Document:

Depository Agreement

 Exhibit 4.2 
  

 MERRION PHARMACEUTICALS PLC 
 AND 
 THE BANK OF NEW YORK 
 As Depositary 
 AND 
 OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 
 Dated as of                     , 2007

  

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1.
	    	DEFINITIONS	  	1
			
	 SECTION 1.01
	    	American Depositary Shares	  	1
	 SECTION 1.02
	    	Commission	  	2
	 SECTION 1.03
	    	Company	  	2
	 SECTION 1.04
	    	Custodian	  	2
	 SECTION 1.05
	    	Deliver; Surrender	  	2
	 SECTION 1.06
	    	Deposit Agreement	  	3
	 SECTION 1.07
	    	Depositary; Corporate Trust Office	  	3
	 SECTION 1.08
	    	Deposited Securities	  	3
	 SECTION 1.09
	    	Dollars	  	3
	 SECTION 1.10
	    	DTC	  	3
	 SECTION 1.11
	    	Foreign Registrar	  	3
	 SECTION 1.12
	    	Holder	  	3
	 SECTION 1.13
	    	Owner	  	4
	 SECTION 1.14
	    	Receipts	  	4
	 SECTION 1.15
	    	Registrar	  	4
	 SECTION 1.16
	    	Restricted Securities	  	4
	 SECTION 1.17
	    	Securities Act of 1933	  	4
	 SECTION 1.18
	    	Shares	  	4
			
	 ARTICLE 2.
	    	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	  	5
			
	 SECTION 2.01
	    	Form of Receipts; Registration and Transferability of American Depositary Shares	  	5
	 SECTION 2.02
	    	Deposit of Shares	  	6
	 SECTION 2.03
	    	Delivery of American Depositary Shares	  	7
	 SECTION 2.04
	    	Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares	  	7
	 SECTION 2.05
	    	Surrender of American Depositary Shares and Withdrawal of Deposited Securities	  	8
	 SECTION 2.06
	    	Limitations on Delivery, Transfer and Surrender of American Depositary Shares	  	9
	 SECTION 2.07
	    	Lost Receipts, etc.	  	10
	 SECTION 2.08
	    	Cancellation and Destruction of Surrendered Receipts	  	10
	 SECTION 2.09
	    	Pre-Release of American Depositary Shares	  	10

  

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	 SECTION 2.10
	    	DTC Direct Registration System and Profile Modification System	  	11
			
	 ARTICLE 3.
	    	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	  	12
			
	 SECTION 3.01
	    	Filing Proofs, Certificates and Other Information	  	12
	 SECTION 3.02
	    	Liability of Owner for Taxes	  	12
	 SECTION 3.03
	    	Warranties on Deposit of Shares	  	12
			
	 ARTICLE 4.
	    	THE DEPOSITED SECURITIES	  	13
			
	 SECTION 4.01
	    	Cash Distributions	  	13
	 SECTION 4.02
	    	Distributions Other Than Cash, Shares or Rights	  	13
	 SECTION 4.03
	    	Distributions in Shares	  	14
	 SECTION 4.04
	    	Rights	  	14
	 SECTION 4.05
	    	Conversion of Foreign Currency	  	16
	 SECTION 4.06
	    	Fixing of Record Date	  	17
	 SECTION 4.07
	    	Voting of Deposited Securities	  	17
	 SECTION 4.08
	    	Changes Affecting Deposited Securities	  	18
	 SECTION 4.09
	    	Reports	  	18
	 SECTION 4.10
	    	Lists of Owners	  	19
	 SECTION 4.11
	    	Withholding	  	19
			
	 ARTICLE 5.
	    	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	  	19
			
	 SECTION 5.01
	    	Maintenance of Office and Transfer Books by the Depositary	  	19
	 SECTION 5.02
	    	Prevention or Delay in Performance by the Depositary or the Company	  	20
	 SECTION 5.03
	    	Obligations of the Depositary, the Custodian and the Company	  	21
	 SECTION 5.04
	    	Resignation and Removal of the Depositary	  	21
	 SECTION 5.05
	    	The Custodians	  	22
	 SECTION 5.06
	    	Notices and Reports	  	23
	 SECTION 5.07
	    	Distribution of Additional Shares, Rights, etc.	  	23
	 SECTION 5.08
	    	Indemnification	  	24
	 SECTION 5.09
	    	Charges of Depositary	  	24
	 SECTION 5.10
	    	Retention of Depositary Documents	  	25
	 SECTION 5.11
	    	Exclusivity	  	25
	 SECTION 5.12
	    	List of Restricted Securities Owners	  	26

  

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	 ARTICLE 6.
	    	AMENDMENT AND TERMINATION	  	26
			
	 SECTION 6.01
	    	Amendment	  	26
	 SECTION 6.02
	    	Termination	  	26
			
	 ARTICLE 7.
	    	MISCELLANEOUS	  	27
			
	 SECTION 7.01
	    	Counterparts	  	27
	 SECTION 7.02
	    	No Third Party Beneficiaries	  	28
	 SECTION 7.03
	    	Severability	  	28
	 SECTION 7.04
	    	Owners and Holders as Parties; Binding Effect	  	28
	 SECTION 7.05
	    	Notices	  	28
	 SECTION 7.06
	    	Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver	  	29
	 SECTION 7.07
	    	Waiver of Immunities	  	30
	 SECTION 7.08
	    	Governing Law	  	30

  

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 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT dated as of                     , 2007, among MERRION PHARMACEUTICALS PLC, a company
incorporated under the laws of Ireland (herein called the Company), THE BANK OF NEW YORK, a New York banking corporation (herein called the Depositary), and all Owners and Holders from time to time of American Depositary Shares issued hereunder.

 WITNESSETH: 
 WHEREAS, the
Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the
Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American
Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto as follows: 
  

			
	ARTICLE 1.	  	DEFINITIONS

 The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the
respective terms used in this Deposit Agreement: 
 SECTION 1.01 American Depositary Shares. 
 The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to the
Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the
Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply
to both certificated and uncertificated American Depositary Shares. Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, until there shall occur a distribution upon Deposited
Securities covered by Section 4.03 or a change in Deposited Securities covered by Section 4.08 with respect to which additional American Depositary Shares are not delivered, and thereafter American Depositary Shares shall represent the
amount of Shares or Deposited Securities specified in such Sections. 

 SECTION 1.02 Commission. 
 The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United
States. 
 SECTION 1.03 Company. 
 The term “Company” shall mean Merrion Pharmaceuticals plc, a company incorporated under the laws of Ireland, and its successors. 
 SECTION 1.04 Custodian. 
 The term “Custodian” shall mean the principal Dublin Office of Bank of Ireland, as agent
of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.05, as substitute or additional custodian or custodians
hereunder, as the context shall require and shall also mean all of them collectively. 
 SECTION 1.05 Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry
transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical
transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 
 (b) The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) book-entry transfer of
American Depositary Shares to an account at DTC designated by the person entitled to such delivery, evidencing American Depositary Shares registered in the name requested by that person, (ii) registration of American Depositary Shares not
evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that registration or (iii) if requested by the person entitled to such
delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more Receipts. 
 (c)
The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at 

  

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its Corporate Trust Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at
its Corporate Trust Office of one or more Receipts evidencing American Depositary Shares. 
 SECTION 1.06 Deposit Agreement.

 The term “Deposit Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the
provisions hereof. 
 SECTION 1.07 Depositary; Corporate Trust Office. 
 The term “Depositary” shall mean The Bank of New York, a New York banking corporation, and any successor as depositary hereunder. The term
“Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Deposit Agreement is 101 Barclay Street, New York, New York 10286. 
 SECTION 1.08 Deposited Securities. 
 The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement, including without limitation Shares that have not been successfully delivered upon
surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time held under this Deposit Agreement, subject as to cash to the provisions of
Section 4.05. 
 SECTION 1.09 Dollars. 
 The term “Dollars” shall mean United States dollars. 
 SECTION 1.10 DTC. 
 The term “DTC” shall mean The Depository Trust Company or its successor. 
 SECTION 1.11 Foreign Registrar. 
 The
term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other agent of the Company for the transfer and registration of Shares,
including without limitation any securities depository for the Shares. 
 SECTION 1.12 Holder. 
 The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for
its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 
  

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 SECTION 1.13 Owner. 
 The term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for such purpose. 
 SECTION 1.14 Receipts. 
 The term
“Receipts” shall mean the American Depositary Receipts issued hereunder evidencing certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions hereof. 
 SECTION 1.15 Registrar. 
 The term
“Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, that is appointed by the Depositary to register American Depositary Shares and transfers of American Depositary Shares as
herein provided. 
 SECTION 1.16 Restricted Securities. 
 The term “Restricted Securities” shall mean Shares, or American Depositary Shares representing Shares, that are acquired directly or indirectly from the Company or its affiliates (as defined in Rule 144
under the Securities Act of 1933) in a transaction or chain of transactions not involving any public offering, or that are subject to resale limitations under Regulation D under the Securities Act of 1933 or both, or which are held by an officer,
director (or persons performing similar functions) or other affiliate of the Company, or that would require registration under the Securities Act of 1933 in connection with the offer and sale thereof in the United States, or that are subject to
other restrictions on sale or deposit under the laws of the United States or Ireland, or under a shareholder agreement or the articles of association or similar document of the Company. 
 SECTION 1.17 Securities Act of 1933. 
 The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended. 
 SECTION 1.18 Shares. 
 The term “Shares” shall mean ordinary shares of the Company that are validly issued and
outstanding and fully paid, nonassessable and that were not issued in 

  

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violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall
occur any change in nominal value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.08, an exchange or conversion in respect of the Shares of the Company, the term
“Shares” shall thereafter also mean the successor securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion. 
  

