sort of liability that, by law, cannot be limited or excluded. 

  

	 	9.10.	The express undertakings and warranties given by the parties in this Agreement are in lieu of all other warranties, conditions, terms, undertakings and obligations whether express or implied by statute, common law,
custom, trade usage, course of dealing or in any other way. All of these are expressly excluded from this Agreement to the full extent permitted by law. 

  

	10.	Force Majeure 

 If the performance by any party of any of its obligations under this
Agreement is delayed or prevented by circumstances beyond its reasonable control, that party will not be in breach of this Agreement because of that delay in performance. However, if the delay in performance is more than [**] months, either of the
other parties may terminate this Agreement with immediate effect by giving written notice to the affected party. 
  

	11.	Term and Termination 

  

	 	11.1.	This Agreement will come into force on the Effective Date and will remain in force until expiry of the Option Term, unless terminated earlier in accordance with this clause 11. 

 

	 	11.2.	Summit may (without limiting any other remedy it may have) at any time terminate this Agreement with immediate effect by giving written notice to Isis and the University if: 

 

	 	11.2.1	Isis or the University is in material breach of any provision of this Agreement and, if it is capable of remedy, the breach has not been remedied within [**] days after receipt of written notice specifying the breach
and requiring its remedy; or 

  

	 	11.2.2	 Isis or the University becomes insolvent, or if an order is made or a resolution is passed for their winding up (except voluntarily for the purpose of
solvent amalgamation or reconstruction), or if an administrator, administrative receiver or receiver is 

  
 Page 18 

	 	
appointed over the whole or any part of Isis’ or the University’s assets, or if Isis or the University makes any arrangement with its creditors or ceases to carry on business or does or
suffers any similar or analogous act existing under the laws of any country. 

  

	 	11.3.	Isis and the University may (without limiting any other remedy it may have) at any time terminate this Agreement with immediate effect by giving written notice to Summit if: 

 

	 	11.3.1	Summit is in material breach of any provision of this Agreement and, if it is capable of remedy, the breach has not been remedied within [**] days after receipt of written notice specifying the breach and requiring its
remedy; or 

  

	 	11.3.2	Summit becomes insolvent, or if an order is made or a resolution is passed for its winding up (except voluntarily for the purpose of solvent amalgamation or reconstruction), or if an administrator, administrative
receiver or receiver is appointed over the whole or any part of Summit’s assets, or if Summit makes any arrangement with its creditors or ceases to carry on business or does or suffers any similar or analogous act existing under the laws of any
country. 

  

	 	11.4.	Termination of this Agreement will not release any party from any obligation or liability which has fallen due or arisen before the effective date of termination of the Agreement as the case may be including as relevant
any obligation to enter into a licence under any Arising IP subject to an Option Notice served prior to the date of termination or expiry of this Agreement. On termination or expiry of this Agreement: 

 

	 	11.4.1	In circumstances where no Option has been exercised, Summit shall transfer prosecution, filing and maintenance of Arising IP in respect of which it has conduct back to Isis as soon as reasonably possible after
termination of this Agreement; 

  

	 	11.4.2	In circumstances where an Option has or Options have been exercised, Summit shall use reasonable endeavours to transfer prosecution, filing and maintenance of Arising IP back to Isis as soon as reasonably possible after
termination of this Agreement and to the extent such Arising IP is not the subject of an Option Notice or licence resulting from exercise of an Option 

  

	 	11.4.3	Summit will assign to Isis all its Intellectual Property Rights related to Arising IP created by Summit or on Summit’s behalf by a third party after the Effective Date for which no Option Notice has been served to
Isis by Summit. 

  

	 	11.5.	In addition to the rights of termination under clause 11.2, Summit may also give written notice to Isis at any time that (a) it does not wish to take a licence under any specified Arising IP, in which case such
Arising IP shall no longer fall within clause 2.1 and clause 2.4 shall not apply in relation to such specified Arising IP and Isis shall thereafter be free to use and exploit that Arising IP as it thinks fit. 

  
 Page 19 

	 	11.6.	Summit may terminate this agreement effective from each anniversary of the Effective Date by giving not less than sixty (60) days’ written notice to Isis and the University. Such notice will provide the reason
for termination. 

  

	 	11.7.	Clauses 1.1, 6.6, 7.3, 8, 9.4 to 9.10, 11.4 and 12 will survive termination of this Agreement for whatever reason. 

  

	12.	General 

  

	 	12.1.	Notices: Any notice to be given under this Agreement must be in writing and may be delivered by e-mail (in which case the notice shall be deemed received as of the date of acknowledgement of receipt by recipient)
or by hand (in which case notice shall be deemed received as of date of delivery). Notices must be provided to the address set out at the top of this Agreement or such other address communicated by either party from time to time. E-mail notification
must be provided to the following e-mail addresses or such other e-mail address as may be communicated from time to time by one party to the other parties: 

 

			
	For Isis:	  	For the University:
		
	Name: Tom Hockaday	  	Name: Glenn Swafford
		
	Email address: tom.hockaday@isis.ox.ac.uk	  	Email address: glenn.swafford@admin.ox.ac.uk
		
	For Summit:	  	
		
	Name: Glyn Edwards, Chief Executive Officer	  	
		
	Email address: glyn.edwards@summitplc.com	  	

 In the case of Isis notices should be addressed to the CEO and in the case of Summit notices should be
address to the CEO. 
  

	 	12.2.	Assignment/sub-contracting: Summit may not assign any of its rights or obligations under this Agreement in whole or in part, except to an Affiliate and only for so long as it remains an Affiliate, without the
prior written consent of Isis such consent not to be unreasonably withheld delayed or conditioned. For clarity Isis shall be entitled to withhold consent to assignment of this Agreement to any company whose business or the business of any of its
Affiliates is in the fields of gambling, tobacco, arms dealing, drug trafficking or any other field that in the reasonable opinion of Isis will have a detrimental impact on the reputation of either Isis or of the University. In the event of the
acquisition of Control of Summit by a third party whose business or the business of any of its Affiliates is in the fields of gambling, tobacco, arms dealing, drug trafficking or any other field that in the reasonable opinion of Isis will have a
detrimental impact on the reputation of either Isis or of the University, Isis shall be entitled to terminate this Agreement. 

  
 Page 20 

	 	12.3.	Illegal/unenforceable provisions: If the whole or any part of any provision of this Agreement is void or unenforceable in any jurisdiction, the other provisions of this Agreement, and the rest of the void or
unenforceable provision, will continue in force in that jurisdiction, and the validity and enforceability of that provision in any other jurisdiction will not be affected. 

 

	 	12.4.	Waiver of rights: If a party fails to enforce, or delays in enforcing, an obligation of the other party, or fails to exercise, or delays in exercising, a right under this Agreement, that failure or delay will not
affect its right to enforce that obligation or constitute a waiver of that right. Any waiver of any provision of this Agreement will not, unless expressly stated to the contrary, constitute a waiver of that provision on a future occasion.

  

	 	12.5.	No agency: Nothing in this Agreement creates, implies or evidences any partnership or joint venture between the parties, or the relationship between them of principal and agent. No party has any authority to make
any representation or commitment, or to incur any liability, on behalf of the others. 

  

	 	12.6.	Entire agreement: This Agreement together with the Share Purchase Agreement, the Warrant Instrument, the Sponsored Research Agreement and Licence Agreement constitutes the entire agreement between the parties
relating to its subject matter. Each party acknowledges that it has not entered into this Agreement on the basis of any warranty, representation, statement, agreement or undertaking except those expressly set out in this Agreement. Each party waives
any claim for breach of this Agreement, or any right to rescind this Agreement in respect of, any representation which is not an express provision of this Agreement. However, this clause does not exclude any liability which any party may have to the
others (or any right which any party may have to rescind this Agreement) in respect of any fraudulent misrepresentation or fraudulent concealment prior to the execution of this Agreement. 

 

	 	12.7.	Formalities: Each party will take any action and execute any document reasonably required by the other party to give effect to any of its rights under this Agreement, or to enable their registration in any
relevant territory provided the requesting party pays the other parties’ reasonable expenses. 

  

	 	12.8.	Amendments: No variation or amendment of this Agreement (including the Schedules) will be effective unless it is made in writing and signed by each party’s representative. 

 

	 	12.9.	Third parties: No one except a party to this Agreement has any right to prevent the amendment of this Agreement or its termination, and no one except a party to this Agreement may enforce any benefit conferred by
this Agreement, unless this Agreement expressly provides otherwise. 

  

	 	12.10.	Counterparts: This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but both originals together shall constitute only one and the same agreement. 

  
 Page 21 

	 	12.11.	Governing law: This Agreement is governed by, and is to be construed in accordance with, English law. In the event of any dispute relating to this Agreement, the parties shall first seek to resolve such dispute
amicably. Where resolution is not possible the dispute may be referred to the English courts and the parties accept the exclusive jurisdiction of the courts of England and Wales. 

 

	 	12.12.	Counterparts – This Agreement may be executed in one or more counterparts. The execution and delivery of PDF versions of the correctly executed Agreement initialled on each page by all Parties shall
constitute execution. 

 [Signatures are on next page] 

  
 Page 22 

 SIGNED by the authorised representatives of the parties on the date set out at the head of this Agreement.

  

									
	SIGNED for and on behalf of ISIS INNOVATION LIMITED:	 		 	SIGNED for and on behalf of the CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD:
					
	Name	 	Linda Naylor	 		 		 	
	  
 Position
	 	Head of Technology Transfer And Consulting	 		 	Name	 	Glenn Swafford
		 		 		 	Position	 	Director, Research Services
	Signature	 	/s/ Linda Naylor	 		 		 	
		 		 		 	Signature	 	/s/ Glenn Swafford
				
	SIGNED for and on behalf of SUMMIT CORPORATION PLC:	 		 		 	
					
	Name	 	Frank M. Armstrong	 		 		 	
					
	Position	 	Chairman	 		 		 	
					
	Signature	 	/s/ Frank M. Armstrong	 		 		 	

  
 Page 23 

 SCHEDULE 1 – Arising IP Type 

There are four types of Arising IP expected to be generated during the course of the Sponsored Research Agreement or within the Research Field: 

 

			
	Arising IP Type	  	Definition
		
	Arising IP 1	  	Arising IP comprising new chemical entities or compounds which constitute Improvements to the Background IP.
		
	Arising IP 2	  	Arising IP comprising Improvements to the Background IP excluding any Arising IP falling within the definition of Arising IP 1 or Arising IP 3.
		
	Arising IP 3	  	Arising IP comprising new chemical entities or compounds excluding Arising IP falling under the definition of Arising IP1.
		
	Arising IP 4	  	Arising IP not falling within the definitions of Arising IP1, Arising IP 2 or Arising IP 3.

 For the purposes of this schedule 1, “Improvements” shall mean any further development, modification,
alteration, derivative of, or composition or change including new chemical entities, compounds, any polymorphs, salts, esters, pro-drugs, metabolites, isomers, stereoisomers, solvates, formulations, compositions, analogues, conjugates, complexes,
combinations, uses (first, second or subsequent regardless of drafting convention), processes, intermediates, starting materials and uses of the same. 
 In
the event of any disagreement between the Parties as to whether Arising IP constitutes Arising IP1 or Arising IP3 that the parties are unable to resolve between themselves, then either party may at any time during the Option Term refer the matter
for determination by an independent patent agent mutually agreed between the Parties or, in the event of failure to agree, appointed by the President for the time being of the Chartered Institute of Patent Agents. 

 Schedule 2 – Milestones and Milestone Payments 

 

			
	 Milestone Event
	  	Milestone Payment (GBP)
	 [**]
	  	[**]
	 [**]
	  	[**]

  

	 	•	 	  

  
 Page 25 

 Schedule 3 

Equity Milestones 
 The following share consideration shall be
issued and allotted by Summit on the Equity Events listed in the table below: 
  

					
	 No.
	  	 Equity Event on which Equity Milestone is
due
	  	 Equity Milestone

	 1
	  	 [**]
	  	 [**]

	 2
	  	 [**]
	  	 [**]

	 3
	  	 [**]
	  	 [**]

  
 Page 26 

 Schedule 4 – Template Arising IP notification 

On exercise of any option under clause 2.1 the following information should, where reasonably possible, be provided: 

 

	 	•	 	Details of any patent applications filed and the status of such patent applications in relation to notified Arising IP; 

  

	 	•	 	Description of any know-how within the Arising IP and who was involved in the creation of such know-how; 

  

	 	•	 	Any materials required to access Arising IP; 

  

	 	•	 	Any third party funders responsible for funding of creation of or reduction to practice of Arising IP; 

  

	 	•	 	University employees involved in the creation of or reduction to practice of Arising IP. 

  
 Page 27 

 SCHEDULE 5 – LICENCE PROFORMA 

  
 Page 28 

 DATED 22 NOVEMBER 2013 

(1) ISIS INNOVATION LIMITED 

and 
 (2) SUMMIT
CORPORATION PLC 
 MASTER LICENCE AGREEMENT 

PERTAINING TO ARISING IP 

(ISIS PROJECT No(S).            ) 

  
 Page 29 

 THIS AGREEMENT is made on 22 November 2013. 

BETWEEN: 
  

	(1)	ISIS INNOVATION LIMITED (Company No. 2199542) whose registered office is at University Offices, Wellington Square, Oxford OX1 2JD, England (the “Licensor”); and 

 

	(2)	SUMMIT CORPORATION PLC (Company Registration No. 05197494) whose registered office is at 85b Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY, UK (the “Licensee”). 

The Licensee’s VAT registration number is 876331407. 

BACKGROUND: 
  

	A.	The Licensee has purchased a company called MuOx Limited that has a licence from the Licensor to certain background intellectual property rights. 

 

	B	The Parties and the University entered into a Sponsored Research Agreement pursuant to which the Licensee will fund the development of the aforementioned background intellectual property rights. 

 

	C.	The Parties and the University entered into the Option Agreement pursuant to which the Licensee is granted an option to take a licence over certain Licensed Technology in the Field. 

 

	D.	The Option granted to the Licensee by the Option Agreement may be exercised multiple times and the Parties have agreed that upon first exercise of the Option, the Parties would execute this Master Licence which in the
first instance would cover the Licensed Technology in respect of which the initial Option was exercised and, on further exercises of the Option, further Schedules (being additions to 0) of additional Licensed Technology would be added to the Master
Licence. 

  

	E.	Pursuant to the Option Agreement, the Licensee now wishes to exercise its option under the Option Agreement to obtain a license to the Licensed Technology, on the terms of this agreement. 

AGREEMENT: 
  

	1.	Interpretation 

 In this agreement (including its Schedules), any reference to a
“clause” or “Schedule” is a reference to a clause of this agreement or a schedule to this agreement, as the case may be. Words and expressions used in this agreement have the meaning set out in 0. 

