Form 6-K ADC Therapeutics SA For: Mar 31

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May 6, 2021 7:09 AM EDT

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Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This management’s discussion and analysis is designed to provide you with a narrative explanation of our financial condition and results of operations. You should read this discussion and analysis in conjunction with our unaudited condensed consolidated interim financial statements, including the notes thereto, as of and for the three months ended March 31, 2021 included as Exhibit 99.1 to the Report on Form 6-K to which this discussion and analysis is included as Exhibit 99.2. You should also read this discussion and analysis in conjunction with our audited consolidated financial statements, including the notes thereto, included in our annual report on Form 20-F for the year ended December 31, 2020.

Our unaudited condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Our audited consolidated financial statements were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). None of our financial statements were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The terms “dollar,” “USD” or “$” refer to U.S. dollars and the term “Swiss franc” and “CHF” refer to the legal currency of Switzerland, unless otherwise indicated. We have made rounding adjustments to some of the figures included in this discussion. Accordingly, any numerical discrepancies in any table between totals and sums of the amounts listed are due to rounding.

Unless otherwise indicated or the context otherwise requires, all references in this discussion and analysis to “ADC Therapeutics” or “ADCT,” the “Company,” “we,” “our,” “ours,” “us” or similar terms refer to ADC Therapeutics SA and its consolidated subsidiaries.

Overview

We are a commercial-stage biotechnology company improving the lives of cancer patients with our next-generation, targeted antibody drug conjugates (“ADCs”) for patients with hematologic malignancies and solid tumors. We develop our ADCs by applying our decades of experience in this field and using next-generation pyrrolobenzodiazepine (“PBD”) technology to which we have proprietary rights for our targets. By leveraging our R&D strengths, our disciplined approach to target selection and our preclinical and clinical development strategy, we have created a diverse and balanced portfolio and research pipeline. Our hematology franchise comprises one approved product (ZYNLONTA, formerly known as loncastuximab tesirine or Lonca) and two clinical-stage product candidates, camidanlumab tesirine (“Cami” and previously known as ADCT-301) and ADCT-602. Our solid tumor franchise comprises two clinical-stage product candidates, Cami and ADCT-601, and two preclinical product candidates, ADCT-901 and ADCT-701.

Our flagship product, ZYNLONTA, has been approved by the FDA for the treatment of adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (“DLBCL”) not otherwise specified, DLBCL arising from low-grade lymphoma, and also high grade B-cell lymphoma. The broad patient population included in the label is a key point of differentiation for ZYNLONTA. In a pivotal Phase 2 clinical trial for the treatment of relapsed or refractory DLBCL, ZYNLONTA demonstrated significant clinical activity across a broad population of heavily pre-treated patients, achieving a 48.3% overall response rate (“ORR”) and a 24.8% complete response rate (“CRR”), while maintaining a manageable tolerability profile. We believe that ZYNLONTA has a current addressable patient population of approximately 6,000 patients in the United States, and our experienced commercial organization is striving to unlock this market opportunity by engaging physicians regarding ZYNLONTA's differentiated product profile. ZYNLONTA was added to the NCCN Clinical Practice Guidelines for Oncology (NCCN Guidelines) with a level 2A recommendation for third line plus DLBCL patients. The recommendation reflects the broad label and the differentiated profile of ZYNLONTA. In addition, to further expand the market opportunity for ZYNLONTA and maximize its commercial potential, we are conducting a confirmatory Phase 3 clinical trial of ZYNLONTA in combination with rituximab that, if successful, we believe will serve as the basis for a supplemental BLA (“sBLA”) for ZYNLONTA for the treatment of relapsed or refractory DLBCL in second-line transplant-ineligible patients, as well as a Phase 1/2 clinical trial of ZYNLONTA in combination with ibrutinib for the treatment of relapsed or refractory DLBCL and mantle cell lymphoma (“MCL”). The ZYNLONTA and ibrutinib combination showed a 66.7% ORR and a 37.5% CRR with a manageable tolerability profile as of August 20, 2020 in non-GCB DLBCL patients at the dose being used in the pivotal Phase 2 portion of the clinical trial. We plan to report updated interim results from the Phase 1 portion of the trial in the first half of 2021. We also plan to commence a pivotal Phase 2 clinical trial of ZYNLONTA for the treatment of relapsed or refractory follicular lymphoma (“FL”) in the first half of 2021.

Our lead product candidate, Cami, has demonstrated significant clinical activity across a broad population of heavily pre-treated patients, while maintaining a tolerability profile that we believe is manageable. We are evaluating Cami in a 117-patient pivotal Phase 2 clinical trial for the treatment of relapsed or refractory HL, for which we completed enrollment in January 2021. Preliminary efficacy data in 47 patients as of August 24, 2020 showed an 83.0% ORR and a 38.3% CRR. We anticipate reporting interim results from this clinical trial in the first half of 2021, and we believe that this clinical trial, if successful, will support a BLA submission. We have completed a 133-patient Phase 1 clinical trial of Cami for the treatment of relapsed or refractory HL and NHL that showed an 86.5% ORR and a 48.6% CRR in 37 patients with HL at the initial dose for our pivotal Phase 2 clinical trial and a 44.0% ORR and an 8.0% CRR in a subset of patients with T-cell lymphoma. We are also evaluating Cami in a Phase 1b clinical trial as a novel immuno-oncology approach for the treatment of various advanced solid tumors. This clinical trial evaluates Cami in combination with pembrolizumab, a checkpoint inhibitor, to better understand its potential as both a monotherapy and in combination.

Recent Developments

Impact of the COVID-19 Pandemic

The COVID-19 pandemic has negatively impacted the economies of countries around the world. Our operations, similar to those of other life sciences companies, have been impacted by the COVID-19 pandemic. As the COVID-19 pandemic continues to evolve, we believe the extent of the impact to our operations, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the pandemic, the pandemic’s impact on the U.S. and global economies and the timing, scope and effectiveness of national and local governmental responses to the pandemic, especially in areas where the conditions have recently worsened. Those primary drivers are beyond our knowledge and control, and as a result, at this time the ultimate impact on our results of operations, cash flows and financial position in 2021 and thereafter cannot be reasonably predicted. We are continuously assessing and adapting our working practices and business operations to ensure compliance with official guidance and containment measures related to the pandemic, and we are working proactively with our partners and other stakeholders to take steps to mitigate and minimize any negative impact of the COVID-19 pandemic on our research and development programs, clinical trials, regulatory submissions, commercial launch and other business operations.

•Clinical Programs: To date we have not experienced any material impact of the COVID-19 pandemic on our clinical trial enrollment, timelines or expenses. However, we have seen some increase in the time to activate new sites for trials that are in the start-up phase, and expect that we may see further increases in the future in areas of the world that continue to see pronounced effect from COVID-19. We continue to work with sites to accelerate start-up activities. Additionally, we continue to closely monitor the potential effect of the COVID-19 pandemic on our clinical trials as well as the supply of our clinical-stage product candidates and will work closely with our clinical trial sites, contract research organizations and contract manufacturing partners to mitigate any such impact. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change.

•Commercial Launch of ZYNLONTA: We are launching ZYNLONTA commercially, and we have built our launch plans to mitigate the impact of the ongoing COVID-19 pandemic. Our Commercial and Medical Affairs teams prepared for a hybrid launch and are able to engage physicians virtually, as well as face-to-face. However, the ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change.

Results of Operations

Comparison of the Three Months Ended March 31, 2021 and 2020

The following table summarizes our results of operations for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
in KUSD	2021	2020 (1)	Change


Operating expense
Research and development expenses	(39,172)	(35,375)	(3,797)
Selling and marketing expenses	(13,911)	(2,628)	(11,283)
General and administrative expenses	(17,582)	(5,882)	(11,700)
Total operating expense	(70,665)	(43,885)	(26,780)
Loss from operations	(70,665)	(43,885)	(26,780)

Other income (expense)
Other income	194	148	46
Convertible loans, derivatives, change in fair value income	21,169	—	21,169

Share of results with joint venture	(527)	—	(527)
Financial income	15	374	(359)
Financial expense	(2,000)	(42)	(1,958)
Exchange differences	394	29	365
Total other income	19,245	509	18,736
Loss before taxes	(51,420)	(43,376)	(8,044)
Income tax expense	(107)	(100)	(7)
Net loss	(51,527)	(43,476)	(8,051)

(1) Results of operations has been recast to conform S&M expenses to the current period presentation.

Notable items impacting the results of operations for the three months ended March 31 included:


		Three Months Ended March 31, 2021
in KUSD	P&L Classification	2021	2020	Change
Share-based compensation	Research and development expenses (“R&D”)	2,869	1,785	1,084
Share-based compensation	Selling and marketing expenses (“S&M”)	1,961	365	1,596
Share-based compensation	General and administrative expenses (“G&A”)	9,121	1,640	7,481
Fair value adjustment of Facility Agreement derivatives	Convertible loans, derivatives, change in fair value income	(21,169)	—	(21,169)

R&D expenses

The following table summarizes our R&D expenses for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
in KUSD	2021	2020	Change
External costs 1	24,306	26,139	(1,833)
Employee expense 2	14,866	9,236	5,630
R&D expenses	39,172	35,375	3,797

1 Includes depreciation expense

2 Includes share-based compensation expense

Our R&D expenses increased to USD 39.2 million for the three months ended March 31, 2021 from USD 35.4 million for the three months ended March 31, 2020, an increase of USD 3.8 million, or 10.7%. R&D expenses increased as we continued to expand the potential market opportunities for ZYNLONTA in earlier lines of therapy and additional indications and build our pipeline. As a result of these initiatives, employee expense increased to USD 14.9 million due to higher employee headcount, of which USD 2.9 million was related to share-based compensation expense. External costs decreased primarily as a result of lower costs associated with clinical activities and chemistry, manufacturing and controls (“CMC”) due to various developmental activities that occurred during the three months ended March 31, 2020.

The following table summarizes our R&D expenses for our major development programs for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
in KUSD	2021	2020	Change
ZYNLONTA	20,676	15,492	5,184
Cami	9,677	12,290	(2,613)
ADCT-602	569	713	(144)
ADCT-601	2,252	1,660	592
Preclinical product candidates, research pipeline	4,235	4,514	(279)
Not allocated to specific programs	1,763	706	1,057
R&D expenses	39,172	35,375	3,797

R&D expenses for our major development programs will fluctuate from period to period primarily due to the nature and timing associated with the various lifecycle stages of each program, including but not limited to early R&D activities; manufacturing of clinical drug product; clinical trial activity; costs associated with the regulatory approval process; and manufacturing costs associated with commercialization activities prior to the receipt of regulatory approval.

The increase in R&D expenses related to ZYNLONTA was primarily due to additional headcount as we prepared for its commercial launch and increased CMC expense as we manufactured pre-approved supply in advance of the launch. On April 23, 2021, we received regulatory approval for ZYNLONTA. Accordingly, such costs incurred to manufacture pre-approved product would qualify to be capitalized as inventory. However, we have written-down such inventory costs to a net realizable value of zero. The impairment charge has been recorded as R&D expense because of the inherent risks associated with the development of a product candidate, uncertainty about the regulatory approval process, including the expected dating of ZYNLONTA at the time of launch, as well as the timing of the associated commercial launch and market size, and lack of history for our ability to obtain regulatory approval for drug candidates. We will reverse impairments resulting from the write-down of inventory to a net realizable value during the second quarter of 2021 based on a number of factors including the existence of inventory on hand and estimated demand as well as the expiration of such product.

The decrease in R&D expenses related to Cami was primarily due to lower CMC expenses during the three months ended March 31, 2021 as various development activities to support ongoing clinical trial activity occurred during the three months ended March 31, 2020.

S&M expenses

The following table summarizes our S&M expenses for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
in KUSD	2021	2020	Change
External costs	5,290	1,740	3,550
Employee expense 1	8,621	888	7,733
S&M expenses	13,911	2,628	11,283

1 Includes share-based compensation expense

Our S&M expenses increased to USD 13.9 million for the three months ended March 31, 2021 from USD 2.6 million for the three months ended March 31, 2020, an increase of USD 11.3 million, or 429.3%. Employee expense related to the recruitment of commercial employees as we prepared for the commercial launch of ZYNLONTA. Employee expense was USD 8.6 million, of which USD 2.0 million was related to share-based compensation expense. External costs increased primarily as a result of higher professional fees associated with our preparation for the anticipated commercial launch.

G&A expenses

The following table summarizes our G&A expenses for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
in KUSD	2021	2020	Change
External costs 1	4,733	2,240	2,493
Employee expense 2	12,849	3,642	9,207
G&A expenses	17,582	5,882	11,700

1 Includes depreciation expense

2 Includes share-based compensation expense

Our G&A expenses increased to USD 17.6 million for the three months ended March 31, 2021 from USD 5.9 million for the three months ended March 31, 2020, an increase of USD 11.7 million, or 198.9%. Employee expense for the three months ended March 31, 2021 was USD 12.8 million which included USD 9.1 million of share-based compensation expense. Share-based compensation expense increased USD 7.5 million as compared to the three months ended March 31, 2020. External costs increased primarily as a result of higher professional fees associated with being a public company.

Other income (expense)

The following table summarizes our other income for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
in KUSD	2021	2020	Change
Other income	194	148	46
Convertible loans, derivatives, change in fair value income	21,169	—	21,169

Share of results with joint venture	(527)	—	(527)
Financial income	15	374	(359)
Financial expense	(2,000)	(42)	(1,958)
Exchange differences	394	29	365
Total other income	19,245	509	18,736

Other income

We recognize as other income amounts received and receivable by our subsidiary, ADC Therapeutics (UK) Limited, under the United Kingdom’s R&D Expenditure Credit scheme. For the three months ended March 31, 2021 and 2020, we recognized KUSD 194 and KUSD 148 in Other income, respectively.

Convertible loans, derivatives, increase in fair value

This income is explained in note 11, “Convertible loans”, to the unaudited condensed consolidated interim financial statements. Pursuant to the Facility Agreement, dated April 24, 2020 (the “Facility Agreement”), with Deerfield Partners, L.P. and certain of its affiliates (collectively, “Deerfield”), we have drawn down the first tranche of the convertible loans amounting to USD 65 million on May 19, 2020 and will draw down on the second tranche amounting to USD 50 million subsequent to March 31, 2021.

The conversion option derivative embedded in the first tranche is remeasured at fair value at the end of each accounting period. Prior to drawing down, the obligation arising from the second tranche was accounted for as a derivative, remeasured at fair value at the end of each accounting period. Any movement in these fair values is recognized in the condensed consolidated statement of operations. The significant decrease in the fair values in the period is due to the decrease in the price of our common shares since December 31, 2020. See note 15, “Events after the reporting date” to the unaudited condensed consolidated interim financial statements for further information.

Financial income

Our financial income decreased to KUSD 15 for the three months ended March 31, 2021 from KUSD 374 for the three months ended March 31, 2020. The decrease was primarily due to decreases in amounts placed on short-term deposit and in interest rates.

Financial expense

Our financial expense increased to USD 2.0 million for the three months ended March 31, 2021 from KUSD 42 for the three months ended March 31, 2020. The increase was primarily due to interest on the convertible loans, calculated at the implied effective interest rate, from May 19, 2020. This expense is explained in note 11, “Convertible loans”, to the unaudited condensed consolidated interim financial statements.