			
	ARTICLE 2.	  	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 SECTION 2.01 Form of Receipts; Registration and Transferability of American Depositary
Shares. 
 Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been (i) executed
by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or a Registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered and (y) all American
Depositary Shares delivered as hereinafter provided and all registrations of transfer of American Depositary Shares shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary
shall, subject to the other provisions of this paragraph, bind the Depositary, notwithstanding that such person was not a proper officer of the Depositary on the date of issuance of that Receipt. 
 The Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions
of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed
or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

American Depositary Shares evidenced by a Receipt, when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as
certificated registered securities under the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The Depositary, notwithstanding any notice
to 

  

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the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this
Deposit Agreement to any Holder of American Depositary Shares unless that Holder is the Owner of those American Depositary Shares. 
 SECTION
2.02 Deposit of Shares. 
 Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive
Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian, together with all such certifications as may be
required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary requires, together with a written order directing the Depositary to deliver to, or upon the written order of, the person
or persons stated in such order, the number of American Depositary Shares representing such deposit. 
 No Share shall be accepted for
deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in Ireland that is then performing the function of the regulation of currency exchange. If required by the
Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to
the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property which any person in whose name the Shares are or have been recorded may thereafter
receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
 At the request and risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive certificates for Shares to be deposited, together with the other
instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit hereunder. 
 Upon each
delivery to a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the other documents specified above, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate
or certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
  

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 Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order
of the Depositary or at such other place or places as the Depositary shall determine. 
 SECTION 2.03 Delivery of American Depositary
Shares. 
 Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder, together with the other documents
required as specified above, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof and the number of American Depositary
Shares to be so delivered. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission (and in addition, if the transfer books of the Company or the
Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company or the Foreign Registrar that any Deposited Securities have been recorded upon the books of the
Company or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee). Upon receiving such notice from such Custodian, or upon the receipt of Shares or evidence of the right to receive Shares
by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that
deposit, but only upon payment to the Depositary of the fees and out-of-pocket expenses of the Depositary for the delivery of such American Depositary Shares as provided in Section 5.09, and of all taxes and governmental charges and fees
payable in connection with such deposit and the transfer of the Deposited Securities. 
 SECTION 2.04 Registration of Transfer of American
Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 
 The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall register transfers of American Depositary Shares on its transfer books from time to time, upon (i) in the case of certificated American Depositary Shares,
surrender of the Receipt evidencing those American Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American
Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required by the laws of the
State of New York and of the United States of America. Thereupon the Depositary shall deliver those American Depositary Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a 

  

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split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares
requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and send the Owner a statement confirming that the Owner
is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from
the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated
American Depositary Shares. 
 The Depositary, may, upon at least 20 days’ prior notice to the Company, appoint one or more co-transfer
agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. Such co-transfer agents may be removed, and
substitutes appointed by the Depositary, upon at least 20 days’ prior notice to the Company. The Depositary shall require each co-transfer agent that it appoints to give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of this Deposit Agreement. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to
American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. 
 SECTION 2.05
Surrender of American Depositary Shares and Withdrawal of Deposited Securities. 
 Upon surrender at the Corporate Trust Office of the
Depositary of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.09
and payment of all taxes and governmental charges payable in connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares
shall be entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 

A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of
transfer in blank. The Depositary may require the surrendering Owner to execute and 

  

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deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this Deposit
Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American Depositary Shares, except that the
Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by those American Depositary Shares, or of any proceeds of
sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 
 At the request, risk and expense of any
Owner so surrendering American Depositary Shares, and for the account of such Owner, the Depositary shall direct the Custodian to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates, if
applicable, and other proper documents of title for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by
letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission. 
 SECTION 2.06 Limitations on
Delivery, Transfer and Surrender of American Depositary Shares. 
 As a condition precedent to the delivery, registration of transfer, or
surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt
or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness
of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.06. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the transfer
of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if
any such action is 

  

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deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of
outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if
applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or
governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares
which would be required to be registered under the provisions of the Securities Act of 1933 for public offer and sale in the United States unless a registration statement is in effect as to such Shares for such offer and sale. 
 SECTION 2.07 Lost Receipts, etc. 
 In
case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new
Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall deliver American Depositary Shares in
uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the
Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION 2.08 Cancellation and Destruction of Surrendered Receipts. 
 All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled. 
 SECTION 2.09 Pre-Release of American Depositary Shares. 
 Notwithstanding Section 2.03, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.05,
deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been
Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. 

  

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Each Pre-Release will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be
delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary reasonably deems
appropriate, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares represented by
American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed ten percent (10%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to
disregard such limit from time to time as it reasonably deems appropriate and may, with the prior consent of the Company, change that limit for purposes of general application. 
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
 The Company shall have no liability to any Owner in connection with any Pre-Release. 
 SECTION 2.10 DTC Direct Registration System and Profile Modification System. 
 (a) Notwithstanding the provisions of Section 2.04, the parties acknowledge that the Direct Registration System (“DRS”) and Profile
Modification System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of
uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on
behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register such transfer. 
 (b) In connection with and in
accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in
requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the
provisions of Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and
in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary. 
  

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	ARTICLE 3.	  	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 SECTION 3.01 Filing Proofs, Certificates and Other Information. 
 Any person presenting Shares for deposit or any Owner or holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and
warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds
thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such representations and warranties made. 
 SECTION 3.02 Liability of Owner for Taxes. 
 If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other
governmental charge shall be payable by the Owner of such American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by
those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner thereof any part or all of the Deposited Securities represented by those American Depositary
Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner of such American Depositary Shares shall remain liable for any deficiency. 
 SECTION 3.03 Warranties on Deposit of Shares. 
 Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any
preemptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of American Depositary
Shares representing such Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

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	 ARTICLE 4.
	  	THE DEPOSITED SECURITIES

 SECTION 4.01 Cash Distributions. 
 Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.05, as promptly as practicable, convert such dividend or distribution into Dollars and shall distribute, as promptly as practicable, the amount thus received (net of the fees and out-of-pocket expenses of the Depositary
as provided in Section 5.09) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that in the event that the
Custodian or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owner of the American
Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional
amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate governmental agency in Ireland all amounts withheld and owing to such agency. The Depositary
will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies, and the Depositary or the Company or its agent
may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners. 
 SECTION 4.02 Distributions
Other Than Cash, Shares or Rights. 
 Subject to the provisions of Sections 4.11 and 5.09, whenever the Depositary shall receive any
distribution other than a distribution described in Section 4.01, 4.03 or 4.04, the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and
out-of-pocket expenses of the Depositary or any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary may
deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason
(including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order to be
distributed to Owners or holders) the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to,
the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and 

  

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out-of-pocket expenses of the Depositary as provided in Section 5.09) shall be distributed by the Depositary to the Owners entitled thereto, all in the
manner and subject to the conditions described in Section 4.01. The Depositary may withhold any distribution of securities under this Section 4.02 if it has not received satisfactory assurances from the Company that the distribution does
not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.02 that is sufficient to pay it fees and
expenses in respect of that distribution. 
 SECTION 4.03 Distributions in Shares. 
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners
entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as such
dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and after deduction or upon issuance of American Depositary Shares, including the withholding of any tax or other
governmental charge as provided in Section 4.11 and the payment of the fees and reasonable out-of-pocket expenses of the Depositary as provided in Section 5.09 (and the Depositary may sell, by public or private sale, an amount of the
Shares received sufficient to pay its fees and expenses in respect of that distribution). The Depositary may withhold any such delivery of American Depositary Shares if it has not received satisfactory assurances from the Company that such
distribution does not require registration under the Securities Act of 1933. In lieu of delivering fractional American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions
and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.01. No distributions to Owners pursuant to this Section 4.03 shall be unreasonably delayed by the actions of the Depositary or its
agent. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
 SECTION 4.04 Rights. 
 In the event
that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed
in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not
either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary reasonably
determines that it is lawful 

  

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and feasible to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it reasonably
determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In circumstances in which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to
exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its
sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to
such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the
exercise of the rights, and upon payment of the fees and out-of-pocket expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and
purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to
Section 2.02 of this Deposit Agreement, and shall, pursuant to Section 2.03 of this Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this Section, such
deposit shall be made, and depositary shares shall be delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable
United States laws. 
 If the Depositary reasonably determines that it is not lawful and feasible to make such rights available to all or
certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the
net proceeds of such sales (net of the fees and reasonable out-of-pocket expenses of the Depositary as provided in Section 5.09 and all taxes and governmental charges payable in connection with such rights and subject to the terms and
conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any American Depositary Shares or otherwise. 
  

