EXHIBIT 10.12


 


EMPLOYMENT AGREEMENT


 


THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is entered into by and between Replimune, Inc. (the “Company”) and Tanya Lewis (the “Executive”)
as of May 10, 2021.


 


WHEREAS, the Company desires to employ the Executive
as its Chief Development Operations Officer, and the Executive desires to serve in such capacity on behalf of the Company.


 


NOW, THEREFORE, in consideration of the premises
and of the mutual covenants and agreements hereinafter set forth, the Company and the Executive hereby agree as follows:


 


		1.	Employment.



 


(a)            Term.
The initial term of this Agreement shall begin on May 10, 2021 (the “Effective Date”) and shall continue for two
years, unless the Executive’s employment is sooner terminated in accordance with Sections 6, 7, 8, 9, 10, or 11. Unless earlier
terminated, the term of this Agreement shall automatically renew for periods of one year unless either party gives the other party written
notice at least 90 days prior to the end of the then existing term that the term of this Agreement shall not be further extended. The
period commencing on the Effective Date and ending on the date on which the term of this Agreement terminates is referred to herein as
the “Term.”


 


(b)            Duties.


 


(i)            During
the Term, the Executive shall serve as the Chief Development Operations Officer of the Company, with duties, responsibilities, and authority
commensurate therewith, and shall report to the Chief Executive Officer of the Company (the “CEO”). The Executive shall
perform all duties and accept all responsibilities incident to such position as may be reasonably assigned to the Executive by the CEO.


 


(ii)            The
Executive represents to the Company that the Executive is not subject to or a party to any employment agreement, noncompetition covenant,
or other agreement that would be breached by, or prohibit the Executive from, executing this Agreement and performing fully the Executive’s
duties and responsibilities hereunder. The Executive acknowledges that during her prior employment, she may have had access to trade secrets
or proprietary information of her prior employer that may continue to be of value to her prior employer. The Executive represents that
she will not disclose her prior employer’s trade secrets or proprietary information to anyone within the Company, use those trade
secrets and proprietary information in the course of her duties with the Company or bring those trade secrets and proprietary information
onto the Company’s premises.


 






    


     


    

 


(c)            Best
Efforts. During the Term, the Executive shall devote her best efforts and full time and attention to promote the business and affairs
of the Company and its affiliated entities, and may be engaged in other business activities only to the extent the Executive has received
the prior written consent of the Board of Directors of the Company (the “Board”) and such activities do not materially
interfere or conflict with the Executive’s obligations to the Company hereunder, including, without limitation, obligations pursuant
to Section 15 below. The foregoing shall not be construed as preventing the Executive from (i) serving on civic, educational,
philanthropic or charitable boards or committees and (ii) managing personal investments, so long as such activities are permitted
under the Company’s code of conduct and employment policies and do not violate the provisions of Section 15 below.


 


(d)            Principal
Place of Employment. The Executive understands and agrees that her principal place of employment will be in the Company’s offices
located in the Boston, MA metropolitan area and that the Executive will be required to travel for business in the course of performing
her duties for the Company.


 


2.            Compensation.


 


(a)            Base
Salary. During the Term, the Company shall pay the Executive a base salary (“Base Salary”), at the annual rate
of $425,000.00, which shall be paid in installments in accordance with the Company’s normal payroll practices. The Executive’s
Base Salary shall be reviewed annually by the CEO pursuant to the normal performance review policies for senior-level executives and may
be adjusted from time to time as the Compensation Committee of the Board (the “Compensation Committee”) deems appropriate.
The Compensation Committee may take any actions of the Board pursuant to this Agreement.


 


(b)            Annual
Bonus. The Executive shall be eligible to be awarded an annual discretionary bonus for each fiscal year during the Term, based on
the establishment and attainment of individual and corporate performance goals and targets established by the Compensation Committee (“Annual
Bonus”) in its sole discretion. The target amount of the Executive’s Annual Bonus for any fiscal year during the Term
is 40% of the Executive’s annual Base Salary, and the actual Annual Bonus awarded, if any, may be more or less than the target amount,
as determined by the Compensation Committee in its sole discretion. Any Annual Bonus awarded shall be paid after the end of the fiscal
year to which it relates, at the same time and under the same terms and conditions as the bonuses for other executives of the Company;
provided that the Executive must be employed in good standing on the date that the Executive’s Annual Bonus is paid. The Annual
Bonus shall be subject to the terms of the annual bonus plan that is applicable to other executives of the Company, including the requirement
as to continued employment in good standing, subject to the provisions of Section 7 below.