Exchange differences

Due to our international operations, we are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to British pounds, Euros and Swiss francs. Our exchange differences represent income or (loss) based on changes in foreign currencies. Favorable or unfavorable changes in foreign currencies resulted in income of KUSD 394 for the three months ended March 31, 2021, as compared to income of KUSD 29 the three months ended March 31, 2020.

Income tax expense

Our income tax expense is primarily due to our internal arrangements to reimburse our foreign subsidiaries in the United States and the United Kingdom for the services they render on a cost-plus-margin basis. The net profit at each subsidiary is subject to local income tax and gives rise to minimal amounts of tax expense.

Liquidity and Capital Resources

Since inception, we have incurred significant net losses. To date, we have financed our operations primarily through equity financings, including our initial public offering and follow-on offering, convertible debt financings, and additional funds provided by collaborations. As of March 31, 2021, we had cash and cash equivalents of USD 383.1 million. Subsequent to March 31, 2021, we will draw down USD 50.0 million of convertible loans relating to the second tranche of the Facility Agreement following our recent receipt of FDA approval for the commercial use of ZYNLONTA for the treatment of relapsed

or refractory DLBCL. See note 15, “Events after the reporting date” to the unaudited condensed consolidated interim financial statements for further information.

Our primary uses of capital are, and we expect will continue to be, R&D expenses, S&M expenses, compensation and related expenses, and other operating expenses. Cash used to fund operating expenses is impacted by the timing of when we pay expenses, as reflected in the change in our outstanding accounts payable and accrued expenses, as well as the timing of revenues from the sale of ZYNLONTA. We expect to incur substantial expenses in connection with the advancement of clinical trials, including our pivotal and confirmatory clinical trials, and regulatory submissions for our products, product candidates and research pipeline. In addition, we continue to incur substantial expenses for commercial launch following approval of ZYNLONTA, which was obtained on April 23, 2021.

We plan to continue to fund our operating needs through the net proceeds of our public offerings, the Facility Agreement, revenues from the sale of ZYNLONTA and additional equity financings and/or other forms of financing. We may also pursue strategic collaborations or licensing opportunities for clinical development and commercialization of ZYNLONTA and/or our product candidates in various geographical markets.

Cash Flows

Comparison of the Three Months Ended March 31, 2021 and 2020

The following table summarizes our cash flows for the three months ended March 31, 2021 and 2020:


(in KUSD)	Three months ended March 31,
Net cash used in:	2021	2020	Change
Operating activities	(55,149)	(32,102)	(23,047)
Investing activities	(657)	(496)	(161)
Financing activities	(297)	(278)	(19)
Net change in cash and cash equivalents	(56,103)	(32,876)	(23,227)

Net cash used in operating activities

Net cash used in operating activities increased to USD 55.1 million for the three months ended March 31, 2021 from USD 32.1 million for the three months ended March 31, 2020, an increase of USD 23.0 million, or 71.8%. The increase was primarily due to increased cash expenditure in the period on R&D, G&A and S&M costs in advancing development of our clinical portfolio and preparation for the commercial launch of ZYNLONTA.

Net cash used in investing activities

Net cash used in investing activities increased to KUSD 657 for the three months ended March 31, 2021 and from KUSD 496 for the three months ended March 31, 2020, an increase of KUSD 161, or 32.5%. The increase was primarily due to increased capital expenditures during the three months ended March 31, 2021 primarily relating to our new R&D facility and was partially offset by the absence of intangible asset purchases during the three months ended March 31, 2021.

Net cash used in financing activities

Net cash used in financing activities remained virtually flat at KUSD 297 the three months ended March 31, 2021 compared to KUSD 278 for the three months ended March 31, 2020.

Operating Capital Requirements

We expect our expenses, including S&M, manufacturing and distribution costs, to increase in connection with our ongoing activities, particularly as we commercialize ZYNLONTA, undertake confirmatory and other clinical trials for ZYNLONTA and continue the R&D of, continue or commence clinical trials of, and seek regulatory approval for, our product candidates. Accordingly, we may need to obtain additional funding in connection with our continuing operations. Subsequent to March 31, 2021, we will draw down USD 50.0 million of convertible loans relating to the second tranche under the Facility Agreement. Our future capital requirements will depend on many factors, which are outlined in our annual report on Form 20-F for the

period ended December 31, 2020 and our subsequent filings with the SEC, as well as actual versus forecast demand for ZYNLONTA.

JOBS Act

In April 2012, the Jumpstart our Business Startups Act of 2012 (“JOBS Act”) was enacted. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards applicable to public companies. This provision allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. This transition period is only applicable under U.S. GAAP. As a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required or permitted by the International Accounting Standards Board.

We are in the process of evaluating the benefits of relying on other exemptions and reduced reporting requirements under the JOBS Act. Subject to certain conditions, as an emerging growth company, we intend to rely on certain of these exemptions, including without limitation, (i) providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted by the Public Company Accounting Oversight Board, regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements, known as the auditor discussion and analysis. We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) December 31, 2025; (iii) the date on which we have issued more than $1.0 billion in non-convertible debt during the previous three years; and (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC, which means the market value of our common shares that are held by non-affiliates exceeds $700.0 million as of the prior June 30th.

Contractual Obligations and Other Commitments

During the three months ended March 31, 2021, we entered into a new lease agreement for a facility in the UK. See note 10, “Leases” to the unaudited condensed consolidated interim financial statements for further information. We do not currently have any contractual obligations and other commitments, other than those described above and in the section in our annual report on Form 20-F for the period ended December 31, 2020 titled “Item 5. Operating and Financial Review and Prospects—F. Tabular Disclosure of Contractual Obligations” with the exception of USD 50.0 million of convertible loans relating to the second tranche under the Facility Agreement which will be drawn down subsequent to March 31, 2021.

Off-Balance Sheet Arrangements

As of March 31, 2021 and during the periods presented, we did not have, and we do not currently have, any off-balance sheet arrangements.

Quantitative and Qualitative Disclosures about Market Risk

During the periods presented, there were no significant changes to our quantitative and qualitative disclosures about market risk from those described in the section in our annual report on Form 20-F for the period ended December 31, 2020 titled “Item 11. Quantitative and Qualitative Disclosures About Market Risk” with the exception of a hypothetical 10% increase (decrease) in our share price as of March 31, 2021 would have increased (decreased) the derivative values associated with the first and second tranches by USD 4.9 million (USD 4.0 million) and USD 2.7 million (USD 2.4 million), respectively.

Critical Accounting Policies and Significant Judgments and Estimates

There have been no material changes to the significant accounting policies and significant judgments and estimates from those described in the section in our annual report on Form 20-F for the period ended December 31, 2020 titled “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Critical Accounting Policies and Significant Judgments and Estimates”. See note 3, “Significant accounting policies” in the notes to our unaudited condensed consolidated interim financial statements.

Recent Accounting Pronouncements

See note 3, “Significant accounting policies”, to our unaudited condensed consolidated interim financial statements for a description of recent accounting pronouncements applicable to our unaudited condensed consolidated interim financial

statements as well as the significant accounting policies and significant judgments and estimates from those described in the section in the in our annual report on Form 20-F for the period ended December 31, 2020 titled “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Critical Accounting Policies and Significant Judgments and Estimates”.

Cautionary Statement Regarding Forward-Looking Statements

This discussion contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this discussion, including statements regarding our future results of operations and financial position, business and commercialization strategy, potential market opportunities, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, R&D costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this discussion can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “will” and “potential,” among others.

Forward-looking statements appear in a number of places in this discussion and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section in our annual report on Form 20-F for the period ended December 31, 2020 titled “Item 3. Key Information—D. Risk Factors” and in our subsequent filings with the SEC. These forward-looking statements include, among others:

•our expectations regarding revenues derived from sales of ZYNLONTA;

•the commencement, timing, progress and results of our R&D programs, preclinical studies and clinical trials;

•the timing of investigational new drug application (“IND”), BLA, sBLA, marketing authorization application (“MAA”) and other regulatory submissions with the FDA, the European Medicines Agency (“EMA”) or comparable regulatory authorities in other jurisdictions;

•the proposed development pathway for ZYNLONTA and Cami, and our other product candidates, and the acceptability of the results of clinical trials for regulatory approval by the FDA, EMA or comparable regulatory authorities in other jurisdictions;

•assumptions relating to the identification of serious adverse, undesirable or unacceptable side effects related to our products and product candidates;

•the timing of and our ability to obtain and maintain regulatory approval for our products and product candidates;

•our plan for the commercialization of ZYNLONTA and, if approved, for Cami;

•the manufacture and supply of our products and product candidates;

•our expectations regarding the size of the patient populations amenable to treatment with our products and product candidates, if approved, as well as the treatment landscape of the indications that we are targeting with our products and product candidates;

•assumptions relating to the rate and degree of market acceptance of ZYNLONTA and any other approved products;

•the pricing and reimbursement of ZYNLONTA and any other approved products;

•our ability to identify and develop additional product candidates;

•the ability of our competitors to discover, develop or commercialize competing products before or more successfully than we do;

•our competitive position and the development of and projections relating to our competitors or our industry;

•our estimates of our expenses, revenues, capital requirements and need for or ability to obtain additional financing;

•our ability to raise capital when needed in order to continue our R&D programs or commercialization efforts;

•our ability to identify and successfully enter into strategic collaborations or licensing opportunities in the future, and our assumptions regarding any potential revenue that we may generate under current or future collaborations or licensing arrangements;

•our ability to obtain, maintain, protect and enforce intellectual property protection for our products and product candidates, and the scope of such protection;

•our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of third parties;

•our expectations regarding the impact of the COVID-19 pandemic;

•our ability to attract and retain qualified key management and technical personnel; and

•our expectations regarding the time during which we will be an emerging growth company under the JOBS Act and a foreign private issuer.

These forward-looking statements speak only as of the date of this discussion and are subject to a number of risks, uncertainties and assumptions described under the section in our annual report on Form 20-F for the period ended December 31, 2020 entitled “Item 3. Key Information—D. Risk Factors” and in our subsequent filings with the SEC and elsewhere in this discussion. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this discussion, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Exhibit 99.3

ADC Therapeutics Reports First Quarter 2021 Financial Results
and Provides Business Updates

–ZYNLONTA™ (loncastuximab tesirine-lpyl) granted accelerated FDA approval for patients with relapsed or refractory diffuse large B-cell lymphoma

–Commercial launch progressing well; orders shipped

–NCCN guidelines category 2A recommendation to reflect the broad FDA indication

–Company to host conference call today at 8:30 a.m. EDT

Lausanne, Switzerland, May 6, 2021 – ADC Therapeutics SA (NYSE: ADCT), a commercial-stage biotechnology company leading the development of novel antibody drug conjugates (ADCs) to treat hematological malignancies and solid tumors, today reported financial results for the first quarter ended March 31, 2021 and provided business updates.

“We are off to an exciting start to the year with the recent accelerated FDA approval of ZYNLONTA™, bringing a new and differentiated treatment option to patients with relapsed or refractory diffuse large B-cell lymphoma,” said Chris Martin, Chief Executive Officer of ADC Therapeutics. “ZYNLONTA is approved for a broad population of r/r DLBCL patients, including DLBCL NOS, DLBCL arising from low grade lymphoma and also high-grade B-cell lymphoma. This reflects the real world population of patients enrolled in our LOTIS-2 pivotal trial including transplant eligible and ineligible patients, heavily pre-treated patients and patients with difficult-to-treat disease. In addition, we continue to advance our pipeline of next-generation ADCs for patients with difficult-to-treat hematologic and solid tumor cancers.”

“On the occasion of the commercial launch of ZYNLONTA, it has been impressive to see the high quality of talented and experienced commercial and medical affairs professionals at ADC Therapeutics fully prepared for an early FDA approval,” said Ron Squarer, Chairman of the Board and an advisor to the Company. “This team is executing on its launch plan and is well equipped to support the treating community in adopting an important new option with a broad label which included tough to treat patients in third-line plus DLBCL.”

Recent Highlights

ZYNLONTA (loncastuximab tesirine-lpyl)

•FDA accelerated approval and launch: ZYNLONTA was granted accelerated approval by the U.S. Food and Drug Administration (FDA) on April 23, 2021, as a single-agent for the treatment of adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (DLBCL) not otherwise specified, DLBCL arising from low grade lymphoma, and high-grade B-cell lymphoma, a key point of differentiation on the label. ZYNLONTA became commercially available last week and the commercial launch is fully underway.

•Added to the National Comprehensive Cancer Network (NCCN) Clinical Practice Guidelines in Oncology: As of May 5, 2021, ZYNLONTA was added to the NCCN guidelines with a category 2A recommendation for third-line plus DLBCL, including DLBCL arising from low-grade lymphoma such as follicular lymphoma (FL) and marginal zone lymphoma (MZL).

•Ongoing trials progressing:

◦The Phase 3 LOTIS-5 clinical trial is evaluating ZYNLONTA in combination with rituximab in second-line patients with relapsed or refractory DLBCL who are not eligible for autologous stem cell transplant. This trial will fulfill the post-marketing approval requirement with the FDA for a confirmatory study.

◦The pivotal Phase 2 LOTIS-3 clinical trial of ZYNLONTA in combination with ibrutinib for relapsed or refractory DLBCL patients is intended to support the submission of a supplemental Biologics License Application (BLA) for ZYNLONTA in combination with ibrutinib.

•Additional planned trials in 2021 to potentially expand the ZYNLONTA opportunity:

◦Pivotal Phase 2 clinical trial in follicular lymphoma (FL).

◦Clinical trial to evaluate ZYNLONTA in combination with multiple other drugs in B-cell non-Hodgkin lymphoma (NHL).

◦Dose-finding study of ZYNLONTA in combination with R-CHOP in frontline DLBCL.

Camidanlumab Tesirine (Cami)

•Ongoing trials progressing:

◦The pivotal Phase 2 clinical trial evaluating the efficacy and safety of Cami in patients with relapsed or refractory Hodgkin lymphoma (HL) has completed enrollment and is continuing to follow patients. The Company will present data from this study at an upcoming congress.

◦The Phase 1b clinical trial of Cami in combination with pembrolizumab in selected advanced solid tumors is an open-label, dose-escalation and dose-expansion trial evaluating the safety, tolerability, pharmacokinetics and antitumor activity of Cami in combination with pembrolizumab, a checkpoint inhibitor.

2021 Expected Milestones

ZYNLONTA

•Initiate a pivotal Phase 2 clinical trial of ZYNLONTA in FL in the second quarter of 2021.

•Report updated data from the Phase 1 clinical trial of ZYNLONTA in combination with ibrutinib in relapsed or refractory DLBCL in the second quarter of 2021.

•Initiate the dose-finding study of ZYNLONTA in first-line DLBCL with R-CHOP in the second half of 2021.

•Initiate the clinical trial to evaluate ZYNLONTA in multiple combinations in B-cell non-Hodgkin lymphoma in the second half of 2021.

•Complete enrollment in the pivotal Phase 2 trial of ZYNLONTA in combination with ibrutinib in the second half of 2021.