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 The Depositary will not offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided, that nothing in this Deposit Agreement shall create
any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner requests the distribution of
warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United
States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
 SECTION 4.05 Conversion of Foreign Currency. 
 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign
currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall, as promptly as practicable, convert or cause to be converted
by sale or in any other manner that it may determine such foreign currency into Dollars, and such Dollars shall be distributed as promptly as practicable to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or
other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without
regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in
Section 5.09. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency
thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government
or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary
may distribute the foreign currency (or an appropriate document evidencing 

  

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the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
 SECTION 4.06 Fixing of Record Date. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall
receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
shall find it necessary or convenient, the Depositary shall fix a record date (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof,
(ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee or charge assessed by the Depositary pursuant to this Deposit Agreement, or (b) on or after which each American
Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case may
be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively and
to give voting instructions and to act in respect of any other such matter. 
 SECTION 4.07 Voting of Deposited Securities.

 Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the
Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion of the Depositary, which shall contain (a) such information as is contained in such notice of meeting received
by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Irish law and of the articles of association or similar documents of
the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner
in which such instructions may be given. Upon the written request of an Owner 

  

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of American Depositary Shares on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall
endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by those American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall
not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior to the instruction cutoff date to ensure that the Depositary
will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 
 In order to give
Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the Company will request the Depositary to act under this Section 4.07, the Company shall give the Depositary
notice of any such meeting and details concerning the matters to be voted upon not less than 45 days prior to the meeting date. 
 SECTION
4.08 Changes Affecting Deposited Securities. 
 Upon any change in nominal value, change in par value, split-up, consolidation or any
other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, or upon the redemption or cancellation by the Company of the
Deposited Securities, any securities, cash or property which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities, shall be treated as new Deposited Securities under
this Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional American Depositary Shares are
delivered pursuant to the following sentence. In any such case the Depositary may deliver additional American Depositary Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new
Receipts specifically describing such new Deposited Securities. 
 SECTION 4.09 Reports. 
 The Depositary shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy
solicitation material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary
shall also, upon written request by the Company, send to the Owners copies of such reports when furnished by the Company pursuant to Section 5.06. Any such reports and communications, including 

  

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any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English, to the extent such materials are required to be
translated into English pursuant to any regulations of the Commission. 
 SECTION 4.10 Lists of Owners. 
 Promptly upon request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names,
addresses and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on the books of the Depositary. 
 SECTION 4.11 Withholding. 
 In the event that the Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 
 The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies,
and the Depositary may make and maintain arrangements intended to enable Owners that are citizens or residents of the United States to receive any tax credits or other benefits (pursuant to treaty or otherwise) relating to dividend payments on the
Deposited Securities. 
  

			
	 ARTICLE 5.
	  	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary. 
 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York,
facilities for the execution and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of American Depositary
Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company
or a matter related to this Deposit Agreement or the American Depositary Shares. 
  

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 The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by
it in connection with the performance of its duties hereunder. 
 The Company shall have the right, at all reasonable times, to inspect the
transfer and registration records of the Depositary, the Registrar and any co-transfer agents or co-registrars and to require them to supply copies of such portion of those records as the Company may reasonably request. 
 If any American Depositary Shares are listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar or appoint a
Registrar or one or more co-registrars for registry of such American Depositary Shares in accordance with any requirements of such exchange or exchanges. 
 SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Company. 
 Neither the
Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder (i) if by reason of any provision of any present or future law or regulation of the United States
or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any
securities issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or
forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities it is provided shall be done or performed, (ii) by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of, or failure to
exercise, any discretion provided for in this Deposit Agreement, (iv) for the inability of any Owner or holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is
not, under the terms of this Deposit Agreement, made available to Owners or holders, or (v) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution pursuant
to Section 4.01, 4.02 or 4.03, or an offering or distribution pursuant to Section 4.04, or for any other reason, such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or
offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. 
  

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 SECTION 5.03 Obligations of the Depositary, the Custodian and the Company. 
 The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company
agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 The Depositary assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary
agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 Neither the Depositary
nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other
person. 
 Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information. 
 The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary. 
 The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
 No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement. 
 SECTION 5.04 Resignation and Removal of the Depositary. 
 The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its
acceptance of such appointment as hereinafter provided. 
  

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 The Depositary may at any time be removed by the Company by 90 days prior written notice of such removal,
to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due
it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the
Deposited Securities to such successor and shall deliver to such successor as promptly as practicable a current and accurate list of the Owners of all outstanding Receipts, together with any materials, data or computer records reasonably necessary
for such successor to perform its obligations under this Deposit Agreement. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 
 Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.05 The Custodians. 
 The
Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to
the Depositary at least 30 days prior to the date on which such resignation is to become effective. If upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a
substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. The Depositary in its discretion may appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians
hereunder. Upon demand of the Depositary any Custodian shall deliver such of the Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or
additional custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. 
 Upon the appointment of any successor depositary hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or

  

 22 

 
writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of each
Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete
power and authority as agent hereunder of such successor depositary. As promptly as practicable after any change in Custodians, the Depositary shall give notice thereof to the Company. 
 SECTION 5.06 Notices and Reports. 
 On
or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any
cash or other distributions or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities.

 The Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulations
of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications which are made generally available by the Company to holders of its Shares. If requested in
writing by the Company, the Depositary will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and communications to all Owners. The Company will timely provide the Depositary with the quantity of such
notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 
 SECTION 5.07 Distribution of Additional Shares, Rights, etc. 
 If the Company or any affiliate of the Company determines to
make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company
shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written opinion from
U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating whether or not the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933. If, in the opinion of
that counsel, the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a written opinion as to whether or not there is a registration
statement under the Securities Act of 1933 in effect that will cover that Distribution. 
  

 23 

 The Company agrees with the Depositary that neither the Company nor any company controlled by,
controlling or under common control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such
Shares under the Securities Act of 1933 or the Company delivers to the Depositary an opinion of United States counsel, satisfactory to the Depositary, to the effect that, upon deposit, those Shares will be eligible for public resale in the United
States without further registration under the Securities Act of 1933. 
 SECTION 5.08 Indemnification. 
 The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to fees and out-of-pocket expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) which may arise out of or in connection with
(a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of or in connection with this
Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability
or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 
 The Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to the reasonable fees and expenses of
counsel) which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 
 SECTION 5.09 Charges of Depositary. 
 The Company agrees to pay the fees and out-of-pocket expenses of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the Company from time to time. 
 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery
of American Depositary Shares pursuant to Section 4.03), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on
the Share register of the 

  

 24 

 
Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on
the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 and the surrender of
American Depositary Shares pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to
Sections 4.01 through 4.04 hereof, (7) a fee for the distribution of securities pursuant to Section 4.02, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which
would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition
to any fee charged under clause 6, a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary services, which will accrue on the last day of each calendar year and which will be payable as provided in clause 9 below and
(9) any other charges payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge
shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from
one or more cash dividends or other cash distributions). 
 The Depositary, subject to Section 2.09 hereof, may own and deal in any
class of securities of the Company and its affiliates and in American Depositary Shares. 
 SECTION 5.10 Retention of Depositary
Documents. 
 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this
Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Company requests that such papers be retained for a longer period or turned over to the Company or to a successor depositary. 
 SECTION 5.11 Exclusivity. 
 The
Company agrees not to appoint any other depositary for issuance of American or global depositary shares or receipts so long as The Bank of New York is acting as Depositary hereunder. 
  

 25 

 SECTION 5.12 List of Restricted Securities Owners. 
 From time to time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who
beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are ineligible for deposit hereunder.
The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  

			
	 ARTICLE 6.
	  	AMENDMENT AND TERMINATION

 SECTION 6.01 Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners or holders in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary
Shares until the expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every Owner and holder, at the time any amendment so becomes effective, shall be deemed, by
continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to
surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 
 SECTION 6.02 Termination. 
 The
Company may at any time terminate this Deposit Agreement by instructing the Depositary to mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such
notice. The Depositary may likewise terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and
accepted its appointment as provided in Section 5.04; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the
date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c)
payment of any 

  

 26 

 
applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those
American Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to
Deposited Securities, shall sell rights and other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner
of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). 
 At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds
of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have not theretofore been surrendered, such Owners
thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except to account for such net proceeds and other
cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit
Agreement, and any applicable taxes or governmental charges. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under
Sections 5.08 and 5.09. The obligations of the Depositary under Section 5.08 shall survive the termination of this Deposit Agreement. 
  

