Document:

Exhibit 10.1

 

Execution Version

 

SECURITIES PURCHASE AGREEMENT

This SECURITIES PURCHASE AGREEMENT (this
 “Agreement”) is made and entered into as of October 2, 2020 by and among Summit Therapeutics Inc., a Delaware
corporation, with its principal place of business at One Broadway, 14th Floor, Cambridge, MA 02142 (the “Company”),
and the investor named on Exhibit A hereto (the “Investor”).

Recitals

A.       The
Company and the Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the provisions of Regulation D, as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended;

B.       The
Investor wishes to purchase from the Company, and the Company wishes to sell and issue to the Investor, upon the terms and subject
to the conditions stated in this Agreement, common stock, with a par value of $0.01 per share, of the Company (the “Common
Stock”); and

C.       The
Investor acknowledges that upon execution of this Agreement and prior to the acquisition of the Purchased Shares pursuant to this
Agreement, the Company shall contact certain other prospective investors and offer them the opportunity to invest in the Company
on substantially similar terms and conditions as provided in this Agreement.

In consideration of the mutual promises
made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1.       Definitions.
For the purposes of this Agreement, the following terms shall have the meanings set forth below:

“Affiliate” means,
with respect to any Person, any other Person which directly or indirectly through one or more intermediaries controls, is controlled
by, or is under common control with, such Person. A Person shall be deemed to control another Person if such Person possesses,
directly or indirectly, the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise. Without limiting the generality of the foregoing, a Person shall
be deemed to control another Person if any of the following conditions is met: (i) in the case of corporate entities, direct or
indirect ownership of more than fifty percent (50%) of the stock or shares having the right to vote for the election of directors,
and (ii) in the case of non-corporate entities, direct or indirect ownership of more than fifty percent (50%) of the equity interest
with the power to direct the management and policies of such non-corporate entities.

    	 

     

    

“Aggregate Purchase Price”
has the meaning set forth in Section 2.

“Agreement” has the
meaning set forth in the preamble to this Agreement.

“Board” means the
Company’s Board of Directors.

“Business Day” means
a day, other than a Saturday, Sunday or United States federal holiday, on which banks in New York City are open for the general
transaction of business.

“Closing” has the
meaning set forth in Section 3.1.

“Closing Date” has
the meaning set forth in Section 3.1.

“Common Stock” has
the meaning set forth in the recitals to this Agreement.

“Common Stock Equivalents”
shall mean any options, warrants or other securities or rights convertible into or exercisable or exchangeable for, whether directly
or following conversion into or exercise or exchange for other options, warrants or other securities or rights, Common Stock of
the Company, or any swap, hedge or similar agreement or arrangement that transfers in whole or in part, the economic risk of ownership
of, or voting or other rights of, Common Stock.

“Company” has the
meaning set forth in the preamble to this Agreement.

“Disposition” or “Dispose
of” shall mean any (i) pledge, sale, contract to sell, sale of any option or contract to purchase, purchase of any option
or contract to sell, grant of any option, right or warrant for the sale of, or other disposition of or transfer of any Common Stock
or any Common Stock Equivalents, including, without limitation, any “short sale” or similar arrangement, or (ii) swap
or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence
of ownership of the Common Stock or any Common Stock Equivalents, whether any such swap or transaction is to be settled by delivery
of securities, in cash or otherwise.

“Domestication” shall
mean the process by which the Company was formally confirmed as the successor issuer to Summit Therapeutics plc pursuant to a United
Kingdom court-approved scheme of arrangement effective as of September 18, 2020.

“Enforceability Exceptions”
has the meaning set forth in Section 4.4(b).

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“GAAP” means generally accepted accounting principles in
the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles
as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances
as of the date of determination, consistently applied.

“Governmental Authority”
shall mean any court, agency, authority, department, regulatory body or other instrumentality of any government or country or of
any national, federal, state, provincial, regional, county, city or other political subdivision of any such government or country
or any supranational organization of which any such country is a member.

“Group” means the
Company and its subsidiaries (and “Group Company” shall be construed accordingly).

“Investor” has the
meaning set forth in the preamble to this Agreement.

“Law” or “Laws”
shall mean all laws, statutes, rules, regulations, orders, judgments, injunctions and/or ordinances of any Governmental Authority.

“Material Adverse Effect”
means a material adverse effect on (i) the assets, liabilities, results of operations, financial condition or business of
the Company and its subsidiaries taken as a whole, (ii) the legality or enforceability of this Agreement or (iii) the
ability of the Company to perform its obligations under this Agreement.

“Nasdaq” means The
Nasdaq Stock Market LLC.

“Person” means an
individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint
venture, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity not specifically
listed herein.

“Placing” means the
concurrent placing of Common Stock to certain investors pursuant to the exemption from securities registration afforded by the
provisions of Regulation D under Section 4(a)(2) of the 1933 Act.

“Press Release” has
the meaning set forth in Section 10.7.

“Purchase Notice”
shall mean that certain notice issued in writing by the Company to the Investor setting forth the number of Purchased Shares that
the Investor is obligated to purchase, and the Aggregate Purchase Price, in each case in accordance with the terms and conditions
of this Agreement.

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“Sarbanes-Oxley Act”
has the meaning set forth in Section 4.11(g).

“SEC” has the meaning
set forth in the recitals to this Agreement.

“SEC Documents” has
the meaning set forth in Section 4.11(a).

“Short Sales” means
all “short sales” as defined in Rule 200 of Regulation SHO under the 1934 Act (but shall not be deemed to include the
location and/or reservation of borrowable Common Stock).

“Termination Condition”
has the meaning set forth in the recitals to this Agreement.

“Third Party” shall
mean any Person, including a Governmental Authority, other than the Investor, the Company or any Affiliate of the Investor or the
Company or any of their respective representatives.

“Trading Day” shall
mean a day on which trading in the Common Stock generally occurs on Nasdaq.

“Transfer Agent” means
Computershare Trust Company, N.A., being the Company’s transfer agent, or such other transfer agent as the Company may appoint
from time to time.

“1933 Act” means the
Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

“1934 Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

“8-K Filing” has the
meaning set forth in Section 10.7.

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2.       Purchase
and Sale of the Common Stock.

2.1.       Subject
to the terms and conditions of this Agreement, the Investor hereby agrees to purchase, and the Company agrees to issue and sell
to the Investor a number of shares of Common Stock, such number of shares to be fixed by the Company in its sole discretion pursuant
to the Purchase Notice, that is no less than 9,730,539 shares of Common Stock and no more than 14,970,060 shares of Common Stock
(such number of shares as stipulated in the Purchase Notice in accordance with this Section 2.1, the “Purchased
Shares”).

2.2.       Subject
to the terms and conditions of this Agreement, at the Closing, the Company shall issue and sell to the Investor, and the Investor
shall purchase from the Company the Purchased Shares, at a price of $3.34 per Purchased Share (the “Share Price”).
The aggregate purchase price for the Purchased Shares shall be set forth in the Purchase Notice and shall equal the sum of the
product of the number of Purchased Shares multiplied by the Share Price (the “Aggregate Purchase Price”).

3.       Closing.

3.1.       The
completion of the purchase and sale of the Purchased Shares (the “Closing”) shall occur on October 19, 2020
(the “Closing Date”), or on such earlier date as may be determined by the Company in its sole discretion, provided
that all of the conditions set forth in Section 6 shall have been (or shall be, as the case may be) satisfied or (where capable
of waiver) waived at such time. The Closing shall occur remotely on the Closing Date via exchange of documents and signatures or
at such place as the Company and the Investor may agree in writing.

3.2.       On
the day that is two (2) Business Days immediately prior to the Closing Date, the Company shall deliver the Purchase Notice to the
Investor. On the Closing Date the Investor shall deliver or cause to be delivered to the Company the Aggregate Purchase Price via
wire transfer of immediately available funds pursuant to the wire instructions delivered to the Investor by the Company after the
date of this Agreement. At the Closing, the Company shall deliver or cause to be delivered the Purchased Shares to the Investor.

4.       Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor that, except as otherwise described
in this Agreement or the SEC Documents, which qualify these representations and warranties in their entirety:

4.1.       Organization,
Good Standing and Qualification. The Company has been duly organized and is validly existing and in good standing under the
laws of its jurisdiction of organization, is duly qualified to do business and is in good standing in each jurisdiction in which
its ownership or lease of property or the conduct of its businesses requires such qualification, and has all power and authority
necessary to own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to be so
qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a Material Adverse
Effect.

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4.2.       Capitalization
and Voting Rights.

(a)       As
of September 21, 2020, the Company has 67,231,903 shares of Common Stock issued and outstanding. The Company has also (i) granted
outstanding options under the Company’s equity incentive plans over, in aggregate, 6,228,240 shares of Common Stock, (ii)
granted restricted stock units under the Company’s directors’ remuneration policy over 84,615 shares of Common Stock
and (iii) issued warrants for the purchase of up to 5,821,137 shares of Common Stock, which are outstanding as of September 21,
2020. The issued share capital of the Company has been duly and validly issued and is fully paid and non-assessable.