•Complete safety lead-in of the Phase 3 LOTIS-5 confirmatory study of ZYNLONTA in combination with rituximab in the second half of 2021.

Cami

•Report interim results from the pivotal Phase 2 clinical trial of Cami in HL in the second quarter of 2021.

Earlier-Stage Pipeline

•File Investigational New Drug (IND) application for ADCT-901, targeting KAAG1 in the second quarter of 2021.

•Initiate a Phase 1b combination study of ADCT-601, targeting AXL, in multiple solid tumors in the first half of 2022.

First Quarter 2021 Financial Results

Cash and Cash Equivalents

Cash and cash equivalents were $383.1 million as of March 31, 2021, compared to $439.2 million as of December 31, 2020. In the coming days, the Company will be drawing down $50 million associated with its Convertible Credit Facility with Deerfield, which was contingent upon ZYNLONTA approval.

Research and Development (R&D) Expenses

R&D expenses were $39.2 million for the quarter ended March 31, 2021, compared to $35.4 million for the same quarter in 2020. R&D expenses increased due to investments to explore the potential of ZYNLONTA in earlier lines of treatment and histologies and advance the portfolio. As a result of these initiatives, employee headcount and share-based compensation expense increased.

Selling and Marketing (S&M) Expenses

During the first quarter of 2021, S&M expenses were $13.9 million as compared to $2.6 million for the same quarter in 2020. The increase in S&M expenses related to the build-out of the Company’s commercial organization and preparation activities for the anticipated launch of ZYNLONTA in 2021. Prior to December 31, 2020, S&M expenses were reported within General and Administrative (“G&A”) expenses within the condensed consolidated interim statement of operations. The period ended March 31, 2020 has been recast to conform to the current year presentation.

G&A Expenses

G&A expenses were $17.6 million for the quarter ended March 31, 2021, compared to $5.9 million for the same quarter in 2020. G&A expenses increased due to higher headcount to support the commercial launch, increased share‐based compensation expense and higher costs of being a public company.

Net Loss and Adjusted Net Loss

Net loss was $51.5 million, or a net loss of $0.67 per basic and diluted share, for the quarter ended March 31, 2021, compared to $43.5 million, or a net loss of $0.85 per basic and diluted share, for the same quarter in 2020. The net loss for the quarter ended March 31, 2021 includes a $21.2 million non-cash gain related to the changes in fair value of derivatives associated with the convertible loans under the Convertible Credit Facility with Deerfield. The decrease in fair value was driven by the decrease in the Company’s share price from December 31, 2020. In addition, net loss included share-based compensation expense of $14.0 million for the quarter ended March 31, 2021, compared to $3.8 million for the same quarter in 2020.

Adjusted net loss was $56.8 million, or an adjusted net loss of $0.74 per basic and diluted share, for the quarter ended March 31, 2021, compared to $39.7 million, or an adjusted net loss of $0.78 per basic and diluted share, for the same quarter in 2020. The increase in adjusted net loss was primarily driven by the expansion of the organization, investment in the expanding clinical portfolio and the preparation for the anticipated launch of ZYNLONTA.

Conference Call Details

ADC Therapeutics management will host a conference call and live audio webcast to discuss first quarter 2021 financial results and provide a company update today at 8:30 a.m. Eastern Time. To

access the live call, please dial 888-771-4371 (domestic) or +1 847-585-4405 (international) and provide confirmation number 50158735. A live webcast of the presentation will be available under “Events and Presentations” in the Investors section of the ADC Therapeutics website at ir.adctherapeutics.com. The archived webcast will be available for 30 days following the call.

About ADC Therapeutics

ADC Therapeutics (NYSE: ADCT) is a commercial-stage biotechnology company improving the lives of cancer patients with its next-generation, targeted antibody drug conjugates (ADCs). The Company is advancing its proprietary PBD-based ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

ADC Therapeutics’ CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) is approved by the FDA for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in late-stage clinical trials in combination with other agents. Cami (camidanlumab tesirine) is being evaluated in a late-stage clinical trial for relapsed or refractory Hodgkin lymphoma and in a Phase 1b clinical trial for various advanced solid tumors. In addition to ZYNLONTA and Cami, ADC Therapeutics has multiple PBD-based ADCs in ongoing clinical and preclinical development.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit https://adctherapeutics.com/ and follow the Company on Twitter and LinkedIn.

The Company’s annual report on Form 20-F filed with the Securities and Exchange Commission and its Swiss statutory annual report for the fiscal year ended December 31, 2020 are available at ir.adctherapeutics.com under “Events and Presentations”. Shareholders may receive a hard copy of the Company’s audited financial statements, or its complete annual report including audited financial statements, free of charge, by requesting a copy from Investor Relations at Amanda.Hamilton@adctherapeutics.com. Any requests for hard copies may be subject to a delay in mailing due to the COVID-19 pandemic.

ZYNLONTA™ is a trademark of ADC Therapeutics SA.

About ZYNLONTATM (loncastuximab tesirine-lpyl)

ZYNLONTATM is a CD19-directed antibody drug conjugate (ADC). Once bound to a CD19-expressing cell, ZYNLONTA is internalized by the cell, where enzymes release a pyrrolobenzodiazepine (PBD) payload. The potent payload binds to DNA minor groove with little distortion, remaining less visible to DNA repair mechanisms. This ultimately results in cell cycle arrest and tumor cell death.

The U.S. Food and Drug Administration (FDA) has approved ZYNLONTA (loncastuximab tesirine-lpyl) for the treatment of adult patients with relapsed or refractory (r/r) large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (DLBCL) not otherwise specified (NOS), DLBCL arising from low-grade lymphoma and also high-grade B-cell lymphoma. This indication is approved by the FDA under accelerated approval based on overall response rate and continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

The FDA approval of ZYNLONTA was based on data from LOTIS-2, a large (n=145) Phase 2 multinational, single-arm clinical trial of ZYNLONTA for the treatment of adult patients with r/r DLBCL

following two or more prior lines of systemic therapy. Results from the trial demonstrated an overall response rate (ORR) of 48.3% (70/145 patients), which included a complete response (CR) rate of 24.1% (35/145 patients) and a partial response (PR) rate of 24.1% (35/145 patients). Patients had a median time to response of 1.3 months and the median duration of response (mDoR) for the 70 responders was 10.3 months (inclusive of patients who were censored). In a pooled safety population the most common adverse reactions (≥20%) were thrombocytopenia, gamma-glutamyltransferase increased, neutropenia, anemia, hyperglycemia, transaminase elevation, fatigue, hypoalbuminemia, rash, edema, nausea and musculoskeletal pain. In LOTIS-2, the most common (≥10%) grade ≥3 treatment-emergent adverse events were neutropenia (26.2%), thrombocytopenia (17.9%), gamma-glutamyltransferase increased (17.2%) and anemia (10.3%).

ZYNLONTA is also being evaluated as a therapeutic option in combination studies in other B-cell malignancies and earlier lines of therapy.

Use of Non-IFRS Financial Measures

In addition to financial information prepared in accordance with IFRS, this document also contains certain non-IFRS financial measures based on management’s view of performance including:

•Adjusted net loss

•Adjusted net loss per share

Management uses such measures internally when monitoring and evaluating our operational performance, generating future operating plans and making strategic decisions regarding the allocation of capital. We believe that these adjusted financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and facilitate operating performance comparability across both past and future reporting periods. These non-IFRS measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with IFRS. When preparing these supplemental non-IFRS measures, management typically excludes certain IFRS items that management does not believe are indicative of our ongoing operating performance. Furthermore, management does not consider these IFRS items to be normal, recurring cash operating expenses; however, these items may not meet the IFRS definition of unusual or non-recurring items. Since non-IFRS financial measures do not have standardized definitions and meanings, they may differ from the non-IFRS financial measures used by other companies, which reduces their usefulness as comparative financial measures. Because of these limitations, you should consider these adjusted financial measures alongside other IFRS financial measures.

The following items are excluded from adjusted net loss and adjusted net loss per share:

Shared-Based Compensation Expense: We exclude share-based compensation expense from our adjusted financial measures because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. Share-based compensation expense has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy.

Certain Other Items: We exclude certain other significant items that may occur occasionally and are not normal, recurring operating expenses, cash or non-cash, from our adjusted financial measures. Such items are evaluated by management on an individual basis based on both quantitative and qualitative aspects of their nature and generally represent items that, either as a result of their nature or significance, management would not anticipate occurring as part of our normal business on

a regular basis. While not all-inclusive, examples of certain other significant items excluded from our adjusted financial measures would be: changes in the fair value of derivatives, and the effective interest expense, associated with the Facility Agreement with Deerfield, transaction costs associated with debt or equity issuances that are expensed pursuant to IFRS, as well as the non-cash gain related to the contribution of our intellectual property for our equity interest in Overland ADCT BioPharma.

See the attached Reconciliation of IFRS Measures to Non-IFRS Measures for explanations of the amounts excluded and included to arrive at the non-IFRS financial measures for the three-month periods ended March 31, 2021 and 2020.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business and commercialization strategy, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, planned commercialization activities, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this document speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

ADC Therapeutics SA

Condensed Consolidated Interim Statement of Operations (Unaudited)

(in KUSD except for share and per share data)


	For the Three Months Ended March 31,
	2021	2020 (1)

Operating expense
Research and development expenses	(39,172)	(35,375)
Selling and marketing expenses	(13,911)	(2,628)
General and administrative expenses	(17,582)	(5,882)
Total operating expense	(70,665)	(43,885)
Loss from operations	(70,665)	(43,885)

Other income (expense)
Other income	194	148
Convertible loans, derivatives, change in fair value income	21,169	—

Share of results with joint venture	(527)	—
Financial income	15	374
Financial expense	(2,000)	(42)
Exchange differences	394	29
Total other income	19,245	509
Loss before taxes	(51,420)	(43,376)
Income tax expense	(107)	(100)
Net loss	(51,527)	(43,476)

Net loss attributable to:
Owners of the parent	(51,527)	(43,476)

Net loss per share, basic and diluted	(0.67)	(0.85)

(1) Prior period has been recast to conform S&M expenses to the current period presentation.

ADC Therapeutics SA

Condensed Consolidated Interim Balance Sheet (Unaudited)

(in KUSD)


	March 31, 2021	December 31, 2020
ASSETS
Current assets
Cash and cash equivalents	383,122	439,195
Other current assets	10,120	11,255
Total current assets	393,242	450,450
Non-current assets
Property, plant and equipment	2,391	1,629
Right-of-use assets	8,152	3,129
Intangible assets	10,147	10,179
Interest in joint venture	47,381	47,908
Other long-term assets	392	397
Total non-current assets	68,463	63,242
Total assets	461,705	513,692

LIABILITIES AND EQUITY
Current liabilities
Accounts payable	11,462	5,279
Other current liabilities	25,272	30,375
Lease liabilities, short-term	833	1,002
Current income tax payable	237	149
Convertible loans, short-term	3,594	3,631
Total current liabilities	41,398	40,436
Non-current liabilities
Convertible loans, long-term	35,773	34,775
Convertible loans, derivatives	52,039	73,208
Deferred gain of joint venture	23,539	23,539
Lease liabilities, long-term	7,599	2,465
Defined benefit pension liabilities	3,389	3,543
Other non-current liabilities	—	221
Total non-current liabilities	122,339	137,751
Total liabilities	163,737	178,187

Equity attributable to owners of the parent
Share capital	6,314	6,314
Share premium	981,059	981,056
Treasury shares	(4)	(4)
Other reserves	56,704	42,753
Cumulative translation adjustment	281	245
Accumulated losses	(746,386)	(694,859)
Total equity attributable to owners of the parent	297,968	335,505
Total liabilities and equity	461,705	513,692

ADC Therapeutics SA

Reconciliation of IFRS Measures to Non-IFRS Measures (Unaudited)

(in KUSD except for share and per share data)


	Three Months Ended March 31,
in KUSD (except for share and per share data)	2021	2020
Net loss	(51,527)	(43,476)
Adjustments:
Share-based compensation expense (i)	13,951	3,790
Convertible loans, derivatives, change in fair value income (ii)	(21,169)	—

Effective interest expense (iii)	1,982	—

Adjusted net loss	(56,763)	(39,686)

Net loss per share, basic and diluted	(0.67)	(0.85)
Adjustment to net loss per share, basic and diluted	(0.07)	0.07
Adjusted net loss per share, basic and diluted	(0.74)	(0.78)
Weighted average shares outstanding, basic and diluted	76,721,667	50,959,156

(i)Share-based compensation expense represents the cost of equity awards issued to our directors, management and employees. The fair value of awards is computed at the time the award is granted and is recognized over the vesting period of the award by a charge to the income statement and a corresponding increase in other reserves within equity. These accounting entries have no cash impact.

(ii)Change in the fair value of the convertible loan derivatives results from the valuation at the end of each accounting period of the derivatives associated with the convertible loans, as explained in note 11, “Convertible notes” to the unaudited condensed consolidated interim financial statements. There are several inputs to these valuations, but those most likely to provoke significant changes in the valuations are changes in the value of the underlying instrument (i.e., changes in the price of our common shares) and changes in expected volatility in that price. Any change in the estimated probability of the regulatory approval of Lonca would directly affect the valuation related to the second tranche. These accounting entries have no cash impact.

(iii)Effective interest expense relates to the increase in the value of our convertible loan in accordance with the effective interest method. As the initial value of the loan is recorded net of the value of the embedded derivative, the increase in the loan value necessary to attain the amount necessary to fund the cash outflows of interest payments, repayment of capital and exit fee is considerably higher than the payments of interest at coupon rate and of the exit fee.

CONTACTS:

Investors
Eugenia Litz

ADC Therapeutics

Eugenia.Litz@adctherapeutics.com

+44 7879 627205

Amanda Hamilton
ADC Therapeutics

amanda.hamilton@adctherapeutics.com

Tel.: +1 917-288-7023

EU Media
Alexandre Müller
Dynamics Group
amu@dynamicsgroup.ch
Tel: +41 (0) 43 268 3231

USA Media
Annie Starr
6 Degrees
astarr@6degreespr.com
Tel.: +1 973-768-2170

Exhibit 99.4

Articles of Association

of ADC Therapeutics SA

(ADC Therapeutics AG)

(ADC Therapeutics Ltd)

Statuts

de ADC Therapeutics SA

(ADC Therapeutics AG)

(ADC Therapeutics Ltd)

Articles of Association of ADC Therapeutics SA

Section 1
Name, Registered Office, Purpose and Duration of the Company

Section 1
Raison sociale, siège, but de la société, durée

Article 1

Name, Place of Incorporation

Under the name ADC Therapeutics SA (ADC Therapeutics AG) (ADC Therapeutics Ltd) (the Company) shall exist a corporation with its registered office in Epalinges, canton of Vaud.

Raison sociale, siège

Sous la raison sociale ADC Therapeutics SA (ADC Therapeutics AG), (ADC Therapeutics Ltd) (la Société) existe une société anonyme avec siège à Epalinges, canton de Vaud.

Article 2

Purpose

1 The Company's purpose is to research, develop, produce and sell products in the fields of biotechnology, pharmaceutics, medical technology, diagnosis and therapy as well as to purchase, sell and use patents and licenses in these fields. The Company may engage in all types of transactions that appear appropriate to promote the purpose of the Company or that are related thereto.