 

	2.	Grant of Licence 

  

	2.1	The Option granted to the Licensee by the Option Agreement may be exercised multiple times and the Parties agree that upon first exercise of the Option, the Parties will execute this Master Licence which in the first
instance will cover the Licensed Technology in respect of which the initial Option was exercised and, on further exercises of the Option, additional Licensed Technology would be added to the Master Licence by way of additions to 0.

  

	2.2	 In consideration of the payments required to be made under this agreement by the Licensee, the Licensor grants to the Licensee a licence in the
Territory in respect of the Licensed Technology to research, develop, make, have made, use, have used, import, have imported, and Market the Licensed Products in the Field on and subject to the terms and conditions of this Agreement. Subject to
clause 0, the Licence is exclusive in the Field in relation to the Licensed Technology. For avoidance of doubt, Licensee shall have exclusive 

  
 Page 30 

	 	
rights over Licensed Products in all indications. The Licensor retains unrestricted rights to use and license others to use the Licensed Know-How, and to
use and license the Licensed Technology, in each case outside the Field and for indications in respect of which the Licensee has not been granted an exclusive licence. 

 

	2.3	As soon as is reasonably practicable after the date of this agreement but in any event no later than [**] days after the date of this Agreement, the Licensor will, at the Licensor’s cost, supply the Licensee with
the Documents. Each time any additional Licensed Technology is added to this Agreement the Licensor will, at the Licensor’s cost, as soon as is reasonably possible, supply the Licensee with the Documents pertaining to the additional Licensed
Technology. 

  

	2.4	The Licensee may grant sub-licences without the prior written consent of the Licensor, provided that: 

 

	 	(a)	must contain diligence obligations not inconsistent with those set forth in this Agreement and a right to terminate the sub-licence in the event of failure to comply with those
diligence obligations; 

  

	 	(b)	the nature or business of the proposed sub-licensee or any Affiliate of the proposed sub-licensee is not in the fields of gambling,
tobacco, arms dealing, drug trafficking or any other field that in the reasonable opinion of the Licensor will have a detrimental impact on the reputation of either the Licensor or of the University; 

 

	 	(c)	immediately following the grant of each sub-licence, the Licensee shall provide a certified, redacted copy of that sub-licence (with
commercially sensitive terms removed) to the Licensor; 

  

	 	(d)	no sub-licensee shall be permitted to grant any further sub-licences (i) to parties who are, or their Affiliates are carrying out
business in the fields of gambling, tobacco, arms dealing, drug trafficking or any other field that in the reasonable opinion of the Licensor will have a detrimental impact on the reputation of either the Licensor or of the University or
(ii) that enable the sub-licensee’s sub licensee to grant further sub-licences without the prior written consent of the Licensor. For clarity the sub-licensee shall only be able to grant a sub-licence through one more tier without the prior written consent of the Licensor; 

 

	 	(e)	the Licensee should enforce any breach of the sub-licence against the sub-licensee if the breach would be a breach of this agreement if it
had been committed under this agreement; and 

  

	 	(f)	the grant of any sub-licence under Licensed Technology that comprises Arising IP2 or Arising IP4 shall require the prior written consent of the Licensor which shall not be
unreasonably withheld, delayed or conditioned. 

  

	3.	Improvements 

  

	3.1	The Licensed Technology covered by the Licence includes the Licensor’s Improvements. The Licensor will communicate in writing to the Licensee within one (1) month of becoming aware of the creation thereof all
Licensor’s Improvements. 

  

	3.2	The Licensee acknowledges and agrees that all Intellectual Property Rights in the Licensor’s Improvements belong to the Licensor and be subject to the Licence. 

 

	3.3	The Licensee will provide to the Licensor annual written reports, commencing [**] days after the first anniversary of the Effective Date, describing Licensee’s Improvements. 

 

	3.4	The Licensor acknowledges and agrees that all Intellectual Property Rights in the Licensee’s Improvements belong to the Licensee. 

  
 Page 31 

	4.	Rights Re Non-Commercial Use 

  

	4.1	The Licensee grants the Licensor an irrevocable, perpetual, royalty-free licence to grant the University and those persons who at any time work or have worked on the Licensed
Technology the licence set out in clause 0. 

  

	4.2	The Licensor has granted and will grant, to the University and those persons who at any time work or have worked on the Licensed Technology a non-transferable, irrevocable,
perpetual, royalty-free licence to use and publish the Licensed Technology for Non-Commercial Use and will grant to those persons within the University who at any time
have worked on the Licensed Technology a non-transferable, irrevocable, perpetual, royalty-free licence to use the Licensee’s Improvements for Non-Commercial Use.

  

	5.	Filing And Maintenance 

  

	5.1	The Licensee will, in consultation with the Licensor in accordance with clause 0 and at the Licensee’s cost, file, maintain and renew the Application. In addition to the above, in relation to the Application
the Licensee shall: 

  

	 	5.1.1	copy Licensor on all material correspondence relating to the Application and provide Licensor with a reasonable opportunity to comment on such material correspondence before responding to the same; 

 

	 	5.1.2	consult with the Licensor prior to making any material decisions in relation to the Application and obtain Licensor’s prior written consent to such material decisions (such consent not to be unreasonably withheld,
delayed or conditioned); and 

  

	 	5.1.3	give the Licensor adequate advance notice of its intention to file any patent application, to designate any country in a patent application, or to take any material decision in relation to a patent application or
granted patent, and will provide to Licensor copies of all relevant documents; 

  

	 	5.1.4	allow representatives of the Licensor and any professional advisors of the Licensor to attend meetings with the Licensee’s patent professionals; 

 

	 	5.1.5	provide the Licensor with adequate notice of any formal hearings or other proceedings which the Licensee is entitled to attend and will, if possible, permit representatives of the Licensor to attend as well;

  

	 	5.1.6	without limiting the foregoing, the Licensor will have the right to review the text of all patent specifications, claims and any other documents filed at any stage of a patent application or of any opposition, re-examination, interference or other similar procedure relating to a granted or pending patent; 

  

	 	5.1.7	the Licensee will (or will procure that its patent professionals will) provide copies of all official correspondence from patent offices relating to the Licensed Technology to the Licensor within a reasonable time of
receipt. Such correspondence shall include, without limitation, renewal notices; 

 provided always that the Licensee may act
without further consultation if patent rights would otherwise be lost. 
  

	5.2	The Licensee shall inform the Licensor not less than [**] months in advance of the National Phase filing deadline (noted in 0) of the territories within the scope of the PCT that it wishes to be covered in the National
Phase of the Application. In the event that the Licensor wishes to proceed in countries other than those chosen by Licensee, the Licensor shall then be entitled to proceed with filing the applications at the Licensor’s cost in such territories,
which will be deemed as of the date of Licensor filing National Phase applications in these territories to be excluded from the Territory. 

  
 Page 32 

 The Licensee shall be entitled to remove any one or more of the countries from the Territory at
any time by giving not less than [**] months notice to the Licensor. If the Application is proceeding under the PCT then such notice may not be given any earlier than the date for commencement of the National Phase filing. For the avoidance of doubt
the Licensee shall remain liable for the costs mentioned in clause 0 that arise during the said notice period in respect of the countries being removed. The Licensor may at its sole discretion elect to maintain the Application in the countries
chosen to be removed from the Territory by the Licensee, whereupon the Licensor will become responsible for all costs incurred in the prosecution and maintenance of the Application in those countries. 

 

	5.3	The Licensor shall, at the cost of the Licensee provide to the Licensee, and so far as is practicable procure that the University provides to the Licensee all reasonable assistance, and executes all documents reasonable
necessary for the Licensee to be able to file, prosecute, defend and enforce the Application. 

  

	6.	Infringement 

  

	6.1	Each party will notify the other in writing of any misappropriation or infringement of any rights in the Licensed Technology of which the party becomes aware. 

 

	6.2	The Licensee has the first right (but is not obliged) to take legal action at its own cost against any misappropriation or infringement of any rights included in the Licensed Technology in the Field. The Licensee must
discuss any proposed legal action with the Licensor prior to the legal action being commenced, and take due account of the legitimate interests of the Licensor in the action it takes provided always that the Licensee may act without further
consultation if rights in the Licensed Technology would otherwise be prejudiced or lost. 

  

	6.3	If the Licensee takes legal action under clause 0, the Licensee will: 

  

	 	(a)	indemnify and hold the Licensor and the University harmless against all costs (including lawyers’ and patent agents’ fees and expenses), claims, demands and liabilities arising out of such activities and will
settle any invoice received from the Licensor in respect of such costs, claims, demands and liabilities within [**] days of receipt; and 

  

	 	(b)	treat any award of profits or damages (including, without limitation, punitive damages) as Net Sales for the purposes of clause 0, having first for these purposes deducted from the award an amount equal to any
legal costs incurred by the Licensee in the action that are not covered by an award of legal costs; and 

  

	 	(c)	keep the Licensor regularly informed of the progress of the legal action, including, without limitation, any claims affecting the scope of the Licensed Technology. 

 

	6.4	If the Licensee has notified the Licensor in writing that it does not intend to take any action in relation to the misappropriation or infringement or the Licensee has not taken any such action within [**] days of the
notification under clause 0, the Licensor may take such legal action at its own cost provided that it shall not settle any action without the consent of the Licensee such consent not to be unreasonably withheld delayed or conditioned.

  

	7.	Confidentiality 

  

	7.1	 Subject to clauses 0 to 0, (a) each party shall keep confidential the Confidential Information that does not pertain to the Licensed
Technology disclosed to it by the other party and not use such other than for the purposes of this agreement; and (b) each party (being a receiving or disclosing party as the case may be) will keep confidential the Confidential Information
pertaining to the Licensed Technology (including business and development plans pertaining thereto) and will not disclose or supply the Confidential Information pertaining to the Licensed Technology to any third party or use it for any purpose,
except in 

  
 Page 33 

	 	
accordance with the rights granted hereunder and the terms and objectives of this agreement. Specifically Licensee may use and disclose Licensed Technology in the Application, to undertake pre-clinical and clinical development of the Licensed Technology, to seek regulatory approvals for the Licensed Technology, to Market the Licensed Technology, to cause enable or assist a sub-licensee or subcontractor to do any of the above, to raise finance for the Licensee and to seek sub-licensees. 

 

	7.2	The Licensee may disclose to sub-licensees of the Licensed Technology such of the Confidential Information pertaining to the Licensed Technology of which it consists as is
necessary for the exercise of any rights sub-licensed, provided that the Licensee shall ensure that such sub-licensees accept a continuing obligation of confidentiality
in the same terms as this clause before the Licensee makes any disclosure of the Confidential Information pertaining to the Licensed Technology. The Licensee may also disclose the Licensed Technology to the extent reasonably required in connection
with the conduct of its business including to potential investors, other business associates, professional advisors provided that such persons have agreed in writing to be bound by non-use and non-disclosure obligations that are no less strict than those set forth in this Agreement or are subject to professional codes of conduct that prevent disclosure of client confidential information and the Licensee
will take action in respect of any breach of such obligations. 

  

	7.3	Nothing in this Agreement shall prevent or hinder any registered student of the University from submitting for a degree of the University a thesis based on the Licensed Technology, the examination of such a thesis by
examiners appointed by the University, or the deposit of such a thesis in accordance with the relevant procedures of the University. 

  

	7.4	The Licensor shall use its best efforts to procure that the University complies with the following obligations: in accordance with normal academic practice, all employees or students of the University shall be
permitted: 

  

	 	7.4.1	subject to first following the procedures laid down in clause 0, to publish the Licensed Technology; and 

  

	 	7.4.2	in pursuance of the University’s academic functions, to discuss the Licensed Know-How in internal seminars, and to give instruction within the University on questions related
to such work. 

  

	7.5	Where the University wishes to submit for publication any paper containing the Licensed Technology are any part thereof, the Licensor shall use its best efforts to procure that the University will submit such proposed
publication to the Licensee in writing, together with a formal notification of intent to submit for publication not less than [**] days in advance of the submission for publication. Licensee may require the University to delay submission for
publication if in the Licensee’s opinion such delay is necessary in order to seek patent or similar protection for the relevant part or parts of the Licensed Know-How and, in such a case, the Licensor
shall procure that the University delays the publication in accordance with the following sentences. A delay imposed as a result of a requirement made by the Licensee shall not last longer than is absolutely necessary to seek the required
protection; and therefore shall not exceed [**] months from the date of receipt of the proposed publication by the Licensee, although the University will not unreasonably refuse a request from the Sponsor for additional delay in the event that
property rights would otherwise be lost. Notification of the requirement for delay in submission for publication must be received by the Licensor and the University within [**] days after the receipt of the proposed publication by the Licensee,
failing which the University and the Licensor shall be free to assume that the Licensee has no objection to the proposed publication. 

  

	7.6	Clause 0 will not apply to any Confidential Information which: 

  

	 	(a)	is known to the receiving party before disclosure, and not subject to any obligation of confidentiality owed to the disclosing party; or 

  
 Page 34 

	 	(b)	is or becomes publicly known without the fault of the receiving party; or 

  

	 	(c)	is obtained by the receiving party from a third party in circumstances where the receiving party has no reason to believe that it is subject to an obligation of confidentiality owed to the disclosing party; or

  

	 	(d)	the receiving party can establish by reasonable proof was substantially and independently developed by officers or employees of the receiving party who had no knowledge of the disclosing party’s Confidential
Information; or 

  

	 	(e)	the Parties mutually agree in writing may be disclosed; or 

  

	 	(f)	the receiving party is required to disclose by law including for clarity the rules of the London Stock Exchange or any other relevant stock exchange. 

 

	8.	Royalties And Other Payments 

  

	8.1	The Licensee will pay to the Licensor, for a period commencing on the date of this Agreement and expiring on the later of (a) the expiration of the last Valid Claim claiming a Licensed Product or (b) twenty
(20) years from the date of this Agreement (“the Royalty Term”), a royalty equal to the Royalty Rate on all Net Sales of Licensed Products . However:- 

 

	 	(i)	in countries where (a) Market Exclusivity does not exist; and (b) the Licensed Product is being sold by the Licensee or any Affiliate of the Licensee and (c) a Directly Competing Product is being actively
marketed by a commercial third party entity (not being a sub - licensee under this agreement) and as a result market share in that country reduces by more than [**] percent ([**]%) in that time period calculated by reference to Net Sales
averaged over the three calendar years ending immediately before the period that is being considered, then in respect of that time period the Licensee shall be entitled to a reduction in the Royalty Rate of [**] percent ([**]%) in that country;
and 

  

	 	(ii)	in countries where (a) Market Exclusivity does not exist; and (b) the Licensed Product is being sold by a sub-licensee or a sub-sub-licensee then the Licensee shall be liable to pay royalties that are the
lesser of (i) what would have been payable under this clause 8.1; or (ii) [**] percent ([**]%) of the sums actually paid to the Licensee by its sub-licensee in respect of sales of the Licensed Product 

 

	 	(iii)	In this clause 8.1, unless stated otherwise a reference to “sub-licensee” includes all direct and indirect sub-licensees of the Licensee 

 

	8.2	On expiration of the Royalty Term, all licences granted to the Licensee hereunder and for clarity including the right to sub-licence shall become perpetual, irrevocable, royalty free and fully paid up.