(b)       Except
as described or referred to in Section 4.2(a) above, arising pursuant to or referred to in the Agreement or arising pursuant to
the Placing, as of the date of this Agreement, there are no outstanding rights (including, without limitation, pre-emptive rights),
warrants or options to acquire, or instruments convertible into or exchangeable for, any share capital or other equity interest
in the Company, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any
share capital of the Company, any such convertible or exchangeable securities or any such rights, warrants or options.

(c)       Except
as arising in connection with the Placing, no Person has any right to cause the Company to effect the registration under the 1933
Act of any securities of the Company.

(d)       The
Company is not a party to or subject to any agreement or understanding relating to the voting of share capital of the Company or
the giving of written consents by a stockholder or director of the Company.

(e)       The
execution and delivery of this Agreement, and the transactions contemplated hereby, will not result in the triggering of any anti-dilution
rights, or otherwise increase the number of shares of Common Stock issuable or decrease the exercise or conversion price, under
any warrant, option, convertible note or other instruments convertible or exchangeable for, any share capital or other equity interests
in the Company (except for the issuance of the Purchased Shares and the issuance of Common Stock in the Placing).

4.3.       Subsidiaries.
All the outstanding share capital or other equity interests of each subsidiary owned, directly or indirectly, by the Company have
been duly authorized and validly issued, are fully paid and are owned directly or indirectly by the Company, free and clear of
any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.

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4.4.       Authorization.

(a)       The
Company has the requisite corporate power and authority to execute and deliver this Agreement and (subject to the satisfaction
of the conditions to Closing) to perform its obligations hereunder; and all action required to be taken (including the approval
of the Board and of the independent Special Committee of the Board formed in connection with the Company’s consideration
of the transactions undertaken pursuant to the Agreement) for the due and proper authorization, execution and delivery by it of
this Agreement and (subject to the satisfaction of the conditions to Closing) the consummation by it of the transactions contemplated
hereby has been duly and validly taken.

(b)       This
Agreement has been duly executed and delivered by the Company, and this Agreement constitutes a valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability
(collectively, the “Enforceability Exceptions”).

(c)       No
stop order or suspension of trading of the Company’s equity securities has been imposed by the SEC, Nasdaq, or any other
Governmental Authority and remains in effect.

4.5.       No
Defaults. The Company is not (i) in violation of its certificate of incorporation or bylaws; (ii) in default, and no event
has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any indenture, mortgage or loan agreement to which the Company is a party or by
which the Company is bound or to which any of the property or assets of the Company is subject; (iii) in default, and no event
has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any deed of trust or other agreement or instrument to which the Company is a party
or by which the Company is bound or to which any of the property or assets of the Company is subject (except for any agreements
referred to in clause (ii) above); or (iv) in violation of any law or statute or any judgment, order, rule or regulation of any
court or arbitrator or governmental or regulatory authority having jurisdiction over the Company or any of its subsidiaries, except,
in the case of clauses (iii) and (iv) above, for any such default or violation that would not, individually or in the aggregate,
have a Material Adverse Effect.

4.6.       No
Conflicts. The execution, delivery and (subject to the satisfaction of the conditions to Closing) performance of this Agreement,
the issuance and sale of the Purchased Shares and the consummation of the transactions contemplated hereby will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, any indenture, mortgage
or loan agreement to which the Company is a party or by which the Company is bound or to which any of the property or assets of
the Company is subject, (ii) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the
Company pursuant to, any deed of trust or other agreement or instrument to which the Company is a party or by which the Company
is bound or to which any of the property or assets of the Company is subject (except for any agreements referred to in clause (i)
above), (iii) result in any violation of the provisions of the Company’s certificate of incorporation or bylaws or (iv) result
in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or
regulatory authority having jurisdiction over the Company or any of its subsidiaries, except, in the case of clauses (ii) and (iv)
above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse
Effect.

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4.7.       No
Governmental Authority or Consents. No consent, approval, authorization, order, license, registration or qualification of or
with any court or arbitrator, governmental or regulatory authority is required for the execution, delivery and (subject to the
satisfaction of the conditions to Closing) performance by the Company of this Agreement, or (subject to the satisfaction of the
conditions to Closing) the issuance and sale of the Purchased Shares, except such filings as may be required to be made with the
SEC or under any state securities laws, foreign securities laws, blue sky laws, or the rules and regulations of Nasdaq, which filings
shall be made in a timely manner in accordance with all applicable Laws.

4.8.       Valid
Issuance of Purchased Shares. When issued, sold and delivered at the Closing in accordance with the terms hereof for the Aggregate
Purchase Price and subject to the satisfaction of the conditions to Closing, the Purchased Shares shall be duly authorized, validly
issued and fully paid, free from any liens, encumbrances or restrictions on transfer, including preemptive rights, rights of first
refusal or other similar rights, and shall rank pari passu with all Common Stock outstanding as of the date of this Agreement,
other than as arising pursuant to this Agreement, as a result of any action by the Investor or under U.S. federal or state securities
Laws.

4.9.       Litigation.
There are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any
of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is subject that, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and no such investigations, actions, suits
or proceedings are threatened or, to the knowledge of the Company, contemplated by any governmental or regulatory authority or
threatened by others.

4.10.       Licenses
and Other Rights; Compliance with Laws. The Company and its subsidiaries possess or are in the process of obtaining all licenses,
certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal,
state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective
properties or the conduct of their respective businesses as described in the SEC Documents, except where the failure to possess
or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of
its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization
or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course.
For the avoidance of doubt and notwithstanding the foregoing, neither the Company nor any subsidiary has applied for or holds any
product licenses or marketing authorizations for any pharmaceutical products.

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4.11.       SEC
Documents; Financial Statements; Nasdaq Stock Market.

(a)       Since
January 1, 2020, the Company has timely filed all required reports, schedules, forms, statements and other documents (including
exhibits and all other information incorporated therein), and any required amendments to any of the foregoing, with the SEC (the
 “SEC Documents”). As of their respective filing dates, each of the Company SEC Documents complied in all material
respects with the requirements of the 1933 Act and the 1934 Act, and the rules and regulations of the SEC promulgated thereunder
applicable to such Company SEC Documents, and no Company SEC Documents when filed, declared effective or mailed, as applicable,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

(b)       Since
January 1, 2020, the Company has filed all notices and documents required to be filed by it under the Nasdaq listing rules. Excluding
the Listing of Additional Shares notification to be filed with Nasdaq pursuant to Section 7.5 of this Agreement, each such notice
or document was filed within the applicable timeframe prescribed by the Nasdaq listing rules. As of their respective dates, each
such notice or document complied in all material respects with the applicable requirements of the Nasdaq listing rules.

(c)       As
of the date of this Agreement, there are no outstanding or unresolved comments in comment letters received from the SEC or its
staff.

(d)       The
financial statements of the Company for the eleven month period from February 1, 2019 to December 31, 2019 (included in the Company’s
Current Report on Form 8-K filed with the SEC on September 29, 2020) present fairly the financial position of the Company and its
consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for
the periods specified; such financial statements have been prepared in conformity with GAAP, applied on a consistent basis throughout
the periods covered thereby, except as otherwise disclosed therein and, in the case of unaudited, interim financial statements,
subject to normal year-end audit adjustments and the exclusion of certain footnotes, and any supporting schedules included in the
SEC Documents present fairly the information required to be stated therein.

(e)       The
issued Common Stock of the Company as of the date hereof are admitted to trading on Nasdaq. The Company has taken no action designed
to, or which is likely to have the effect of, terminating the registration of the Common Stock under the 1934 Act or delisting
the Common Stock from Nasdaq. The Company has not received any notification that the SEC or Nasdaq, as applicable, is contemplating
terminating such registration or listing.

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(f)       The
Company and its subsidiaries have established systems of “internal control over financial reporting” (as defined in
Rule 13a-15(f) of the 1934 Act) that have been designed by, or under the supervision of, their respective principal executive and
principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but
not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance
with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

(g)       There
is and has been no material failure on the part of the Company or any of the Company’s directors or officers, in their capacities
as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and
906 related to certifications.

4.12.       Interim
Financials. The published interim results of the Company and its consolidated subsidiaries for the three months and six months
ended June 30, 2020 have been prepared with all due care and attention (having regard to the fact that the results were made publicly
available) and on accounting bases and assumptions consistent with those adopted in the preparation of the audited financial statements
of the Company and its consolidated subsidiaries for the eleven month period ended December 31, 2019 and the corresponding interim
results of the Company and its consolidated subsidiaries for the immediately preceding financial year as published in the Company’s
Current Report on Form 8-K filed with the SEC on September 29, 2020, except as otherwise disclosed therein.