 


(c)            Equity
Awards. Subject to the approval of the Compensation Committee, which has already been obtained contingent on the Executive’s
commencement of employment, the Executive will be granted (i) a Nonqualified Stock Option (as defined in the Replimune Group, Inc.
2018 Omnibus Incentive Compensation Plan (the “Plan”)) to purchase 110,000 shares, pursuant to the terms of the Company’s
Plan and subject to the standard form of Nonqualified Stock Option Award Agreement under the Plan (the “Option”) and
(ii) 73,333 Restricted Stock Units (as defined in the Plan), pursuant to the terms of the Plan and subject to the standard form of
Restricted Stock Unit Agreement under the Plan (the “Restricted Stock Units”). Vesting and exercisability of the Option
will be over four years from the date of grant with 25% vesting and becoming exercisable on the first anniversary of the date of grant,
and the remainder vesting and becoming exercisable in substantially equal monthly installments for three years thereafter. The Restricted
Stock Units will vest as to 25% on May 15, 2022 (assuming the start date first written above) and the remainder will vest in substantially
equal annual installments for three years thereafter.


 








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3.            Retirement
and Welfare Benefits. During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance,
long-term disability, retirement and welfare benefit plans, and programs available to similarly-situated employees of the Company, pursuant
to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as
defined below) of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective
Date.


 


4.            Vacation
/ Time Off. The Executive will have the flexibility to take time off as needed to achieve balance in work/life endeavors and to deliver
exceptional results when on the job. The Company’s flexible time off policy (for Vice President level and above) does not designate
a set number of vacation days per year.


 


5.            Business
Expenses. The Company shall reimburse the Executive for all necessary and reasonable travel (which does not include commuting) and
other business expenses incurred by the Executive in the performance of her duties hereunder in accordance with such policies and procedures
as the Company may adopt generally from time to time for executives.


 


6.            Termination
Without Cause; Resignation for Good Reason. The Company may terminate the Executive’s employment at any time without Cause upon
30 days’ advance written notice. The Executive may initiate a termination of employment by resigning for Good Reason as described
below. Upon termination by the Company without Cause or resignation by the Executive for Good Reason before or after the Change of Control
Protection Period (as defined below), if the Executive executes and does not revoke a written Release (as defined below), the Executive
shall be entitled to receive, in lieu of any payments under any severance plan or program for employees or executives, the following:


 


(a)            The
Company will pay the Executive an amount equal to one times the Executive’s annual Base Salary. Payment shall be made over the 12-month
period following the termination date in installments in accordance with the Company’s normal payroll practices. Payment will begin
within 60 days following the termination date, and any installments not paid between the termination date and the date of the first payment
will be paid with the first payment.


 


(b)            Provided
that the Executive is eligible for and timely elects continuation coverage under COBRA, the Company will reimburse the Executive on a
monthly basis for the COBRA premiums the Executive pays for continued health care coverage under the Company’s group health plans
for the Executive and the Executive’s eligible dependents (“COBRA Reimbursement”). The Company will pay the Executive
the COBRA Reimbursements for the period from the Executive’s termination date until the earliest to occur of (i) the end of
the 12-month period following the Executive’s termination date; (ii) the date the Executive becomes eligible for group health
insurance coverage through a subsequent employer; or (iii) the date the Executive ceases to be eligible for COBRA coverage for any
reason, including the Executive ceasing to pay the applicable COBRA premiums (each of the events described in (ii) or (iii) in
this Section 6(b) shall be referred to herein as a “Disqualifying Event”). The Executive is required to notify
the Company within five days of becoming aware that a Disqualifying Event has occurred or will occur. The COBRA health care continuation
coverage period under section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently
with the period during which the Company pays the COBRA Reimbursements.


 








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(c)            The
Company shall pay any other amounts earned, accrued, and owing but not yet paid under Section 2 above and any benefits accrued and
due under any applicable benefit plans and programs of the Company (“Accrued Obligations”), regardless of whether the
Executive executes or revokes the Release.