But

1 La Société a pour but la recherche, le développement, la production et la vente de produits dans les domaines de la biotechnologie, de la pharmaceutique, de la technologie médicale, du diagnostic et de la thérapie ainsi que l’acquisition, la vente et l'utilisation de brevets et de licences dans ces domaines. La Société peut exercer toutes activités aptes à favoriser son but ou en rapport avec ce dernier.

2 The Company may open branch offices and subsidiaries in Switzerland and abroad. It may also acquire participations or otherwise invest in other companies in Switzerland and abroad.

2 La Société peut constituer des succursales et des filiales en Suisse et à l'étranger et participer à ou investir autrement dans d'autres entreprises en Suisse et à l'étranger.

3 The Company may acquire, hold, manage, mortgage, exploit and sell real estate and intellectual property rights in Switzerland and abroad and may also finance other companies.

3 La Société peut acquérir, détenir, gérer, gager, mettre en valeur et aliéner des immeubles et des droits de propriété intellectuelle en Suisse et à l'étranger, ainsi que financer d'autres sociétés.

Article 3

Duration

The duration of the Company shall be unlimited.

Durée

La durée de la Société est illimitée.

Section 2

Share Capital, Shares, Restrictions of Transferability

Section 2

Capital-actions, actions et restrictions à la transmissibilité

Articles of Association of ADC Therapeutics SA

Article 4

Share Capital

The share capital of the Company is CHF 6,261,600.00 and is divided into 78,270,000 fully paid in registered shares with a par value of CHF 0.08 each.

Capital-actions

Le capital-actions de la Société s'élève à
CHF 6'261'600.00 et est divisé en 78'270’000 actions nominatives entièrement libérées d'une valeur nominale de CHF 0.08 chacune.

Article 4a

Authorized Share Capital

1 The Board of Directors shall be authorized to increase the share capital at any time, including in connection with an intended takeover, until April 23, 2022 by a maximum amount of CHF 1,960,000.00 by issuing a maximum of 24,500,000 fully paid in registered shares with a par value of CHF 0.08 each. Increases in partial amounts shall be permissible.

Capital-actions autorisé

1 Le Conseil d'administration est autorisé à augmenter le capital-actions d'un montant maximum de CHF 1'960'000.00, en tout temps, y inclus en lien avec une future offre publique d'acquisition, mais jusqu'au
23 avril 2022 au plus tard, par l'émission d'un maximum de 24'500'000 actions nominatives d'une valeur nominale de CHF 0.08 chacune, qui doivent être intégralement libérées. Des augmentations par montants partiels sont autorisées.

2 The subscription and acquisition of the new shares as well as any subsequent transfer of the shares shall be subject to the restrictions pursuant to Article 6 of these articles of association.

2 La souscription et l'acquisition des nouvelles actions ainsi que tout transfert ultérieur des actions sont assujettis aux restrictions à la transmissibilité conformément à l'article 6 des présents statuts.

Articles of Association of ADC Therapeutics SA

3 The Board of Directors shall determine the issue price, the type of contribution, the date of issue, the conditions for the exercise of pre-emptive rights and the beginning date for dividend entitlement. In this regard, the Board of Directors may issue new shares by means of a firm underwriting through a financial institution, a syndicate of financial institutions or another third party and a subsequent offer of these shares to the existing shareholders or third parties (if the pre-emptive rights of the existing shareholders have been withdrawn or have not been duly exercised). The Board of Directors is entitled to permit, to restrict or to exclude the trading of pre-emptive rights. It may permit the expiration of pre-emptive rights that have not been exercised, or it may place such rights or shares as to which pre-emptive rights have been granted, but not exercised, at market conditions or may use them otherwise in the interest of the Company.

3 Le Conseil d'administration détermine le prix d'émission, la nature des apports, le moment de l'émission, les conditions de l'exercice du droit de souscription préférentiel et le moment à partir duquel les actions donneront droit à des dividendes. A cet effet, le Conseil d'administration peut émettre des nouvelles actions par voie de prise ferme par un établissement financier, un consortium bancaire ou un tiers et d'offre subséquente de ces actions aux actionnaires actuels ou à des tiers (si les droits de souscription préférentiels des actionnaires actuels ont été supprimés ou qu'ils n'ont pas été valablement exercés). Le Conseil d'administration est en droit d'autoriser, de limiter ou d'exclure le négoce des droits de souscription préférentiels. Le Conseil d'administration peut laisser s'éteindre les droits de souscription préférentiels non exercés; il peut aussi aliéner ceux-ci, respectivement les actions pour lesquelles des droits de souscription ont été accordés sans toutefois être exercés, aux conditions du marché ou les utiliser autrement dans l'intérêt de la Société.

4 The Board of Directors is further authorized to withdraw or restrict pre-emptive rights of existing shareholders and to allocate such rights to third parties, the Company or any of its group companies:

4 Le Conseil d'administration peut aussi exclure ou limiter les droits de souscription préférentiels des actionnaires actuels et les attribuer à des tiers, à la Société ou à une des sociétés du groupe:

(a) if the issue price of the new shares is determined by reference to the market price; or

(a) si le prix d'émission des nouvelles actions est déterminé en fonction du prix du marché; ou

(b) for raising capital in a fast and flexible manner, which would not be possible, or might only be possible with great difficulty or delays or at significantly less favorable conditions, without the exclusion of the pre-emptive rights of existing shareholders; or

(b) pour créer des fonds de manière rapide et flexible, ce qui ne serait pas possible ou possible qu'avec difficulté ou tardivement ou à des conditions nettement plus défavorables sans l'exclusion des droits de souscription préférentiels des actionnaires actuels; ou

Articles of Association of ADC Therapeutics SA

(c) for the acquisition of companies, part(s) of companies or participations, for the acquisition of products, intellectual property or licenses by or for investment projects of the Company or any of its group companies, or for the financing or refinancing of any of such transactions through a placement of shares; or

(c) pour l'acquisition de sociétés, de partie(s) de sociétés ou de participations, pour l'acquisition de produits, de droits de propriété intellectuelle, ou licences par ou pour des projets d'investissement de la Société ou de l'une des sociétés du groupe, ou pour le financement ou le refinancement de telles transactions par le placement d'actions; ou

(d) for purposes of broadening the shareholder constituency of the Company in certain geographic, financial or investor markets, for purposes of the participation of strategic partners, or in connection with the listing of new shares on domestic or foreign stock exchanges; or

(d) pour élargir le cercle des actionnaires de la Société dans certains marchés géographiques, financiers ou d'investisseurs, pour permettre la participation de partenaires stratégiques, ou en relation avec la cotation de nouvelles actions sur des bourses nationales ou étrangères; ou

(e) for purposes of granting an over-allotment option (Greenshoe) or an option to subscribe for additional shares in a placement or sale of shares to the respective initial purchaser(s) or underwriter(s); or

(e) pour octroyer une option de surallocation (Greenshoe) ou une option de souscription d'actions supplémentaires lors d'un placement ou de la vente d'actions à un ou plusieurs acheteurs initiaux ou souscripteurs; ou

(f) for the participation of members of the Board of Directors, members of the executive management, employees, contractors, consultants or other persons performing services for the benefit of the Company or any of its group companies; or

(f) pour la participation de membres du Conseil d'administration, de membres de la direction, d'employés, de co-contractants, de consultants ou d'autres personnes exerçant des services au bénéfice de la Société ou de l'une des sociétés du groupe; ou

(g) following a shareholder or a group of shareholders acting in concert having accumulated shareholdings in excess of 20% of the share capital registered in the commercial register without having submitted to all other shareholders a takeover offer recommended by the Board of Directors; or

(g) si un actionnaire ou un groupe d'actionnaires agissant de concert a acquis ou réuni une participation de plus de 20% du capital-actions inscrit au registre du commerce sans avoir présenté à tous les autres actionnaires une offre publique d'achat dont l'acceptation a été recommandée par le Conseil d'administration; ou

Articles of Association of ADC Therapeutics SA

(h) for the defense of an actual, threatened or potential takeover bid that the Board of Directors, upon consultation with an independent financial adviser retained by it, has not recommended or will not recommend to the shareholders to accept on the basis that the Board of Directors does not find such takeover bid to be financially fair to the shareholders or not to be in the Company's interest.

(h) pour se défendre contre une offre publique d'achat hostile présentée, menaçante ou potentielle dont le rejet est, respectivement sera, recommandé par le Conseil d'administration, après consultation d'un conseiller financier indépendant qu'il aura choisi, dans la mesure où le Conseil d'administration estime que l'offre publique d'achat n'est pas équitable d'un point de vue financier vis-à-vis des actionnaires ou n'est pas dans l'intérêt de la Société.

Article 4b

Conditional Share Capital for Employee Participation

1 The share capital may be increased in an amount not to exceed CHF 936,000.00 through the issuance of up to 11,700,000 fully paid in registered shares with a par value of CHF 0.08 per share through the direct or indirect issuance of shares, options or related subscription rights to members of the Board of Directors, members of the executive management, employees, contractors or consultants of the Company or its group companies, or other persons providing services to the Company or its group companies.

Capital-actions conditionnel pour la participation des employés

1 Le capital-actions peut être augmenté d'un montant maximum de CHF 936'000.00 par l'émission de 11'700'000 actions nominatives au plus, d'une valeur nominale de CHF 0.08 chacune, qui doivent être intégralement libérées, par l'émission directe ou indirecte d'actions, d'options ou de droits de souscription y relatifs, octroyés aux membres du Conseil d'administration, aux membres de la direction, ou aux employés, co-contractants ou consultants de la Société ou de l'une des sociétés du groupe, ou d'autres personnes exerçant des services au bénéfice de la Société ou de l'une des sociétés du groupe.

Articles of Association of ADC Therapeutics SA

2 The pre-emptive rights and advance subscription rights of the shareholders of the Company shall be excluded in connection with the issuance of any shares, options, other rights to receive shares, or subscription rights therefor. Shares, options, other rights to receive shares, or subscription rights therefor shall be issued pursuant to one or more regulations to be issued by the Board of Directors or, to the extent delegated to it, the Compensation Committee, and to the extent applicable, taking into account the compensation principles pursuant to Article 28 of these articles of association. Shares, options, other rights to receive shares, or subscription rights therefor may be issued at a price or with an exercise price lower than the market price.

2 Le droit de souscription préférentiel ainsi que le droit de souscription préalable des actionnaires de la Société sont exclus en relation avec l'émission de toutes actions, options, autres droits à recevoir des actions ou des droits de souscription qui y sont attachés. L'émission d'actions, d'options, d'autres droits à recevoir des actions ou des droits de souscription qui y sont attachés est faite selon un ou plusieurs règlements adoptés par le Conseil d'administration ou le Comité de rémunération, dans la mesure où cette compétence lui a été déléguée, et le cas échéant en tenant compte des principes de rémunération selon l'article 28 des présents statuts. L'émission d'actions, d'options, d'autres droits à recevoir des actions ou des droits de souscription qui y sont attachés peut se faire à un prix ou avec un prix d'exercice en-dessous du prix du marché.

3 The direct or indirect acquisition of the new shares by persons listed in paragraph 1 in connection with an employee participation program and any subsequent transfer of such shares shall be subject to the restrictions of Article 6 of these articles of association.

3 L'acquisition directe ou indirecte de nouvelles actions par des personnes mentionnées à l'alinéa 1 dans le cadre d'un programme de participation des collaborateurs ainsi que le transfert subséquent de ces actions sont assujettis aux restrictions à la transmissibilité conformément à l'article 6 des présents statuts.

Articles of Association of ADC Therapeutics SA

Article 4c

Conditional Share Capital for Financing, Acquisitions and other Purposes

1 The share capital may be increased including in connection with an intended takeover in an amount not to exceed CHF 1,624,000.00 through the issuance of up to 20,300,000 fully paid in registered shares with a par value of CHF 0.08 per share through the exercise or mandatory exercise of conversion, exchange, option, warrant or similar rights or obligations for the subscription of shares granted to shareholders or third parties on a stand-alone basis or in connection with bonds, notes, options, warrants or other securities or contractual obligations of the Company or any of its group companies, including without limitation a convertible debenture to be entered into by the Company, as may be amended or novated from time to time (hereinafter collectively, the Financial Instruments).

Capital-actions conditionnel aux fins de financement, acquisitions ou d'autres buts

1 Le capital-actions peut être augmenté, y compris en lien avec une future offre publique d'acquisition, d'un montant maximum de CHF 1'624'000.00 par l'émission de 20'300'000 actions nominatives au plus, d'une valeur nominale de CHF 0.08 chacune, qui doivent être intégralement libérées par l'exercice ou l'exercice obligatoire de droits de conversion, d'échange, d'option, de warrant ou d'autres droits ou obligations similaires pour la souscription d'actions octroyés aux actionnaires ou à des tiers de manière autonome ou en rapport avec des obligations, effets, options, warrants ou autres instruments financiers ou obligations contractuelles de la Société ou de l'une des sociétés du groupe, y compris, mais sans s'y limiter, une débenture convertible de la société, laquelle peut être amenée à être modifiée ou actualisée (ci-après désignés collectivement les Instruments Financiers).

2 The pre-emptive rights of shareholders shall be excluded for the exercise of any Financial Instruments in connection with the issuance of shares. The then-current owners of such Financial Instruments shall be entitled to acquire the new shares issued upon conversion, exchange or exercise of any Financial Instruments. The key conditions of the Financial Instruments shall be determined by the Board of Directors.

2 Le droit de souscription préférentiel des actionnaires est exclu en relation avec l'émission d'actions à l'occasion de l'exercice d'Instruments Financiers. Les personnes qui détiendront alors de tels Instruments Financiers seront en droit d'acquérir les nouvelles actions émises à l'occasion de la conversion, de l'échange ou de l'exercice d'Instruments Financiers. Le Conseil d'administration détermine les principales conditions des Instruments Financiers.