4.13.       Absence
of Certain Changes. Since the interim results of the Company and its consolidated subsidiaries for the three and six months
ended on June 30, 2020 were prepared, and excluding the organizational changes made in connection with the Domestication: the businesses
of the Company and its consolidated subsidiaries have been carried on in the ordinary and usual course; there has been no significant
adverse change in the financial or trading position of the Company taken as a whole or, to the best of the Company’s knowledge,
information and belief, prospects of the Company; the Company has not acquired or disposed of or agreed to acquire or dispose of
any of its assets or businesses other than in the ordinary course of trading; the Company has not entered into any contract or
commitment of an unusual, long-term and/or onerous nature or assumed any material liabilities (including contingent liabilities)
(other than as contemplated by this Agreement); the Company has not paid or made any payment or transfer to shareholders of any
dividend, bonus, loan or distribution other than to the directors of the Company in their capacity as such directors in a manner
consistent with the compensation of such directors as disclosed in the SEC Documents; and the Company has complied in all material
respects with all the listing requirements of Nasdaq applicable to the Company (including the disclosure and notification requirements)
and any requests for disclosure made by Nasdaq.

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4.14.       Tax.
All returns of each member of the Group for taxation purposes have been made for all periods up to and including December 31, 2019,
and all such returns are correct, and are not the subject of any dispute with or claim by HM Revenue & Customs or other relevant
taxation authority (other than routine audits) which would be material to the Company are not likely to result in any such dispute
or claim.

4.15.       Environmental.
So far as the Company is aware, none of the Company nor any member of the Group has any material obligation or liability with respect
to pollution, hazardous substances or environmental matters and there are no circumstances which the Company considers are likely
to give rise to the same.

4.16.       Insurance.
The Company and each member of the Group maintain such insurance coverage against fire and other risks upon all their assets and
such public and employers’ liability as the directors of each such company consider appropriate, taking into account the
nature and scale of their activities, the provisions of agreements binding upon it, such insurance is now in force. The Company
is not aware of any fact or matter which would lead to any such insurance being vitiated or repudiated, there is no material claim
pending or outstanding and all premiums in respect of such insurances are duly paid.

4.17.       Intellectual
Property.

(a)       Each
member of the Group has (i) acted reasonably in seeking professional advice with regard to filing patent applications in respect
of material new inventions; (ii) adopted commercially reasonable and prudent practices with regard to the protection, prosecution
and maintenance of its portfolio of patents, patent applications and trademarks and other material intellectual property and the
payment of renewal fees in respect thereof; (ii) adopted commercially reasonable and prudent practices to capture intellectual
property rights in respect of material new inventions; and (iv) used commercially reasonable practices to protect the confidentiality
of all material non-patented know how. None of the intellectual property relating to the business of any member of the Group is
the subject of any claim, opposition, assertion, infringement, attack, right, action or other restriction or arrangement of whatsoever
nature which does or may impinge upon the validity, enforceability or ownership of the same or the utilization thereof by any member
of the Group to an extent which is material in the context of the Group. So far as the Company is aware, and not having obtained
freedom to operate opinions in respect of all of its intellectual property rights, none of the activities of any member of the
Group infringes in any material respect any right of any other person relating to intellectual property or gives rise to a material
liability for any royalty or similar payment.

(b)       The
intellectual property used or enjoyed by each member of the Group in connection with its business at the date of this Agreement,
and which is material to such business, is either legally and beneficially owned by that member of the Group, or licensed to, or
used under the authority of the owner by, that member of the Group and are not subject to any mortgage, charge, lien or other security
interest in favor of any third party save as registered with the United States Patent and Trademark Office or the Registrar of
Companies in the United Kingdom.

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4.18.       Offering.
Subject to the accuracy of the Investor’s representations set forth in Section 5, the offer, sale and issuance of the Purchased
Shares to be issued in conformity with the terms of this Agreement constitute transactions which are exempt from the registration
requirements of the 1933 Act and from all applicable state registration or qualification requirements.

4.19.       No
Integration. The Company has not, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise
negotiated in respect of, any security (as defined in the 1933 Act), that is or will be integrated with the sale of the Purchased
Shares in a manner that would require registration of such securities under the 1933 Act.

4.20.       Brokers’
or Finders’ Fees. Except as arising pursuant to the Placing, neither the Company nor any of its subsidiaries is a party
to any contract, agreement or understanding with any person that would give rise to a valid claim against the Company or any of
its subsidiaries for a brokerage commission, finder’s fee or like payment in connection with the transactions contemplated
by this Agreement.

4.21.       No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Purchased
Shares by any form of general solicitation or general advertising. Except as arising pursuant to the Placing, the Company has offered
the Purchased Shares for sale only to the Investor.

4.22.       Foreign
Corrupt Practices. None of the Company, any of its subsidiaries, nor to the knowledge of the Company, any agent or other person
acting on behalf of the Company or any of its subsidiaries, has: (i) directly or indirectly, used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment
to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate
funds, (iii) failed to disclose fully any contribution made by the Company or any of its subsidiaries (or made by any person acting
on its or their behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any
provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable non-U.S. anti-bribery Law.

4.23.       Regulation
M Compliance. The Company has not taken, directly or indirectly, any action designed to or that would reasonably be expected
to cause or result in stabilization or manipulation of any of its securities to facilitate the sale or resale of the Purchased
Shares.

4.24.       Investment
Company. The Company is not required to be registered as, and is not an Affiliate of, and immediately following the Closing
will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

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4.25.       Disclosures.
The SEC Documents, when considered together, do not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not
misleading, other than with respect to the transactions contemplated by this Agreement and except as will be disclosed pursuant
to Section 10.7.  

5.       Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company that:

5.1.       Authority.
The Investor is an individual with power and authority to enter into and consummate the transactions contemplated by this Agreement
and to carry out its obligations thereunder, and to invest in the Purchased Shares pursuant to this Agreement.

5.2.       Authorization.
This Agreement has been duly executed and delivered by the Investor, and this Agreement constitutes a valid and legally binding
obligation of the Investor, enforceable against the Investor in accordance with its terms, except as enforceability may be limited
by the Enforceability Exceptions.

5.3.       No
Conflicts. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the
Investor pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Investor
is a party or by which the Investor is bound or to which any of the property or assets of the Investor is subject, or (ii) result
in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or
regulatory authority having jurisdiction over the Investor except, in the case of clauses (i) and (ii) above, for any such conflict,
breach, violation or default that would not, individually or in the aggregate, have a material adverse effect on the Investor’s
ability to perform its obligations or consummate the transactions contemplated by this Agreement.

5.4.       Purchase
Entirely for Own Account. The Purchased Shares to be received by the Investor hereunder will be acquired for the Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
1933 Act, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same
in violation of the 1933 Act, without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose
of all or any part of such Purchased Shares in compliance with applicable federal and state securities laws. The Investor
is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be
so registered.

5.5.       Investment
Experience. The Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Purchased
Shares and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks
of the investment contemplated hereby.

    	13

     

    

5.6.       Disclosure
of Information. The Investor has had an opportunity to receive, review and understand all information related to the Company
requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms
and conditions of the offering of the Purchased Shares, and has conducted and completed its own independent due diligence. The
Investor acknowledges that copies of the SEC Documents are available on the SEC’s EDGAR system. Based on such information
as the Investor has deemed appropriate and the representations and warranties of the Company contained in Section 4 of this Agreement,
and without reliance upon any other party, it has independently made its own analysis and decision to enter into this Agreement.
The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to its acquisition of the Purchased Shares.

5.7.       Restricted
Securities. The Investor understands that the Purchased Shares will be characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may be resold without registration under the 1933
Act only in certain limited circumstances. The Investor acknowledges that the Company has no obligation to register or qualify
the Purchased Shares for resale. The Investor further acknowledges that if an exemption from registration or qualification is available,
it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for
the Purchased Shares, and on requirements relating to the Company which are outside of the Investor’s control, and which
the Company is under no obligation and may not be able to satisfy.

5.8.       Legends.
It is understood that, except as provided below, certificates evidencing the Purchased Shares may bear the following or any similar
legend:

(a)       “The
securities represented hereby have not been registered with the Securities and Exchange Commission or the securities commission
of any state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may
not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended,
(ii) such securities may be sold pursuant to Rule 144 or similar rule, or (iii) the Company has received an opinion
of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act
of 1933, as amended.”

(b)       If
required by the authorities of any state in connection with the issuance or sale of the Purchased Shares, the legend required by
such state authority.

    	14

     

    

5.9.       Accredited
Investor. The Investor is (a) an “accredited investor” within the meaning of Rule 501 under the 1933 Act and has
executed and delivered to the Company a questionnaire in substantially the form attached hereto as Exhibit B (the “Investor
Questionnaire”), which such Investor represents and warrants is true, correct and complete. The Investor is (b) a sophisticated
investor with sufficient knowledge and experience in investing in private equity transactions to properly evaluate the risks and
merits of its purchase of the Purchased Shares. Such Investor has determined based on its own independent review and such professional
advice as it deems appropriate that its purchase of the Purchased Shares and participation in the transactions contemplated by
this Agreement (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent
with all investment policies, guidelines and other restrictions applicable to such Investor, (iii) have been duly authorized and
approved by all necessary action, (iv) do not and will not violate or constitute a default under any law, rule, regulation, agreement
or other obligation by which such Investor is bound and (v) are a fit, proper and suitable investment for such Investor, notwithstanding
the substantial risks inherent in investing in or holding the Purchased Shares.