  

	8.3	The Licensee shall pay to the Licensor a royalty equal to the Fee Income Royalty Rate on any upfront fee received by the Licensee in connection with the grant of any sub-licence or a sub-sub licence in respect of the
Licensed Technology. The Licensee shall notify the Licensor, within [**] days of receipt of any upfront fee received by the Licensee in connection with the grant of any sub-licence in respect of the Licensed Technology and thereafter pay the royalty
within [**] days of receipt of an invoice from the Licensor in respect on the royalty. 

  
 Page 35 

	8.4	The Licensee will notify the Licensor within [**] days after it or any Affiliate or sub-licensee achieves any Milestone, and thereafter pay to the Licensor the Milestone Fee in
respect of each Milestone within [**] days of receipt of an invoice from the Licensor in respect of such Milestone Fee. 

  

	8.5	The Milestone Fee is non-refundable and will not be considered as an advance payment on royalties payable under clause 0. 

 

	8.6	Each Milestone Fee is payable each time any individual Licensed Product achieves the Milestone. 

  

	8.7	The Licensor has been issued with the Warrants under the Terms of the Option Agreement. It is the intention of the Parties that, in the event a Milestone Event is achieved for the first time, in the relevant time frame,
under this Agreement, the relevant Warrants may be exercised in respect of the relevant Equity Milestone in accordance with the following terms. For the avoidance of doubt each Equity Milestone shall not be paid more than once and whether it is
achieved when this Agreement is in place or during the term of the Option Agreement. 

  

	8.8	Each Equity Milestone is achieved upon the first Licensed Product to pass the corresponding Equity Event in the relevant time frame under either the Option Agreement or this Agreement as laid out in 0. Each Equity
Milestone will become exercisable by Licensor at the end of the Equity Milestone Period whereupon Licensee will pay to the Licensor the relevant Warrant Payment and upon receipt of this amount by the Licensor, the Licensor will be able to exercise
Warrants up to the maximum number of Ordinary shares in the Licensee that the Warrant Payment permits. 

  

	8.9	Where the Equity Event for Equity Milestones 1 and 2 in 0 does not occur by the end of the Equity Milestone Period, neither the Equity Milestone nor the relevant Warrant Payment shall be due and owing from
Licensee. 

  

	8.10	Where the Equity Event for Equity Milestone 3 is achieved after the Equity Milestone Period and such delay is not caused by any act or omission of the University or Isis whether under this Agreement or under the
Sponsored Research Agreement, the Equity Milestone Period will be extended by the period of time over which the delay occurred. 

  

	8.11	Upon Licensor’s exercise of Warrants, Licensor will calculate the number of Equity Milestone shares that must be sold in order to discharge the income tax and National Insurance contributions (employer’s and
employees’) payable in respect of such entitlement and to discharge any reasonable costs incurred by it in selling (including but not limited to brokerage fees) or distributing the Equity Milestone shares or the proceeds of sale. Licensor will
deduct this number of shares from the total received under the Equity Milestone and calculate the proportion of the remaining reward that should flow to those Inventors who have served Licensor written notice that they wish to receive their reward
of the Equity Milestone in shares as opposed to cash. Licensee will then pass such shares as directed by Licensor directly to the Inventors who have chosen to receive their Equity Milestone reward in shares. Licensee shall then pass all remaining
shares to Licensor or Licensor’s nominated broker. 

  

	8.12	Subject to the use by the Licensee of a commercially reasonable quantity of Licensed Products for promotional sampling, the Licensee must not accept or solicit any non-monetary
consideration when selling Licensed Products without the prior written consent of the Licensor. 

  

	8.13	The Licensee will make all payments in pounds sterling or any currency replacing pounds sterling in its entirety. 

  
 Page 36 

	8.14	For the purposes of calculating any amount payable by the Licensee to the Licensor in a currency other than pounds sterling (or replacement currency), the Licensee shall apply an exchange rate equivalent to:

  

	 	(a)	the average of the applicable closing mid rates quoted by the Financial Times as published in London on the first Business Day of each month during the Quarter just closed; or 

 

	 	(b)	for payments under clause 0 only, the first Business Day of the month in which the payment was received by the Licensee. 

  

	8.15	Where the Licensee has to withhold tax by law, the Licensee will deduct the tax, pay it to the relevant taxing authority, and supply the Licensor with a Certificate of Tax Deduction at the time of payment to the
Licensor. 

  

	8.16	In the event that full payment of any amount due from the Licensee to the Licensor under this agreement is not made by any of the dates stipulated, the Licensee shall be liable to pay interest on the amount unpaid at
the rate of [**] per cent ([**]%) overLIBOR, from the date when payment was due until the date of actual payment. 

  

	9.	Diligence 

 The Licensee must use its Commercially Reasonable Endeavours to develop,
exploit and Market the Licensed Technology(ies) as contemplated in the definition of Commercially Reasonable Endeavours. For clarity, and without prejudicing the generality of the foregoing, the Licensor acknowledges and agrees that Commercially
Reasonable Endeavours recognizes and accounts for a staggered approach to multiple potential candidates and thus potentially multiple Licensed Technologies (meaning focus is placed on a lead candidate/Licensed Technologies and a small number of back
up candidates/Licensed Technologies rather than equally across all potential candidates). In the event that substantive, legitimate scientific evidence becomes available showing the Licensed Technology has the potential to deliver therapeutic
benefits for indications other than Duchenne Muscular Dystrophy and Becker Muscular Dystrophy, the Licensor may, at its option, make a formal written request for the Licensee to consider initiating a research and development programme in those
potential new indications. Within [**] months of such written request the Parties shall meet to discuss and consider (a) the scientific evidence available showing the Licensed Technology has the potential to deliver therapeutic benefits for
indications other than Duchenne Muscular Dystrophy and Becker Muscular Dystrophy (b) the scientific and commercial merits of initiating a research and development programme in those potential new indications and (c) the impact initiating a
research and development programme in those potential new indications might have on the development and commercialisation of any programmes for the use of the Licensed Know-How in Duchenne Muscular Dystrophy
and Becker Muscular Dystrophy. The Licensee acting based on its reasonable commercial judgment shall have the sole discretion as to whether or not to proceed with a research and development programme for the Licensed Technology in those potential
new indications. 
  

	10.	Royalty Reports And Audit 

  

	10.1	The Licensee will provide the Licensor with a report at least once in every [**] months detailing the activities and achievements in its development of the Licensed Technology in order to facilitate its commercial
exploitation, and in the development of potential Licensed Products. 

  
 Page 37 

	10.2	The Licensee will provide the Licensor with a royalty report within [**] days after the close of each Quarter of the Licence Year for each Licensed Product Marketed by the Licensee and [**] days after receipt of its
royalty report from its sub-licensees for each Licensed Product Marketed by a sub-licensee. Each Royalty Report will: 

  

	 	(a)	set out the Net Sales of each Licensed Product Marketed by the Licensee; 

  

	 	(b)	provide a calculation of the royalties due; 

  

	 	(c)	set out details of any deductions made under clause 0 below; and 

  

	 	(d)	set out the steps taken during the Licence Year to promote and market Licensed Products. 

 The
Licensee must pay the Licensor the royalties due in respect of the Quarter just closed at the same time as the Licensee delivers the Royalty Report. Commencing [**] months after the date of first commercial sale of any Licensed Product by the
Licensee, the Licensee shall provide the Licensor with an estimate of the market share of the Licensed Product based on IMS or similar sales data. 
  

	10.3	If the Licensee has to pay royalties to a third party (other than an Affiliate), for the right to make, have made, use or Market a Licensed Product, under a licence of Intellectual Property Rights without which the
Licensed Technology cannot lawfully be exploited, then the Licensee will be entitled to deduct from all payments due to the Licensor under clause 0 in respect of the products concerned an amount equal to [**] percent ([**]%) of the royalties
actually paid to that third party, up to a maximum amount of ([**] percent) [**]% of the royalties due to the Licensor under clause 8.1. 

  

	10.4	If a Licensed Product Marketed by the Licensee is re-Marketed by an Affiliate, the royalty on each such Licensed Product will be calculated on the highest of the prices at which
it is Marketed or re-Marketed. 

  

	10.5	The Licensee must keep complete and accurate accounts of all Licensed Products used and Marketed by the Licensee in each Licence Year for at least [**] years. The Licensor may, through an independent certified
accountant, audit all such accounts on at least [**] days’ written notice no more than once each Licence Year for the purpose of determining the accuracy of the Royalty Reports and payments. If on any such audit a shortfall in payments of
greater than [**] percent ([**]%) is discovered in respect of the audit period, the Licensee shall pay the Licensor’s audit costs. 

  

	11.	Duration And Termination 

  

	11.1	This agreement will take effect on the Effective Date. Subject to the possibility of earlier termination under the following provisions of this clause 0, and subject to the possibility of an extension to the term
by mutual agreement, this agreement shall continue in force for so long as the Licensee is using Commercially Reasonable Endeavours to develop and Marketing any Licensed Product. 

 

	11.2	If either party commits a material breach of this agreement, and the breach is not remediable or (being remediable) is not remedied within the period allowed by notice given by the other party in writing calling on the
party in breach to effect such remedy (such period being not less than [**] days), the other party may terminate this agreement by written notice having immediate effect. For clarity, a failure on the part of the Licensee to use Commercially
Reasonable Endeavours in accordance with clause 0 shall be considered a material breach capable of remedy. 

  

	11.3	The Licensee may terminate this agreement for any reason at any time after the third anniversary of this agreement on six (6) months’ written notice. Any such termination shall not absolve the Licensee of its
obligation to accrue and pay royalties and other payments under the provisions of clause 0 in respect of the period prior to termination. 

  
 Page 38 

	11.4	The Licensor may terminate this agreement:- 

  

	 	(a)	immediately, if the Licensee has a petition presented for its winding-up, or passes a resolution for voluntary winding-up otherwise than
for the purposes of a bona fide amalgamation or reconstruction, or compounds with its creditors, or has a receiver or administrative receiver appointed of all or any part of its assets, or enters into any arrangements with creditors, or takes or
suffers any similar action in consequence of debts; 

  

	 	(b)	on thirty (30) days’ written notice and only in so far as it relates to the relevant Licensed Technology if: 

  

	 	(i)	the Licensee opposes or challenges the validity of the Application or raises the claim that the Know-How is not necessary and therefore it owes the Licensor no further
consideration after the date of termination. 

  

	11.5	On expiration of the Royalty Term the Licensor shall have the right but not the obligation to terminate this Agreement forthwith by written notice at any time. For clarity, the rights granted to the Licensee pursuant to
Clause 8.2 shall survive termination of this Agreement pursuant to this Clause 11.5. 

  

	11.6	On termination or expiration of this agreement, for whatever reason other than by the Licensor pursuant to Clause 11.5, the Licensee: 

 

	 	(a)	must bring all sub-licences to an end on the same date; and 

  

	 	(b)	shall pay to the Licensor all outstanding royalties and other sums due under this agreement; and 

  

	 	(c)	shall provide Licensor with all records relating to the maintenance, prosecution, renewal or filing of the Application and its defence; and 

 

	 	(d)	shall provide the Licensor with details of the stocks of Licensed Products held at the point of termination; and 

  

	 	(e)	must cease to use or exploit the Licensed Technology, provided that this restriction does not apply to Licensed Know-How which has entered the public domain through no fault of
the Licensee, and that the Licensee may continue to use the Licensed Technology in order to meet any specific existing binding commitments already made by the Licensee at the date of termination and requiring delivery of Licensed Products within the
next six (6) months; and 

  

	 	(f)	must, at the option of the Licensor and at the Licensee’s cost, destroy all other Licensed Products or send all other Licensed Products to a location nominated by the Licensor to the Licensee in writing; and

  

	 	(g)	grants the Licensor an irrevocable, transferable, non-exclusive licence to develop, make, have made, use and Market the Licensee’s Improvements and products that incorporate,
embody or otherwise exploit the same. The Licensor shall pay a reasonable royalty for use of this licence save where this licence issues where the Licensor terminates under Clauses 11.2, 11.3 and 11.4. 

 

	11.7	Termination of this agreement, whether for breach of this agreement or otherwise, shall not absolve the Licensee of its obligation to accrue and pay royalties under the provisions of clause 0 for the duration of
any notice period and in respect of any dealings in Licensed Products permitted by clause 0. 

  
 Page 39 

	11.8	Clauses 4, 0, 0, 0, 0 and 0 will survive the termination or expiration of this agreement, for whatever reason, indefinitely. 

  

	11.9	Clauses 0 and 0 will survive the termination or expiration of this agreement, for whatever reason, for a period of [**] years. 

 

	12.	Liability 

  

	12.1	To the fullest extent permissible by law, the Licensor does not make any warranties of any kind including, without limitation, warranties with respect to: 

 

	 	(a)	the quality of the Licensed Technology; 

  

	 	(b)	the suitability of the Licensed Technology for any particular use; 

  

	 	(c)	whether use of the Licensed Technology will infringe third-party rights; or 

  

	 	(d)	whether the Application will be granted or the validity of any patents that issues in response to that Application. 

  

	12.2	The Licensee agrees to indemnify the Licensor and the University and hold the Licensor and the University harmless from and against any and all claims, damages and liabilities: 

 

	 	(a)	asserted by third parties (including claims for negligence) which arise directly or indirectly from the use of the Licensed Technology or the Marketing of Licensed Products by the Licensee and/or its sub-licensees; and/or 

  

	 	(b)	arising directly or indirectly from any breach by the Licensee of this agreement 

 save to the
extent such claims, damages or liabilities arise from the negligence of the University or the Licensor after the date of this Agreement. 
  

	12.3	The Licensee will use its reasonable endeavours to defend any Indemnified Claim or (at the Licensee’s option) allow the Licensor to do so on its behalf (subject to the University retaining the right to be kept
informed of progress in the action and to have reasonable input into its conduct.) The Licensee will not (except as required by law) make any admission, compromise, settlement or discharge of any Indemnified Claim which would prejudice any rights of
the Licensor without the consent of the Licensor (which will not be unreasonably withheld or delayed). 

  

	12.4	The Licensee undertakes to make no claim against any employee, student, agent or appointee of the Licensor or of the University, being a claim which seeks to enforce against any of them any liability whatsoever in
connection with the rights specifically granted to it pursuant to this agreement. 

  

	12.5	The liability of either party for any breach of this agreement, or arising in any other way out of the subject-matter of this agreement, will not extend to incidental or
consequential damages or to any loss of profits. 