Articles of Association of ADC Therapeutics SA

3 The Board of Directors shall be authorized to restrict or withdraw advance subscription rights of shareholders in connection with the issuance of Financial Instruments by the Company or one of its group companies (1) if the issuance is for purposes of financing or refinancing, or the payment for, the acquisition of companies, parts of a company, participations, intellectual property rights, licenses or investments, (2) if the issuance occurs in domestic or international capital markets or through a private placement, (3) following a shareholder or a group of shareholders acting in concert having accumulated shareholdings in excess of 20% of the share capital registered in the commercial register without having submitted to all other shareholders a takeover offer recommended by the Board of Directors, or (4) for the defense of an actual, threatened or potential takeover bid that the Board of Directors, upon consultation with an independent financial adviser retained by it, has not recommended or will not recommend to the shareholders to accept on the basis that the Board of Directors does not find such takeover bid to be financially fair to the shareholders or not in the Company's interest. If the advance subscription rights are neither granted directly nor indirectly by the Board of Directors, the following shall apply:

3 Le Conseil d'administration est autorisé à limiter ou retirer le droit de souscription préalable des actionnaires en relation avec l'émission d'Instruments Financiers par la Société ou une des sociétés du groupe (1) si l'émission a pour but le financement, le refinancement ou le paiement de l'acquisition d'entreprises, de parties d'une entreprise, de participations, de droits de propriété intellectuelle, de licences ou d'investissements, (2) si l'émission a lieu sur les marchés de capitaux nationaux ou internationaux ou par le biais d'un placement privé, (3) si un actionnaire ou un groupe d'actionnaires agissant de concert a acquis ou réuni une participation de plus de 20% du capital-actions inscrit au registre du commerce sans avoir présenté à tous les autres actionnaires une offre publique d'achat dont l'acceptation a été recommandée par le Conseil d'administration, ou (4) pour se défendre contre une offre publique d'achat hostile présentée, menaçante ou potentielle dont le rejet est, respectivement sera, recommandé par le Conseil d'administration, après consultation d'un conseiller financier indépendant qu'il aura choisi, dans la mesure où le Conseil d'administration estime que l'offre publique d'achat n'est pas équitable d'un point de vue financier vis-à-vis des actionnaires ou n'est pas dans l'intérêt de la Société. Si le droit de souscription préalable n'est pas accordé, de manière directe ou indirecte, par le Conseil d'administration, les règles suivantes s'appliquent:

(a) the Financial Instruments shall be issued or entered into at market conditions;

(a) les Instruments Financiers sont émis ou conclus aux conditions du marché;

(b) the Financial Instruments may be converted, exchanged or exercised during a maximum period of 10 years from the date of issuance or contract conclusion; and

(b) les Instruments Financiers peuvent être convertis, échangés ou exercés durant une période maximale de 10 ans suivant la date de l'émission ou de la conclusion du contrat; et

(c) the conversion, exchange or exercise price of the Financial Instruments shall be set with reference to, and/or shall be subject to change based upon, the valuation of the Company's equity and/or market conditions.

(c) le prix de conversion, d'échange ou d'exercice des Instruments Financiers est fixé en prenant en compte, et/ou peut être modifié en fonction, de la valorisation des fonds propres de la société et/ou des conditions du marché.

Articles of Association of ADC Therapeutics SA

4 The direct or indirect acquisition of the new shares acquired through the exercise of Financial Instruments and any subsequent transfer of such shares shall be subject to the restrictions of Article 6 of these articles of association.

4 L'acquisition de nouvelles actions acquises directement ou indirectement par l'exercice d'Instruments Financiers ainsi que le transfert subséquent de ces actions sont assujettis aux restrictions à la transmissibilité conformément à l'article 6 des présents statuts.

Article 5

Share Certificates and Intermediated Securities

1 The Company may issue its registered shares in the form of single certificates, global certificates and uncertificated securities. Subject to applicable law, the Company may convert its registered shares from one form into another form at any time and without the approval of the shareholders. The Company shall bear the cost associated with any such conversion.

Certificats d'actions et titres intermédiés

1 La Société émet ses actions nominatives sous forme de certificats individuels, de certificats globaux ou de droits-valeurs. La Société est libre, dans les limites du droit applicable, en tout temps et sans l'approbation des actionnaires, de convertir ses actions nominatives émises sous l'une des formes ci-dessus, en une autre forme. La Société supporte les coûts d'une telle conversion.

2 A shareholder has no right to request a conversion of the registered shares issued in one form into another form. Each shareholder may, however, at any time request from the Company a written confirmation of the registered shares held by such shareholder, as reflected in the share register.

2 Un actionnaire n'a pas le droit de réclamer la conversion d'actions nominatives émises sous une certaine forme en une autre forme. Chaque actionnaire peut toutefois exiger en tout temps que la Société établisse une attestation relative aux actions nominatives qu'il détient selon le registre des actions.

3 Intermediated securities based on registered shares of the Company cannot be transferred by way of assignment. A security interest in any such intermediated securities also cannot be granted by way of assignment.

3 Les titres intermédiés fondés sur des actions nominatives de la Société ne peuvent pas être transférés par cession. Il ne peut pas non plus être constitué de sûretés par cession sur ces titres intermédiés.

Articles of Association of ADC Therapeutics SA

Article 6

Share Register, Restrictions on Registration, Nominees

1 The Company shall maintain, itself or through a third party, a share register for the registered shares that lists the surname and name (the name of the company in case of a legal entity), the address and domicile (the registered office in case of a legal entity) of the shareholders or usufructuaries. A person registered in the share register shall notify the share registrar of any change of address. Until such notification has occurred, all written communications from the Company to persons registered in the share register shall be deemed to have validly been made if sent to the address previously recorded in the share register.

Registre des actions, limitations à l'inscription, Nominees

1 La Société ou un tiers mandaté par elle tient un registre des actions qui mentionne le nom et le prénom (la raison sociale pour les personnes morales), l'adresse et le domicile (le siège pour les personnes morales) des propriétaires et des usufruitiers. Si une personne inscrite au registre des actions change d'adresse, elle doit le communiquer à la personne en charge de la tenue du registre. Aussi longtemps que cette communication n'a pas eu lieu, toutes les communications écrites de la Société aux personnes inscrites au registre des actions seront valablement envoyées à l'adresse inscrite au registre des actions.

2 Persons acquiring shares shall be registered in the share register as shareholders with voting rights upon their request if they expressly declare to have acquired these shares in their own name and for their own account. Subject to paragraph 4 of this Article 6 and article 685d para. 3 of the Swiss Code of Obligations, no person or entity shall be registered in the share register as a shareholder with voting rights for, and no person or entity may directly or indirectly, formally, constructively or beneficially own, or otherwise control alone or together with third parties voting rights (whether exercisable or not) with respect to more than 15% of the share capital as set forth in the commercial register as a shareholder with voting rights. This restriction shall also apply to persons or entities who hold some or all of their shares through Nominees (as defined in paragraph 4 of this Article 6).

2 Les personnes qui acquièrent des actions sont inscrites dans le registre des actions, à leur demande, comme actionnaires avec droit de vote, pour autant qu'ils déclarent expressément avoir acquis les actions en leur nom et pour leur propre compte. Sous réserve de l'alinéa 4 du présent article 6 et de l'article 685d al. 3 du Code des obligations, aucune personne physique ou morale ne peut être inscrite au registre des actions comme actionnaire avec droit de vote et aucune personne physique ou morale ne peut détenir, directement ou indirectement, formellement, de fait ou comme ayant droit économique, ou contrôler autrement, seul ou avec des tiers, des droits de vote (exerçables ou non), par rapport à plus de 15% du capital-actions inscrit au registre du commerce en tant qu'actionnaire avec droit de vote. Cette restriction s'applique également aux personnes ou entités qui détiennent tout ou partie de leurs actions par l'intermédiaire de Nominees (tels que définis à l'alinéa 4 du présent article 6).

Articles of Association of ADC Therapeutics SA

3 Subject to Art. 652b para. 3 of the Swiss Code of Obligations, this transfer restriction also applies in the case of the acquisition of shares by the exercise of subscription, option and conversion rights. The transfer restriction does not apply to acquisitions by inheritance, division of an estate or matrimonial property law.

3 Sous réserve de l'art. 652b al. 3 CO, les restrictions au transfert s'appliquent également lors de l'acquisition d'actions dans le cadre de l'exercice d'un droit de souscription, d'option ou de conversion. Les restrictions au transfert ne s'appliquent pas lors d'acquisitions par succession, partage successoral ou en vertu du droit matrimonial.

4 The Board of Directors may, in its own discretion, register persons who declare in the registration application that they hold the shares as nominees (each a Nominee) on behalf of third party beneficiaries (each a Beneficial Owner) in the share register as shareholders with voting rights. If, however, any Beneficial Owner should as a result of such registration being made or upheld, directly or indirectly, formally, constructively or beneficially own, or otherwise control or direct, alone or together with third parties, voting rights (whether exercisable or not) with respect to more than 15% of the share capital as set forth in the commercial register, the Board of Directors may cancel the registration of the Nominee holding shares for the account of such Beneficial Owner with respect to any shares in excess of such limit. The Board of Directors may make the registration with voting rights of the shares held by a Nominee subject to conditions, limitations and reporting requirements or may impose or adjust such conditions, limitations and requirements once registered.

4 Le Conseil d'administration peut, à son entière discretion inscrire les personnes qui déclarent dans leur requête d'inscription qu'elles détiennent les actions en tant que nominees (chacun un Nominee) pour le compte de tiers ayants droit économiques (chacun un Ayant Droit Economique) en tant qu'actionnaires avec droit de vote. Toutefois, si suite à l'inscription ou à la confirmation de l'inscription, un Ayant Droit Economique détient directement ou indirectement, formellement, de fait ou comme ayant droit économique, ou contrôle ou dirige autrement, seul ou avec des tiers, des droits de votes (exerçables ou non) par rapport à plus de 15% du capital-actions inscrit au registre du commerce, le Conseil d'administration peut annuler l'inscription du Nominee détenant les actions pour le compte d'un tel Ayant Droit Economique pour les actions dépassant cette limite. Le Conseil d'administration peut soumettre l'inscription avec droit de vote des actions détenues par un Nominee à des conditions, limitations, exigences de rapports ou peut imposer de telles conditions, limitiations ou exigences suite à l'inscription.

Articles of Association of ADC Therapeutics SA

5 Legal entities and partnerships or other groups of persons or joint owners who are interrelated to one another through capital ownership, voting rights, uniform management or are otherwise linked, as well as individuals or legal entities or partnerships who act in concert or otherwise act in a coordinated manner or acquire shares indirectly, thereby circumventing the restrictions or limits pursuant to paragraph 2 or 4 of this article 6 shall be treated as one single person, entity, Nominee or as a person acquiring shares, as applicable, for purposes of paragraphs 2 and 4 of this article 6.

5 Les personnes morales et communautés de personnes ou autres groupes de personnes ou de copropriétaires qui sont liés par le capital, les droits de vote, la gestion commune ou de toute autre manière, de même que les personnes physiques ou morales ou communautés de personnes qui agissent de concert ou de manière coordonnée ou acquièrent indirectement des actions, et contournent ainsi les restrictions ou limites visées aux alinéas 2 ou 4 du présent article 6 sont traités comme une seule personne, personne morale, Nominee ou comme une personne acquérant des actions, selon le cas, aux fins des alinéas 2 et 4 du présent article 6.

6 The Board of Directors may grant exceptions from the restrictions or limits pursuant to paragraph 2 or 4 of this article 6 for justified reasons with the majority vote of two thirds of all its members. A justified reason may include the situation where a person extends an offer to purchase with respect to all other shares of the Company, which the Board of Directors, after having consulted an independent financial advisor, recommends to the shareholders. Shareholders, other than Nominees, already being registered directly or through a Nominee with more than 15% at the time that this article takes effect remain registered with voting rights for such shares.

6 Le Conseil d'administration peut octroyer des dérogations aux restrictions et limites mentionnées aux alinéas 2 ou 4 du présent article 6 pour des raisons justifiées, à la majorité des deux tiers de l'ensemble de ses membres. Peut aussi être considérée comme une raison justifiée le fait qu'une personne étende une offre d'achat par rapport à l'ensemble des autres actions de la Société et que le Conseil d'administration, après avoir consulté un conseiller financier indépendant, recommande aux actionnaires d'accepter cette offre. Les actionnaires autres que les Nominees déjà inscrits directement ou par l'intermédiaire d'un Nominee pour plus de 15% au moment où le présent article entre en vigueur demeurent enregistrés avec droit de vote pour ces actions.

7 After hearing the registered shareholder or Nominee, the Board of Directors may cancel such person's registration in the share register with retroactive effect as of the date of registration if such registration was made based on false or misleading information or if such information becomes untrue or misleading. The relevant shareholder or Nominee shall be promptly informed of the cancellation.

7 Le Conseil d'administration peut, après avoir entendu l'actionnaire ou le Nominee, radier du registre des actions l'inscription qui a été faite sur la base d'informations fausses ou trompeuses données par l'acquéreur, ou si les informations deviennent fausses ou trompeuses. L'actionnaire ou le Nominee doit être informé immédiatement de la radiation.

Articles of Association of ADC Therapeutics SA

8 The Board of Directors shall regulate all details and issue the instructions necessary to ensure compliance with the preceding provisions. The Board of Directors may delegate its duties.

8 Le Conseil d'administration règle les détails et prend les mesures nécessaires au respect des dispositions ci-dessus. Le Conseil d'administration peut déléguer ses tâches.

Article 7

Exercise of Rights

1 The Company shall only accept one representative per share.

Exercice des droits

1 La Société ne reconnaît qu'un représentant par action.

2 The voting right and the rights associated therewith may be exercised vis-à-vis the Company by a shareholder, usufructuary or Nominee only to the extent that such person is registered in the share register with voting rights.

2 Le droit de vote et les droits y relatifs ne peuvent être exercés à l'égard de la Société que par un actionnaire, un usufruitier ou un Nominee uniquement dans la mesure où celui-ci est inscrit avec droit de vote au registre des actions.

Section 3

Corporate Bodies

Section 3

Organes

A. The General Meeting of Shareholders

A. L'Assemblée générale

Article 8

Powers of the General Meeting of Shareholders

1 The General Meeting of Shareholders is the supreme corporate body of the Company.

Pouvoirs de l'Assemblée générale

1 L'Assemblée générale est l'organe suprême de la Société.

2 The General Meeting of Shareholders shall have the following inalienable powers:

2 L'Assemblée générale a le droit inaliénable:

1. the adoption and amendment of these articles of association;

1. d'adopter et de modifier les présents statuts;

2. the election of the members of the Board of Directors, the Chairman of the Board of Directors and the members of the Compensation Committee;

2. de nommer les membres du Conseil d'administration, le président du Conseil d'administration et les membres du Comité de rémunération;

3. the election of the Auditors;

3. de nommer l'organe de révision;

4. the election of the independent voting rights representative;

4. de nommer le représentant indépendant;

Articles of Association of ADC Therapeutics SA

5. the approval of the annual management report and the consolidated financial statements;

5. d’approuver le rapport annuel et les comptes consolidés;

6. the approval of the annual financial statements as well as the resolution on the allocation of profit shown on the balance sheet, in particular the determination of dividends;

6. d'approuver les comptes annuels et de déterminer l'emploi du bénéfice résultant du bilan, en particulier de fixer le dividende;

7. the discharge from liability of the members of the Board of Directors and the persons entrusted with management;

7. de donner décharge aux membres du Conseil d'administration et aux personnes chargées de la gestion;

8. the approval of the compensation of the Board of Directors and of the Executive Committee pursuant to Article 26 of these articles of association; and

8. d'approuver la rémunération du Conseil d'administration et de la Direction exécutive selon l'article 26 des présents statuts; et

9. the adoption of resolutions on matters that are reserved to the General Meeting of Shareholders by law or these articles of association or that are, subject to article 716a CO, submitted to the General Meeting of Shareholders by the Board of Directors.

9. de prendre toutes les décisions qui lui sont réservées par la loi ou les présents statuts ou qui lui sont soumises par le Conseil d’administration, sous réserve de l’article 716a CO.

Article 9

Ordinary and Extraordinary General Meetings of Shareholders

1 The Ordinary General Meeting of Shareholders shall be held each year within six months of the close of the financial year of the Company.