5.10.       No
General Solicitation. The Investor did not learn of the investment in the Purchased Shares as a result of any general solicitation
or general advertising.

5.11.       Brokers
and Finders. Except as arising pursuant to the Placing, no Person will have, as a result of the transactions contemplated by
this Agreement, any valid right, interest or claim against or upon the Company or the Investor for any commission, fee or other
compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Investor.

5.12.       Short
Sales and Confidentiality Prior to the Date Hereof.  Other than consummating the transactions contemplated hereunder,
the Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with the Investor, directly or indirectly
executed any purchases or sales, including Short Sales, of the securities of the Company or directly or indirectly engaged
in any action designed to, or which might be reasonably expected to, cause or result in any manipulation of the price of the securities
of the Company during the period commencing as of the time that such Investor was first contacted by the Company or any other Person
regarding the transactions contemplated hereby and ending immediately prior to the date hereof.  The Investor has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation
or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available securities
to borrow in order to effect Short Sales or similar transactions in the future.

5.13.       No
Government Recommendation or Approval. The Investor understands that no United States federal or state agency, or similar agency
of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase
of the Purchased Shares.

    	15

     

    

5.14.       No
Rule 506 Disqualifying Activities. The Investor has not taken any of the actions set forth in, and is not subject to, the disqualification
provisions of Rule 506(d)(1) of the 1933 Act.

5.15.       Financial
Assurances. As of the date of this Agreement and as of the Closing Date, the Investor has and will have access to cash in an
amount sufficient to pay to the Company the Aggregate Purchase Price.

6.       Conditions
to Closing.

6.1.       Conditions
to the Investor’s Obligations. The obligation of the Investor to purchase the Purchased Shares at the Closing is subject
to the fulfillment to the Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which
may be waived by the Investor with the agreement of the Company:

(a)       The
representations and warranties made by the Company in Section 4 hereof shall be true and correct in all material respects
as of the date hereof and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of
an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier
date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by
it on or prior to the Closing Date.

(b)       The
Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the
purchase and sale of the Purchased Shares and the consummation of the other transactions contemplated by this Agreement, all of
which shall be in full force and effect.

(c)       The
Company shall have made timely delivery of the Purchase Notice to the Investor in accordance with Section 3.2.

(d)       The
Company shall have filed with Nasdaq a Listing of Additional Shares notification applicable to the issuance and sale of the Purchased
Shares pursuant to this Agreement.

(e)       No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any Governmental Authority, shall have been issued, and no action or proceeding shall have
been instituted by any Governmental Authority, enjoining or preventing the consummation of the transactions contemplated by this
Agreement.

    	16

     

    

(f)       The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Financial Officer, dated as of the Closing
Date, certifying to the fulfillment of the conditions specified in subsections (a), (b) and (h) of this Section 6.1.

(g)       No
stop order or suspension of trading shall have been imposed by Nasdaq or any governmental or regulatory body with respect to public
trading in the Common Stock.

(h)       The
Purchased Shares shall be delivered to the Investor.

6.2.       Conditions
to Obligations of the Company. The Company’s obligation to sell and issue the Purchased Shares at the Closing is subject
to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which
may be waived by the Company with the agreement of the Investor:

(a)       The
representations and warranties made by the Investor in Section 5 hereof shall be true and correct in all material respects
as of the date hereof, and shall be true and correct in all material respects on the Closing Date with the same force and effect
as if they had been made on and as of said date. The Investor shall have performed in all material respects all obligations and
covenants herein required to be performed by it on or prior to the Closing Date.

(b)       The
Investor shall have executed and delivered the Investor Questionnaire.

(c)       The
Investor shall have paid in full the Aggregate Purchase Price to the Company.

6.3.       Termination
of Obligations to Effect Closing; Effects.

(a)       The
obligations of the Company, on the one hand, and the Investor, on the other hand, to effect the Closing shall terminate as follows:

(i)       Upon
the mutual written consent of the Company and the Investor;

(ii)       By
the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have
been (where capable of waiver) waived;

(iii)       By
the Investor if any of the conditions set forth in Section 6.1 shall have become incapable of fulfillment, and shall not have
been (where capable of waiver) waived; or

    	17

     

    

(iv)       By
either the Company or the Investor if the Closing has not occurred on or prior to the day that is sixty (60) days following the
date of this Agreement;

provided, however, that, except in the case of clause (i) above,
the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations,
warranties, covenants or agreements contained in this Agreement if such breach has resulted in the circumstances giving rise to
such party’s seeking to terminate its obligation to effect the Closing.

(b)       Nothing
in this Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and
provisions of this Agreement or to impair the right of any party to compel specific performance by any other party of its obligations
under such agreements.

7.       Covenants
and Agreements of the Company.

7.1.       No
Conflicting Agreements. The Company will not take any action, enter into any agreement or make any commitment that would conflict
or interfere in any material respect with the Company’s obligations to the Investor under this Agreement.

7.2.       Removal
of Legends.

(a)       In
connection with any sale, assignment, transfer or other disposition of the Purchased Shares by the Investor pursuant to Rule 144
or pursuant to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon compliance
by the Investor with the requirements of this Agreement, if requested by the Investor, the Company shall use commercially reasonable
efforts to cause the Transfer Agent to remove any restrictive legends that appear on the certificate that relates to the Purchased
Shares and to issue a new, unlegended certificate for the Purchased Shares sold or disposed of without restrictive legends, provided
that the Company has received from the Investor customary representations and other documentation reasonably acceptable to the
Company in connection therewith and, if necessary, otherwise sufficient to support any required legal opinion with respect thereto.

    	18

     

    

(b)       Subject
to receipt from the Investor by the Company and the Transfer Agent of customary representations and other documentation reasonably
acceptable to the Company and the Transfer Agent in connection therewith and, if necessary, otherwise sufficient to support any
required legal opinion with respect thereto, upon the earliest of such time as the Purchased Shares (i) have been sold or transferred
pursuant to an effective registration statement, (ii) have been sold pursuant to Rule 144, or (iii) are eligible for
resale under Rule 144(b)(1) or any successor provision (such earliest date, the “Effective Date”), the Company
shall (A) deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall issue a new, unlegended certificate
for such Common Stock, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the effect that
the removal of such legends in such circumstances may be effected under the 1933 Act if required by the Transfer Agent to effect
the removal of the legend in accordance with the provisions of this Agreement. The Company agrees that following the Effective
Date or at such time as such legend is no longer required under this Section 7.2, it will, following the delivery by the Investor
to the Company or the Transfer Agent of a certificate representing Common Stock issued with a restrictive legend, use commercially
reasonable efforts to deliver or cause to be delivered to such Investor a certificate representing such Common Stock that is free
from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer
Agent that enlarge the restrictions on transfer set forth in this Section 7.2.

(c)       Subject
to the restrictions on dispositions pursuant to Section 8.1 of this agreement, the Investor agrees with the Company that the Investor
will sell Purchased Shares only in compliance with an exemption from the registration requirements of the 1933 Act.

7.3.       Subsequent
Equity Sales. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company
shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2
of the 1933 Act) that will be integrated with the offer or sale of the Purchased Shares in a manner that would require the registration
under the 1933 Act of the sale of the Purchased Shares to the Investor, or that will be integrated with the offer or sale of the
Purchased Shares for purposes of the rules and regulations of any trading market such that it would require shareholder approval
prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

7.4.       Short
Sales and Confidentiality After the Date Hereof. The Investor covenants that neither it nor any Affiliates acting on its behalf
or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier
of such time as (i) the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated
in full. The Investor covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed
by the Company, the Investor will maintain the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). The Investor understands and acknowledges that the SEC currently takes
the position that coverage of Short Sales of securities “against the box” prior to effectiveness of a resale registration
statement with securities included in such registration statement would be a violation of Section 5 of the 1933 Act, as set forth
in Item 239.10 of the Securities Act Rules Compliance and Disclosure Interpretations compiled by the Office of Chief Counsel, Division
of Corporation Finance.

    	19

     

    

7.5.       Nasdaq
Notification. Promptly following the execution of this Agreement, the Company shall file with Nasdaq a Listing of Additional
Shares notification applicable to the issuance and sale of the Purchased Shares pursuant to this Agreement.

8.       Acknowledgements.

8.1.       Insider
Trading. In addition to the restrictions in this Agreement on the Disposition of Common Stock and Common Stock Equivalents
of the Company, the Investor hereby acknowledges that it is aware that United States securities laws prohibit any person who has
material, non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities
of such company or from communicating such information to any other person, including under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities.