 


7.            Change
of Control Termination. Notwithstanding the foregoing, upon termination by the Company without Cause or resignation by the Executive
for Good Reason, in each case on or within 12 months following a Change of Control (as defined in the Plan, or a successor to the Plan)
(the “Change of Control Protection Period”), and provided that the Executive executes and does not revoke a written
Release, then the Executive shall be entitled to receive, in lieu of any payments under Section 6 of this Agreement or any severance
plan or program for employees or executives, the following:


 


(a)            The
Company will pay the Executive an amount equal to the sum of (x) the Executive’s annual Base Salary, plus (y) the Executive’s
target Annual Bonus for the year of termination. Payment shall be made over the 12-month period following the termination date in installments
in accordance with the Company’s normal payroll practices. Payment will begin within 60 days following the termination date, and
any installments not paid between the termination date and the date of the first payment will be paid with the first payment.


 


(b)            Provided
that the Executive is eligible for and timely elects continuation coverage under COBRA, the Company will pay the Executive the COBRA Reimbursements
for the period from the Executive’s termination date until the earliest to occur of (i) the end of the 12-month period following
the Executive’s termination date or (ii) a Disqualifying Event. The Executive is required to notify the Company within five
days of becoming aware that a Disqualifying Event has occurred or will occur. The COBRA health care continuation coverage period under
section 4980B of the Code shall run concurrently with the period during which the Company pays the COBRA Reimbursements.


 


(c)            The
Company shall pay any Accrued Obligations, regardless of whether the Executive executes or revokes the Release.


 


8.            Cause.
The Company may immediately terminate the Executive’s employment at any time for Cause upon written notice to the Executive, in
which event all payments under this Agreement shall cease, except for any Accrued Obligations.


 


9.            Voluntary
Resignation Without Good Reason. The Executive may voluntarily terminate employment without Good Reason upon 30 days’ prior
written notice to the Company. In such event, after the effective date of such termination, no payments shall be due under this Agreement,
except that the Executive shall be entitled to any Accrued Obligations.


 






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10.            Disability.
If the Executive incurs a Disability during the Term, in accordance with applicable law, the Company may terminate the Executive’s
employment on or after the date of Disability. If the Executive’s employment terminates on account of Disability, the Executive
shall be entitled to receive any Accrued Obligations. For purposes of this Agreement, the term “Disability” shall mean
the Executive is eligible to receive long-term disability benefits under the Company’s long-term disability plan.


 


11.            Death.
If the Executive dies during the Term, the Executive’s employment shall terminate on the date of death and the Company shall pay
any Accrued Obligations to the Executive’s executor, legal representative, administrator or designated beneficiary, as applicable.
Otherwise, the Company shall have no further liability or obligation under this Agreement to the Executive’s executors, legal representatives,
administrators, heirs or assigns or any other person claiming under or through the Executive.


 


12.            Resignation
of Positions. Effective as of the date of any termination of employment for any reason, the Executive
will be automatically deemed to resign from all Company-related positions, including as an officer and director of the Company and its
parents, subsidiaries and Affiliates, as applicable, and shall execute all documentation necessary to effectuate such resignation(s).


 


13.            Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:


 


(a)            “Cause”
shall mean a determination by the Board that the Executive (i) has breached this Agreement or any confidentiality, nonsolicitation,
noncompetition or inventions assignment agreement or obligations with the Company; (ii) committed an act of dishonesty, fraud, embezzlement
or theft; (iii) engaged in conduct that causes, or is likely to cause, material damage to the property or reputation of the Company;
(iv) failed to perform satisfactorily the material duties of the Executive’s position (other than by reason of Disability)
after receipt of a written warning from the Board; (v) committed a felony or any crime of moral turpitude; or (vi) materially
failed to comply with the Company’s code of conduct or employment policies.


 


(b)            “Good
Reason” shall mean the occurrence of one or more of the following without the Executive’s consent, other than on account
of the Executive’s Disability:


 


(i)            A
material diminution by the Company of the Executive’s authority, duties or responsibilities;


 


(ii)            A
material and permanent change in the geographic location at which the Executive must perform services under this Agreement (which, for
purposes of this Agreement, means relocation of the offices of the Company at which the Executive is principally employed to a location
that increases the Executive’s commute to work by more than 50 miles);


 


(iii)            A
material diminution in the Executive’s Base Salary, other than a general reduction in Base Salary that affects all similarly-situated
executives in substantially the same proportions;


 






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(iv)            Any
action or inaction that constitutes a material breach by the Company of this Agreement; or


 


(v)            The
Company elects not to renew the Term of this Agreement pursuant to Section 1(a) above for any reason other than Cause or Disability
and does not offer the Executive continued employment on substantially similar terms as set forth in this Agreement.