			
	 ARTICLE 7.
	  	MISCELLANEOUS

 SECTION 7.01 Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall
constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during business hours. 
  

 27 

 SECTION 7.02 No Third Party Beneficiaries. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person. 
 SECTION 7.03 Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION 7.04 Owners and Holders as Parties; Binding Effect. 
 The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of American Depositary Shares or any
interest therein. 
 SECTION 7.05 Notices. 
 Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to Biotechnology
Building, Trinity College Dublin, Dublin 2, Ireland, Attention:
                                        ,
Facsimile:                         , or any other place to which the Company may have transferred its principal office
with notice to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if in English and
personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt
Administration, or any other place to which the Depositary may have transferred its Corporate Trust Office with notice to the Company. 
 Any
and all notices to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the address of such Owner as it
appears on the transfer books for American Depositary Shares of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated
in such request. 
 Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time
when a duly addressed letter containing the 

  

 28 

 
same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The
Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
 SECTION 7.06 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver. 
 The Company hereby (i) irrevocably designates and appoints
                                        
                                        
                , in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or
proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon
the execution and delivery of this Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as
may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force. In the event the Company fails to continue such
designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the
Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 
 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES, THIS DEPOSIT AGREEMENT OR THE RECEIPTS, OR ANY
TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
  

 29 

 SECTION 7.07 Waiver of Immunities. 
 To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction
in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 
 SECTION 7.08 Governing Law. 
 This
Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York, except with respect to its authorization and execution by the
Company, which shall be governed by the laws of Ireland. 
  

 30 

 IN WITNESS WHEREOF, MERRION PHARMACEUTICALS PLC and THE BANK OF NEW YORK have duly executed this
Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 
  

			
	 MERRION PHARMACEUTICALS PLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 THE BANK OF NEW YORK,
as Depositary

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 31 

 EXHIBIT A 
  

			
		  	AMERICAN DEPOSITARY SHARES
		  	(Each American Depositary Share represents one deposited Share)

 THE BANK OF NEW YORK 
 AMERICAN DEPOSITARY RECEIPT 
 FOR ORDINARY SHARES OF 
 THE PAR VALUE OF EURO 0.01 EACH OF 
 MERRION PHARMACEUTICALS PLC 
 (INCORPORATED UNDER THE LAWS OF IRELAND) 
 The
Bank of New York, as depositary (hereinafter called the “Depositary”), hereby certifies that
                                        
                                        
                                        
                                    , or registered assigns IS THE
OWNER OF
                                        
         
 AMERICAN DEPOSITARY SHARES 
 representing deposited ordinary shares (herein called “Shares”) of Merrion Pharmaceuticals plc, incorporated under the laws of Ireland (herein called the
“Company”). At the date hereof, each American Depositary Share represents one Share deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) at the principal Dublin office of Bank of Ireland (herein
called the “Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its
principal executive office is located at One Wall Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS

 101 BARCLAY STREET, NEW YORK, N.Y. 10286 
  

 2 

	1.	THE DEPOSIT AGREEMENT. 

 This American Depositary Receipt
is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
                    , 2007 (herein called the “Deposit Agreement”), by and among the Company, the Depositary, and all Owners and
holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets
forth the rights of Owners and holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held
thereunder (such Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the office of the
Custodian. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and
are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit
Agreement. 
  

	2.	SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 

 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the
Owner of those American Depositary Shares is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Delivery of such Deposited Securities may be made by the
delivery of (a) certificates or account transfer in the name of the Owner hereof or as ordered by him, with proper endorsement or accompanied by proper instruments or instructions of transfer and (b) any other securities, property and cash
to which such Owner is then entitled in respect of this Receipt. Such delivery will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of
certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof. 
  

	3.	TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 

 Transfers of American Depositary Shares may be registered on the books of the Depositary by the Owner in person or by a duly authorized attorney, upon surrender of those American Depositary Shares properly endorsed for transfer or
accompanied by proper instruments of transfer, in the case of a Receipt, or pursuant to a proper instruction 

  

 3 

 
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement), in the case of
uncertificated American Depositary Shares, and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt
may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. The Depositary, upon surrender of
certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the Owner of
uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of
uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American
Depositary Shares. As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian,
or Registrar may require payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it
for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in
the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the
Deposit Agreement. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares
may be suspended, or the transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books
of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or
under any provision of the Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of
Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or 

  

 4 

 
governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing,
the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares which would be required to be registered under the provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares
or such Shares are exempt from registration thereunder. 
  

	4.	LIABILITY OF OWNER FOR TAXES. 

 If any tax or other
governmental charge shall become payable with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner to the Depositary.
The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other
distributions, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of
such tax or other governmental charge and the Owner shall remain liable for any deficiency. 
  

	5.	WARRANTIES ON DEPOSIT OF SHARES. 

 Every person
depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant, that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the
holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of American Depositary Shares representing such
Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for deposit or any Owner or holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating
to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the
delivery or registration of transfer of any American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information
is filed or such certificates are executed or such representations and warranties made. No Share shall be accepted for deposit 

  

 5 

 
unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in Ireland that is then
performing the function of the regulation of currency exchange. 
  

	7.	CHARGES OF DEPOSITARY. 

 The following charges shall
be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split
declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03 of the Deposit Agreement), or by Owners, as applicable:
(1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to
transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the terms of the Deposit Agreement, (3) such cable, telex and facsimile transmission
expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05 of the Deposit Agreement, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.05 or
6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 of the
Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above
which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in
addition to any fee charged under clause (6), a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary services, which will accrue on the last day of each calendar year and which will be payable as provided in
clause (9) below and (9) any other charges payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited
Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such
Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions). 
 The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 
  

 6 

	8.	PRE-RELEASE OF RECEIPTS. 

 Notwithstanding
Section 2.03 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to
Section 2.05 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that
such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation
from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with
cash or such other collateral as the Depositary reasonably deems appropriate, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the
Depositary reasonably deems appropriate. The number of American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed ten percent (10%) of the Shares deposited under the Deposit Agreement;
provided, however, that the Depositary reserves the right to or disregard such limit from time to time as it deems appropriate and may, with the prior consent of the Company, change that limit for purposes of general application. 
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
 The Company shall have no liability to any Owner in connection with any Pre-Release. 
  

	9.	TITLE TO RECEIPTS. 

 It is a condition of this
Receipt and every successive Owner and holder of this Receipt by accepting or holding the same consents and agrees that when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered
securities under the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The Depositary, notwithstanding any notice to the contrary, may
treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all
other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares unless that Holder is the Owner of those American Depositary
Shares. 
  

 7 

	10.	VALIDITY OF RECEIPT. 

 This Receipt shall not be
entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided,
however that such signature may be a facsimile if a Registrar for the Receipts shall have been appointed and such Receipts are countersigned by the manual signature of a duly authorized officer of the Registrar. 
  

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company
is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission. Such reports will be available for inspection and copying at the public
reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. 
 The Depositary will make
available for inspection by Owners at its Corporate Trust Office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of
the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary will also, upon written request by the Company, send to Owners copies of such reports when furnished by the
Company pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English to the extent such materials are required to be
translated into English pursuant to any regulations of the Commission. 
 The Depositary will keep books, at its Corporate Trust Office, for
the registration of American Depositary Shares and transfers of American Depositary Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for the purpose of communicating with
Owners in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the
Depositary receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a
reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, as promptly as practicable, convert such dividend or distribution into dollars and will distribute, as promptly as practicable, the
amount thus received (net of the fees and out-of-pocket expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that in the event that the
Company or the Depositary is required to withhold and does withhold from any cash dividend or other cash 

  

 8 

 
distribution in respect of any Deposited Securities an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the
American Depositary Shares representing such Deposited Securities shall be reduced accordingly. 
 Subject to the provisions of
Section 4.11 and 5.09 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described in Section 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will cause the securities or
property received by it to be distributed to the Owners entitled thereto, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the
Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem
equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the
fees and out-of-pocket expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement) will be distributed by the Depositary to the Owners of Receipts entitled thereto all in the manner and subject to
the conditions described in Section 4.01 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.02 of the Deposit Agreement if it has not received satisfactory assurances from the Company that
the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay
its fees and expenses in respect of that distribution. 
 If any distribution consists of a dividend in, or free distribution of, Shares, the
Depositary may deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement
with respect to the deposit of Shares and after deduction or upon issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of
the fees and out-of-pocket expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received sufficient to pay its fees and
expenses in respect of that distribution. In lieu of delivering fractional American Depositary Shares in any such case, the Depositary will sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all
in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. No distributions to Owners pursuant to Section 4.03 of the Deposit Agreement shall be unreasonably delayed by the actions of the Depositary or
its agent. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
  

 9 

 In the event that the Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges
to the Owners of Receipts entitled thereto. 
  