8.2.       The
Placing. The Investor acknowledges that the Company intends to pursue the sale of securities of the Company in the Placing
concurrently with the sale of the Purchased Shares to the Investor in accordance with this Agreement. The Investor acknowledges
and agrees that the Special Committee of the Board may in the exercise of its independent judgment direct that the Company issue
and sell fewer Purchased Shares to Investor as a result of the Placing or any similar such transaction; provided that the
Company must comply with the terms of Section 2.1 of this Agreement, including by issuing and selling to the Investor at least
the applicable minimum number of Purchased Shares as set forth therein, subject to the Investor’s compliance with the terms
and conditions of this Agreement.

9.       Survival.
The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions
contemplated by this Agreement for the applicable statute of limitations.

10.       Miscellaneous.

10.1.       Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Investor,
as applicable. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors
and assigns of the parties.

10.2.       Counterparts;
E-mail. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via electronic mail, which shall be
deemed an original.

    	20

     

    

10.3.       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

10.4.       Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon
such delivery, (ii) if given by electronic mail, then such notice shall be deemed given upon receipt of confirmation of complete
transmittal, and (iii) if given by an internationally recognized overnight air courier, then such notice shall be deemed given
one Business Day after delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows,
or at such other address as such party may designate by ten days’ advance written notice to the other party:

If to the Company:

Summit Therapeutics Inc.

One Broadway, 14th Floor

Cambridge, MA 02142

Attention: Chief Financial Officer

Email: Mike.Donaldson@summitplc.com

With a copy to:

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

Attention: Adam W. Finerman

Email: AFinerman@olshanlaw.com

If to the Investor:

to the address set forth on Exhibit
A hereto.

10.5.       Expenses.
The parties hereto shall pay their own costs and expenses in connection herewith regardless of whether the transactions contemplated
hereby are consummated; it being understood that each of the Company and the Investor has relied on the advice of its own respective
counsel and/or other professional advisers.

10.6.       Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investor.

    	21

     

    

10.7.       Publicity.
Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be issued by
the Investor without the prior consent of the Company (which consent shall not be unreasonably withheld), except as such release
or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities market,
in which case the Investor shall allow the Company, to the extent reasonably practicable in the circumstances, reasonable time
to comment on such release or announcement in advance of such issuance. The Company shall not include the name of the Investor
in any press release or public announcement (which, for the avoidance of doubt, shall not include any filing with the SEC) without
the prior written consent of the Investor, except as otherwise required by law or the applicable rules or regulations of any securities
exchange or securities market, in which case the Company shall allow the Investor, to the extent reasonably practicable in the
circumstances, reasonable time to comment on such release or announcement in advance of such issuance. Promptly following the date
this Agreement is executed, the Company shall issue a press release disclosing all material terms of transactions contemplated
by this Agreement (the “Press Release”) and make an announcement thereof (including the name of the Investor)
to a Regulatory Investment Service. No later than 5:30 p.m. (New York City time) on the fourth Business Day following the date
this Agreement is executed, the Company will file a Report on Form 8-K (the “8-K Filing”) attaching the press
release described in the foregoing sentence as well as a copy of this Agreement. In addition, the Company will make such other
filings and notices in the manner and time required by the SEC or Nasdaq. The parties acknowledge that from and after the issuance
of the Press Release, the Investor shall not be in possession of any material, nonpublic information received from the Company
or any of its respective officers, directors, employees or agents, with respect to the transactions contemplated hereby that is
not disclosed in the Press Release.

10.8.       Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

10.9.       Entire
Agreement. This Agreement, including the signature pages and Exhibits hereto, constitutes the entire agreement among the parties
hereof with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, both oral
and written, between the parties with respect to the subject matter hereof and thereof.

10.10.       Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

    	22

     

    

10.11.       Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District
Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising
out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or
proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices
under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action
or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue
of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS
TO THIS WAIVER.

[remainder of page intentionally left
blank]

    	23

     

    

IN WITNESS WHEREOF, the parties have
executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	COMPANY:	
        Summit Therapeutics INC.

         

	 	By:	/s/ Michael Donaldson
	 	 	Name: Michael Donaldson
	 	 	
        Title: Chief Financial Officer

         

 

     

     

    
	INVESTOR:	 
	 	
         

        By:
	/s/ Robert W. Duggan
	 	 	
        Name: Robert W. DugganEX-10.1

 Exhibit 10.1 

LENSAR, INC. 
 2020
INCENTIVE AWARD PLAN 
 ARTICLE I. 

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

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

ADMINISTRATION AND DELEGATION 

3.1 Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers
receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan
and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any
Award as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the
Plan or any Award. 
 3.2 Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its
powers under the Plan to one or more Committees or officers of the Company. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time. 

ARTICLE IV. 
 STOCK
AVAILABLE FOR AWARDS 
 4.1 Number of Shares. Subject to adjustment under Article VIII and the terms of this Article IV,
Awards may be made under the Plan covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares or Shares purchased on the open market or treasury Shares. 

4.2 Share Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered, repurchased,
canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares covered by the Award at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the
Participant for such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be available for Award grants under the Plan. Further, Shares delivered (either by actual
delivery or attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation (including Shares retained by the

  
 1 

 
Company from the Award being exercised or purchased and/or creating the tax obligation) will, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend
Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit. 
 4.3 Incentive Stock
Option Limitations. Notwithstanding anything to the contrary herein, no more than 22,222,222 Shares may be issued pursuant to the exercise of Incentive Stock Options.  

4.4 Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition
of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be
granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares
available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock
Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan
approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or
combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above);
provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and
shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination. 
 4.5 Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for non-employee Directors from
time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and
pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that, commencing with the first calendar year following the calendar year in
which the Public Trading Date occurs, the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any
successor thereto) of Awards granted to a non-employee Director as compensation for services as a non-employee Director during any calendar year of the Company may not
exceed $750,000 (increased to $1,000,000 in the calendar year of a non-employee Director’s initial service as a non-employee Director) (which limits shall not apply
to the compensation for any non-employee Director of the Company who serves in any capacity in addition to that of a non-employee Director for which he or she receives
additional compensation). The Administrator may make exceptions to this limit for individual non-employee Directors in extraordinary circumstances, as the Administrator may determine in its discretion. 

ARTICLE V. 
 STOCK
OPTIONS AND STOCK APPRECIATION RIGHTS 
 5.1 General. The Administrator may grant Options or Stock Appreciation Rights to Service
Providers subject to the limitations in the Plan, including any limitations in the Plan that apply to Incentive 

  
 2 

 
Stock Options. The Administrator will determine the number of Shares covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the
conditions and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the
Company upon exercise of the exercisable portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Stock
Appreciation Right by the number of Shares with respect to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at Fair Market Value or a
combination of the two as the Administrator may determine or provide in the Award Agreement. 
 5.2 Exercise Price. The Administrator
will establish each Option’s and Stock Appreciation Right’s exercise price and specify the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option or
Stock Appreciation Right. 
 5.3 Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified
in the Award Agreement, provided that the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined otherwise by the Company, in the event that on the last business day of the term
of an Option or Stock Appreciation Right (other than an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Law, as determined by the Company, or (ii) Shares may not be purchased
or sold by the applicable Participant due to any Company insider trading policy (including blackout periods) or a “lock-up” agreement undertaken in connection with an issuance of securities by the
Company, the term of the Option or Stock Appreciation Right shall be extended until the date that is thirty days after the end of the legal prohibition, black-out period or
lock-up agreement, as determined by the Company; provided, however, in no event shall the extension last beyond the ten year term of the applicable Option or Stock Appreciation Right. 

5.4 Exercise. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a
form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of
Shares for which the Award is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation Right may not be exercised for a fraction of a Share.

 5.5 Payment Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and
Applicable Laws, the exercise price of an Option must be paid by: 
 (a) cash, wire transfer of immediately available funds or by check
payable to the order of the Company, provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted; 

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

  
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 (c) to the extent permitted by the Administrator, delivery (either by actual delivery or
attestation) of Shares owned by the Participant valued at their Fair Market Value; 
 (d) to the extent permitted by the Administrator,
surrendering Shares then issuable upon the Option’s exercise valued at their Fair Market Value on the exercise date; 
 (e) to the
extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines is good and valuable consideration; or 

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

ARTICLE VI. 
 RESTRICTED
STOCK; RESTRICTED STOCK UNITS 
 6.1 General. The Administrator may grant Restricted Stock, or the right to purchase Restricted
Stock, to any Service Provider, subject to the Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such shares) if conditions the
Administrator specifies in the Award Agreement are not satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service Providers
Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement the
terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained in the Plan. 

6.2 Restricted Stock. 

(a) Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to
such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of
Common Stock of property other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to which they were paid. 

(b) Stock Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock
certificates issued in respect of shares of Restricted Stock, together with a stock power endorsed in blank. 
 6.3 Restricted Stock
Units. 
 (a) Settlement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as
reasonably practicable after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply with Section 409A. 

(b) Stockholder Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit
unless and until the Shares are delivered in settlement of the Restricted Stock Unit. 

  
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 (c) Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock
Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares and subject to the same restrictions on
transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement. 