Assemblées générales ordinaires et extraordinaires

1 L'Assemblée générale ordinaire a lieu chaque année dans les six mois qui suivent la clôture de l'exercice de la Société.

2 Extraordinary General Meetings of Shareholders shall be held if

2 Des Assemblées générales extraordinaires ont lieu lorsque

(a) the Board of Directors or the Auditors deem it necessary;

(a) le Conseil d'administration ou l'organe de révision l'estime nécessaire;

(b) so resolved by a General Meeting of Shareholders; or

(b) une Assemblée générale le décide; ou

(c) shareholders who hold, alone or together, shares representing at least 10% of the share capital so request in writing, indicating the matters to be discussed and the corresponding proposals and, in case of elections, the names of the nominated candidates.

(c) des actionnaires représentant seuls ou ensemble 10% au moins du capital-actions le requièrent par écrit en indiquant les objets de discussion et les propositions, et en cas d'élections, les noms des candidats proposés.

Articles of Association of ADC Therapeutics SA

Article 10

Notice

1 Notice of a General Meeting of Shareholders shall be given by the Board of Directors or, if necessary, by the Auditors, no later than 20 calendar days prior to the date of the meeting. Liquidators and representatives of bond-holders are also entitled to call a General Meeting of Shareholders.

Convocation

1 L'Assemblée générale est convoquée par le Conseil d'administration ou, si nécessaire, par l'organe de révision au plus tard 20 jours calendaires avant le jour de l'assemblée. Les liquidateurs et les représentants de détenteurs d'obligations ont également le droit de convoquer l'Assemblée générale.

2 Notice of the General Meeting of Shareholders shall be given by way of a single announcement in the official means of publication of the Company pursuant to Article 36 of these articles of association. Registered shareholders may in addition be notified in writing.

2 La convocation à l'Assemblée générale a lieu par une annonce unique dans l'organe de publication de la Société selon l'article 36 des présents statuts. La convocation peut également être envoyée par écrit aux actionnaires inscrits.

3 The annual report, the compensation report and the Auditors' reports shall be made available for inspection by the shareholders at the registered office of the Company no later than 20 calendar days prior to the Ordinary General Meeting of Shareholders. Registered shareholders shall be informed in writing in the notice.

3 Le rapport de gestion, le rapport de rémunération et les rapports de révision sont mis à la disposition des actionnaires au siège de la Société au plus tard 20 jours calendaires avant l'Assemblée générale ordinaire. Les actionnaires inscrits doivent en être informés par écrit dans la convocation.

4 The notice shall specify the items on the agenda as well as the proposals of the Board of Directors and the shareholder(s) who requested that a General Meeting of Shareholders be held or an item be included on the agenda and, in the event of elections, the names of the proposed candidates.

4 La convocation mentionne les objets portés à l'ordre du jour ainsi que les propositions du Conseil d'administration et du ou des actionnaires qui ont demandé la convocation de l'Assemblée générale ou l'inscription d'un objet à l'ordre du jour et, en cas d'élections, les noms des candidats proposés.

Article 11

Agenda

1 Shareholders who, alone or together, either hold shares with a par value of at least CHF 1,000,000 or who represent at least 10% of the share capital may request that an item be included on the agenda. Such request must be made in writing and be received at the registered office of the Company at least 45 calendar days prior to the General Meeting of Shareholders, specifying the agenda item and the proposals of the shareholders.

Objets à l'ordre du jour

1 Des actionnaires qui représentent seuls ou ensemble des actions totalisant une valeur nominale d'au moins CHF 1'000'000 ou qui représentent au moins 10% du capital-actions peuvent requérir l'inscription d'un objet à l'ordre du jour. La demande doit être faite par écrit et reçue au siège de la Société au moins 45 jours calendaires avant l'Assemblée générale avec indication des objets à l'ordre du jour et des propositions des actionnaires.

Articles of Association of ADC Therapeutics SA

2 No resolutions may be passed at a General Meeting of Shareholders on proposals concerning agenda items for which proper notice was not given. This provision shall not apply, however, to proposals made during a General Meeting of Shareholders to convene an Extraordinary General Meeting of Shareholders or to initiate a special audit. Each request for inclusion of an item on the agenda shall include (i) a brief description of the agenda item and the reason for which it is to be discussed at the meeting; (ii) the motions regarding the agenda item; (iii) the name and address, as they appear on the Company’s register of shareholders, of the shareholder proposing such business; (iv) the number of shares of the Company which are beneficially owned by such shareholder; (v) the dates upon which the shareholder acquired such shares; (vi) documentary support for any claim of beneficial ownership; (vii) any material interest of such shareholder in including the item in the agenda; (viii) a statement in support of the matter; and (ix) all other information required under applicable law and stock exchange rules.

2 Aucune décision ne peut être prise par l'Assemblée générale sur des objets qui n'ont pas été dûment portés à l'ordre du jour, à l'exception des propositions de convoquer une Assemblée générale extraordinaire et d'instituer un contrôle spécial. Toute requête visant l'inscription d'un objet à l'ordre du jour doit inclure (i) une brève description de cet objet et la raison pour laquelle il doit être discuté lors de l'Asemblée générale; (ii) les propositions relatives à cet objet; (iii) le nom et l'adresse, tels qu'ils apparaissent dans le registre des actions, de l'actionnaire proposant un tel objet; (iv) le nombre d'actions de la Société dont cet actionnaire est ayant droit économique; (v) les dates auxquelles l'actionnaire a acquis ces actions; (vi) les pièces justificatives démontrant le statut d'ayant droit économique; (vii) l'intérêt important de l'actionnaire à l'inscription de l'objet à l'ordre du jour; (viii) une déclaration à l'appui de la requête; et (ix) toute autre information requise par la loi ou les règles boursières applicables.

3 No prior notice is required to bring motions related to items already on the agenda or for the discussion of matters on which no resolution is to be taken.

3 En revanche, il n'est pas nécessaire d'annoncer à l'avance les propositions entrant dans le cadre des objets portés à l'ordre du jour ni les délibérations qui ne doivent pas être suivies d'un vote.

Article 12

Chairman, Vote Counters, Minutes

1 The Chairman of the Board of Directors shall chair the General Meeting of Shareholders. In his absence, the Vice-Chairman of the Board of Directors, another member or a person designated by the Board of Directors shall chair the General Meeting of Shareholders. If no member of the Board of Directors is available and no other person has been designated by the Board of Directors, the acting chair shall be elected by the General Meeting of Shareholders.

Présidence, scrutateurs, procès-verbal

1 Le président du Conseil d'administration préside l'Assemblée générale. En son absence, le vice-président du Conseil d'administration, un autre membre ou une personne désignée par le Conseil d'administration préside l'Assemblée générale. Si aucun membre du Conseil d'administration n'est disponible et aucune personne n'a été désignée par le Conseil d'administration, l'Assemblée générale élit son président.

Articles of Association of ADC Therapeutics SA

2 The acting chair of the General Meeting of Shareholders shall appoint the secretary and the vote counter(s), none of whom need be shareholders. The minutes shall be signed by the acting chair of the General Meeting of Shareholders and the secretary.

2 Le président de l'Assemblée générale désigne un rédacteur du procès-verbal et le ou les scrutateurs, qui ne doivent pas nécessairement être des actionnaires. Le procès-verbal doit être signé par le président de l'Assemblée générale et le secrétaire.

3 The acting chair of the General Meeting of Shareholders shall have all powers and authority necessary and appropriate to ensure the orderly conduct of the General Meeting of Shareholders.

3 Le président de l'Assemblée générale a tous les pouvoirs nécessaires et appropriés pour s'assurer de la conduite régulière de l'Assemblée générale.

Article 13

Voting Rights, Representation

1 Each share shall convey the right to one vote. The voting rights are subject to the conditions of Articles 6 and 7 of these articles of association.

Droit de vote, représentation

1 Chaque action donne droit à une voix. Les droits de vote sont soumis aux conditions des articles 6 et 7 des présents statuts.

2 The Board of Directors shall issue the rules regarding the participation in and representation at the General Meeting of Shareholders and determine the requirements as to proxies and instructions. A shareholder may only be represented at the General Meeting of Shareholders by the independent voting rights representative, its legal representative or, by means of a written proxy, by another shareholder with the right to vote. All shares held by a shareholder may only be represented by one person.

2 Le Conseil d'administration prend les dispositions relatives à la participation et à la représentation à l'Assemblée générale et détermine les exigences applicables aux procurations et instructions. Un actionnaire ne peut être représenté à l'Assemblée générale que par le représentant indépendant, par son représentant légal ou, au moyen d'une procuration écrite, par un autre actionnaire ayant droit de vote. Toutes les actions détenues par un actionnaire ne peuvent être représentées que par une seule personne.

3 The General Meeting of Shareholders shall elect the independent voting rights representative for a term of office until completion of the next Ordinary General Meeting of Shareholders. Re-election is possible.

3 L'Assemblée générale nomme le représentant indépendant pour une durée de fonctions s’achevant à la fin de l’Assemblée générale ordinaire suivante. La réélection est possible.

4 If the Company does not have an independent voting rights representative, the Board of Directors shall appoint the independent voting rights representative for the next General Meeting of Shareholders.

4 Dans le cas où la Société n'a pas de représentant indépendant, le Conseil d'administration nommera le représentant indépendant pour l'Assemblée générale suivante.

Articles of Association of ADC Therapeutics SA

Article 14

Resolutions, Elections

1 The General Meeting of Shareholders shall pass its resolutions and decide its elections by the absolute majority of the votes attached to the shares represented, unless required otherwise by law or these articles of association. In the event of a tie, the resolution shall be deemed refused.

Décisions, élections

1 Les décisions de l'Assemblée générale sont prises à la majorité absolue des voix attribuées aux actions représentées, à moins que la loi ou les présents statuts n'en disposent autrement. En cas d'égalité de voix, la décision est refusée.

2 Two thirds of the votes represented and the absolute majority of the par value of shares represented shall be required for the General Meeting of Shareholders to adopt resolutions on the following matters:

2 Une décision de l'Assemblée générale recueillant au moins les deux tiers des voix attribuées aux actions représentées et la majorité absolue des valeurs nominales représentées est nécessaire pour:

1. the amendment of the purpose of the Company;

1. la modification du but social de la Société;

2. the creation of shares with privileged voting rights;

2. l'introduction d'actions à droit de vote privilégié;

3. the restriction on the transferability of registered shares or their registration with voting rights and the cancelation of such a restriction;

3. la restriction de la transmissibilité des actions nominatives ou leur inscription avec droit de vote ainsi que la suppression d'une telle restriction;

4. an authorized or conditional increase in share capital;

4. l'augmentation autorisée ou conditionnelle du capital-actions;

5. an increase in share capital through the conversion of equity surplus, against contributions in kind or for purposes of an acquisition of assets, or the granting of special benefits;

5. l'augmentation du capital-actions au moyen de la conversion de fonds propres, contre apport en nature ou en vue d'une reprise de biens et l'octroi d'avantages particuliers;

6. the limitation or withdrawal of pre-emptive rights;

6. la limitation ou la suppression du droit de souscription préférentiel;

7. the relocation of the registered office of the Company;

7. le transfert du siège de la Société;

8. the dissolution of the Company;

8. la dissolution de la Société;

9. mergers, demergers and conversions pursuant to the Merger Act;

9. une fusion, scission ou transformation conformément à la Loi sur la fusion;

10. the conversion of registered shares into bearer shares;

11. the removal of any member of the Board of Directors or of its Chairman before the end of his or her term of office; and

10. la conversion d'actions nominatives en actions au porteur;

11. la révocation de tout membre du Conseil d'administration ou de son président avant la fin de son mandat; et

Articles of Association of ADC Therapeutics SA

12. the amendment or repeal of the following provisions of these articles of association, with the exception of editorial amendments that do not effectively change their content:

(i) article 6;

(ii) article 14;

(iii) article 15; and

(iv) article 18.

12. la modification ou la suppression des dispositions suivantes des présents statuts, à l'exception des modifications rédactionnelles qui ne modifient pas effectivement leur contenu:

(i) article 6;

(ii) article 14;

(iii) article 15; et

(iv) article 18.

3 Resolutions and elections shall be decided by open ballot, unless the acting chair of the General Meeting of Shareholders decides that a secret ballot be held or that it be voted by electronic means. The acting chair may at any time order that a resolution or election be repeated if he considers the vote to be in doubt. The resolution or election previously held shall then be deemed not to have taken place.

3 Les décisions et élections ont lieu à main levée, à moins qu'un vote à bulletins secrets ou électronique ne soit ordonné par le président de l'Assemblée générale. Le président peut en tout temps ordonner qu'une décision ou élection soit répétée s'il estime qu'il existe des doutes sur le résultat. Dans ce cas, la décision ou l'élection précédente est réputée ne pas avoir eu lieu.

B. The Board of Directors

B. Le Conseil d'administration

Article 15

Number of Directors

The Board of Directors shall consist of not less than 3 and no more than 11 members.

Nombre de membres

Le Conseil d'administration se compose de 3 membres au moins et de 11 membres au plus.

Article 16

Election and Term of Office

1 The General Meeting of Shareholders shall elect the members of the Board of Directors and the Chairman of the Board of Directors individually and for a term of office until the completion of the next Ordinary General Meeting of Shareholders. Re-election is possible.

Élection et durée des fonctions

1 Les membres du Conseil d’administration et le président du Conseil d’administration sont élus individuellement par l’Assemblée générale pour une durée de fonctions s’achevant à la fin de l’Assemblée générale ordinaire suivante. La réélection est possible.

2 If the office of the Chairman of the Board of Directors is vacant, the Board of Directors shall appoint a new Chairman from among its members for a term of office extending until completion of the next Ordinary General Meeting of Shareholders.

2 Lorsque la fonction de président du Conseil d’administration est vacante, le Conseil d’administration désigne un nouveau président parmi ses membres pour une durée de fonctions s’achevant à la fin de l’Assemblée générale ordinaire suivante.

Articles of Association of ADC Therapeutics SA

Article 17

Organization of the Board of Directors

1 Except for the election of the Chairman of the Board of Directors and the members of the Compensation Committee by the General Meeting of Shareholders, the Board of Directors shall constitute itself. The Board of Directors may elect one or several Vice-Chairmen. The Board of Directors shall further appoint a secretary who need not be member of the Board of Directors.

Organisation du Conseil d'administration

1 A l'exception de l'élection par l'Assemblée générale du président du Conseil d'administration et des membres du Comité de rémunération, le Conseil d'administration se constitue lui-même. Il peut désigner au besoin, un ou plusieurs vice-présidents. Le Conseil d'administration désigne en outre un secrétaire, qui ne doit pas nécessairement être membre du Conseil d'administration.

2 Subject to these articles of association, the Board of Directors shall regulate its organization and the adoption of resolutions in the organizational regulations.

2 Le Conseil d'administration règle en outre son organisation et la manière de prendre des décisions dans un règlement d'organisation, sous réserve des présents statuts.

Articles of Association of ADC Therapeutics SA

Article 18

Reimbursement of Expenses, Indemnification

1 The members of the Board of Directors shall be entitled to the reimbursement of all expenses incurred in the interest of the Company.

Remboursement des frais, indemnisation

1 Les membres du Conseil d'administration ont droit au remboursement de tous les frais engagés dans l'intérêt de la Société.