	13.	RIGHTS. 

 In the event that the Company shall offer
or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights
available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights
available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary reasonably determines that it is
lawful and feasible to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it reasonably determines the distribution to be lawful and feasible, in proportion to the number
of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In
circumstances in which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit
Agreement, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
 If the
Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon
payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and out-of-pocket expenses of the Depositary
and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the
Depositary on behalf of such Owner. As 

  

 10 

 
agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of the Deposit Agreement, and shall,
pursuant to Section 2.03 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this Article 13, such deposit shall be made, and depositary shares shall be
delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable United States laws. 
 If the Depositary reasonably determines that it is not lawful and feasible to make such rights available to all or certain Owners, it may sell the
rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net
of the fees and out-of-pocket expenses of the Depositary as provided in Section 5.09 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of the Deposit
Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date
of delivery of any American Depositary Shares or otherwise. 
 The Depositary will not offer rights to Owners unless both the rights and the
securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided, that nothing in the Deposit
Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner requests the
distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in
the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
  

	14.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever the
Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received
can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall, as promptly as practicable, convert or cause to be converted by sale or in any
other manner that it may 

  

 11 

 
determine, such foreign currency into Dollars, and such Dollars shall be distributed as promptly as practicable to the Owners entitled thereto or, if the
Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made
upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into
Dollars incurred by the Depositary as provided in Section 5.09 of the Deposit Agreement. 
 If such conversion or distribution can be
effected only with the approval or license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on
a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any
such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by
the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the
Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance
uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  

	15.	RECORD DATES. 

 Whenever any cash dividend or other
cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of
Shares or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the
Depositary shall fix a record date (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof, (ii) entitled to give instructions for the
exercise of voting rights at any such meeting or (iii) responsible for any fee assessed by the Depositary pursuant to the Deposit Agreement, or (b) on or after which each American Depositary Share will represent the changed number of
Shares, subject to the provisions of the Deposit Agreement. 
  

 12 

	16.	VOTING OF DEPOSITED SECURITIES. 

 Upon receipt of
notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be in
the sole discretion of the Depositary, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a
specified record date will be entitled, subject to any applicable provision of law and of the articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given. Upon the written request of an Owner of American Depositary
Shares on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by those American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other
than in accordance with such instructions. 
 There can be no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the instruction date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 
 In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the
Company will request the Depositary to act under this Article, the Company shall endeavor to give the Depositary notice of any such meeting or solicitation and details concerning the matters to be voted upon sufficiently in advance of the meeting
date. 
  

	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

 Upon any
change in nominal value, change in par value, split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Company or to which
it is a party, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect
of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to 

  

 13 

 
the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional Receipts are delivered pursuant to the
following sentence. In any such case the Depositary may deliver additional American Depositary Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing
such new Deposited Securities. 
  

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or holder, (i) if by reason of any provision of any present or future law or regulation of the United States
or any other country, or of any governmental or regulatory authority, or by reason of any provision, present or future, of the articles of association or any similar document of the Company, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from or be
subject to any civil or criminal penalty on account of doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is provided shall be done or performed, (ii) by reason of any non-performance or
delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for
in the Deposit Agreement, (iv) for the inability of any Owner or holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit
Agreement, made available to Owners or holders, or (v) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03 of the
Deposit Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering
on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. The Company assumes no obligation nor shall it be
subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary assumes no
obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees
to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. Neither the 

  

 14 

 
Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential
liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or
for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
 No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement. 
  

	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

 The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, such resignation to take effect upon the earlier of (i) the
appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement or (ii) termination by the Depositary pursuant to Section 6.02 of the Deposit Agreement. The Depositary may at any time be
removed by the Company by 120 days prior written notice of such removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its
acceptance of such appointment as provided in the Deposit Agreement. The Depositary in its discretion may appoint a substitute or additional custodian or custodians. 
  

	20.	AMENDMENT. 

 The form of the Receipts and any
provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or holders in any respect which they may deem necessary or desirable. Any
amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of thirty days after notice of such amendment shall have been given to the Owners of
outstanding American Depositary Shares. Every Owner and holder of American Depositary Shares, at the time any amendment so becomes effective, shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent
and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event 

  

 15 

 
shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law. 
  

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 The Company may
terminate the Deposit Agreement by instructing the Depositary to mail notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may
likewise terminate the Deposit Agreement, if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment
as provided in the Deposit Agreement; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of
termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c) payment
of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or
perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in the Deposit
Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary
Shares (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit
Agreement, and any applicable taxes or governmental charges). At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have not
theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except
to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance
with the terms and conditions of the Deposit 

  

 16 

 
Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses. The obligations of the Depositary under Section 5.08 of the Deposit Agreement shall survive the
termination of this Deposit Agreement. 
  

	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

 (a) Notwithstanding the provisions of Section 2.04 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System (“Profile”)
shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which
ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to direct the Depositary to
register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to
register such transfer. 
 (b) In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties
understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in subsection (a) has
the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 of the Deposit Agreement shall apply to the matters arising
from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the Deposit Agreement, shall not constitute
negligence or bad faith on the part of the Depositary. 
  

	23.	SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES. 

 In the Deposit Agreement, the Company has (i) appointed
                                        
                                        
                            , in the State of New York, as the Company’s authorized agent upon which
process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or
federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in
any such suit or proceeding. 
  

 17 

 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE
SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING
EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the Company or any of its
properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any
respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the
giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the
Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement. 
  

 18Rules of the Merrion Pharmaceuticals PLC Share Option Plan

 Exhibit 10.1 
 Dated this 7th Day of September 2007 
  

 RULES OF THE 
 MERRION PHARMACEUTICALS PLC 
 SHARE OPTION PLAN (the “Plan”) 
  

  

 CONTENT 
  

					
	1.	  	DEFINITIONS AND INTERPRETATION	  	3
	2.	  	EXTENT OF PLAN	  	6
	3.	  	ELIGIBILITY FOR PARTICIPATION	  	6
	4.	  	LIMITATION ON PARTICIPATION	  	6
	5.	  	LIMITATION ON ISSUE	  	6
	6.	  	GRANT OF OPTIONS	  	7
	7.	  	OPTION PRICE	  	7
	8.	  	VESTING	  	7
	9.	  	TIME OF EXERCISE OF OPTIONS	  	8
	10.	  	PLAN SHARES	  	9
	11.	  	DEATH, RETIREMENT OR DISABILITY	  	9
	12.	  	TERMINATION OF SERVICE	  	10
	13.	  	PURCHASE / REDEMPTION OF PLAN SHARES	  	10
	14.	  	PROCEDURE ON EXERCISE OF OPTIONS	  	11
	15.	  	VARIATION OF CAPITAL	  	11
	16.	  	LIQUIDATION	  	12
	17.	  	ALTERATIONS	  	12
	18.	  	SUBSTITUTION OF OPTIONS	  	13
	19.	  	TERMINATION	  	13
	20.	  	ADMINISTRATION AND DISPUTES	  	13
	21.	  	WITHHOLDING OF TAXES	  	14
	22.	  	LISTING AND OTHER CONDITIONS	  	14

  

 2 

 RULES 
 OF THE 
 MERRION PHARMACEUTICALS PUBLIC LIMITED COMPANY 
 SHARE OPTION PLAN (the “Plan”) 
 (Established pursuant to a resolution of the Company and approved by Shareholders 
 with effect from the Adoption Date) 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	 	(a)	In the Plan the following expressions bear the following meanings: 

  

			
		
	“Adoption Date”	  	7 September 2007;
		
	“Bad Leaver”	  	a Participant (i) whose Service Provider status is terminated by the Company by reason of grave misconduct, gross default or wilful neglect in the discharge of his duties to the Group or a
material breach by the Participant of the terms and conditions of his employment or engagement or (ii) a Participant who, following his termination of Service Provider Status for any reason, is in breach of any obligations owed by him to the Group
or restrictions imposed on him by the Group which continue after such termination in accordance with his employment or service contract;
		
	“Auditors”	  	the auditors or independent accountants for the time being of the Company;
		
	“the Board”	  	the Board of Directors of the Company or any duly authorised committee thereof;
		
	“the Company”	  	Merrion Pharmaceuticals plc registered in Ireland under reference 443434;
		
	“the Code”	  	the United States Internal Revenue Code of 1986 as amended;
		
	“Date of Grant”	  	the date upon which an Option is granted to a Participant;
		
	“Exercise Date”	  	the date upon which the holder of an Option exercises the Option over the Plan Shares;

  

 3 

			
		
	“Exercise Period”	  	the period specified by the Company as being the period during which the holder of an Option may exercise the Option over the Plan Shares;
		
	“Good Leaver”	  	a Participant whose Service Provider status terminates other than for one of the reasons set out in Clause 11 and who is not a Bad Leaver;
		