  
 Page 40 

	12.6	The Licensor shall not be entitled to profit from a breach of Clause 2.2 through granting another party rights in respect of the Licensed Technology and the Licensor shall in the event of a breach of clause 2.2, pay
over to the Licensee, as soon as practicable and in any event no later than [**] months following demand by the Licensee, all consideration whether in the form of cash or otherwise received by the Licensor under any agreement, arrangement or
understanding entered into in breach of clause 2.2 and whether or not such consideration is in the form of cash payments and whether received during or after this agreement. This clause 12.6 sets out Licensee’s full entitlement to compensation
for a breach of clause 2,2 save in the event of wilful misconduct on the part of the Licensor. 

  

	12.7	The liability of the each party to the other accruing in any Licence Year under or otherwise in connection with this agreement or its subject-matter save for 6.3, 8.1, 8.3 and
8.4, including without limitation liability for negligence, shall in no event exceed the greater of one hundred and seventy five thousand pound Sterling (£175,000) or all sums paid by the Licensee to the Licensor pursuant to this
Agreement: 

  

	12.8	Nothing in this agreement shall limit or exclude any liability for fraud, fraudulent misrepresentation or wilful misconduct. 

  

	13.	General 

  

	13.1	Registration – The Licensee may, at its discretion register its interest in the Licensed Technology with any relevant authorities in the Territory as soon as legally possible. The Licensee must not, however,
register an entire copy of this agreement in any part of the Territory or disclose its financial terms without the prior written consent of the Licensor. 

  

	13.2	Advertising – Neither Party may use the name of the other in any advertising, promotional or sales literature, without the others’ prior written approval the Parties shall agree upon a press release
regarding the entering into of this transaction 

  

	13.3	Packaging – The Licensee will ensure that the Licensed Products and the packaging associated with them are marked suitably with any relevant patent or patent application numbers to satisfy the laws of each
of the countries in which the Licensed Products are sold or supplied and in which they are covered by the claims of any patent or patent application, to the intent that the Licensor shall not suffer any loss or any loss of damages in an infringement
action. 

  

	13.4	Taxes - Where the Licensee has to make a payment to the Licensor under this agreement which attracts value-added, sales, use,
excise or other similar taxes or duties, the Licensee will be responsible for paying those taxes and duties. 

  

	13.5	Notices - All notices to be sent to the Licensor under this agreement must indicate the Isis Project No and should be sent, by post and fax unless agreed otherwise in writing, until further notice to: The Managing Director, Isis Innovation
Ltd, Ewert House, Ewert Place, Summertown, Oxford, OX2 7SG, Fax: 01865 280831. All notices to be sent to the Licensee under this agreement should be sent, until further notice, to the Licensee’s Contact and Address indicating the Isis
Project No.. 

  

	13.6	Force Majeure - If performance by either party of any of its obligations under this agreement (not including an obligation to make payment) is prevented by
circumstances beyond its reasonable control, that party will be excused from performance of that obligation for the duration of the relevant event. 

  

	13.7	Assignment – Licensee may not assign any of its rights or obligations under this Agreement in whole or in part, except to an Affiliate and only for so long as it remains an Affiliate, without the prior
written consent of Licensee such consent not to be unreasonably withheld delayed or conditioned. For clarity, and without limiting the generality of the foregoing, the Licensor shall be entitled to withhold consent to assignment of this Agreement to
any company whose business or the business of any of its Affiliates is in the fields of 

  
 Page 41 

	 	
gambling, tobacco, arms dealing, drug trafficking or any other field that in the reasonable opinion of Licensor will have a detrimental impact on the reputation of either Licensor or of the
University. In the event of the acquisition of Control of Licensee by a third party whose business or the business of any of its Affiliates is in the fields of gambling, tobacco, arms dealing, drug trafficking or any other field that in the
reasonable opinion of Licensor will have a detrimental impact on the reputation of either Licensor or of the University, Licensor shall be entitled to terminate this Agreement. 

 

	13.8	Severability - If any of the provisions of this agreement is or becomes invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions will not in any way be affected or impaired. The parties will, however, negotiate to agree the terms of a mutually satisfactory provision, achieving as nearly as possible the same commercial effect, to be substituted for the provision
found to be void or unenforceable. 

  

	13.9	No Partnership etc - Nothing in this agreement creates, implies or evidences any partnership or joint venture between the Licensor and the Licensee or the
relationship between them of principal and agent. 

  

	13.10	Entire Agreement - This agreement constitutes the entire agreement between the parties in relation to the Licence and the Licensee has not relied on any other statements or representations in agreeing to enter
this contract. Specifically, but without limitation, this agreement does not impose or imply any obligation on the Licensor or the University to conduct development work. Any arrangements for such work must be the subject of a separate agreement
between the University and the Licensee. 

  

	13.11	Variation - Any variation of this agreement must be in writing and signed by authorised signatories for both parties. For the avoidance of doubt, the parties to this agreement may rescind or vary this agreement
without the consent of any party that has the benefit of clause 0. 

  

	13.12	Rights Of Third Parties - The parties to this agreement intend that by virtue of the Contracts (Rights of Third Parties) Act 1999 the University and the people
referred to in clause 0 will be able to enforce the terms of this agreement intended by the parties to be for their benefit as if the University and the people referred to in clause 0 were party to this agreement. 

 

	13.13	Governing Law - This Agreement is governed by English Law, and the parties submit to the exclusive jurisdiction of the English Courts for the resolution of any
dispute which may arise out of or in connection with this Agreement. 

  

	13.14	Counterparts – This agreement may be executed in one or more counterparts, The execution and delivery of PDF versions of the correctly executed Agreement initialled on each page by both Parties shall
constitute execution. 

  
 Page 42 

 Schedule 1 - Definitions 

(Clause 0) 
 Academic and Research Purposes
means research, teaching or other scholarly use which is undertaken for the purposes of, teaching, education and research. 
 Affiliate means any
company or legal entity in any country Controlling or Controlled by the Licensee or under common Control with the Licensee. 
 Application means:

  

	(a)	the patent application set out in 0; 

  

	(b)	any patents granted in response to that application; 

  

	(c)	any corresponding foreign patents and applications which may be granted to the Licensor in the Territory based on and deriving priority from that application; and 

 

	(d)	any addition, continuation, continuation-in-part, division, reissue, renewal or extension based on the Application. 

Business Day means a day, other than a Saturday or Sunday, on which clearing banks are permitted to open in London. 

Chemical Lead means a compound achieving the criteria set out in Schedule 5 and corresponding to Decision Point #5 as defined in Hughes, et
al Early Drug Discovery and Development Guidelines: For Academic Researchers, Collaborators and Start-up Companies. 
 Combination Product means
a product which has as its active ingredients a Licensed Product and one or more additional active ingredients. 
 Commercially Reasonable Endeavours
means, with respect to the efforts to be expended by Licensee hereunder, efforts and resources comparable to those used by a biotechnology company of comparable value, business model and resources; in respect of a product proprietary to that
company, which product is of similar market potential (taking into account the relevant patent and proprietary position) at a similar stage in its development or product life to any Licensed Product, utilizing sound and reasonable scientific,
business, (where relevant) pre-clinical and clinical practice and judgment in order to develop and commercialise such product in a timely manner. Commercially Reasonable Endeavours recognizes and accounts for a staggered approach to multiple
potential candidates (meaning focus is placed on a lead candidate and a small number of back up candidates rather than equally across all potential candidates), the uncertainties of drug development, and is evaluated in the context of Territory-wide
efforts, recognizing that some development and commercialization activities may or may not be required by this standard for countries other than, for example, the EU and that a reasonable development and commercialization program may stage or
stagger activities for different countries over time. 
 Confidential Information means in relation to each party any materials, trade secrets or
other information disclosed by that party to the other, including, without limitation: 
  

	(a)	the Licensed Technology, to the extent that it is not disclosed by the Application when published; and 

  

	(b)	the terms of this agreement. 

 Control means: 

 

	(a)	ownership of more than fifty percent (50%) of the voting share capital of the relevant entity; or 

  

	(b)	the ability to direct the casting of more than fifty percent (50%) of the votes exercisable at a general meeting of the relevant entity on all, or substantially all, matters. 

  
 Page 43 

 Co-Packaged Product means a product in which a Licensed Product is co-packaged with another pharmaceutical
product or medical device. 
 “Data Exclusivity” means the protection period during which the preclinical and clinical trial data of an
original marketing authorisation holder may not be referenced in the regulatory filings of another company for the same drug substance for which the original marketing authorisation has been granted. 

“Directly Competing Product” means a product that is substitutable for the Licensed Product and has the same mode of action being modulation
of Utrophin expression. 
 Development Plan means the plan set out in 0. 

Documents means the documents and materials set out in 0. 

Effective Date means the date of signature of this agreement. 

Equity Milestone shall have the meaning given in the second column in 0 in relation to each Equity Milestone; 

Equity Milestone Period means the period of time from the Effective Date within which each Equity Event must be achieved for the Equity Milestone
payment to become payable. 
 Fee Income Royalty Rate means the royalty rate set out in 0. 

Field means the field set out in 0. 
 Founders
means Professor Stephen Davies, Professor Kay Davies, Dr. Angela Russell, Dr. Graham Wynne and Dr. Rebecca Fairclough. 

FPI means first patient actually dosed in. 
 GLP
Toxicology Studies means 14 day (or longer) repeat dose toxicology in two mammalian species comprising of a rodent and a second, non-rodent species in accordance with ICH Guideline M3 (R2) on the non-clinical safety studies for the conduct
of human clinical trials and marketing authorisation for pharmaceuticals. For the purposes of this Operative Provision, “Initiation” means dosing of the first animal in the first mammalian species cohort with a Candidate Product. 

Improvement means any development of the Licensed Technology including any further development, modification, alteration, derivative of, or composition
any polymorphs, salts, esters, pro-drugs, metabolites, isomers, stereoisomers, solvates, formulations, compositions, analogues, conjugates, complexes, combinations, uses (first, second or subsequent regardless of drafting convention), processes,
intermediates, starting materials and uses of the same which would if commercially practiced infringe a Valid Claim subsisting or being prosecuted in the Application. 

Indemnified Claim means any claim under which the Licensor and the University are entitled to be indemnified under clause 0. 

Intellectual Property Rights means patents, trade marks, copyrights, database rights, rights in designs, and all or any other intellectual or
industrial property rights, whether or not registered or capable of registration. 
 Inventor means the inventor or inventors named in the
Application and identified in 0. 
 Licence means the licence granted by the Licensor to the Licensee under clause 0. 

  
 Page 44 

 Licensed Intellectual Property Rights means the Application, all intellectual property rights pertaining
to the Licensed Know-how and (to the extent they constitute Intellectual Property Rights) the Licensor’s Improvements. 
 Licensed Know-how
means all confidential information relating to the Application that has been communicated to the Licensee by the Licensor in writing before the date of this agreement or is communicated to the Licensee by the Licensor under this agreement and within
[**] months after the date of this agreement and (to the extent they constitute confidential information) the Licensor’s Improvements. 
 Licensed
Product means any product, process, service or composition which is entirely or partially produced by means of or with the use of, or within the scope of, the Licensed Technology, or any of it or which would, without the benefit of the Licence,
infringe a Valid Claim of the Application. 
 Licensed Technology means the Licensed Intellectual Property Rights and the Licensed Know-How, and such
(if any) other Intellectual Property Rights owned by or licensed to the Licensor as may be specifically identified in 0 (to the extent, in the case of licensed rights, that the Licensor is legally able to grant a sub-licence of the same). 

Licensee’s Contact and Address means the address for the Licensee set out in 0 of this agreement. 

Licensee’s Improvements means any Improvements made during the Option Period by the Licensee, and the Intellectual Property Rights pertaining to
them. 
 Licence Year means each twelve (12) month period beginning on the date of this agreement and each anniversary of the date of this
agreement. 
 Licensor’s Improvements means any Improvements made prior to the second anniversary of the date of this agreement by the Founders
or the Inventors or their staff at the University within the Field, and the Intellectual Property Rights and know-how pertaining to them. 
 Market
means, in relation to a Licensed Product, offering to sell, licence or otherwise commercially exploit the Licensed Product or the sale, licence or other commercial exploitation of the Licensed Product. 

“Market Exclusivity” in respect of any Licensed Product, country and time period means circumstances where at least one of the following
factors subsists during that time period in that country, namely there is: (i) a Valid Claim; (b) Orphan Drug Designation; or (c) Data Exclusivity; or other exclusivity afforded due to the operation of the regulatory rules in force;
in any such case pertaining to the Licensed Product. 
 Marketing Approval means all approvals, licenses, registrations or authorizations of
any federal, state or local regulatory agency, department, bureau or other governmental entity, necessary for the manufacturing, use, storage, import, transport and sale of the Licensed Products in a country or regulatory jurisdiction. For countries
where governmental approval is required for pricing or reimbursement for the Licensed Product, “Marketing Approval” under this schedule shall require such pricing or reimbursement approval to be obtained. 

Milestone and Milestone Fee means the milestones, and the amounts payable on achievement of each of the milestones, set out in 0, as may be amended by
the provisions of the Option Agreement depending upon the type of Licensed Technology licensed hereunder. 
 Net Sales means the gross amount
invoiced for sales or other dispositions of Licensed Products by Licensee, its Affiliates or sub-licensees (including any sub-sub licensees) in bona fide, arms-length transactions with Third Parties, less the following deductions:- 

 

	(a)	trade, and/or quantity discounts, returns, allowances (including bad debt allowances), allowed and taken in amounts customary in the trade; 

  
 Page 45 

	(b)	import, export, excise, sales or use taxes, value added taxes and other taxes, tariffs or duties to the extent such items are included in the gross invoice price; 

 

	(c)	freight, handling, transportation and insurance prepaid or allowed if separately identified in such invoice; 

  

	(d)	amounts allowed or credited or retroactive price reductions or rebates in the normal course of trade; 

 Any
refund of any of the foregoing amounts (including any reversal of bad debt allowances) previously deducted from Net Sales shall be appropriately credited upon receipt. 

Licensee may, at its option, allocate the above deductions from sales of Licensed Products based upon accruals estimated reasonably and consistent with the
Licensee’s standard business practices. If the Licensee elects to utilise such accruals, actual deductions will be calculated and, if applicable, a “true-up” made, on an annual basis. 

In the event a Licensed Product is sold as part of a combination product or a co-packaged product, the Net Sales from the combination product or the
co-packaged product, for the purposes of determining royalty payments, shall be determined by multiplying the Net Sales of the Combination Product or the Co-Packaged Product (as defined in the Net Sales definition), during the applicable royalty
reporting period, by the fraction 
 A/A + B, 
 where A
is the average sale price of the Product when sold separately in finished form and B is the average sale price of the other product(s) included in the Combination Product or Co-Packaged Product when sold separately in finished form, in each case
during the applicable royalty reporting period or, if sales of both the Product and the other product(s) did not occur in such period, then in the most recent royalty reporting period in which sales of both occurred. 