2 To the extent not included in insurance coverage or paid by third parties, the Company shall indemnify and hold harmless, to the extent permitted by law, the existing and former members of the Board of Directors and Executive Committee, and their heirs, executors and administrators, out of the assets of the Company from and against all threatened, pending or completed actions, suits or proceedings – whether civil, criminal, administrative or investigative – and all costs, charges, losses, damages, and expenses which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or by reason of any actual or alleged actions, consents or omissions in or about the execution of their duty, or alleged duty, or by reason of the fact that he is or was a member of the Board of Directors or Executive Committee of the Company or one of its subsidiaries, or, while serving as a member of the Board of Directors or Executive Committee of the Company, is or was serving at the request of the Company as a director, member of the executive management, employee or agent of another corporation, partnership, joint venture, trust or other enterprise; provided, however, that this indemnity shall not extend to any matter in which any of said persons is found, in a final judgment or decree of a court or governmental or administrative authority of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties as a member of the Board of Directors or Executive Committee.

2 Dans la mesure où la loi le permet, la Société indemnisera, à concurrence de la portion non couverte par une assurance ou payée par un tiers, sur ses propres biens les membres actuels et passés du Conseil d'administration et de la Direction exécutive ainsi que leurs héritiers, masse en faillite ou masse successorale contre toutes actions, procès ou poursuites, menaçants, en cours ou terminés, de nature civile, pénale, administrative ou autre, et tous les coûts, dépenses, pertes, dommages et frais qu'ils (ou leurs héritiers, masse en faillite ou masse successorale) subiraient ou pourraient subir en raison d'actions, consentements ou omissions, effectifs ou présumés, en relation avec l'exercice de leurs fonctions, leurs fonctions supposées ou en raison du fait d'être ou d'avoir été membres du Conseil d'administration ou de la Direction exécutive de la Société ou de l'une de ses filiales ou, sur instruction de la Société en tant que membres du Conseil d'administration ou de la Direction exécutive, en raison du fait d'être ou d'avoir été administrateur, membre de la direction, employé ou mandataire d'une autre société, entreprise, coentreprise, personne morale dénuée de la personnalité ou trust. L'obligation d'indemnisation s'éteint dès qu'un jugement définitif et exécutoire d'un tribunal ou d'une autorité compétente a décidé que la personne en question a violé, volontairement ou par grave négligence, ses devoirs de membre du Conseil d'administration ou de la Direction exécutive.

Articles of Association of ADC Therapeutics SA

3 Without limiting the foregoing paragraph 2 of this Article 18, the Company shall advance costs and expenses idemnifiable thereunder to the existing and former members of the Board of Directors and Executive Committee to the extent not included in insurance coverage or advanced by third parties. The Company may however recover such advanced costs if any of said persons is found, in a final judgment or decree of a court or governmental or administrative authority of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties as a member of the Board of Directors or Executive Committee.

3 Sans préjudice de l'alinéa 2 du présent article 18, la Société avancera les frais et les coûts indemnisables en vertu de la disposition précitée aux membres actuels et passés du Conseil d'administration et de la Direction exécutive, à concurrence de la portion non couverte par une assurance ou payée par un tiers. La Société peut cependant recouvrer ces avances de frais si l'une de ces personnes a été reconnue coupable de violation intentionnelle ou par négligence grave de ses devoirs de membre du Conseil d'administration ou de la Direction exécutive par un jugement ou une décision final et exécutoire d'un tribunal ou d'une autorité gouvernementale ou administrative compétente.

Article 19

Convening of Meetings, Resolutions, Minutes

1 The Board of Directors shall meet at the invitation of its Chairman or, if not available, of the Vice-Chairman or of another member of the Board of Directors as often as the business of the Company shall require or if a member requests it in writing or via telefax, e-mail or another form of electronic communication, indicating the reasons.

Convocation, décisions, procès-verbal

1 Le Conseil d'administration est convoqué par son président ou, en cas d'empêchement de ce dernier, par son vice-président ou par un autre membre du Conseil d'administration, aussi souvent que cela apparaît nécessaire ou lorsqu'un membre du Conseil d'administration le demande par écrit, par télécopie, courriel ou par un autre moyen de communication électronique, avec indication des motifs.

2 Unless the organizational regulations adopted by the Board of Directors or a board resolution taken with the applicable attendance quorum provide otherwise, the Board of Directors shall only have a quorum if a majority of the members of the Board of Directors is present. No attendance quorum shall be required for resolutions of the Board of Directors providing for the amendment and ascertainment of a capital increase.

2 A moins que le contraire ne résulte d'une disposition du règlement d'organisation adopté par le Conseil d'administration ou d'une décision du Conseil d'administration prise conformément aux dispositions applicables au quorum de présence, la majorité des membres du Conseil d'administration doivent être présents afin de pouvoir prendre une décision. Ce quorum de présence n'est pas nécessaire pour les décisions de modification et de constatation du Conseil d'administration en lien avec les augmentations du capital-actions.

3 The Board of Directors shall adopt its resolutions by a majority of votes cast. In the case of a tie, the Chairman of the Board of Directors shall have the casting vote.

3 Les décisions du Conseil d'administration sont prises à la majorité des voix exprimées. En cas d'égalité des voix, la voix du président du Conseil d'administration prévaut.

Articles of Association of ADC Therapeutics SA

4 Resolutions may also be adopted by way of written consent or by approval via telefax, e-mail or another form of electronic communication, unless a member requests discussion thereof.

4 Les décisions du Conseil d'administration peuvent également être prises par voie de circulation ou être adoptées par télécopie, courriel ou par un autre moyen de communication électronique, à moins qu'une discussion ne soit requise par l'un des membres du Conseil d'administration.

5 The decisions of the Board of Directors shall be recorded in minutes to be signed by the acting chair and the secretary.

5 Les décisions du Conseil d'administration sont consignées dans un procès-verbal signé par le président et par le secrétaire.

Article 20

Powers of the Board of Directors

1 The Board of Directors may pass resolutions with respect to all matters which are not delegated to another corporate body of the Company by law, by these articles of association or by regulations.

Attributions du Conseil d'administration

1 Le Conseil d'administration peut prendre des décisions sur toutes les affaires qui ne sont pas attribuées à un autre organe de la Société par la loi, les présents statuts ou un règlement.

2 It shall have the following non-transferable and inalienable duties:

2 Il a les attributions intransmissibles et inaliénables suivantes:

1. the ultimate management of the Company and the issuance of necessary instructions;

1. exercer la haute direction de la Société et établir les instructions nécessaires;

2. the determination of the organization of the Company;

2. fixer l'organisation de la Société;

3. the structuring of the accounting system, of the financial controls and of the financial planning;

3. fixer les principes de la comptabilité et du contrôle financier ainsi que le plan financier;

4. the appointment and dismissal of the persons entrusted with management and representation of the Company, and issuance of rules on the signature authority;

4. nommer et révoquer les personnes chargées de la gestion et de la représentation de la Société et réglementer le droit de signature;

5. the ultimate supervision of the persons entrusted with management, in particular in view of compliance with the law, these articles of association, regulations and directives;

5. exercer la haute surveillance sur les personnes chargées de la gestion pour s'assurer notamment qu'elles observent la loi, les présents statuts, les règlements et les instructions données;

6. the preparation of the annual report and the compensation report;

6. établir le rapport de gestion et le rapport de rémunération;

7. the preparation of the General Meeting of Shareholders and the implementation of its resolutions;

7. préparer l'Assemblée générale et exécuter ses décisions;

Articles of Association of ADC Therapeutics SA

8. the adoption of resolutions on the increase of the share capital to the extent that such power is vested in the Board of Directors, the ascertainment of capital increases, the preparation of the report on the capital increase, and the respective amendments of the articles of association (including deletions);

8. prendre les décisions relatives aux augmentations du capital-actions, dans la mesure où elles sont de la compétence du Conseil d'administration, ainsi que les décisions relatives à la constatation d'augmentations de capital, à l'établissement du rapport d'augmentation du capital-actions et aux modifications des statuts qui en résultent (radiation comprise);

9. the non-transferable and inalienable duties and powers of the Board of Directors pursuant to the Merger Act;

9. les attributions et compétences intransmissibles et inaliénables du Conseil d'administration selon la Loi sur la fusion;

10. the notification of the judge if liabilities exceed assets; and

10. informer le juge en cas de surendettement; et

11. other powers and duties reserved to the Board of Directors by law or these articles of association.

11. d'autres attributions et compétences réservées au Conseil d'administration par la loi ou les présents statuts.

3 In all other respects, the Board of Directors may delegate in whole or in part the management and the representation of the Company within the framework set forth by these articles of association and the law to one or several of its members or to third parties by means of organizational regulations.

3 En outre, le Conseil d'administration peut déléguer en tout ou en partie la gestion ainsi que la représentation de la Société, dans le cadre des présents statuts et de la loi, à un ou plusieurs de ses membres ou à des tiers conformément au règlement d'organisation.

C. The Compensation Committee

C. Le Comité de rémunération

Article 21

Number of Members

The Compensation Committee shall consist of at least two members of the Board of Directors.

Nombre de membres

Le Comité de rémunération se compose d'au moins deux membres du Conseil d'administration.

Article 22

Election and Term of Office

1 The General Meeting of Shareholders shall elect the members of the Compensation Committee individually for a term of office until the completion of the subsequent Ordinary General Meeting of Shareholders. Only members of the Board of Directors may be elected. Re-election is possible.

Election et durée de fonctions

1 L'Assemblée générale élit individuellement les membres du Comité de rémunération pour une durée de fonctions s'achevant à la fin de l'Assemblée générale ordinaire suivante. Seuls des membres du Conseil d'administration sont éligibles. La réélection est possible.

Articles of Association of ADC Therapeutics SA

2 If there are vacancies on the Compensation Committee, the Board of Directors may appoint substitute members from among its members for a term of office extending until completion of the next Ordinary General Meeting of Shareholders.

2 En cas de vacance au sein du Comité de rémunération, le Conseil d'administration peut désigner des substituts parmi ses membres pour une durée de fonctions s'achevant à la fin de l'Assemblée générale ordinaire suivante.

Article 23

Organization of the Compensation Committee

1 The Compensation Committee shall constitute itself. Unless the organizational regulations provide otherwise, the Board of Directors shall elect a chairman from among the Compensation Committee's members.

Organisation du Comité de rémunération

1 Le Comité de rémunération se constitue lui-même. A moins que le règlement d'organisation n'en dispose autrement, le Conseil d'administration élit le Président du Comité de rémunération parmi les membres du Comité de rémunération.

2 The Board of Directors shall issue regulations establishing the organization and decision-making process of the Compensation Committee, which may be part of the organizational regulations.

2 Le Conseil d'administration établit un règlement concernant l'organisation et le processus de décision du Comité de rémunération, qui peut être intégré au règlement d'organisation.

Article 24

Duties and Powers

1 The Compensation Committee shall support the Board of Directors in establishing and reviewing the compensation strategy and guidelines as well as in preparing the proposals to the General Meeting of Shareholders regarding the compensation of the Board of Directors and the Executive Committee. It may submit proposals to the Board of Directors in other compensation-related issues.

Attributions

1 Le Comité de rémunération assiste le Conseil d'administration dans l'établissement et la révision de la stratégie et des directives de rémunération, ainsi que dans la préparation des propositions à soumettre à l'Assemblée générale concernant la rémunération du Conseil d'administration et de la Direction exécutive. Il peut soumettre au Conseil d'administration des propositions en toutes autres matières relatives à la rémunération.

Articles of Association of ADC Therapeutics SA

2 The Board of Directors shall determine in regulations for which positions of the Board of Directors, the Executive Committee and other member of management (if any) the Compensation Committee shall submit proposals for the performance metrics, target values and/or the compensation of the members of the Board of Directors and the Executive Committee, and for which positions it shall itself determine, in accordance with these articles of association and the compensation guidelines established by the Board of Directors, such performance metrics, target values and/or the compensation.

2 Le Conseil d'administration détermine dans un règlement pour quelles fonctions du Conseil d'administration, de la Direction exécutive et d'autres membres de la direction (si applicable) le Comité de rémunération proposera au Conseil d'administration les mesures de performances, les valeurs cibles et/ou la rémunération des membres du Conseil d'administration et de la Direction exécutive, et pour quelles fonctions il aura la compétence de déterminer de son propre chef, en accord avec les statuts et les directives de rémunération établies par le Conseil d'administration, les mesures de performances, les valeurs cibles et/ou la rémunération.

3 The Board of Directors may delegate further tasks to the Compensation Committee.

3 Le Conseil d’administration peut déléguer d'autres tâches au Comité de rémunération.

D. The Auditors

D. L'organe de révision

Article 25

1 The General Meeting of Shareholders shall elect the Auditors for a term of office until the completion of the next Ordinary General Meeting of Shareholders. Re-election is possible.

1 L'Assemblée générale élit l'organe de révision pour une durée de fonctions s’achevant à la fin de l’Assemblée générale ordinaire suivante. La réélection est possible.

2 The Auditors shall have the powers and duties vested in them by law.

2 L'organe de révision a les pouvoirs et obligations que lui confère la loi.

3 The Board of Directors may mandate the Auditors at any time to perform special investigations, in particular interim audits, and to prepare a report on their findings.

3 Le Conseil d'administration peut en tout temps charger l'organe de révision de procéder à des contrôles spéciaux, notamment des révisions intermédiaires, et de lui en soumettre un rapport.

Section 4
Compensation of the Members of the Board of Directors and the Executive Committee and Related Matters

Section 4
Rémunération des membres du Conseil d'administration et de la Direction exécutive et affaires connexes

Articles of Association of ADC Therapeutics SA

Article 26

Approval of the Compensation by the General Meeting of Shareholders

1 The General Meeting of Shareholders shall approve the proposals of the Board of Directors in relation to the aggregate amounts of:

Approbation de la rémunération par l'Assemblée générale

1 L'Assemblée générale approuve les propositions du Conseil d'administration en relation avec les montants maximaux suivants:

1. the maximum compensation of the Board of Directors until the completion of the next Ordinary General Meeting of Shareholders;

1. la rémunération maximale du Conseil d'administration jusqu'à la fin de l'Assemblée générale ordinaire des actionnaires suivante;

2. the maximum fixed compensation of the Executive Committee for the following financial year; and

2. la rémunération fixe maximale de la Direction exécutive pour l'année comptable suivante; et

3. the maximum variable compensation of the Executive Committee for the current financial year.

3. la rémunération variable maximale de la Direction exécutive pour l'exercice en cours.

2 The Board of Directors may submit for approval by the General Meeting of Shareholders deviating, additional or conditional proposals relating to the maximum aggregate amount or maximum partial amounts for the same or different periods and/or specific compensation components and/or in relation to additional amounts for specific compensation components.

2 Le Conseil d'administration peut soumettre à l'approbation de l'Assemblée générale des propositions divergentes, supplémentaires ou conditionnelles concernant le montant maximal total ou les montants maximaux partiels pour les mêmes périodes ou des périodes différentes et/ou des éléments de rémunération spécifiques et/ou en relation avec des montants additionnels pour des éléments de rémunération spécifiques.