	“Group”	  	the Company and its Subsidiaries and any Holding Company of the Company;
		
	“Health Reasons”	  	reasons of ill-health which, as certified by a medical practitioner appointed by the Group, and accepted by the Group as compelling a Participant to discontinue or alter the nature of his
occupation;
		
	“Holding Company”	  	the meaning given to such expression by S. 155 of the Companies Act 1963;
		
	“IPO”	  	the admission of any equity share capital of the Company to listing on the Irish Enterprise Exchange of the Irish Stock Exchange and/or NASDAQ;
		
	“Market Value”	  	the price which Plan Shares might reasonably be expected to fetch on a sale in the open market as calculated in accordance with the provisions of section 548 of the Irish Taxes Consolidation
Act, 1997 (as amended from time to time);
		
	“Option”	  	an option granted pursuant to the Plan;
		
	“Option Certificate”	  	a certificate in respect of an Option in such form as the Board shall determine;
		
	“Option Price”	  	the price per Plan Share, set out in the Option Certificate, at which the Plan Share comprised in that Option shall be subscribed for on the Exercise Date;
		
	“Ordinary Shareholders”	  	the persons holding those Shares classed in the Memorandum and Articles of Association of the Company as “Ordinary Shares” in the capital of the Company, other than any persons who
acquired such Ordinary Shares by reason of the conversion of Plan Shares into Ordinary Shares;

  

 4 

			
		
	“Participant”	  	any person who is for the time being the holder of an Option or of Plan Shares held pursuant to the exercise of an Option;
		
	“Qualifying Service Provider”	  	a Service Provider, excluding any person serving out his notice period pending withdrawal from the service of the Company;
		
	“Plan”	  	the Merrion Pharmaceuticals plc Share Option Plan consisting of these rules as amended from time to time in accordance with the provisions in that regard herein contained;
		
	“Plan Shares”	  	Ordinary Shares of €0.01 each in the capital of the Company issuable pursuant to the exercise of Options as determined by the Board and set out in the Participant’s Option
Certificate;
		
	“Service Provider”	  	an employee or a director of or a consultant to the Company or any of its Subsidiaries or of its Holding Company;
		
	“Shareholders”	  	the holders of the entire issued share capital in the Company for the time being;
		
	“Shares”	  	all ordinary shares in the capital of the Company for the time being;
		
	“Subsidiaries”	  	the same meaning as in Section 155 of the Companies Act, 1963, regardless of whether or not incorporated in the Republic of Ireland;
		
	“Vesting Date”	  	the date specified by the Company as being the earliest date upon which the holder of an Option may exercise the Option over the Plan Shares; and
		
	“$” or USD	  	the lawful currency of the United States of America.

  

	1.2	Where the context so admits, any reference in this Plan: 

  

	 	(a)	to the singular number shall be construed as if it referred also to the plural number and vice versa; 

  

	 	(b)	to the masculine gender shall be construed as though it referred also to the feminine gender; 

  

 5 

	 	(c)	to a statute or statutory provision shall be construed as if it referred also to that provision as for the time being amended or re-enacted; 

  

	 	(d)	to a Clause or a sub-clause shall be construed as a reference to a sub-clause of that Clause. 

  

	1.3	The clause headings are included only for convenience and shall not affect the construction of the Plan. 

  

	1.4	The Plan shall be governed by and construed in accordance with the laws of Ireland. 

  

	2.	EXTENT OF PLAN 

 The Plan shall extend to the
Company and its Subsidiaries and any Holding Company of the Company. 
  

	3.	ELIGIBILITY FOR PARTICIPATION 

  

	 	(a)	The persons eligible to participate in the Plan shall, subject to sub-clause (b) of this Clause, be Qualifying Service Providers of the Company or its Subsidiaries or its
Holding Company. 

  

	 	(b)	No person shall be entitled as of right to participate and the decision as to who shall have the opportunity of participating and the time and extent of his participation shall,
subject to the Plan, be made by the Board at its absolute discretion. 

  

	 	(c)	Participation in the Plan by a Participant is a matter entirely separate from, and shall not affect, his pension rights and terms of employment or holding office, and in particular
(but without limitation) if a Participant shall for any reason cease to be employed or engaged by, or cease to hold office in, the Company or any of its Subsidiaries (as the case may be) or to be entitled to exercise his Option, he shall not be
entitled to any compensation by reference to his rights under the Plan or the benefits capable of being received under the Plan or for any loss or diminution in value of such benefits, which he might otherwise have enjoyed, whether such compensation
is claimed by way of damages for unfair or wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise howsoever. 

  

	4.	LIMITATION ON PARTICIPATION 

 No Option may be
exercised later than the seventh anniversary of the Date of Grant of the Option. 
  

	5.	LIMITATION ON ISSUE 

 Subject to adjustment as
provided in Clause 15 below, the aggregate nominal value of Plan Shares that on any particular date are subject to outstanding Options under the Plan 

  

 6 

 
and have been issued prior to that date pursuant to the exercise of Options granted under the Plan shall not exceed the aggregate nominal value of 1,369,565
Plan Shares in the capital of the Company at the Adoption Date. 
  

	6.	GRANT OF OPTIONS 

  

	 	(a)	Subject to Clause 4 and Clause 5 and sub-clause (b) of this Clause the Board may, at such time as it shall in its absolute discretion decide, grant Options to such Qualifying
Service Providers as may be nominated by it to subscribe at the Option Price for such number of Plan Shares as the Board may specify. 

  

	 	(b)	As soon as reasonably practicable after the Grant Date of an Option, the Board shall procure the issuance to the Participant of an Option Certificate which shall specify with
respect to the Option:- 

  

	 	(i)	the Grant Date; 

  

	 	(ii)	the number of Plan Shares subject to the Option; 

  

	 	(iii)	the Option Price; 

  

	 	(iv)	the Vesting Date; 

  

	 	(v)	the Exercise Period; and 

  

	 	(vi)	subject as aforesaid, shall be in the form set out in Schedule I to these Rules or such other form as the Board shall from time to time prescribe. 

  

	 	(c)	Each Option shall be personal to the Participant and shall be non-assignable (save in accordance with the provisions of Clause 11 hereof) and shall automatically lapse and cease to
be exercisable if assigned. 

  

	7.	OPTION PRICE 

 The Option Price per Plan Share
subject to each Option shall be such sum as determined by the Board as at the Date of Grant of the Option being not less than the nominal value of a Plan Share. 
  

	8.	VESTING 

 The Board shall have the power to set the
times on or within which an Option shall be exercisable or the events upon which an Option shall be exercisable. 
  

 7 

	9.	TIME OF EXERCISE OF OPTIONS 

  

	 	(a)	Options which have vested will be exercisable during the Exercise Period, as specified in the Option Certificate, or earlier at the absolute discretion of the Board or as otherwise
provided in these Rules. 

  

	 	(b)	Subject to Clause 9(e), the Board may at its discretion allow Options which have not yet vested to become exercisable upon the earliest of the following events occurring
(“Exercise Event”) and/or may at its discretion require that all unexercised Options be exercised within 30 days, or earlier at the discretion of the Board, of such event occurring): 

  

	 	(i)	any person (either alone or together with any person acting in concert with him) obtaining Control of the Company within the meaning of section 11 of the Irish Taxes Consolidation
Act, 1997 as a result of purchasing or making a general offer to purchase the Shares; 

  

	 	(ii)	the sale by the Company of its core business or the sale by the Company of what the Board in its absolute discretion determines to be the substantial core of the Company’s
business. 

  

	 	(c)	If any of the Exercise Events described in Clauses 9(b) (i) or (ii) above has not occurred, the Board may at any time at its discretion allow Options which have not yet
vested to become exercisable and/or may require that unexercised Options be exercised at a time specified by the Board, and the said time shall be notified to each Qualifying Service Provider at the Date of Grant or such other date as the Board in
its absolute discretion may specify. 

  

	 	(d)	Any Options not exercised under Clauses 9(a), 9(b) and 9(c) above shall lapse upon expiration of the applicable exercise period, except at the discretion of the Board.

  

	 	(e)	No Option may be exercised after the seventh anniversary of the Date of Grant. The Board may in its absolute discretion extend the respective exercise periods referred to in Clauses
9(a), 9(b) and 9(c) either before or after the Date of Grant of an Option. 

  

	 	(f)	In addition to the authority provided to it under Clause 9(a), in connection with the occurrence of an Exercise Event, the Board may, in its sole discretion and without the consent
of the Participants, take one or more of the following actions with respect to Options outstanding under the Plan immediately prior to the effective date of the Exercise Event:- 

  

	 	i.	provide that Options shall be assumed by the acquiring company (or parent thereof); or 

  

 8 

	 	ii.	provide that Options shall be replaced with comparable options to purchase Shares of the capital shares of the acquiring company (or parent thereof), the determination as to
comparability to be made in the sole discretion of the Board; or 

  

	 	iii.	in the event that under the terms of the Exercise Event an offer is made to acquire the issued and to be issued Shares for cash, provide that Options shall be cancelled in
consideration for the payment to each Participant of a cash payment per Plan Share subject to the Option equal to the excess of the price per Plan Share payable in connection with the Exercise Event over the Option Price payable per Plan Share
subject to the Option, subject to deduction of income taxes and such other deductions as may be required under applicable laws and regulations. 