ARTICLE VII. 
 OTHER
STOCK OR CASH BASED AWARDS 
 Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants
to receive Shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan.
Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based
Awards may be paid in Shares, cash or other property, as the Administrator determines. Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash Based Award, including any purchase
price, performance goal (which may be based on the Performance Criteria), transfer restrictions, and vesting conditions, which will be set forth in the applicable Award Agreement. 

ARTICLE VIII. 

ADJUSTMENTS FOR CHANGES IN COMMON STOCK 

AND CERTAIN OTHER EVENTS 

8.1 Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this
Article VIII, the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include adjusting the number and type of securities subject to each outstanding Award and/or the
Award’s exercise price or grant price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under this Section 8.1 will be nondiscretionary and final and binding on the
affected Participant and the Company; provided that the Administrator will determine whether an adjustment is equitable. 
 8.2 Corporate
Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization,
liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, Change in Control, issuance of warrants or
other rights to purchase Common Stock or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company or its financial statements or any change in any
Applicable Laws or accounting principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except that action to give
effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after such change) and is hereby authorized, without the Participant’s express prior written consent, to take any one or more of the
following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with
respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or accounting principles: 

(a) To provide for the cancellation of any such Award in exchange for either an amount of cash or other property or any combination thereof
with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of such Award, as applicable; provided that,
if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero, then the Award may be terminated without
payment; 

  
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 (b) To provide that such Award shall vest and, to the extent applicable, be exercisable as
to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award; 
 (c) To provide that
such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator; 

(d) To make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards
and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV hereof on the maximum number and kind of shares which may be issued) and/or in the terms and
conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards; 
 (e) To replace such Award with
other rights or property selected by the Administrator; and/or 
 (f) To provide that the Award will terminate and cannot vest, be exercised
or become payable after the applicable event. 
 8.3 Effect of Non-Assumption in a Change in
Control. 
 (a) Notwithstanding the provisions of Section 8.2, if a Change in Control occurs and a Participant’s Awards are
not continued, converted, assumed, or replaced with a substantially similar award by (i) the Company, or (ii) a successor entity or its parent or subsidiary (an “Assumption”), and provided that the Participant has
not had a Termination of Service, then, immediately prior to the Change in Control, such Awards shall become fully vested, exercisable and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards shall lapse,
in which case, such Awards shall be canceled upon the consummation of the Change in Control in exchange for the right to receive the Change in Control consideration payable to other holders of Common Stock (i) which may be on such terms and
conditions as apply generally to holders of Common Stock under the Change in Control documents (including, without limitation, any escrow, earn-out or other deferred consideration provisions) or such other
terms and conditions as the Administrator may provide, and (ii) determined by reference to the number of shares subject to such Awards and net of any applicable exercise price; provided that to the extent that any Awards constitute
“nonqualified deferred compensation” that may not be paid upon the Change in Control under Section 409A without the imposition of taxes thereon under Section 409A, the timing of such payments shall be governed by the applicable
Award Agreement (subject to any deferred consideration provisions applicable under the Change in Control documents); and provided, further, that if the amount to which a Participant would be entitled upon the settlement or exercise of such Award at
the time of the Change in Control is equal to or less than zero, then such Award may be terminated without payment. The Administrator shall determine whether an Assumption of an Award has occurred in connection with a Change in Control. 

  
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 (b) For the purposes of this Section 8.3, an Assumption of an Award shall be considered
to have occurred in the Award is assumed or substituted for if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration
(whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the
successor entity or its parent or subsidiary, the Administrator may, with the consent of the successor entity, provide that the consideration to be received upon the exercise or vesting of an Award, for each Share subject thereto, will be solely
common stock of the successor entity or its parent or subsidiary substantially equal in fair market value to the per Share consideration received by holders of Shares in the transaction constituting a Change in Control.

8.4 Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or
any securities offering or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to sixty days before or after such transaction. 

8.5 General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any
rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as
expressly provided with respect to an Equity Restructuring under Section 8.1 or the Administrator’s action under the Plan, no issuance by the Company of Shares of any class, or securities convertible into Shares of any class, will affect,
and no adjustment will be made regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way
the Company’s right or power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger, consolidation, dissolution or liquidation
of the Company or sale of Company assets or (iii) any sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat
Participants and Awards (or portions thereof) differently under this Article VIII. 
 ARTICLE IX. 

GENERAL PROVISIONS APPLICABLE TO AWARDS 

9.1 Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than
Incentive Stock Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s
consent, pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, will include references to a
Participant’s authorized transferee that the Administrator specifically approves. 

  
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 9.2 Documentation. Each Award will be evidenced in an Award Agreement, which may be
written or electronic, as the Administrator determines. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

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

9.4 Termination of Status. The Administrator will determine how the disability, death, retirement, authorized leave of absence or any
other change or purported change in a Participant’s Service Provider status affects an Award and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award, if applicable. 
 9.5 Withholding. Each Participant must pay the Company, or make
provision satisfactory to the Administrator for payment of, any taxes required by law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax liability. The Company may deduct an amount sufficient
to satisfy such tax obligations based on the applicable statutory withholding rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise due to a
Participant. In the absence of a contrary determination by the Company (or, with respect to withholding pursuant to clause (ii) below with respect to Awards held by individuals subject to Section 16 of the Exchange Act, a contrary
determination by the Administrator), all tax withholding obligations will be calculated based on the minimum applicable statutory withholding rates. Subject to Section 10.8 and any Company insider trading policy (including blackout periods),
Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company, provided that the Company may limit the use of the foregoing payment forms if one or
more of the payment forms below is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award creating the tax
obligation, valued at their Fair Market Value on the date of delivery, (iii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the Company otherwise determines, (A) delivery (including
electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or
(B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided
that such amount is paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Administrator. Notwithstanding any
other provision of the Plan, the number of Shares which may be so delivered or retained pursuant to clause (ii) of the immediately preceding sentence shall be limited to the number of Shares which have a Fair Market Value on the date of
delivery or retention no greater than the aggregate amount of such liabilities based on the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the
liability classification of the applicable award under generally accepted accounting principles in the United States of America)); provided, however, that, any such Shares delivered or retained shall be rounded up to the nearest whole Share to the
extent rounding up to the nearest whole Share does not result in the liability classification of the applicable Award under generally accepted accounting principles in the United States of America. If any tax withholding obligation will be satisfied
under clause (ii) above by the Company’s retention of Shares from the Award creating the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct any brokerage
firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s behalf some or all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each

  
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Participant’s acceptance of an Award under the Plan will constitute the Participant’s authorization to the Company and instruction and authorization to such brokerage firm to complete
the transactions described in this sentence. 
 9.6 Amendment of Award; Repricing. The Administrator may amend, modify or terminate
any outstanding Award, including by substituting another Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified Stock
Option. The Participant’s consent to such action will be required unless (i) the action, taking into account any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the
change is permitted under Article VIII or pursuant to Section 10.6. Notwithstanding the foregoing or anything in the Plan to the contrary, the Administrator may, without the approval of the stockholders of the Company, reduce the exercise
price per share of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less
than the exercise price per share of the original Options or Stock Appreciation Rights. 
 9.7 Conditions on Delivery of Stock. The
Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction, (ii) as
determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the
Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws. The Company’s inability to obtain authority from any regulatory body
having jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not
been obtained. 
 9.8 Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully
or partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable. 
 9.9 Additional
Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company, any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code,
respectively, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of
the Fair Market Value on the Option’s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject to and construed consistently with Section 422 of the Code. By accepting an Incentive
Stock Option, the Participant agrees to give prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within (i) two years from the grant date
of the Option or (ii) one year after the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness or other
consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify as an “incentive stock option”
under Section 422 of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an “incentive stock option” under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares
having a fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option. 

  
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 ARTICLE X. 

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

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

10.3 Effective Date and Term of Plan. Unless earlier terminated by the Board, the Plan will become effective on July 21, 2020,
following its adoption and approval by the Board. The Plan will remain in effect until the tenth anniversary of the earlier of (a) the date the Board adopted the Plan or (b) the date the Company’s stockholders approved the Plan, but
Awards previously granted may extend beyond that date in accordance with the Plan. The Plan will be submitted for the approval of the Company’s stockholders within twelve months after the date of the Board’s adoption of the Plan. Awards
may be granted or awarded prior to such stockholder approval; provided that no Award shall become exercisable, vested or realizable, as applicable to such Award, unless the Plan has been approved by the Company’s stockholders within
twelve months before or after the date the Plan was adopted by the Board; and provided, further, that if such approval has not been obtained at the end of said twelve-month period, all Awards previously granted or awarded under the Plan shall
thereupon be canceled and become null and void. 
 10.4 Amendment of Plan. The Administrator may amend, suspend or terminate the Plan
at any time; provided that no amendment, other than an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without the affected Participant’s consent. No Awards may be
granted under the Plan during any suspension period or after the Plan’s termination. Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before such
suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws. 

10.5 Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or
employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other
matters. 
 10.6 Section 409A.  