3 In the event that the General Meeting of Shareholders does not approve a proposal of the Board of Directors, the Board of Directors shall determine, taking into account all relevant factors, the respective (maximum) aggregate amount or (maximum) partial amounts, and submit the amount(s) so determined for approval by a General Meeting of Shareholders.

3 Si l'Assemblée générale n'approuve pas une proposition du Conseil d'administration, le Conseil d'administration détermine, en prenant en compte tous les critères pertinents, le montant (maximal) total ou des montants (maximaux) partiels respectifs, et soumet le(s) montant(s) ainsi déterminé(s) à l'approbation d'une Assemblée générale.

4 The Company or companies controlled by it may pay or grant compensation prior to approval by the General Meeting of Shareholders, subject to subsequent approval.

4 La rémunération peut être versée ou octroyée par la Société ou les sociétés qu'elle contrôle avant l'approbation de l'Assemblée générale, sous réserve d'une approbation ultérieure.

Articles of Association of ADC Therapeutics SA

Article 27

Supplementary Amount for Changes to the Executive Committee

If the maximum aggregate amount of compensation already approved by the General Meeting of Shareholders is not sufficient to also cover the compensation of one or more persons who become members of the Executive Committee or are being promoted within the Executive Committee after the General Meeting of Shareholders has approved the compensation of the Executive Committee for the relevant period, then the Company or companies controlled by it shall be authorized to pay such member(s) a supplementary amount during the compensation period(s) already approved. The supplementary amount per compensation period per member shall not exceed 100% of the aggregate amount of (maximum) compensation of the Executive Committee last approved.

Montant complémentaire en cas de changements au sein de la Direction exécutive

Si le montant global maximal de la rémunération déjà approuvé par l'Assemblée générale n'est pas suffisant pour couvrir également la rémunération d'une ou plusieurs personnes devenant membre(s) de la Direction exécutive ou étant promue(s) au sein de la Direction exécutive après que l'Assemblée générale a approuvé la rémunération de la Direction exécutive pour la période visée, la Société ou toute autre société qu'elle contrôle est alors autorisée à verser à ce(s) membre(s) un montant complémentaire au cours de la (ou les) période(s) de rémunération déjà approuvée(s). Le montant complémentaire par période de compensation par membre ne doit pas dépasser 100% du montant global de la rémunération (maximale) de la Direction exécutive approuvée en dernier.

Article 28

General Compensation Principles

1 The compensation of the non-executive members of the Board of Directors may consist of fixed and variable compensation elements. Total compensation shall take into account the position and level of responsibility of the recipient.

Principes généraux de rémunération

1 La rémunération des membres non-exécutifs du Conseil d'administration peut être constituée d'éléments de rémunérations fixes et variables. La rémunération totale prend en compte la position et le niveau de responsabilité du bénéficiaire.

2 The compensation of the members of the Executive Committee may consist of fixed and variable compensation elements. Fixed compensation comprises the base salary and may consist of other compensation elements. Variable compensation may take into account the achievement of specific performance targets. Total compensation shall take into account the position and level of responsibility of the recipient.

2 La rémunération des membres de la Direction exécutive peut être constituée d'éléments de rémunération fixes et variables. La rémunération fixe comprend le salaire de base et peut être constituée d'autres éléments de rémunération. La rémunération variable peut prendre en compte l'accomplissement d'objectifs de performance spécifiques. La rémunération totale prend en compte la position et le niveau de responsabilité du bénéficiaire.

Articles of Association of ADC Therapeutics SA

3 The performance targets may include individual targets, targets of the Company, group or parts thereof or targets in relation to the market, other companies or comparable benchmarks, taking into account the position and level of responsibility of the recipient. The Board of Directors or, to the extent delegated to it, the Compensation Committee shall determine the relative weight of the performance targets and the respective target values.

3 Les objectifs de performance peuvent comprendre des objectifs personnels, des objectifs liés à la performance de la Société ou de tout ou partie du groupe ou des buts en relation avec le marché, d'autres sociétés ou d'autres repères comparables, prenant en compte la position et le niveau de responsabilité du bénéficiaire. Le Conseil d'administration ou le Comité de rémunération, dans la mesure où cette compétence lui est déléguée, détermine le poids relatif des objectifs de performance et les valeurs cibles respectives.

4 Compensation may be paid in the form of cash, shares, options or other share-based instruments or units, or in the form of other types of benefits. The Board of Directors or, to the extent delegated to it, the Compensation Committee shall determine grant, vesting, exercise, restriction and forfeiture conditions and periods. In particular, they may provide for continuation, acceleration or removal of vesting, exercise, restriction and forfeiture conditions and periods, for payment or grant of compensation based upon assumed target achievement, or for forfeiture, in each case in the event of pre-determined events such as a change of control or termination of an employment or mandate agreement. The Company may procure the required shares or other securities through purchases in the market, from treasury shares or by using conditional or authorized share capital.

4 La rémunération peut être versée en espèces, sous forme d'actions, d'options ou d'instruments ou unités sur base d'actions ou d'autres types de prestations. Le Conseil d'administration ou le Comité de rémunération, dans la mesure où cette compétence lui a été déléguée, détermine les conditions et périodes d'octroi, d'acquisition (vesting), d'exercice, de restriction et de péremption. Ils peuvent en particulier prévoir la continuation, l'accélération ou la suppression des conditions ou périodes d'acquisition (vesting), d'exercice, de restriction et de péremption, le versement ou l'octroi d'une rémunération supposant l'atteinte des objectifs ou encore la déchéance des droits, dans chaque cas lors d'événements prédéterminés tels que, notamment, un changement de contrôle ou la fin d'un contrat de travail ou de mandat. La Société peut se procurer les actions ou autres instruments des marchés financiers requis par le biais d'achats sur le marché ou d'actions propres, ou en utilisant son capital-actions conditionnel ou autorisé.

5 Compensation may be paid by the Company or companies controlled by it.

5 La rémunération peut être versée par la Société ou tout autre société qu'elle contrôle.

Articles of Association of ADC Therapeutics SA

Article 29

Agreements with Members of the Board of Directors and the Executive Committee

1 The Company or companies controlled by it may enter into agreements with non-executive members of the Board of Directors relating to their compensation for a fixed term or for an indefinite term. The duration and termination are subject to the term of office and the law.

Contrats avec les membres du Conseil d'administration et de la Direction exécutive

1 La Société, ou toute société qu'elle contrôle, peut conclure des contrats de durée déterminée ou indéterminée avec les membres non-exécutifs du Conseil d'administration en relation avec leur rémunération. La durée et la résiliation doivent être conformes avec la durée des fonctions ainsi qu'avec les dispositions légales applicables.

2 The Company or companies controlled by it may enter into employment agreements with executive members of the Board of Directors and other members of the Executive Committee for a fixed term or for an indefinite term. Fixed term agreements may have a maximum duration of one year; renewal is possible. Agreements for an indefinite term may have a notice period of maximum twelve months.

2 La Société, ou toute société qu'elle contrôle, peut conclure des contrats de travail de durée déterminée ou indéterminée avec les membres exécutifs du conseil d'administration et les autres membres de la Direction exécutive. Les contrats de durée déterminée peuvent avoir une durée maximale d'une année; le renouvellement est possible. Les contrats de durée indéterminée peuvent prévoir un délai de congé d'au maximum douze mois.

3 The Company or companies controlled by it may enter into non-compete agreements with members of the Executive Committee for the time after termination of employment. Their duration shall not exceed two years, and consideration paid per year for such non-compete undertaking shall not exceed the sum of the total annual compensation of such member last paid or payable for the first time.

3 La Société, ou toute société qu'elle contrôle, peut conclure des accords de non-concurrence avec les membres de la Direction exécutive pour la période suivant la fin des rapports de travail. Leur durée ne peut excéder deux ans, et l'indemnisation par an versée en contrepartie d'un tel accord de non concurrence ne peut excéder la somme de la dernière rémunération annuelle totale versée ou à verser pour la première fois au membre concerné.

Article 30

Mandates Outside of the Group

1 The number of mandates on the board of directors or the executive committee of legal entities that have to be registered in a Swiss commercial register or a similar foreign register outside the group is limited:

Mandats en dehors du groupe

1 Le nombre de mandats d'administrateur et/ou au sein de la Direction exécutive d'entités juridiques tenues d'être inscrites au registre du commerce suisse ou dans un registre similaire étranger est limité:

(a) for members of the Executive Committee, to seven mandates, of which no more than two in a listed company; and

(a) pour les membres de la Direction exécutive, à sept mandats, dont pas plus de deux au sein de sociétés cotées; et

(b) for members of the Board of Directors, to fifteen mandates, of which no more than five in listed companies.

(b) pour les membres du Conseil d'administration à quinze mandats, dont pas plus de cinq au sein de sociétés cotées.

Articles of Association of ADC Therapeutics SA

2 Mandates in different legal entities being part of the same group or for the same group are deemed to be one mandate.

2 Les mandats dans différentes entités juridiques appartenant au même groupe ou assumés pour le même groupe sont considérés comme un mandat.

3 Mandates in associations, charitable organizations, family trusts and foundations relating to post-retirement benefits are not subject to the above limitations. No member of the Board of Directors or the Executive Committee shall hold more than 10 such mandates.

3 Les mandats dans des associations, organisations caritatives, fondations de famille et fondations de prévoyance professionnelle ne sont pas soumis aux limites mentionnées ci-dessus. Aucun membre du Conseil d'administration ou de la Direction exécutive ne peut exercer plus de 10 mandats de ce genre.

Article 31

Post-Retirement Benefits

The Company or companies controlled by it may grant to members of the Board of Directors and the Executive Committee post-retirement benefits beyond the occupational benefit schemes which do not exceed the annual compensation of the respective member of the Board of Directors or the Executive Committee last paid or payable for the first time.

Prestations de retraite

La Société ou toute société qu'elle contrôle peut octroyer aux membres du Conseil d'administration et de la Direction exécutive des prestations de retraite allant au-delà du régime de prévoyance professionnelle n'excédant pas la rémunération annuelle du membre du Conseil d'administration ou de la Direction exécutive concerné versée ou à verser pour la première fois.

Section 5
Financial Year, Profit Allocation

Section 5
Exercice, répartition du bénéfice

Article 32

Financial Year, Annual and Compensation Report

1 The Company's financial year shall be determined by the Board of Directors.

Exercice social, rapport de gestion et de rémunération

1 L'exercice est fixé par le Conseil d'administration.

2 The Board of Directors shall prepare an annual report for each financial year, comprising the annual financial statements, if required, the management report and the consolidated financial statements, as well as a compensation report.

2 Le Conseil d'administration établit pour chaque exercice un rapport de gestion, qui se compose des comptes annuels et, cas échéant, du rapport annuel et des comptes de groupe, ainsi qu'un rapport de rémunération.

Articles of Association of ADC Therapeutics SA

Article 33

Allocation of Profit Shown on the Balance Sheet, Reserves

1 The General Meeting of Shareholders shall resolve on the allocation of the profit as shown on the balance sheet in accordance with applicable law. The Board of Directors shall submit its proposals to the General Meeting of Shareholders.

Utilisation du bénéfice résultant du bilan, réserves

1 L'Assemblée générale détermine l'emploi du bénéfice résultant du bilan, sous réserve des prescriptions légales concernant la répartition du bénéfice. Le Conseil d'administration lui soumet ses propositions.

2 In addition to the reserves required by law, the General Meeting of Shareholders may create other reserves.

2 En sus des réserves légales, l'Assemblée générale peut constituer des réserves supplémentaires.

3 Dividends that have not been collected within five years after their payment date shall inure to the Company and be allocated to the general statutory reserves.

3 Les dividendes qui n'ont pas été perçus dans un délai de cinq ans après leur date de paiement sont prescrits et sont alloués aux réserves statutaires de la Société.

Section 6
Dissolution, Liquidation

Section 6
Dissolution, liquidation

Article 34

Dissolution, Liquidation

1 The General Meeting of Shareholders may at any time resolve to dissolve and liquidate the Company in accordance with the law and the provisions set forth in these articles of association.

Dissolution, liquidation

1 L'Assemblée générale peut décider en tout temps de la dissolution et de la liquidation de la Société en conformité avec les prescriptions légales et statutaires.

2 The liquidation shall be effected by the Board of Directors, unless the General Meeting of Shareholders appoints other persons as liquidators.

2 La liquidation a lieu par les soins du Conseil d'administration, à moins que l'Assemblée générale ne désigne d'autres liquidateurs.

3 The liquidation of the Company shall be effected pursuant to applicable law. The liquidators shall be entitled to sell assets (real estate included) in private transactions.

3 La liquidation de la Société s'effectue conformément au droit applicable. Les liquidateurs sont autorisés à vendre des actifs (immeubles y compris) de gré à gré.

4 Upon discharge of all liabilities of the Company, the assets shall be distributed to the shareholders in proportion to the share capital, unless these articles of association provide otherwise.

4 Après paiement des dettes de la Société, l'actif est réparti entre les actionnaires au prorata du capital-actions, à moins que les présents statuts n'en disposent autrement.

Articles of Association of ADC Therapeutics SA

Section 7
Notices, Communications

Section 7
Communications, organe de publication

Article 35

Notices, Communications

1 The official means of publication of the Company shall be the Swiss Official Gazette of Commerce.

Communications, organe de publication

1 L'organe de publication de la Société est la Feuille officielle suisse du commerce.

2 To the extent that personal notification is not mandated by law, all communications to the shareholders shall be deemed valid if published in the Swiss Official Gazette of Commerce. Written communications by the Company to its shareholders shall be sent by ordinary mail to the last address of the shareholder or authorized recipient entered in the share register. If neither these articles of association nor the law mandatorily require a communication to be in written form, the Company can validly send communications to the shareholders to the last e-mail address of the shareholder or authorized recipient communicated to the Company, through the banking system, electronically, by publication in the Swiss Official Gazette of Commerce or in any other way. To comply with a written form, a facsimile or electronic copy of a signature shall be sufficient.

2 Dans la mesure où la loi n’exige pas de notification personnelle, toutes les communications aux actionnaires publiées dans la Feuille officielle suisse du commerce seront réputées valides. Les communications écrites adressées par la Société à ses actionnaires seront envoyées par courrier ordinaire à la dernière adresse de l’actionnaire ou de son bénéficiaire autorisé qui figure sur le registre des actions. Si ni la loi ni les présents statuts n'imposent qu'une communication revête la forme écrite, la Société peut valablement envoyer une telle communication aux actionnaires par courriel, à la dernière adresse e-mail de l’actionnaire ou de son bénéficiaire autorisé communiquée à la Société, par l'intermédiraire du système bancaire, électroniquement, par publication dans la Feuille officielle suisse du commerce ou de toute autre manière. Un téléfax ou une copie électronique de la signature suffisent pour se conformer à la forme écrite.

Section 8
Authoritative Language

Section 8
Langue faisant foi

Article 36

Authoritative Language

In the event of discrepancies between the French and English version of these articles of association, the French version shall prevail.

Langue faisant foi

En cas de désaccord entre la version française et la version anglaise, la version française des présents statuts prévaut.

Lausanne, le 1er avril 2021

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Form 6-K ADC Therapeutics SA For: Mar 31

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