  

	 	(g)	Each Option which is assumed in connection with an Exercise Event pursuant to Clause 9(f) shall be appropriately adjusted by the Board to apply to shares of the acquiring company
(or parent thereof), provided, however, that no such adjustment shall result in the aggregate Option Price payable by a Participant under his Option being increased and that the Auditors shall have confirmed in writing that such adjustment is fair
and reasonable. 

  

	10.	PLAN SHARES 

  

	10.1	The Company shall during the period in which the Plan is in operation keep available sufficient authorised but unissued Plan Shares to satisfy any outstanding Options.

  

	10.2	The allotment, issuance and transfer of Plan Shares shall be subject to the Memorandum and the Articles of Association of the Company and to any necessary consents of any government
or any other authorities (whether in Ireland or any other jurisdiction) under any enactments or regulations from time to time in force and the Participant shall do all such things as may be necessary to obtain or obviate the necessity for any such
consent. 

  

	10.3	All Plan Shares allotted under Options shall rank pari passu in all respects with the Plan Shares for the time being in issue save as regards any rights attaching to such Plan
Shares by reference to a record date prior to the date of such allotment. 

  

	11.	DEATH, RETIREMENT OR DISABILITY 

  

	11.1	If a Participant ceases to serve as a Service Provider because:- 

  

	 	(i)	he has retired on or after reaching retirement in accordance with his contract of employment (“Retirement”); or 

  

	 	(ii)	of Health Reasons; or 

  

	 	(iii)	of the Participant’s death (“Death”) 

  

 9 

 an Option held by such Participant, to the extent not exercisable as of the date on which the Participant
ceases to be a Service Provider, shall lapse and cease to be exercisable as of such date. To the extent an Option has become exercisable as of such date, it may be exercised, within the period of one year following such date in the event of Death or
the period of three months following cessation by reason of Retirement or Health Reasons. 
 PROVIDED HOWEVER that no Option shall be
exercisable or exercised by virtue of this Clause later than the seventh anniversary of the Date of Grant of such Option and on the expiry of such period the Option shall lapse. On any partial exercise of such an Option the balance of the rights
then remaining unexercised under such Option shall immediately lapse. 
 (Where the Option is exercised by personal representatives an office
copy of the Probate or Letters of Administration should accompany the form). 
  

	11.2	The Board may, in its absolute discretion, extend the exercise period referred to in Clause 11.1 

  

	12.	TERMINATION OF SERVICE 

 In the event a Participant
ceases to serve as a Service Provider for any other reason than those set out in Clause 11 (and without prejudice to the generality of the foregoing) including but not limited to, by reason of the resignation of the Service Provider or the dismissal
by the Company with or without cause, all Options whether exercisable or not shall lapse within 30 days of the date of such termination. 
 Notwithstanding the foregoing provisions of this Clause 12 and of Clause 11, the Board shall have the authority, exercisable in its sole discretion at any time an Option remains outstanding, to provide that, as of the date the Participant
ceases to be a Service Provider, the vesting of the Option shall accelerate in whole or in part and/or that the Option shall remain exercisable for a specified period after such date and the Option shall thereafter be exercisable in accordance with
the terms and conditions specified by the Board provided, however, that no Option shall be exercisable or exercised later than the seventh anniversary of the Date of Grant of such Option. 
  

	13.	PURCHASE / REDEMPTION OF PLAN SHARES 

  

	13.1	Where an Option has been exercised by a Participant and the Participant ceases to serve as a Service Provider, the Ordinary Shareholders shall be entitled (but not obliged) to
appoint a nominee to purchase some or all of the Plan Shares held by the Participant in accordance with this Clause 13. Such right may be exercised by the Ordinary Shareholders in accordance with the provisions of the Company’s Articles of
Association at any time after the date on which the Participant shall cease to be a Service Provider. The purchase option set out herein shall cease to apply following an IPO. 

  

 10 

	13.2	If an Option has been exercised by a Participant and the Participant subsequently ceases to be a Service Provider by reason of an event set out in Clause 11 then the Plan Shares
issued to the Participant pursuant to the Options exercised by him may be purchased by a nominee appointed by the Ordinary Shareholders at the Market Value of the Plan Shares at such date of purchase. 

  

	13.3	If a Participant has exercised an Option under this Plan and ceases to be a Service Provider for any other reason than as set out in Clause 11 then the following provisions will
apply: 

  

	13.4	Should the Participant be a Bad Leaver, the Plan Shares then held by the Participant may be purchased by a nominee appointed by the Ordinary Shareholders at the Option Price paid
for those Plan Shares. 

  

	13.5	Should the Participant be a Good Leaver, the Plan Shares then held by the Participant which were issued in accordance with the grant of options to the Participant may be purchased
by a nominee appointed by the Ordinary Shareholders at the Market Value of such Plan Shares at the date of purchase 

  

	14.	PROCEDURE ON EXERCISE OF OPTIONS 

 Upon the exercise
of an Option in whole or in part, the Participant shall pay the Option Price to the Company and shall deliver a completed and executed Notice of Exercise of Option to the Company which shall as soon as practicable after the receipt thereof issue the
appropriate number of Plan Shares to the Participant and deliver to the Participant any appropriate balance Option Certificate, if appropriate. 
 All Plan Shares allotted under Options shall rank pari passu in all respects with the Plan Shares for the time being in issue save as regards any rights attaching to such Plan Shares by reference to a record date prior to the date of such
allotment. 
  

	15.	VARIATION OF CAPITAL 

  

	 	(a)	In the event of any increase or variation of the share capital of the Company by way of capitalisation or rights issue, or sub-division, consolidation or reduction, the Board shall
make such adjustments as it considers appropriate under sub-clause (b) below. 

  

	 	(b)	An adjustment made under this sub-clause may be to one or more of the following: 

  

	 	(i)	the number of Plan Shares mentioned in Clause 5 of these rules; 

  

	 	(ii)	the number of Plan Shares comprised in any Option; 

  

	 	(iii)	the Option Price applicable in respect of any Plan Shares comprised in any Option; 

  

 11 

	 	(iv)	any other term of any such Option; 

  

	 	(v)	where any Option has been exercised but no Plan Shares have been allotted pursuant to such exercise, the number of Plan Shares which may be so allotted and the Option Price
applicable in respect thereof. 

  

	 	(c)	On the occurrence of any of the events referred to in sub-clause (a) above no adjustment under sub-clause (b) above shall be made without the prior confirmation in writing
by the Auditors that it is in their opinion fair and reasonable. The Auditors shall be deemed to be acting as experts and not as arbitrators and the Irish Arbitration Acts, 1954 to 1998 shall not apply. 

  

	 	(d)	No adjustment shall be made under sub-clause (b) above which would cause the Option Price applicable in respect of any Plan Shares to be issued pursuant to exercise of an
Option to be less than the nominal value of such Plan Shares. 

  

	 	(e)	As soon as reasonably practicable after making any adjustment under sub-clause (b) above, the Board shall give notice in writing thereof to any Participant affected thereby.

  

	 	(f)	Options may be adjusted following variations of the share capital of the Company other than those specified in sub-clause (a) above, but only with the prior written consent of
the existing members of the Company. Any such adjustment shall be made in accordance with sub-clauses (a) and (b) above. 

  

	16.	LIQUIDATION 

 In the event of the Company going into
liquidation, all Options shall ipso facto cease to be exercisable and (save to the extent, if at all, that the Board may, prior to such liquidation, in its absolute and uncontrolled discretion otherwise determine) Participants shall not be entitled
to damages or other compensation of any kind. 
  

	17.	ALTERATIONS 

  

	 	(a)	Subject to sub-clause (b) of this Clause, the Board may vary, amend or revoke any of the provisions of the Plan in such manner as may be thought fit, provided that:

  

	 	(i)	the purposes of the Plan shall not be altered; 

  

	 	(ii)	no such variation, amendment or revocation shall increase the aggregate Option Price payable by any Participant under an Option; and 

  

	 	(iii)	no such variation shall contravene the rights of the Shareholders pursuant to the Articles of Association; 

  

 12 

 but so that the foregoing provisos (i) and (ii) shall not be applicable to any variation,
amendment or revocation of any of the provisions of the Plan which is considered necessary or desirable by the Board in the light of professional advice obtained in connection with any proposal whereby the Shares of the Company are to become listed
or quoted on any recognised shares exchange or registered under the Securities Act of 1933, as amended, of the United States of America or to comply with or take account or advantage of the provisions of any proposed or existing legislation or law
or any change to such legislation or law or to obtain or maintain favourable taxation treatment of the Company or any Subsidiary or any existing or future Participant, provided that the Company will seek the approval of the Shareholders for any
amendment if such approval is necessary to comply with all relevant and applicable laws in applicable jurisdictions or any other applicable rules or regulations. 
  