Transfers or dispositions of Licensed Products for compassionate use, charitable or other a not for profit basis, or for preclinical, clinical, manufacturing,
regulatory or governmental purposes shall not be deemed to be “sales”. For clarity quantities supplied for promotional purposes shall be limited to that which are reasonable and within the standard practice of the Pharmaceutical
Industry. 
 Non-Commercial Use means Academic and Research Purposes for clarity excludes any activities in the Field that constitute pre-clinical or
clinical drug development or otherwise extend beyond research and into the development of a product of commerce or verification of the developmental and commercialisation potential of a compound. 

Option Agreement means the agreement conferring Licensee rights over certain intellectual property as part of a £1.5M research funding agreement
and executed between the Parties and the University, dated xx xx 2013 
 “Orphan Drug Designation” means FDA’s act of granting a
request for designation under section 526 of the act. In this context “Act” means the Federal Food, Drug, and Cosmetic Act as amended by section 2 of the Orphan Drug Act (sections 525-528 (21 U.S.C. 360aa-360dd)). 21CFR Part 316 or the
equivalent designation in other countries in the world 
 Phase 1 Clinical Trial means a human clinical trial, the principal purpose of
which is preliminary determination of safety of a Licensed Product in healthy individuals or patients as described in 21 C.F.R. §312.21, or similar clinical study in a country other than the United States. 

Project means the project referred to in 0. 

  
 Page 46 

 Quarter means a period of three calendar months (or part thereof) during a Licence Year, the first such
Quarter beginning on the Effective Date. 
 Royalty Rate means the royalty rate or rates set out in 0. 

Royalty Report means the report to be prepared by the Licensee under clause 0. 

Sponsored Research Agreement means the agreement covering collaborative research signed by Licensee and the University dated xx xx 2013 

Territory means the territory or territories set out in 0. 

University means the Chancellor, Masters and Scholars of the University of Oxford whose administrative offices are at the University Offices,
Wellington Square, Oxford OX1 2JD. 
 Valid Claim means (a) a claim of any issued and unexpired patent, to the extent that such claim in any
patent has not lapsed, been withdrawn or been disclaimed, denied or admitted to be invalid by any court of competent jurisdiction in a non-appealable judgment or otherwise rendered invalid or unenforceable through reissue, disclaimer or otherwise
through re-examination, opposition, post-grant review or inter partes review, or lost through interference proceeding, or been cancelled or abandoned or dedicated to the public or (b) a claim of a pending patent application which has not
been pending for a period of more than [**] years and that has not been finally cancelled, withdrawn, abandoned or rejected by any administrative agency or other body of competent jurisdiction. 

Warrants mean the warrants granted to the Licensor by the Licensee pursuant to the Option Agreement 

Warrant Payments means payments made by Licensee to Licensor when payment of the Equity Milestone becomes due, to permit Licensor to exercise its
Warrants for the Equity Milestone shares. 

  
 Page 47 

 Schedule 2 
  

			
	Application:	  	Patent application to be filed by Licensee describing some or all of the Licensed Know-how.
		
	PCT National Phase filing deadline:	  	[not relevant if no application filed]
		
	Inventor:	  	[list names of academic inventors]
		
	Territory (clause 0):	  	Worldwide
		
	 Fee Income Royalty Rate
  

Field (clause 0):
	  	 [**]%
  

All therapeutic and commercial applications of small molecule utrophin modulators in humans and animals, particularly (but without limitation) for therapy of
Duchenne Muscular Dystrophy and Becker Muscular Dystrophy. For avoidance of doubt, Licensee shall have exclusive rights over Licensed Products in all indications.

		
	Documents (clause 0):	  	The Application and all embodiments of the Licensed Technology
		
	Past Patent Costs (clause 0):	  	[expected to be £[**] for Arising IP1 and Arising IP3; [**]% of patenting costs born by Isis for Arising IP2 and Arising IP4]
		
	Royalty Rate (clause 0):	  	[**]% subject to reduction pursuant to the terms of the Option Agreement

 Milestone and Milestone Fee (clause 0): 
  

			
	 Milestone
	  	Milestone Fee (GBP)
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]

 Licensee’s Contact and Address (clause 0): 

 

			
	Contact	  	[to complete before execution]
		
	Address	  	85b Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY, UK
		
	Fax	  	[to complete before execution]

 [Other Intellectual Property Rights owned by or licensed to the Licensor (see definition of Licensed Technology in
Schedule 1): Add identification of any additional licensed IPR (including, if relevant, licences into ISIS e.g. from co-ownership agreements or if provided through 3-way assignment and revenue share agreements)] 

  
 Page 48 

 Schedule 3 – Equity Milestones 

The following share consideration shall be issued and allotted by Summit on the Equity Events listed in the table below: 

 

							
	 No.
	  	 Equity Event on which Equity Milestone is
due
	  	Equity Milestone	 	Warrant Payments
	 1
	  	[**]	  	[**]	 	[**]
	 2
	  	[**]	  	[**]	 	[**]
	 3
	  	[**]	  	[**]	 	[**]

  
 Page 49 

 Schedule 4 - Development Plan 

[to be supplied by Summit before execution] 

  
 Page 50 

 Schedule 5 – The Project 

Isis Project Number: 
 Isis Project Title: 

Abstract: [e.g. description of the project or technology, such as patent abstract, extract from the project profile. If a patent is not yet filed, then
a fuller description of the IP is required – eg list of structures /associated biological data etc as in the background licence.] 

  
 Page 51 

 AS WITNESS this agreement has been signed by the duly authorised representatives of the parties. 

 

					
	SIGNED for and on behalf of	 		 	SIGNED for and on behalf of
			
	ISIS INNOVATION LIMITED:	 		 	SUMMIT CORPORATION PLC:
			
	Name:	 		 	Name:
			
	Position:	 		 	Position:
			
	Signature:	 		 	Signature:
			
	Date:	 		 	Date:

  
 Page 52 

 SCHEDULE 6 – FORM OF WARRANT INSTRUMENT 

Incorporated by reference to Exhibit 4.4 of the Company’s Registration Statement on Form F-1 

  
 Page 53 

 SCHEDULE 7: Chemical Lead Criteria 

 

	 	1.	Physicochemical Properties/ In vitro Profile 

  

			
	 Property
	  	 Chemical Lead

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

  

	 	2.	ADMET/PK Profile 

  

			
	 Property
	  	 Chemical Lead

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

  

	 	3.	Animal model efficacy: Equivalent efficacy to SMT C1100 in head-to-head study in mdx mouse – model/protocol to be determined by RMT 

 

			
	 Parameter
	  	 Measure

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

  
 Page 54 

 Schedule 8 

Intentionally left blank by the Parties 

  
 Page 55 

 Schedule 9 – Project Management and Governance Obligations 

 

	0.	Definitions 

 0.1 “RMT” shall mean the Research Management Team 

0.2 “JSC” shall mean the Joint Steering Committee 
  

	1.	Provision of Information 

 1.1 The RMT shall provide to the JSC quarterly written reports concerning the
research in the Research Field by the Founders and their teams and containing such information as the JSC may reasonably request and that the members of the JSC are entitled to acquire under this Agreement. 

1.2 The University through the Principal Investigators shall notify Summit and the JSC within ten business days if it believes Arising IP in the Research
Field has been made by the Founders and their teams and shall provide to Summit and the JSC all information it has regarding such Arising IP. 
 1.3 Upon
reasonable request by Summit, the University shall provide to Summit at Summit’s expense all raw data, photocopies of laboratory notebooks, protocols, structures, markush structures, and any other data created by the Founders and their teams in
the Research Field and whether or not in machine readable form. For the avoidance of doubt, the use of such information is subject to the terms of the Agreement and such information shall be considered the Confidential Information of the University.

  

	2.	RMT 

 2.1 The Parties shall establish and maintain for the duration of the Option Period a RMT. Save as
follows, the RMT shall comprise Dr. Jon Tinsley, Chief Scientific Officer, DMD and Dr. Francis Wilson, Head of Chemistry from Summit and Professor Kay Davies and Dr. Angela Russell from the University. Each party shall be entitled to
replace its members on the RMT with equivalently qualified and experienced persons. The parties agree that Dr. Alfred Ajami shall be appointed as an independent member of the RMT. 

2.2 The RMT shall meet every [**] weeks, either face to face, by conference call or by videoconference. RMT meetings will be co-chaired by Professor Kay
Davies and Dr. Jon Tinsley. Each of the University and Summit agree that any number of observers may attend RMT meetings. Observers may include members of the Principal Investigators’ research groups, Summit employees, and in line with the
University of Oxford’s Conflicts of Interest Policy, the respective Heads of Departments of DPAG and Chemistry or their nominees. For the avoidance of doubt, the conduct of the RMT shall be under the terms of the Agreement including but not
limited to clause 8 and any Confidential Information disclosed by one Party to the other during the course of any RMT meeting shall be treated in accordance with clause 8. 

2.3 The functions of the RMT shall be:- 
 2.3.1 to ensure timely
execution of the research plan and budget and the interchange of information and ideas between the University and Summit in the Research Field; 
  

	2.3.2	to provide day to day oversight of the research by the Founder and their teams in the Research Field; and 

2.3.3 to make decisions regarding the appointment of third party contractors and placing of work orders to assist with the performance of the research in the
Research Field. 
 2.4 Save as expressly provided in the following sentence, the RMT shall not have the right to amend research plan without prior recourse
to the JSC. 

  
 Page 56 

	3.	JSC 

 3.1 The Parties shall throughout the Option Period maintain in existence a Joint Steering Committee
(the “JSC”) to oversee the performance of the research by the Founders and their teams in the Research Field. 
 3.2 The JSC shall: 

3.2.1 have the right to agree any amendment to the research being undertaken in the Research Field by the Founders; and 

3.2.2 direct, manage and monitor the RMT; and 
 3.2.3 review the
progress of the research being undertaken by the Founders and their teams in the Research Field and make any decisions required, and recommend to the Parties whether the Parties should continue with such research; 

3.2.4 make recommendations to Summit upon whether any patents can be sought in relation to any of the Arising Intellectual Property; and 

3.2.5 provide strategic oversight of the performance of the research in the Research Field being undertaken by the Founders and their teams; and 

3.2.6 propose to the Parties amendments to this Agreement from time to time as may be necessary or desirable to give effect to this Agreement, such amendments
to be subject to formal written agreement where required between the Parties in accordance with clause 12.8 of this Agreement; and 
 3.2.7 The University
will within [**] days of submission of any grant application made by the Founders that relate to the Research Field, provide to the JSC the terms and conditions of any potential grant awards that may be made subject to such grant application. If
such terms are prejudicial to the rights granted to Summit under the Share Purchase Agreement, Licence Agreement and Option Agreement. the University will discuss such potential conflict(s) with Summit and the Principal Investigators, the University
and Summit shall use reasonable endeavours to seek a resolution to such potential conflict(s) so that the award may be made and accepted by the University without prejudice to Summit’s exclusive rights under the Share Purchase Agreement,
Licence Agreement and Option Agreement. 
 3.3 The JSC shall be established and run by the Parties as follows 

3.3.1 The JSC shall comprise a total of four (4) members (“Members”) comprising two (2) appointees from Summit and one (1) for the
University and one for Isis. The initial Members appointed by the Parties shall be as follows 
  

					
	Summit	  	Isis	  	University
			
	Dr. Andrew Mulvaney	  	Dr. Carolyn Porter	  	Professor Tim Donohoe
			
	 Dr. Michael Boss
	  		  	

  
 Page 57 

 3.3.2 Each Party may invite observers to meetings of the JSC. A Party inviting any such observer shall ensure
that it uses reasonable efforts to ensure that the other Parties are advised at least [**] Business Days prior to the relevant meeting of the identity of the observer and that such observers are bound by obligations of confidentiality no less
onerous than those imposed by this Agreement. Such observers shall not be counted towards any assessment of quorum for the purpose of Clause 3.3.7 below and shall not be entitled to participate in any decision making or voting. 

3.3.3 Each Party shall be entitled to remove any Member appointed by it and to appoint any person to fill a vacancy arising from the removal or retirement of
such Member. Each Party shall give the other Parties, prior written notice of any proposed changes in the identity of any of their Members. 
 3.3.4 Without
prejudice to Clause 3.3.5 below, the JSC shall meet as soon as reasonably practicable following the Effective Date and thereafter shall hold regular meetings at intervals of [**] months throughout the Option Term, in each case at dates and times to
be mutually agreed. 
 3.3.5 It is understood and agreed by the Parties that in order to ensure that the performance of the research by the Founders and
their teams in the Research Field operates optimally, the JSC may need to operate occasionally on a highly responsive basis and consider and make decisions on an ad-hoc basis as required from time to time and as appropriate the Parties shall use
their reasonable efforts to ensure that Members are available to take decisions at short notice. 
 3.3.6 Provided that at least [**] meetings are held
face-to-face annually during the Option Term, meetings of the JSC may be held (at the request of any Party) by teleconference or other electronic means. In the case of meetings at which Members are physically present the venue for all meetings shall
unless otherwise agreed by the Parties alternate between the premises of the University and Summit. 
 3.3.7 Provided always that at least two
(2) Members, including one Member appointed by each of the University and Summit are present throughout a meeting, the quorum for meetings of JSC shall be two (2) Members. 

3.3.8 Decisions of the JSC shall be made by unanimous agreement of the Members present. In the event of a vote at a meeting of the JSC, the University and
Isis shall each have one (1) vote and Summit shall have two (2) votes. Should it prove impossible to obtain unanimous agreement, the matter shall be referred for discussion between Sponsor’s CEO and the Head of the Department of
Physiology, Anatomy and Genetics and the Chairman of Chemistry. 
 3.3.9 The functions of chairperson and secretary (responsible for preparing the minutes
of each meeting of the JSC) shall alternate between the Members of the University and Summit. The minutes of each meeting of the JSC shall be sent to each of the Members within [**] Business Days of each meeting. 

  
 Page 58EX-10.8

					
		  	 Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Double asterisks denote omissions.
	  	Exhibit 10.8

  
  
 

 
 DATED 16 July 2014 
  

 
 THE CHANCELLOR MASTERS AND SCHOLARS OF THE

 UNIVERSITY OF OXFORD 
 and 

SUMMIT CORPORATION PLC 
 and 

ISIS INNOVATION LIMITED 
  

 
 VARIATION AGREEMENT 

relating to the Agreement for the Sponsorship of a Research Programme for the development of small molecule modulators of utrophin for the treatment of
Duchenne Muscular Dystrophy dated 22 November 2013 
  
  

 CONTENTS 
  

							
	1.	    	 DEFINITIONS AND INTERPRETATION
	  	 	3	  
			
	2.	    	 VARIATION
	  	 	4	  
			
	3.	    	 GOVERNING LAW AND JURISDICTION
	  	 	6	  
		
	SCHEDULE 1 - Amended Agreement	  	 	8	  

  
 Page 2 of 8 

 THIS VARIATION AGREEMENT is made on 16 July 2014 BETWEEN: 

 

	(1)	THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD, whose administrative office is at University Offices, Wellington Square, Oxford, OX1 2JD (the “University”); and

  

	(2)	SUMMIT CORPORATION PLC, a public limited company incorporated in England and Wales with company number 05197494, whose address is 85b Park Drive, Abingdon, Oxfordshire, OX14 4RY (the “Sponsor”);

  

	(3)	ISIS INNOVATION LIMITED, a private limited company incorporated in England and Wales with company number 02199542, whose registered office is at University Offices, Wellington Square, Oxford, OX1 2JD
(“Isis”), 

 each a “Party” and collectively the “Parties”. 