 


The Executive must provide written notice of termination for Good Reason
to the Company within 30 days after the event constituting Good Reason. The Company shall have a period of 30 days in which it may correct
the act or failure to act that constitutes the grounds for Good Reason as set forth in the Executive’s notice of termination. If
the Company does not correct the act or failure to act, the Executive’s employment will terminate for Good Reason on the first business
day following the Company’s 30-day cure period. If the Executive does not provide written notice of termination for Good Reason
to the Company within 30 days after an event constituting Good Reason, then the Executive will be deemed to have waived the Executive’s
right to terminate for Good Reason with respect to such event.


 


(c)            “Release”
shall mean a separation agreement and general release of any and all claims against the Company and all related parties with respect to
all matters arising out of the Executive’s employment by the Company, and the termination thereof (other than claims for any entitlements
under the terms of this Agreement or under any plans or programs of the Company under which the Executive has accrued and is due a benefit).
The Release will be in a standard form determined by and acceptable to the Company and shall include the Restrictive Covenants set forth
in Section 15.


 


14.            Section 409A.


 


(a)            This
Agreement is intended to comply with section 409A of the Code, and its corresponding regulations, or an exemption thereto, and payments
may only be made under this Agreement upon an event and in a manner permitted by section 409A of the Code, to the extent applicable. Severance
benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception,
to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable. Notwithstanding
anything in this Agreement to the contrary, if required by section 409A of the Code, if the Executive is considered a “specified
employee” for purposes of section 409A of the Code and if payment of any amounts under this Agreement is required to be delayed
for a period of six months after separation from service pursuant to section 409A of the Code, payment of such amounts shall be delayed
as required by section 409A of the Code, and the accumulated amounts shall be paid in a lump-sum payment within 10 days after the end
of the six-month period. If the Executive dies during the postponement period prior to the payment of benefits, the amounts withheld on
account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after
the date of the Executive’s death.


 


(b)            All
payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service,”
if required under section 409A of the Code. For purposes of section 409A of the Code, each payment hereunder shall be treated as a separate
payment, and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.
In no event may the Executive, directly or indirectly, designate the calendar year of a payment. Notwithstanding any provision of this
Agreement to the contrary, in no event shall the timing of the Executive’s execution of the Release, directly or indirectly, result
in the Executive’s designating the calendar year of payment of any amounts of deferred compensation subject to section 409A of the
Code, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made
in the later taxable year.


 






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(c)            All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section
409A of the Code, including, where applicable, the requirement that (i) any reimbursement be for expenses incurred during the period
specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a fiscal
year not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other fiscal year, (iii) the
reimbursement of an eligible expense be made no later than the last day of the fiscal year following the year in which the expense is
incurred, and (iv) the right to reimbursement or in-kind benefits not be subject to liquidation or exchange for another benefit.


 


15.            Restrictive
Covenants.


 


(a)            Noncompetition.
The Executive agrees that during the Executive’s employment with the Company and its Affiliates and the one-year period following
the date on which the Executive’s employment terminates for any reason (the “Restriction Period”), the Executive
will not, without the Board’s express written consent, engage (directly or indirectly) in any Competitive Business in the Restricted
Area. The term “Competitive Business” means any activities or services conducted by any third party with respect to
the research, development, marketing, manufacturing or sale of oncolytic immunotherapies that are similar to the activities or services
the Executive has performed (or gained Proprietary Information about (as defined below)) at any time during the last two years of the
Executive’s employment with the Company. The term “Restricted Area” means the United States of America, Canada
and countries within Europe, in respect of which the Company or any of its Affiliates has material business operations as of the date
on which the Executive’s employment terminates and in which the Executive has provided services or had a material presence or influence
at any time during the last two years of the Executive’s employment with the Company or its Affiliates. The Executive agrees that
this offer of employment, and the Base Salary provided for in Section 2(a), the Annual Bonus percentage opportunity provided for
in Section 2(b), the Option and Restricted Stock Units provided for in Section 2(c), the separation benefits provided for in
Section 6 and the Change of Control Termination benefits provided for in Section 7, are fair and reasonable consideration for
the Executive’s compliance with this Section 15(a). The Executive understands and agrees that, given the nature of the business
of the Company and its Affiliates and the Executive’s position with the Company, the foregoing geographic scope is reasonable and
appropriate and that more limited geographical limitations on this non-competition covenant are therefore not appropriate. For purposes
of this Agreement, the term “Affiliate” means the Company’s sole shareholder, any subsidiary of the Company or
other entity under common control with the Company. The Company shall not enforce this Section 15(a) if it terminates the Executive’s
employment without Cause as defined in Section 13(a).