	 	(b)	As soon as reasonably practicable after any alteration or addition under sub-clause (a) takes effect, the Board shall give notice in writing thereof to all Participants.

  

	18.	TERMINATION 

  

	 	(a)	The Plan will be terminated on the tenth anniversary of the Adoption Date or such earlier date as specified in a resolution of the Board or by ordinary resolution of the Company.

  

	 	(b)	No such termination of the Plan under sub-clause (a) of this Clause shall affect or modify any subsisting rights or obligations of the Participants in respect of any Options
and notwithstanding such termination the Company shall continue to do and perform such acts in accordance with the provisions of the Plan (as amended from time to time) as are necessary for or incidental to the administration and management of
outstanding rights and obligations which arose under or by virtue of the Plan. 

  

	19.	ADMINISTRATION AND DISPUTES 

 The Plan shall be
administered by the Board which may from time to time make and vary such rules and regulations not inconsistent with these rules and establish such procedures for the administration and implementation of the Plan as it thinks fit. The decision of
the Board in any dispute or question concerning the construction or effect of the Plan or any other questions arising in connection with the Plan shall be final and conclusive, subject to the concurrence of the Auditors whenever required under these
Rules. The Board may establish a committee to administer the U.S Sub-Plan (the “U.S Sub-Committee”). The U.S. Sub-Committee shall, to the extent possible and deemed appropriate by the Board, be comprised of “non-employee
directors” as defined in Rule 16b-3 promogulated under the Securities Exchange Act of 1934 (as amended) and “outside directors” within the meaning of the Code. 
  

	20.	WITHHOLDING OF TAXES 

 The Company, shall not be
under any obligation to allot or issue Plan Shares to a Participant under or in connection with this Plan unless and until the Board is satisfied in 

  

 13 

 
its absolute discretion that such Participant has made payment to the Company of such sum as is, in the discretion of the Board, sufficient to settle any
liability for any tax and/or social insurance contributions and/or similar imposts which are or would be recoverable from such Participant as a result of the exercise of an Option and in respect of which the Company or any Subsidiary is liable to
account (in any jurisdiction). 
 The Company shall have the right to reduce the number of Plan Shares otherwise deliverable upon exercise of
an Option by an amount that would have a fair value equal to the amount of all national and local taxes required to be withheld, or to deduct the amount of such taxes from any cash payment otherwise to be made to the Participant, pursuant to the
Plan or otherwise. In connection with such withholding, the Company may make such arrangements as are consistent with the Plan as it may deem appropriate. 
  

	21.	LISTING AND OTHER CONDITIONS 

  

	 	(i)	If the Shares are being listed on a recognised securities exchange, the issuance of any Plan Shares upon exercise of an Option shall be conditional upon such Shares actually being
listed on such exchange. 

  

	 	(ii)	In the event that the exercisability has arisen in accordance with Clause 9(b)(i) the Company shall have no obligation to issue any Plan Shares unless and until the Shares are so
listed, and the right to exercise any Option shall be suspended until such listing has been effected. Upon the termination of any such period of suspension, any Option affected by such suspension that shall not then have expired or terminated shall
be reinstated as to all Shares that would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Option. 

  

	22.	UNITED STATES SUB-PLAN 

 The Company is
simultaneously adopting the Merrion Pharmaceuticals plc Stock Option Plan for U.S Participants (the “US Sub-Plan”). The conditions of the U.S Sub-Plan shall govern all grants of Options to U.S Participants. 
  

 14 

 SCHEDULE 1 
 THE MERRION PHARMACEUTICALS PLC 
 SHARE OPTION PLAN 
 OPTION CERTIFICATE 
  

			
	Option Certificate Number:	  	
		
	Name of Participant:	  	__________________
		
	Address of Participant:	  	__________________
		
		  	__________________
		
		  	__________________
		
	Date of Grant:	  	[Date of Board Approval of Option]
		
	Maximum Number of Plan Shares:	  	__________________
		
	Option Price:	  	______ per Plan Share
		
	Expiration Date:	  	[Date prior to seventh anniversary of Date of Grant]
		
	Vesting Commencement Date:	  	[TO BE DETERMINED BY BOARD]

 The Option shall become exercisable as set forth below, subject to the provisions of this agreement: 

 

	 	(i)	On and after [Date], the Option may be exercised to purchase up to [Number] Option Shares; 

  

	 	(ii)	On or after the [Date] and each successive month thereafter, the Option may be exercised to purchase up to an additional [2.7778%] of the Number of Option Shares;

  

	 	(iii)	The foregoing provisions shall be interpreted such that on or after [Date] the Option may be exercised to purchase up to 100% of the Number of Option Shares.

 The schedule set forth above is cumulative, so that shares as to which the Option has become exercisable on and after a date indicated by
the schedule may be purchased pursuant to exercise of the Option at any subsequent date prior to termination of the Option. The Option may be exercised at any time and from time to time to purchase up to the number of shares as to which it is then
exercisable. 
 Merrion Pharmaceuticals plc HEREBY GRANTS to the Participant named above an option to acquire the above number of Plan Shares in the Company.

 This Option is granted and exercised subject to and in accordance with the Rules of The Merrion Pharmaceuticals plc Share Option Plan as they are amended
from time to time. In accordance with Rule 9(e), the Option may not in any event be exercised later than the Expiration Date shown above. 
  

 15 

 The rights attached to the Plan Shares are those attaching to the Ordinary Shares in the Memorandum and Articles of
Association of the Company, subject to the proviso that in the event of an IPO, the Board retains the right to place an absolute restriction on the disposal of: 
  

	 	(i)	Plan Shares acquired prior to an IPO; and/or 

  

	 	(ii)	Plan Shares acquired post an IPO 

 for a period of up to 12 months
following that IPO. 
 A Participant, whether or not a director of any company, shall not be entitled to exercise an option at any time when to do so would
contravene the provisions of the Irish Companies Acts, 1963 – 2006 governing share dealings by directors, employees and others or the provisions of any code of practice governing such dealings which may be adopted by the Company in connection
with the listing by the Company of its Shares on any recognised shares exchange or securities market. 
 Present when the Common Seal 
 of MERRION PHARMACEUTICALS PLC 
 was affixed hereto: 
  

			
	Director ________________________________	  	Secretary ________________________________

  

 16 

 Participant Acknowledgement: 
 I acknowledge receipt of Option Certificate Number                   and a copy of the Rules of the Merrion Pharmaceuticals plc Share Option Plan
(the “Plan”). I confirm my acceptance of the Option as described in the Option Certificate and I agree to be bound by the Rules of the Plan. 
  

			
		
	By:	 	 
		 	Participant Signature

  

			
		
	Full Name:	 	 
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Date:	 	 

  

 17 

 SCHEDULE 2 
 THE MERRION PHARMACEUTICALS PLC 
 SHARE OPTION PLAN 
 NOTICE OF EXERCISE OF OPTION 
  

	To:	Company Secretary, Merrion Pharmaceuticals plc (print registered address) 

  

	
	 
	
	 

 I hereby exercise the option granted to me on
[            ] to purchase up to [            ] Plan Shares in respect of all / part of the Plan Shares over which the Option may
be exercised, and request the allotment to me of those Plan Shares in accordance with the rules of the Plan and the Memorandum and Articles of Association of the Company. 
 I enclose a cheque made payable to Merrion Pharmaceuticals plc_____________ in the sum of € _____________ being the aggregate Option Price of such Plan Shares. 
  

					
	 Names (block letters)
	 		 	Signature
			
	  	 		 	  
	 Address
	 		 	Date ___________________________
			
	 	 		 	
			
	 	 		 	
			
	 	 		 	

 NOTES: 
  

	1.	This form must be accompanied by payment of the Option Price for the Plan Shares in respect of which the Option is exercised. 

  

	2.	The Plan has not been approved by the Irish Revenue Commissioners. 

  

	3.	IMPORTANT. The Company does not undertake to provide you with specific advice on the tax consequences of exercising your Option. Under current Irish tax law, self assessment
provisions apply in settling the tax due on option gains. As such, the onus is on you to pay the income tax due, on the exercise of your options, to the Collector General within 30 days of the date of exercise along with a Form RTSO1. If you are
unsure of the tax liabilities which may arise, you should take appropriate professional advice before exercising your Option. 

 A Participant (whether or not a director) shall not be entitled to exercise an option at any time when to do so would contravene the provisions of the Irish Companies Acts, 1963-2005 or the provisions of any code of practice governing such
dealings which may be adopted by the Company in connection with the listing by the Company of its Shares on any recognised stock exchange or securities market. 
  

 18

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