BACKGROUND 
  

	(A)	The Parties entered into an agreement for the sponsorship of a research programme relating to the development of small molecule modulators of utrophin for the treatment of Duchenne Muscular Dystrophy dated
22 November 2013 (the “Agreement”). 

  

	(B)	Clause 3.3 of the Agreement provides that both the University and the Sponsor will be parties to any master services agreement governing any work to be undertaken by a commercial third party organisation and funded by
the Sponsor for the purposes of the Project. The Parties wish to streamline the contracting process, by allowing the University and the Sponsor to enter into such contracts separately, provided such arrangements are approved by the RMT and such
contracts are consistent with the provisions and principles of the Agreement 

  

	(C)	The Parties acknowledge that the definitions of Intellectual Property and Background Intellectual Property in the Agreement contain mistakes, and the Parties wish to rectify those mistakes. 

 

	(D)	The Parties wish to amend the Agreement as set out in this Variation Agreement with effect from the date of this Variation Agreement (the “Variation Date”). 

NOW IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Words and phrases defined in the Agreement, when used in this Variation Agreement, shall have the meanings set out in the Agreement. 

 

	1.2	In this Variation Agreement: (a) the headings are used for convenience and shall not affect its interpretation; (b) a reference to this “Variation Agreement” shall include the Background and
Schedules; (c) a reference to a “person” includes a natural person, corporate or unincorporated body (whether or not having separate legal personality and wherever incorporated or established) and that person’s legal and
personal representatives, successors and permitted assigns; and (d) the words “include”, “including” or “in particular” are deemed to have the words “without limitation” following
them. 

  
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	2.	VARIATION 

  

	2.1	With effect from the Variation Date, the Parties agree the following amendments to the Agreement: 

  

	 	2.1.1	the text of clause 1.6 of the Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

Intellectual Property shall mean know how, patents, rights to inventions, registered designs, copyright and related rights, database rights,
design rights, topography rights, trade marks, service marks, trade names and domain names, and renewals and extensions of such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in
any part of the world created or first reduced to-practice during the course of the Project excluding (in the case of the University) any copyright in academic publications or similar materials such
intellectual property rights to which the University does not lay claim under its Statutes and Regulations as amended from time to time; 
  

	 	2.1.2	the text of clause 1.8 of the Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

Background Intellectual Property shall mean Intellectual Property owned or controlled by a Party, other than Arising Intellectual
Property, and Licensed Know-how, and made available by that Party for use in the Project; 
  

	 	2.1.3	the text of clause 1.10 of the Agreement is amended as follows, deletions are shown in struck through text and additions are shown in underlined text: 

The Licensed Technology Know-how shall have the same definition as contained in the Licence; 

 

	 	2.1.4	the following text is inserted into the Agreement as Clause 1.14: 

 All references to
“Licensed Technology” in the Agreement shall be references to “Licensed Know-how”. 
  

	 	2.1.5	the text of clause 3.3 of the Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

Subject to clause 11.7 additional funding may be provided by the Sponsor to fund work undertaken by commercial third party organisations for
the furtherance of the Project. No commercial third party organisation may be appointed to assist with the performance of the Project without the approval of the RMT, as defined in Schedule 2, to both the organisation and the terms of engagement of
the organisation. Both Sponsor and University shall be parties to any master services agreement governing such work by such commercial third party organisation. Subject to Clause 6.3 Arising Intellectual Property resulting from the conduct
of the work placed with a commercial third party organisation under the direction of the RMT shall be owned by the University and the parties shall ensure that any master services agreement governing such work confers to the University title over
such Arising Intellectual Property. Notwithstanding the approval of the RMT, no party may enter into any such contract unless it is consistent with the terms of this Agreement (in particular, clauses 5 and 6) and imposes consistent
obligations on the commercial third party organisation. For the avoidance of doubt, Intellectual Property created, generated, developed or first reduced to practice by or on behalf of any such commercial third party organisation in respect of the
Project shall be Arising Intellectual Property for the purposes of this Agreement. 

  
 Page 4 of 8 

	 	2.1.6	the text of clause 5.2 of the Agreement is amended as follows, where additions are shown in underlined text: 

Subject to the following sub-clauses of this clause 5, each Party agrees to use all reasonable endeavours not to disclose to any third party
any Confidential Information within clause 1.5.1, and not to make to any third party any disclosure of Confidential Information within clause 1.5.2 which would prejudice the rights of the other Parties under this Agreement or the Option Agreement.
A Party may disclose Confidential Information only to those of its officers, employees, authorised agents and (in relation to the University) students who have a need to know that Confidential Information for the Project, provided that it informs
those persons of the confidential nature of the Confidential Information and the obligations of this Agreement before disclosure, and provided that the Party disclosing such Confidential Information shall procure and at all times be responsible for
those persons’ compliance with the obligations set out in this Agreement. 
  

	 	2.1.7	the text of clause 6.1 of the Agreement is amended as follows, where deletions are shown in struck through text and additions are shown in underlined text: 

Subject to clauses 6.2 and 6.5 nothing contained in this Agreement shall affect the absolute and unfettered rights of each Party in their
Background Intellectual Property and the provisions of clause 4 5 shall apply to all Background Intellectual Property. 
  

	 	2.1.8	the text of clause 6.3 of the Agreement is amended as follows, where additions are shown in underlined text: 

All Arising Intellectual Property shall be the property of the University and, accordingly, the Sponsor hereby assigns, agrees to assign,
or procure assignment by any third party engaged by the Sponsor, to the University absolutely (by way of present and future assignment) any and all such Arising Intellectual Property. The University and those working on the Project shall have
the irrevocable right to use the Arising Intellectual Property for academic and research purposes only provided that (unless the Sponsor fails to exercise its option set out in Schedule 5 to this Agreement) any such right will not extend to use of
the Arising Intellectual Property for any research carried out with the benefit of funding from a commercial entity or non-profit organisation where such commercial entity or non-profit organisation would gain rights over the Arising Intellectual
Property as a result of such funding. 

  
 Page 5 of 8 

	 	2.1.9	the following text is inserted into the Agreement as Clause 6.6: 

 Each Party shall ensure that
all Arising Intellectual Property created by its officers, employees and (in relation to the University) students shall, on creation, automatically vest in it absolutely and that it is entitled to deal with such Arising Intellectual Property in
accordance with the terms of this Agreement. Each Party shall procure that all Arising Intellectual Property created by any third party engaged by it is assigned to that Party such that it is entitled to deal with such Arising Intellectual Property
in accordance with the terms of this Agreement. 
  

	 	2.1.10	the following text is inserted into the Agreement as Clause 6.7: 

 Each Party shall, and shall
use its reasonable endeavours to procure that any necessary third party shall, promptly execute and deliver such documents and perform such acts as may reasonably be required, at the requesting Party’s cost, for the purpose of giving full
effect to this clause 6. 
  

	2.2	The amendments to the Agreement are shown in the copy of the Agreement attached at Schedule 1, where the text is shown after the deletions and additions have been made for the Parties’ convenience.

  

	3.	GOVERNING LAW AND JURISDICTION 

  

	3.1	This Variation 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. 

  

	3.2	The Parties irrevocably agree that the courts of England and Wales have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Variation Agreement or its subject matter or its
formation (including non-contractual disputes or claims). 

 IN WITNESS of this Agreement, the Parties have executed this Agreement
through their duly authorised representatives. 
  

							
	 SIGNED for and on behalf of THE 

CHANCELLOR MASTERS AND
 SCHOLARS OF THE UNIVERSITY OF

 OXFORD 
	 	)	  		 	
	 	)	  		 	
	 	)	  		 	 /s/ Barbara Murray

	 	)	  		 	

							
				
	 Name:
	 	 Barbara Murray
	  		 	
				
	Title:	 	 Head of Research Services
 Science Area

University of Oxford
	  		 	
				
	 Date:
	 	1·7·14	  		 	

  
 Page 6 of 8 

							
	 SIGNED for and on behalf of SUMMIT

CORPORATION PLC
	 	 )
 )

)
	  		 	 /s/ Glyn Edwards

					
			
	Name:	  	Glyn Edwards	  	
			
	Title:	  	CEO	  	
			
	Date:	  	16·07·2014	  	

							
				
	 SIGNED for and on behalf of ISIS

INNOVATION LIMITED
	 	 )
 )

)
	  		 	 /s/ Linda Naylor

					
			
	Name:	  	Linda Naylor	  	
			
	Title:	  	 Executive Director
 Isis Innovation Ltd
	  	
			
	Date:	  	25/6/14	  	

  
 Page 7 of 8 

 SCHEDULE 1 - Amended Agreement 

The amended version of the Agreement immediately follows this page. 

  
 Page 8 of 8 

 DATED 16 June 2014 

 
  
 

 
 AGREEMENT FOR THE SPONSORSHIP OF A RESEARCH PROGRAMME 

 AGREEMENT FOR THE SPONSORSHIP OF A RESEARCH PROGRAMME 

THIS AGREEMENT dated 22 November 2013 and revised on 16 June 2014 is made BETWEEN: 

 

	(1)	THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD, whose administrative offices are at Wellington Square, Oxford OX1 2JD (“the University”) 

 

	(2)	SUMMIT CORPORATION PLC whose registered company number is 05197494 and whose address is 85b Park Drive, Abingdon, Oxfordshire, OX14 4RY (“the Sponsor”) 

 

	(3)	ISIS INNOVATION LIMITED whose registered company number is 02199542 and whose registered office is University Offices, Wellington Square, Oxford, OX1 2JD (“Isis”). 

WHEREAS: 
  

	(A)	The University has developed technology in the field of therapeutic and commercial applications of small molecule utrophin modulation, particularly (but without limitation) for therapy of Duchenne Muscular Dystrophy and
Becker Muscular Dystrophy. 

  

	(B)	Isis has licensed technology to MuOx Ltd under Isis Project numbers 7903, 4417 and 8066. 

  

	(C)	The Sponsor has through a Share Purchase Agreement bought MuOx Ltd and the Licence, as defined below, may be novated to Sponsor. 

  

	(C)	The Sponsor now wishes to fund the University to undertake a programme of research and the Parties wish to define certain of their rights and obligations with regard to that programme of research. 

THE PARTIES HEREBY AGREE 
  

	1.	DEFINITIONS 

  

					
	1.1	 	The Project	  	shall mean the programme of work described in the First Schedule to this Agreement; and any modifications, deletions or expansions approved in writing by both parties;
			
	1.2	 	The Principal Investigators	  	shall mean Professor Kay Davies, Professor Stephen Davies and Dr. Angela Russell or their successors under clause 8.2 of this Agreement;
			
	1.3	 	The Project Period	  	shall mean the period from Effective Date for a period of thirty-six (36) months and subject to clause 11.7 any further period that the Parties agree is required for the successful completion of the
Project;

  
 1 

					
	1.4	 	The Effective Date	  	shall mean the date of signature of this Agreement.
			
	1.5	 	Confidential Information	  	shall mean all and any specifications, formulae, structures, synthetic routes and methods, drawings, tapes, discs and other computer-readable media, documents, information, techniques and know-how which either
			
		 		  	1.5.1 are disclosed by one party to the other in connection with the Project and marked or labelled “Proprietary”, “Confidential” or “Sensitive” by the disclosing party at the time of disclosure;
or
			
		 		  	1.5.2 are written, prepared or generated in the course of, and as part of, the Project;
			
	1.6	 	Intellectual Property	  	shall mean know how, patents, rights to inventions, registered designs, copyright and related rights, database rights, design rights, topography rights, trade marks, service marks, trade names and domain names, and renewals or
extensions of such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world excluding (in the case of the University) any such intellectual property rights to
which the University does not lay claim under its Statutes and Regulations as amended from time to time;
			
	1.7	 	Arising Intellectual Property	  	shall mean all Intellectual Property arising from the conduct of the Project;
			
	1.8	 	Background Intellectual Property	  	shall mean Intellectual Property owned or controlled by a Party other than Arising Intellectual Property and Licensed Know-how, and made available by that Party for use in the Project;
			
	1.9	 	The Licence	  	shall mean the Deed of Licence of technology agreement between Isis and the MuOx Ltd and attached as the fourth Schedule to this Agreement;
			
	1.10	 	The Licensed Know-how	  	shall have the same definition as contained in the Licence;

  
 2 

					
	1.11	 	Option Agreement	  	means the Option Agreement entered into between Sponsor and Isis dated 22 November 2013 and attached as Schedule 5 to this Agreement;
			
	1.12	 	Party	  	shall mean the University, Isis or the Sponsor individually;
			
	1.13	 	Parties	  	shall mean University, Isis and the Sponsor taken together;

  

	1.14	All references to “Licensed Technology” in the Agreement shall be references to “Licensed Know-how” 

  

	2.	THE PROJECT 

  

	2.1	The Project will be conducted in laboratories of the University under the direction and supervision of the Principal Investigators. 

  

	2.2	Subject to clause 8.4 the Project shall run for the Project Period. 

  

	2.3	The University will use all reasonable endeavours to provide adequate facilities; to obtain any requisite materials, equipment and personnel; and to carry out the Project diligently within the scope allowed by the
Sponsor’s funding. Although the University will use all reasonable endeavours to perform the research described in the First Schedule, the University does not undertake that work carried out under or pursuant to this Agreement will lead to any
particular result, nor is the success of such work guaranteed. 

  

	2.4	The University will provide the Sponsor with quarterly reports summarising the progress of work under the Project as set out in the Second Schedule. The University shall ensure that full and complete records of all work
undertaken under the Project are kept including full accurate and up to date laboratory notebooks whether in writing or electronic form in accordance with the procedures of best practice set out on the University’s web-site and updated from
time to time1. 

  

	2.5	The Parties will comply with the Project Management and Governance obligations set out in Second Schedule to this Agreement. 

  

	3.	FUNDING BY THE SPONSOR 

  

	3.1	The Sponsor will make payments to the University towards the cost of the Project on the dates and in the amounts set out in the Third Schedule to this Agreement. 

 

	3.2	Except as otherwise provided by agreement in writing, as between the Sponsor and the University the full and unencumbered title to all equipment purchased or constructed using funds provided by the Sponsor shall vest in
the University. 