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

  
 10 

 
Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and
retroactive actions) as are necessary or appropriate to preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A, or (B) comply with Section 409A,
including regulations, guidance, compliance programs and other interpretative authority that may be issued after an Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment under
Section 409A or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant
or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation” subject to taxes, penalties or interest under Section 409A. 

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

(c) Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of
“nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section 409A and as the Administrator determines) due to his or her “separation from service”
will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation from service” (or, if earlier,
until the specified employee’s death) and will instead be paid (as set forth in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable
thereafter (without interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the Participant’s “separation from service” will be paid at the time or times the
payments are otherwise scheduled to be made. 
 10.7 Limitations on Liability. Notwithstanding any other provisions of the Plan, no
individual acting as a director, officer, other employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in
connection with the Plan or any Award, and such individual will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other employee or
agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating to the
Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission
concerning this Plan unless arising from such person’s own fraud or bad faith. 
 10.8
Lock-Up Period. The Company may, in connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of a Company registration statement filed under the Securities Act, or such shorter or longer period as determined by
the Company. 

  
 11 

 10.9 Right of First Refusal. 

(a) Before any shares of Common Stock held by a Participant or any permitted transferee (each, a “Holder”) may be
sold, pledged, assigned, hypothecated, transferred, or otherwise disposed of (each, a “Transfer”), the Company or its assignee(s) shall have a right of first refusal to purchase the shares of Common Stock proposed to be
Transferred on the terms and conditions set forth in this Section 10.9 (the “Right of First Refusal”). In the event that the Company’s charter, bylaws and/or a stockholders’ agreement applicable to the shares
of Common Stock contain a right of first refusal with respect to the shares of Common Stock, such right of first refusal shall apply to the shares of Common Stock to the extent such provisions are more restrictive than the Right of First Refusal set
forth in this Section 10.9 and the Right of First Refusal set forth in this Section 10.9 shall not in any way restrict the operation of the Company’s charter, bylaws or the operation of any applicable stockholders’ agreement.

 (b) In the event any Holder desires to Transfer any shares of Common Stock, the Holder shall deliver to the Company a written notice (the
“Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise Transfer such shares of Common Stock; (ii) the name of each proposed purchaser or other transferee (“Proposed
Transferee”); (iii) the number of shares of Common Stock to be Transferred to each Proposed Transferee; and (iv) the price for which the Holder proposes to Transfer the shares of Common Stock (the “Offered
Price”), and the Holder shall offer such shares of Common Stock at the Offered Price to the Company or its assignee(s). 
 (c)
Within twenty-five days after receipt of the Notice, the Company and/or its assignee(s) may elect in writing to purchase all, but not less than all, of the shares of Common Stock proposed to be Transferred to any one or more of the Proposed
Transferees by delivery of a written exercise notice to the Holder (a “Company Notice”). The purchase price (“Purchase Price”) for the shares of Common Stock repurchased under this Section 10.9
shall be the Offered Price. 
 (d) Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by
check or wire transfer), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof, within five days after delivery
of the Company Notice or in the manner and at the times mutually agreed to by the Company and the Holder. Should the Offered Price specified in the Notice be payable in property other than cash, the Company or its assignee shall have the right to
pay the purchase price in the form of cash equal in amount to the value of such property, as determined by the Administrator. 
 (e) If all
or a portion of the shares of Common Stock proposed in the Notice to be Transferred are not purchased by the Company and/or its assignee(s) as provided in this Section 10.9, then the Holder may sell or otherwise Transfer such shares of Common
Stock to that Proposed Transferee at the Offered Price or at a higher price; provided that such sale or other Transfer is consummated within sixty days after the date of the Notice; and provided, further, that any such sale or other Transfer is
effected in accordance with any Applicable Laws and the Proposed Transferee agrees in writing that the provisions of this Plan and the applicable Award Agreement and any other applicable agreements governing the shares of Common Stock to be
Transferred shall continue to apply to the shares of Common Stock in the hands of such Proposed Transferee. If the shares of Common Stock described in the Notice are not Transferred to the Proposed Transferee within such sixty-day period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal, as provided herein, before any shares of Common Stock held by the
Holder may be sold or otherwise Transferred. 
 (f) Anything to the contrary contained in this Section 10.9 notwithstanding and to the
extent permitted by the Administrator, the Transfer of any or all of the shares of Common Stock during a Participant’s lifetime or upon a Participant’s death by will or intestacy to the Participant’s Immediate Family or a trust for
the benefit of the Participant’s Immediate Family shall be exempt from the Right of 

  
 12 

 
First Refusal. As used herein, “Immediate Family” shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister or stepchild (whether or not
adopted). In such case, the transferee or other recipient shall receive and hold the shares of Common Stock so Transferred subject to the provisions of this Plan (including the Right of First Refusal), the applicable Award Agreement and any other
applicable agreements governing the shares of Common Stock to be Transferred, and there shall be no further Transfer of such shares of Common Stock except in accordance with the terms of this Section 10.9 (or otherwise as expressly provided
under the Plan). 
 (g) The Right of First Refusal shall terminate as to all shares of Common Stock upon the occurrence of a Change in
Control or the Public Trading Date. 
 10.10 Data Privacy. As a condition for receiving any Award, each Participant explicitly and
unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Parents and Subsidiaries exclusively for implementing, administering and managing
the Participant’s participation in the Plan. The Company and its Parents and Subsidiaries may hold certain personal information about a Participant, including the Participant’s name, address and telephone number; birthdate; social
security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company or its Parent or Subsidiaries; and Award details, to implement, manage and administer the Plan and Awards (the
“Data”). The Company and its Parents and Subsidiaries may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company and its Parent or
Subsidiaries may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country
may have different data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to
implement, administer and manage the Participant’s participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related to a
Participant will be held only as long as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request
additional information about the storage and processing of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing,
without cost, by contacting the local human resources representative. The Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the Participant may forfeit any outstanding Awards if the
Participant refuses or withdraws the consents in this Section 10.9. For more information on the consequences of refusing or withdrawing consent, Participants may contact their local human resources representative. 

10.11 Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void. 

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

10.13 Governing Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware,
disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Delaware. 

  
 13 

 10.14 Restrictions on Shares; Claw-Back Provisions. Awards and shares of Common Stock
acquired in respect of Awards shall be subject to such terms and conditions as the Administrator shall determine, including, without limitation, restrictions on the transferability of shares of Common Stock, the right of the Company to repurchase
shares of Common Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements. Such terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator, be contained in the applicable Award Agreement or in an
exercise notice, stockholders’ agreement or in such other agreement as the Administrator shall determine, in each case in a form determined by the Administrator. The issuance of such shares of Common Stock shall be conditioned on the
Participant’s consent to such terms and conditions and the Participant’s entering into such agreement or agreements. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by Participant
upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any
claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable
Award Agreement. A Participant shall, as a condition to receiving an Award, agree to execute such further instruments and to take such further action as the Company requests to carry out the purposes and intent of this Section 10.14. 

10.15 Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the
Plan’s text, rather than such titles or headings, will control. 
 10.16 Conformity to Securities Laws. Participant acknowledges
that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent Applicable Laws
permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws. 
 10.17 Relationship to
Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as
expressly provided in writing in such other plan or an agreement thereunder. 
 10.18 Broker-Assisted Sales. In the event of a
broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (a) any Shares to be sold through
the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an
average price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages,
or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably
practicable; (e) the Company and its designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s applicable
obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Participant’s obligation. 

  
 14 

 ARTICLE XI. 

DEFINITIONS 
 As used in
the Plan, the following words and phrases will have the following meanings: 
 11.1 “Administrator” means the Board
or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee. 
 11.2
“Applicable Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any
stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted. 

11.3 “Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units or Other Stock or Cash Based Awards. 
 11.4 “Award Agreement” means a
written agreement evidencing an Award, which may be electronic, that contains such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan. 

11.5 “Board” means the Board of Directors of the Company. 

11.6 “Cause,” with respect to a Participant, means “Cause” (or any term of similar effect) as defined in
such Participant’s employment agreement with the Company if such an agreement exists and contains a definition of Cause (or term of similar effect), or, if no such agreement exists or such agreement does not contain a definition of Cause (or
term of similar effect), then Cause shall include, but not be limited to: (i) the Participant’s unauthorized use or disclosure of confidential information or trade secrets of the Company or any material breach of a written agreement
between the Participant and the Company, including without limitation a material breach of any employment, confidentiality, non-compete, non-solicit or similar
agreement; (ii) the Participant’s commission of, indictment for or the entry of a plea of guilty or nolo contendere by the Participant to, a felony under the laws of the United States or any state thereof or any crime involving
dishonesty or moral turpitude (or any similar crime in any jurisdiction outside the United States); (iii) the Participant’s gross negligence or willful misconduct or the Participant’s willful or repeated failure or refusal to substantially
perform assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed by the Participant against the Company; or (v) any acts, omissions or statements by a Participant which the Company reasonably
determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company. 
 11.7
(a) Prior to the Public Trading Date, “Change in Control” means the first to occur of one of the following events following the Plan’s effectiveness: (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act), other than PDL, an employee benefit plan maintained by PDL or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under
common control with, PDL, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more
of (A) the outstanding shares of Common Stock or (B) the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors; or (ii) the Company (x) is a party to a
merger, consolidation or exchange of securities which results in PDL, or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, PDL,
directly or indirectly, failing to continue to hold at least 50% of the combined voting power of the voting securities of the Company, the surviving entity or a 

  
 15 

 
parent of the surviving entity outstanding immediately after such merger, consolidation or exchange, or (y) sells or disposes of all or substantially all of the Company’s assets (or any
transaction or combination of transactions having similar effect is consummated) (other than a sale to PDL or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is
under common control with, PDL). 
 (b) Following the Public Trading Date, “Change in Control” means: 

(i) a transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (1) and (2) of subsection (iii) below) whereby any “person” or related “group” of
“persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Parents or Subsidiaries, an employee benefit plan maintained by the Company or any of its Parents or Subsidiaries or
a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 

(ii) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in subsections (i) or (iii)) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the
two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(iii) the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions,
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (1) which results in the
Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor
Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(2) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this Section 11.7 as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the
Company prior to the consummation of the transaction. 
 (c) Notwithstanding the foregoing, if a Change in Control constitutes a payment
event with respect to any Award (or portion of any Award) that provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under

  
 16 

 
Section 409A, the transaction or event described in subsection (a) or (b) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of
the payment timing of such Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). The Administrator shall have full and
final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters
relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation
Section 1.409A-3(i)(5) shall be consistent with such regulation. Notwithstanding the foregoing, in no event will the Spin-Off constitute a Change in Control. 

11.8 “Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 

11.9 “Committee” means one or more committees or subcommittees of the Board, which may include one or more Company
directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time
the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director” within the meaning of Rule 16b-3
will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 
 11.10 “Common
Stock” means the common stock of the Company. 
 11.11 “Company” means LENSAR, Inc., a Delaware
corporation, or any successor. 
 11.12 “Consultant” means any person, including any adviser, engaged by the Company
or any Parent or Subsidiary to render services to such entity if the consultant or adviser: (a) renders bona fide services to the Company; (b) renders services not in connection with the offer or sale of securities in a capital-raising
transaction and does not directly or indirectly promote or maintain a market for the Company’s securities; and (c) is a natural person. 

11.13 “Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the
Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the
Participant’s estate. 
 11.14 “Director” means a Board member. 

11.15 “Disability” means a permanent and total disability under Section 22(e)(3) of the Code, as amended. 

11.16 “Dividend Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in
cash or Shares) of dividends paid on Shares. 
 11.17 “Employee” means any employee of the Company or any Parent or
Subsidiary. 
 11.18 “Equity Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash
dividend, that affects the number or kind of shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the Company) and causes a change in the per share value of the Common Stock
underlying outstanding Awards. 

  
 17 

 11.19 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 11.20 “Fair Market Value” means, as of any date, the value of a share of Common Stock determined as
follows: (a) if the Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange for such date, or if no sale occurred on such date, the last
day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Common Stock is not traded on a stock exchange but is quoted on a national market
or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the
Administrator deems reliable; or (c) without an established market for the Common Stock, the Administrator will determine the Fair Market Value in its discretion. Notwithstanding the foregoing, with respect to any Award granted on the pricing
date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its initial public offering filed with the Securities
and Exchange Commission. 
 11.21 “Good Reason” means (a) if a Participant is a party to a written employment
or consulting agreement with the Company or any of its Subsidiaries or an Award Agreement in which the term “good reason” is defined, “Good Reason” as defined in such agreement, and (b) if no such agreement exists,
(i) a change in the Participant’s position with the Company (or its Subsidiary employing the Participant) that materially reduces the Participant’s authority, duties or responsibilities or the level of management to which he or she
reports, (ii) a material diminution in the Participant’s level of compensation (including base salary, fringe benefits and target bonuses under any corporate performance-based incentive programs) or (iii) a relocation of the
Participant’s place of employment by more than 50 miles, provided that such change, reduction or relocation is effected by the Company (or its Subsidiary employing the Participant) without the Participant’s consent. 

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

11.23 “Incentive Stock Option” means an Option intended to qualify as an “incentive stock option” as defined
in Section 422 of the Code. 
 11.24 “Incumbent Directors” means for any period of 12 consecutive months,
individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in
Section 11.7 whose election or nomination for election to the Board was approved by a vote of at least a majority (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for
Director without objection to such nomination) of the Directors then still in office who either were Directors at the beginning of the 12-month period or whose election or nomination for election was
previously so approved. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or threatened solicitation of
proxies by or on behalf of any person other than the Board shall be an Incumbent Director. 

  
 18 

 11.25 “Non-Qualified Stock
Option” means an Option not intended or not qualifying as an Incentive Stock Option. 
 11.26 “Option”
means an option to purchase Shares, which will either be an Incentive Stock option or a Non-Qualified Stock Option. 

11.27 “Other Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or
partially by referring to, or are otherwise based on, Shares or other property awarded to a Participant under Article VII. 
 11.28
“Overall Share Limit” means the sum of (a) 3,333,333 Shares; (b) if, on the Public Trading Date, the aggregate number of Shares remaining available for issuance pursuant to Awards which may be granted under the Plan (not
including Shares that are subject to outstanding Awards granted under the Plan) is less than 10% of the total number of Shares outstanding on such date, an increase to the Overall Share Limit on such date in an amount such that the aggregate number
of Shares available for issuance pursuant to Awards which may be granted under the Plan (not including Shares subject to outstanding Awards granted under the Plan) after such increase is equal to the lesser of (i) 10% of the total Shares outstanding
on such date or (ii) such number of Shares determined by the Board; and (c) an annual increase on the first day of each calendar year beginning with the first January 1 occurring following the Public Trading Date and ending on and
including January 1, 2030, equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of Shares as is determined by
the Board. 
 11.29 “Parent” means any entity whether domestic or foreign, in an unbroken chain of entities ending
with the Company, if each of the entities other the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than 50% of the total combined voting power of all classes of
securities or interests in one of the other entities in such chain. 
 11.30 “Participant” means a Service Provider
who has been granted an Award. 
 11.31 “PDL” means PDL BioPharma, Inc., a Delaware corporation or any
successor thereto. 
 11.32 “Performance Criteria” mean the criteria (and adjustments) that the Administrator
may select for an Award to establish performance goals for a performance period, which may include the following: net earnings or losses (either before or after one or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross
profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash
flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital; return on stockholders’ equity; total stockholder return; return on sales; costs,
reductions in costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or appreciation in or maintenance of such price or dividends);
regulatory achievements or compliance; implementation, completion or attainment of objectives relating to research, development, regulatory, commercial, or strategic milestones or developments; market share; economic value or economic value added
models; division, group or corporate financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance of personnel; human resources management; supervision of litigation and other legal matters;
strategic partnerships and transactions; financial ratios (including those measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals; financing and other capital raising transactions; cash on hand;  

  
 19 

 
acquisition activity; investment sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such
performance goals also may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to
performance of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies. 

11.33 “Plan” means this 2020 Incentive Award Plan. 

11.34 “Public Trading Date” means the earlier of (a) the date of the closing of the Spin-Off or (b) the first date upon which the Company or its successor (i) is required to file periodic reports pursuant to Section 12 of the Exchange Act or (ii) the Common Stock is listed on
one or more National Securities Exchanges (within the meaning of the Exchange Act) or is quoted on NASDAQ or a successor quotation system. 

11.35 “Restricted Stock” means Shares awarded to a Participant under Article VI subject to certain vesting
conditions and other restrictions. 
 11.36 “Restricted Stock Unit” means an unfunded, unsecured right to receive,
on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant under Article VI subject to certain vesting
conditions and other restrictions. 
 11.37 “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act. 
 11.38
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder. 

11.39 “Securities Act” means the Securities Act of 1933, as amended. 

11.40 “Service Provider” means an Employee, Consultant or Director. Notwithstanding anything to the contrary contained
in the Plan, no person who is an employee of PDL or one of its controlled subsidiaries shall be eligible to receive Awards under the Plan unless he or she is providing direct services to the Company or one of its Subsidiaries on the date of grant of
such Award within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E). 
 11.41
“Shares” means shares of Common Stock. 
 11.42
“Spin-Off” means the closing of the transactions contemplated by that certain Separation and Distribution Agreement to be entered into by and between PDL and the Company. 

11.43 “Stock Appreciation Right” means a stock appreciation right granted under Article V. 

11.44 “Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of
entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power of
all classes of securities or interests in one of the other entities in such chain. 
 11.45 “Substitute Awards”
shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any
Subsidiary or with which the Company or any Subsidiary combines. 

  
 20 

 11.46 “Termination of Service” means the date the Participant ceases
to be a Service Provider. 
 * * * * * 

  
 21

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