  

	1 	http://www.admin.ox.ac.uk/rdm/dmp/documentation/labnotebooks/ retrieved 11/10/ 

  
 3 

	3.3	Subject to clause 11.7 additional funding may be provided by the Sponsor to fund work undertaken by commercial third party organisations for the furtherance of the Project. No commercial third party organisation may be
appointed to assist with the performance of the Project without the approval of the RMT, as defined in Schedule 2, to both the organisation and the terms of engagement of the organisation. Notwithstanding the approval of the RMT, no party may enter
into any such contract unless it is consistent with the terms of this Agreement (in particular, clauses 5 and 6) and imposes consistent obligations on the commercial third party organisation. For the avoidance of doubt, Intellectual Property
created, generated, developed or first reduced to practice by or on behalf of any such commercial third party organisation in respect of the Project shall be Arising Intellectual Property for the purposes of this Agreement. 

 

	4.	FUNDING BY THIRD PARTIES 

  

	4.1	It is within the contemplation of the Parties that the Principal investigators may during the Project Period, in execution of their duties as academic scientists apply from time to time for grant funding from
Governmental bodies and not-for-profit organisations. The University undertakes to diligently review the terms and conditions prevalent in any grant awards to be made and promptly bring to the attention of the JSC any potential conflicts with the
rights granted to Sponsor under the Share Purchase Agreement, Licence and Option Agreement. The Parties shall use reasonable endeavours to seek a resolution to such potential conflict(s) so that the award may be made and accepted by the University
without prejudice to Sponsor’s exclusive rights under the Share Purchase Agreement, Licence Agreement and Option Agreement. 

  

	4.2	For the avoidance of doubt, should a resolution to any potential conflicts not be possible, the University shall not accept any grant funding, the prevalent terms and conditions of which prejudice or otherwise conflict
with Sponsor’s rights under the Share Purchase Agreement, Licence and Option Agreement.- 

  

	5.	CONFIDENTIALITY AND PUBLICATION PROCEDURES 

  

	5.1	The Parties acknowledge that in the performance of this Agreement, each may have access to Confidential Information of the others. 

  

	5.2	Subject to the following sub-clauses of this clause 5, each Party agrees to use all reasonable endeavours not to disclose to any third party any Confidential Information of the other Parties within clause 1.5.1, and not
to make to any third party any disclosure of Confidential Information within clause 1.5.2 which would prejudice the rights of the other Parties under this Agreement or the Option Agreement. A Party may disclose Confidential Information only to those
of its officers, employees, authorised agents and (in relation to the University) students who have a need to know that Confidential Information for the Project, provided that it informs those persons of the confidential nature of the Confidential
Information and the obligations of this Agreement before disclosure, and provided that the Party disclosing such Confidential Information shall procure and at all times be responsible for those persons’ compliance with the obligations set out
in this Agreement. 

  
 4 

	5.3	None of the Parties shall incur any obligation under clause 5.2 with respect to information which: 

  

	 	5.3.1	is known to the receiving Party before its receipt, and not impressed already with any obligation of confidentiality to the disclosing Party; or 

 

	 	5.3.2	is or becomes publicly known without any breach of this Agreement or of any other obligation to keep it confidential; or 

  

	 	5.3.3	is obtained by the receiving party from a third party in circumstances where the receiving Party has no reason to believe that there has been a breach of an obligation of confidentiality owed to the disclosing Party; or

  

	 	5.3.4	is independently developed by the receiving Party; or 

  

	 	5.3.5	is approved for release in writing by an authorised representative of the disclosing Party; or 

  

	 	5.3.6	the receiving Party is required to disclose by law or regulation (provided that, in the case of the Freedom of Information Act 2000, none of the exemptions in that Act applies to the information disclosed) or by order
of a competent authority (including any regulatory or governmental body or securities exchange); provided that, where practicable, the disclosing Party is given reasonable advance notice of the intended disclosure and provided that the relaxation of
the obligation of confidentiality shall only last for as long as necessary to comply with the relevant law, regulation or order and shall apply solely for the purposes of such compliance. 

 

	5.4	If the University receives a request under the Freedom of Information Act 2000 to disclose any information which, under this Agreement, is the Sponsor’s Confidential Information, it will notify the Sponsor and will
consult with the Sponsor. The Sponsor will respond to the University within [**] days after receiving the University’s notice if that notice requests the Sponsor to provide information to assist the University to determine whether or not an
exemption in the Freedom of Information Act applies to the information requested under that Act. 

  

	5.5	The Project will form part of the actual carrying out of a primary charitable purpose of the University; that is, the advancement of education through teaching and research. There must therefore be some element of
public benefit arising from the Project, and this is secured through the following sub-clauses. 

  

	 	5.5.1	Nothing in this Agreement shall prevent or hinder any registered student of the University from submitting for a degree of the University a thesis based on the results obtained during the course of work undertaken as
part of the Project, the examination of such a thesis by examiners appointed by the University, or the deposit of such a thesis in accordance with the relevant procedures of the University. 

  
 5 

	 	5.5.2	In accordance with normal academic practice, all employees, students, agents or appointees of the University (including those who work on the Project) shall be permitted:- 

 

	 	5.5.2.1	subject to first following the procedures laid down in clause 5.6, to publish results obtained during the course of work undertaken as part of the Project; and 

 

	 	5.5.2.2	in pursuance of the University’s academic functions, to discuss work undertaken as part of the Project in internal seminars, and to give instruction within the University on questions related to such work.

  

	5.6	Where the University wishes to submit for publication results of the Project in which the Sponsor has an interest pursuant to this Agreement or the Option and Licence Agreement, the University will submit such results
to the Sponsor in writing, together with a formal notification of intent to submit for publication not less than [**] days in advance of the submission for publication. The Sponsor may require the University to delay submission for publication if in
the Sponsor’s opinion such delay is necessary in order to seek patent or similar protection for the results. A delay imposed as a result of a requirement made by the Sponsor shall not last longer than is absolutely necessary to seek the
required protection; and therefore shall not exceed [**] months from the date of receipt of the results by the Sponsor, although the University will not unreasonably refuse a request from the Sponsor for additional delay in the event that property
rights would otherwise be lost. Notification of the requirement for delay in submission for publication must be received by the University within [**] days after the receipt of the results by the Sponsor, failing which the University and the
Principal Investigator shall be free to assume that the Sponsor has no objection to the proposed publication. 

  

	6.	INTELLECTUAL PROPERTY RIGHTS 

  

	6.1	Subject to clauses 6.2 and 6.5 nothing contained in this Agreement shall affect the absolute and unfettered rights of each Party in their Background Intellectual Property and the provisions of clause 5 shall apply to
all Background Intellectual Property. 

  

	6.2	The Sponsor hereby grants the University a royalty free, non-exclusive licence to its Background Intellectual Property solely for the purposes of the Project. The University may not grant any sub-licence to use the
Sponsor’s Background Intellectual Property. 

  

	6.3	 All Arising Intellectual Property shall be the property of the University and, accordingly, the Sponsor hereby assigns, agrees to assign, or procure
assignment by any third party engaged by the Sponsor, to the University absolutely (by way of present and future assignment) any and all such Arising Intellectual Property. The University and those working on the Project shall have the irrevocable
right to use the Arising Intellectual Property for academic and research purposes only provided that (unless the Sponsor fails to exercise its option set out in Schedule 5 to this Agreement) any such right will not extend to

  
 6 

	 	
use of the Arising Intellectual Property for any research carried out with the benefit of funding from a commercial entity or non-profit organisation where such commercial entity or non-profit
organisation would gain rights over the Arising Intellectual Property as a result of such funding. 

  

	6.4	The Sponsor’s rights in relation to Arising Intellectual Property are defined in the Option Agreement and the Licence. 

  

	 	6.4.1	If the Sponsor requires the use of the University’s Background Intellectual Property in order to exercise its rights in any Arising Intellectual Property as granted by clauses 6.4 above, then, provided the
University is free and willing to license the Background Intellectual Property in question, the University will not unreasonably refuse to grant or delay granting a commercial licence to the Sponsor (through Isis Innovation Limited, its technology
transfer division) so that the Sponsor may use such Background Intellectual Property for the purpose of exercising its rights in Arising Intellectual Property. The provisions of clause 6.4 shall apply to the grant of any licence of Background
Intellectual Property pursuant to this clause. 

  

	6.5	The University may fulfil its obligations under clauses 6.4 and 6.5 through its technology transfer company Isis Innovation Ltd and the University may take such actions (including in respect of the Arising Intellectual
Property) as may be necessary or desirable for this purpose. 

  

	6.6	Each Party shall ensure that ail Arising Intellectual Property created by its officers, employees and (in relation to the University) students shall, on creation, automatically vest in it absolutely and that it is
entitled to deal with such Arising Intellectual Property in accordance with the terms of this Agreement. Each Party shall procure that all Arising Intellectual Property created by any third party engaged by it is assigned to that Party such that it
is entitled to deal with such Arising Intellectual Property in accordance with the terms of this Agreement. 

  

	6.7	Each Party shall, and shall use its reasonable endeavours to procure that any necessary third party shall, promptly execute and deliver such documents and perform such acts as may reasonably be required, at the
requesting Party’s cost, for the purpose of giving full effect to this clause 6. 

  

	7.	ASSIGNMENT 

 Except as expressly provided in this Agreement, neither party may assign
this Agreement, or delegate its performance, to any other person without the prior written consent of the other party. 

  
 7 

	8.	TERMINATION 

  

	8.1	This Agreement may be terminated by either party 

  

	 	8.1.1	for any material breach of the obligations set out in this Agreement, by giving [**] days’ written notice to the other of its intention to terminate. The notice shall include a detailed statement describing the
nature of the breach. If the breach is capable of being remedied and is remedied within the [**]-day notice period, then the termination shall not take effect. If the breach is of a nature such that it can be fully remedied but not within the ninety
day notice period, then termination shall also not be effective if the party involved begins to remedy the breach within that period, and then continues diligently to remedy the breach until it is remedied fully. If the breach is incapable of
remedy, then the termination shall take effect at the end of the ninety-day notice period in any event; 

  

	 	8.1.2	with immediate effect by giving notice to the other party, if the other party becomes insolvent, or if an order is made or a resolution is passed for its winding up (except voluntarily for the purpose of solvent
amalgamation or reconstruction), or if an administrator, administrative receiver or receiver is appointed over the whole or any part of the other party’s assets, or if the other party makes any arrangement with its creditors. 

 

	8.2	The University agrees to notify the Sponsor promptly if at any time Professor Kay Davies, Professor Steve Davies or Dr. Angela Russell are unable or unwilling to continue the direction and supervision of the
Project. Within sixty (60) days after such incapacity or expression of unwillingness the University shall nominate a successor to any of the above. The Sponsor will not decline unreasonably to accept the nominated successor. However, if the
successor is not acceptable to the Sponsor on reasonable and substantial grounds, then the Sponsor may terminate this Agreement by giving ninety (90) days’ written notice to the University. Nevertheless, the Sponsor will continue to
reimburse the cost to the University of any non-cancellable amounts committed by the University before receipt of the Sponsor’s notice and of contracts of service or for services which were made by the University before receipt of the
Sponsor’s notice with personnel appointed to work on the Project. In such circumstances the University shall use its reasonable endeavours to reallocate personnel and minimise the sums payable by the University in accordance with the
University’s personnel policies. The University will exercise such rights of termination as may be available to the University in order to bring such contracts to an end as quickly as is lawfully possible. Reimbursement by the Sponsor will
continue until the effective date of termination of each contract. 

  

	8.3	The University may terminate this Agreement with immediate effect by giving notice in writing to the Sponsor if the Sponsor fails to make more than one of the payments due to the University pursuant to clause 3.1 in a
timely manner and has failed, within thirty (30) days of receipt of written notice requiring payment, to remedy the failure to pay. 

  

	8.4	The parties will assess on or around each anniversary of this Agreement whether there are valid scientific reasons for ceasing the conduct of the Project. In the event that the parties agree that this is the case, this
Agreement may be terminated by the parties in writing. In the event that the parties cannot agree on whether there are valid scientific reasons for ceasing the conduct of the Project, the matter shall be escalated in accordance with clause 11.10.

  
 8 

	8.5	The expiration of the Project Period, or the termination of this Agreement under clauses 7, 8.1, 8.2, 8.3 or 8.4 shall mean the termination with effect from the expiry date or (as the case may be) the effective date of
termination of the obligations imposed on the parties under clauses 2 and 3. Clauses 5.1 to 5.3 shall survive for three years after the expiration of the Project Period or (as the case may be) the termination of this Agreement. Clauses 5.6 and 6.5
shall survive for one year (in the case of clause 5.6), and six months (in the case of clause 6.5) after expiration or termination (or for such other period as the parties may agree under clause 6.5), unless it is a case of repudiation by the
Sponsor, of termination by the University under clause 8.1 or termination by the Sponsor under clause 8.4 (in which event clauses 5.6 and 6.5 shall terminate with clauses 2 and 3). The remaining clauses shall survive indefinitely after expiration or
termination. 

  

	9.	LIMITATION OF LIABILITY 

 The University of Oxford will make every effort to perform the Project with
reasonable care and skill. However, the University is a charitable foundation devoted to education and research; and in order to fulfil its legal obligations to protect its assets for the benefit of those objects, the University imposes the
following conditions on the performance of the Project, and the following limits on the University’s liability. 
  

	9.1	The University makes no representation or warranty that advice or information given by the Principal Investigator or any other of its employees, students, agents or appointees who work on the Project, or the content or
use of any materials, works or information provided in connection with the Project, will not constitute or result in infringement of third-party rights. 

  

	9.2	The University accepts no responsibility for any use which may be made of any work carried out under or pursuant to this Agreement, or of the results of the Project, nor for any reliance which may be placed on such work
or results, nor for advice or information given in connection with them. 

  

	9.3	The Sponsor undertakes to make no claim in connection with this Agreement or its subject matter against the Principal Investigator or any other employee, student, agent or appointee of the University (apart from claims
based on fraud, recklessness or wilful misconduct). This undertaking is intended to give protection to individual researchers: it does not prejudice any right which the Sponsor might have to claim against the University. The benefit conferred by
this sub-clause is intended to be enforceable by the persons referred to in it. 

  

	9.4	 Subject to clause 9.6, the liability of either party to the other for any breach of this Agreement, for any negligence, or arising in any other way
out of the subject-matter of this Agreement, the Project or the results will not extend to any indirect damages or losses, or to any loss of profits, loss of revenue, loss of business, loss of data, loss of contracts or

  
 9 

	 	
opportunity, whether direct or indirect; even if, in any such case, the party bringing the claim has advised the other of the possibility of those losses or if they were within the other
party’s contemplation. 

  

	9.5	Subject to Clause 9.6, in order to conserve the assets of the University for application to its charitable purposes the maximum liability of the University to the Sponsor under or otherwise in connection with this
Agreement or its subject matter shall not exceed the return of all moneys provided by the Sponsor under clause 3.1 together with interest on the balance of such moneys from time to time outstanding, accruing from day to day at the Barclays Bank plc
Base Rate from time to time in force and compounded annually as at 31 December. 

  

	9.6	Nothing in this Agreement limits or excludes either party’s liability for: 

  

	 	9.6.1	death or personal injury resulting from negligence; or 

  

	 	9.6.2	any fraud or for any sort of other liability which, by law, cannot be limited or excluded; 

  

	 	9.6.3	wilful misconduct 

  

	9.7	If any sub-clause of this clause 9 is held to be invalid or unenforceable under any applicable statute or rule of law then it shall be deemed to be omitted, and if as a result any party becomes liable for loss or damage
which would otherwise have been excluded then such liability shall be subject to the remaining sub-clauses of this clause 9. 

  

	10.	NOTICES 

 The University’s representative for the purpose of receiving payments,
reports and other notices shall until further notice be: 
 The Director 

Research Services Office 

University Offices 
 Wellington
Square 
 Oxford OX1 2JD 
 with
copies to: 
  

					
	The Administrator	 	And	  	    Professor K. Davies
	Department of Physiology, Anatomy, and Genetics	 		  	     Department of Physiology, Anatomy,

    and Genetics

	University of Oxford	 		  	    University of Oxford
	Le Gros Clark Building	 		  	    Sherrington Building
	South Parks Road	 		  	    South Parks Road
	Oxford	 		  	    Oxford
	OX1 3QX	 		  	    OX1 3QX

  
 10 

 The Sponsor’s representative for the purpose of receiving invoices, reports and other
notices shall until further notice be: 
 The Company Secretary 

Summit Corporation PLC 
 85b Park
Drive 
 Abingdon 
 Oxfordshire

 OX14 4RY 
  

	11.	GENERAL 

  

	11.1	Clause headings are inserted in this Agreement for convenience only, and they shall not be taken into account in the interpretation of this Agreement. 

 

	11.2	Amounts specified for payment in this Agreement are stated exclusive of Valued Added Tax. Whenever the Sponsor is obliged to make a payment to the University under this Agreement which attracts Value Added, sales, use,
excise or other similar taxes or duties, the Sponsor shall be responsible for paying such taxes and duties. 

  

	11.3	If the Sponsor fails to make any payment due to the University under this Agreement then, without prejudice to the University’s other rights and remedies consequent upon breach of this Agreement, the University may
charge interest on the balance outstanding, accruing from day to day at the rate of [**] per cent ([**]%) per annum above the Barclays Bank plc Base Rate from time to time in force and compounded annually as at 31 December. 

 

	11.4	If the performance by either party of any of its obligations under this Agreement (other than an obligation to make payment) shall be prevented by circumstances beyond its reasonable control, then such party shall be
excused from performance of that obligation for the duration of the relevant event. 

  

	11.5	Nothing in this Agreement shall create, imply or evidence any partnership or joint venture between the University and the Sponsor or the relationship between them of principal and agent. 

 

	11.6	Neither the University nor the Sponsor shall use the name or any trademark or logo of the other in any press release or product advertising, or for any other commercial purpose, without the prior written consent of the
other; provided, however, that publication of the sums received from the Sponsor in the University’s Annual Report and similar publications shall not be regarded as a breach of this clause. 

 

	11.7	This Agreement and its five Schedules (which are incorporated into and made a part of this Agreement) constitute the entire agreement between the parties for the Project and no statements or representations made by
either party have been relied upon by the other in entering into this Agreement. Any variation shall be in writing and signed by authorised signatories for both parties. 

  
 11 

	11.8	No one except a party to this Agreement has any right to prevent the amendment of this Agreement or its termination, and no one except a party to this Agreement may enforce any benefit conferred by this Agreement,
unless this Agreement expressly provides otherwise. 

  

	11.9	This Agreement shall be governed by English Law. Subject to clause 11.10, the English Courts shall have exclusive jurisdiction to deal with any dispute which may arise out of or in connection with this Agreement.

  

	11.10	Any dispute, controversy or claim arising under, out of or relating to this Agreement and any subsequent amendments of this Agreement, including, without limitation, its formation, validity, binding effect,
interpretation, performance, breach or termination, as well as non-contractual claims, shall be referred to and finally determined by arbitration in accordance with the WIPO Expedited Arbitration Rules. The place of arbitration shall be London,
England. The language to be used in the arbitral proceedings shall be English. The dispute, controversy or claim shall be decided in accordance with the law of England. 

 

	11.11	If any one or more clauses or sub-clauses of this Agreement would result in this Agreement being prohibited pursuant to any applicable law then it or they shall be deemed to be omitted. The parties shall uphold the
remainder of this Agreement, and shall negotiate an amendment which, as far as legally feasible, maintains the economic balance between the parties. 

  

	11.12	This Agreement may be executed in any number of counterparts, each of which when executed will constitute an original of this Agreement, but all counterparts will together constitute the same agreement. No counterpart
will be effective until each Party has executed at least one counterpart. 

  
 12 

 AS WITNESS the hands of authorised signatories for the parties on the date first mentioned above. 

 

									
	 SIGNED for and on behalf of 

THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
	 		 	 SIGNED for and on behalf of 
  

SUMMIT CORPORATION PLC:

					
	Name:	 	Barbara Murray	 		 	Name:	 	Glyn Edwards
					
	Position:	 	 Head of Research Services
 Science Area

University of Oxford
	 		 	 Position:
  

Signature:
	 	 CEO
  

/s/ Glyn Edwards

					
	Signature:	 	 /s/ Barbara Murray
	 		 		 	
				
	 SIGNED for and on behalf of

ISIS INNOVATION LIMITED
	 		 		 	
					
	Name:	 	Linda Naylor	 		 		 	
					
	Position:	 	 Executive Director
 Isis Innovation Ltd
	 		 		 	
					
	Signature:	 	 /s/ Linda Naylor
	 		 		 	

 SCHEDULES 
  

	1.	Description of the Project 

  

	2.	Project Management 

  

	3.	Payment schedule 

  

	4.	The Licence (Background Know How) 

  

	5.	Option Agreement (Arising IPR) 

  
 13 

 SCHEDULE 1 

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. A total of three pages were omitted. [**] 

  
 14 

 SCHEDULE 2 

Project Management and Governance 
  

	0.	Definitions 

  

	0.1	“RMT” shall mean the Research Management Team 

  

	0.2	“JSC” shall mean the Joint Steering Committee 

  

	1.	Provision of Information 

  

	1.1	The RMT shall provide to the JSC quarterly written reports containing such information as the JSC may reasonably request and that the members of the JSC are entitled to acquire under this Agreement. 

 

	1.2	The University through the Principal Investigators shall notify the Sponsor and the JSC within [**] business days if it believes it has created Arising Intellectual Property as a result of the performance of the Project
and shall provide to the Sponsor and the JSC all information it has regarding such Arising Intellectual Property. 

  

	1.3	Upon reasonable request by the Sponsor, the University shall provide to the Sponsor at the Sponsor’s expense all raw data, photocopies of laboratory notebooks, protocols, structures, markush structures, and any
other data created during the performance of the Project and whether or not in machine readable form. For the avoidance of doubt, the use of such information is subject to the terms of the Agreement and such information shall be considered the
Confidential Information of the University. 

  

	2.	RMT 

  

	2.1	The Parties shall establish and maintain for the duration of the Project Period a RMT. Save as follows, the RMT shall comprise Dr. Jon Tinsley, Chief Scientific Officer, DMD and Dr. Francis Wilson, Head of
Chemistry from the Sponsor and Professor Kay Davies and Dr. Angela Russell from the University. Each party shall be entitled to replace its members on the RMT with equivalentty qualified and experienced persons. The parties agree that
Dr. Alfred Ajami shall be appointed as an independent member of the RMT. 

  

	2.2	The RMT shall meet every [**] weeks, either face to face, by conference call or by videoconference. RMT meetings will be co-chaired by Professor Kay Davies and Dr. Jon Tinsley. Each of the University and Sponsor
agree that any number of observers may attend RMT meetings. Observers may include members of the Principal Investigators’ research groups, Summit employees, and in line with the University of Oxford’s Conflicts of Interest Policy, the
respective Heads of Departments of DPAG and Chemistry or their nominees. For the avoidance of doubt, the conduct of the RMT shall be under the terms of the Agreement including but not limited to clause 4 and any Confidential Information disclosed by
one Party to the other during the course of any RMT meeting shall be treated in accordance with clause 4. 

  
 15 

	2.3	The functions of the RMT shall be:- 

  

	 	2.3.1	to ensure timely execution of the research plan and budget and the interchange of information and ideas between the University and Sponsor such that are relevant to the Project; 

 

	 	2.3.2	to provide day to day oversight of the Project; and 

  

	 	2.3.3	to make decisions regarding the appointment of third party contractors and placing of work orders to assist with the performance of the Project. 

 

	2.4	Save as expressly provided in the following sentence, the RMT shall not have the right to amend research plan without prior recourse to the JSC. 

 

	3.	JSC 

  

	3.1	The Parties shall throughout the Project Period maintain in existence a Joint Steering Committee (the “JSC”) to oversee the performance of the Project. 

 

	3.2	The JSC shall: 

  

	 	3.2.1	have the right to agree any amendment to the Project, such right to be subject to formal written agreement where required between the Parties in accordance with clause 11.7 of this Agreement; and 

 

	 	3.2.2	direct, manage and monitor the RMT; and 

  

	 	3.2.3	review the progress of the Project and make any decisions required, and recommend to the Parties whether the Parties should continue to participate in the Project; 

 

	 	3.2.4	make recommendations to the Sponsor upon whether any patents can be sought in relation to any of the Arising Intellectual Property or Improvements; and 

 

	 	3.2.5	provide strategic oversight of the performance of the Project; and 

  

	 	3.2.6	propose to the Parties amendments to this Agreement from time to time as may be necessary or desirable to give effect to this Agreement, such amendments to be subject to formal written agreement where required between
the Parties in accordance with clause 11.7 of this Agreement; and 

  

	 	3.2.7	 The University will within [**] days of submission of any grant application made by the Principal Investigators that relate to the Project, provide to
the JSC the terms and conditions of any potential grant awards that may be made subject to such grant application. If such terms are prejudicial to the rights granted to the Sponsor under the Share Purchase Agreement, Licence Agreement and Option
Agreement., the University will discuss such potential conflict(s) with Sponsor and Principal 

  
 16 

	 	
Investigators and the University and Sponsor shall use reasonable endeavours to seek a resolution to such potential conflict(s) so that the award may be made and accepted by the University
without prejudice to Sponsor’s exclusive rights under the Share Purchase Agreement, Licence Agreement and Option Agreement. 

  

	3.3	The JSC shall be established and run by the Parties as follows 

  

	 	3.3.1	The JSC shall comprise a total of four (4) members (“Members”) comprising two (2) appointees from the Sponsor and one (1) for the University and one for Isis. The initial Members appointed by
the Parties shall be as follows 

  

					
	Sponsor	  	Isis	  	University
	Dr Andrew Mulvaney	  	Dr. Carolyn Porter	  	Professor Tim Donohoe
	Dr. Michael Boss	  		  	

  

	 	3.3.2	Each Party may invite observers to meetings of the JSC. A Party inviting any such observer shall ensure that it uses reasonable efforts to ensure that the other Parties are advised at least [**] Business Days prior to
the relevant meeting of the identity of the observer and that such observers are bound by obligations of confidentiality no less onerous than those imposed by this Agreement. Such observers shall not be counted towards any assessment of quorum for
the purpose of Clause 3.3.7 below and shall not be entitled to participate in any decision making or voting. 

  

	 	3.3.3	Each Party shall be entitled to remove any Member appointed by it and to appoint any person to fill a vacancy arising from the removal or retirement of such Member. Each Party shall give the other Parties, prior written
notice of any proposed changes in the identity of any of their Members. 

  

	 	3.3.4	Without prejudice to Clause 3.3.5 below, the JSC shall meet as soon as reasonably practicable following the Effective Date and thereafter shall hold regular meetings at intervals of [**] months throughout the Project
Period, in each case at dates and times to be mutually agreed. 

  

	 	3.3.5	It is understood and agreed by the Parties that in order to ensure that the performance of the Project operates optimally, the JSC may need to operate occasionally on a highly responsive basis and consider and make
decisions on an ad-hoc basis as required from time to time and as appropriate the Parties shall use their reasonable efforts to ensure that Members are available to take decisions at short notice. 

 

	 	3.3.6	Provided that at least [**] meetings are held face-to-face [**] during the Project Period, meetings of the JSC may be held (at the request of any Party) by teleconference or other electronic means. In the case of
meetings at which Members are physically present the venue for all meetings shall unless otherwise agreed by the Parties alternate between the premises of the University and the Sponsor. 

  
 17 

	 	3.3.7	Provided always that at least two (2) Members, including one Member appointed by each of the University and the Sponsor are present throughout a meeting, the quorum for meetings of JSC shall be two
(2) Members. 

  

	 	3.3.8	Decisions of the JSC shall be made by unanimous agreement of the Members present. In the event of a vote at a meeting of the JSC, the University and Isis shall each have one (1) vote and the Sponsor shall have two
(2) votes. Should it prove impossible to obtain unanimous agreement, the matter shall be referred for discussion between Sponsor’s CEO and the Head of the Department of Physiology, Anatomy and Genetics and the Chairman of Chemistry.

  

	 	3.3.9	The functions of chairperson and secretary (responsible for preparing the minutes of each meeting of the JSC) shall alternate between the Members of the University and the Sponsor. The minutes of each meeting of the JSC
shall be sent to each of the Members within [**] Business Days of each meeting. In the case of any amendment to the Project approved by the JSC pursuant to Clause 6, the Parties shall update the Project in Schedule 1. 

  
 18 

 SCHEDULE 3 

Payment Schedule 
  

					
	 Date for Payment by the Sponsor
	  	Amount (excluding VAT1):
£sterling	 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
		  	  
	  
	 
	 TOTAL PAYABLE
	  	 	1,537,372	  
		  	  
	  
	 

 The University shall invoice the Sponsor on the dates listed above, and the Sponsor shall pay within [**] days. 

 

			
	Payments shall quote reference	  	[**]
		
	Bank detail for payment:	  	
		
	Name of Bank:	  	[**]
		
	Sortcode:	  	[**]
		
	Address:	  	[**]
		
	Account Name:	  	[**]

  

	1 	VAT will be added when chargeable. 

  
 19 

			
	Account No.:	  	[**]
		
	SWIFT address:	  	[**]
		
	IBAN	  	[**]

 The University of Oxford’s VAT number is [**] 

  
 20 

 SCHEDULE 4: 

The Licence (Background Know How) 

Incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement on Form F-1 

  
 21 

 SCHEDULE 5 

Exclusive Option Agreement 
 Incorporated
by reference to Exhibit 10.7 of the Company’s Registration Statement on Form F-1 

  
 22

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