 






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(b)            Nonsolicitation
of Company Personnel. The Executive agrees that during the Restriction Period, the Executive will not, either directly or through
others, hire or attempt to hire any employee, consultant or independent contractor of the Company or its Affiliates, or solicit or attempt
to solicit any such person to change or terminate his or her relationship with the Company or an Affiliate or otherwise to become an employee,
consultant or independent contractor to, for or of any other person or business entity, unless more than 12 months shall have elapsed
between the last day of such person’s employment or service with the Company or Affiliate and the first day of such solicitation
or hiring or attempt to solicit or hire. If any employee, consultant or independent contractor is hired or solicited by any entity that
has hired or agreed to hire the Executive, such hiring or solicitation shall be conclusively presumed to be a violation of this subsection
(b).


 


(c)            Nonsolicitation
of Business Partners. The Executive agrees that during the Restriction Period, the Executive will not, either directly or through
others, solicit, divert or appropriate, or attempt to solicit, divert or appropriate for the benefit of a Competitive Business, any (i) business
partner or (ii) prospective business partner of the Company or an Affiliate who is or was identified through leads developed during
the course of the Executive’s employment or service with the Company, in each case, with whom the Executive was involved as part
of the Executive’s job responsibilities during the Executive’s employment or service with the Company, or regarding whom the
Executive learned Proprietary Information (as defined below) during the Executive’s employment or service with the Company.


 


(d)            Proprietary
Information. At all times, the Executive will hold in strictest confidence and will not disclose, use, lecture upon or publish any
of the Proprietary Information (defined below) of the Company or an Affiliate, except as such disclosure, use or publication may be required
in connection with the Executive’s work for the Company or as described in Section 15(e) below, or unless the Company
expressly authorizes such disclosure in writing. “Proprietary Information” shall mean any and all confidential and/or
proprietary knowledge, data or information of the Company and its Affiliates and shareholders, including but not limited to information
relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business contacts, products,
processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship. Proprietary
Information does not include information which (i) was disclosed in response to a valid order by a court or other governmental body,
where the Executive provided the Company with prior written notice of such disclosure, (ii) was or becomes generally available to
the public other than as a result of disclosure by the Executive or any of the Executive’s agents, advisors or representatives,
(iii) was within the Executive’s possession prior to its being furnished to the Executive by or on behalf of the Company, provided
that the source of the information was not bound by a confidentiality agreement with the Company or otherwise prohibited from transmitting
the information to the Executive by a contractual, legal or fiduciary obligation, or (iv) was or becomes available to the Executive
on a non-confidential basis from a source other than the Company or its representatives, provided that such source is not bound by a confidentiality
agreement with the Company or otherwise prohibited from transmitting the information to the Executive by a contractual, legal or fiduciary
obligation.


 






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(e)            Reports
to Government Entities. Nothing in this Agreement shall prohibit or restrict the Executive from initiating communications directly
with, responding to any inquiry from, providing testimony before, providing confidential information to, reporting possible violations
of law or regulation to, or filing a claim or assisting with an investigation directly with a self-regulatory authority or a government
agency or entity, including the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board,
the Department of Justice, the Securities and Exchange Commission, Congress, any agency Inspector General or any other federal, state
or local regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal
law or regulation. The Executive does not need the prior authorization of the Company to engage in conduct protected by this subsection,
and the Executive does not need to notify the Company that the Executive has engaged in such conduct. Please take notice that federal
law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose trade
secrets to their attorneys, courts, or government officials in certain, confidential circumstances that are set forth at 18 U.S.C. §§
1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a
lawsuit for retaliation for reporting a suspected violation of the law.




















 


(f)            Work
Made for Hire; Inventions Assignment. The Executive agrees that all inventions, innovations, improvements, developments, methods,
designs, analyses, reports, and all similar or related information which relates to the Company’s or its Affiliates’ actual
or anticipated business, research and development or existing or future products or services and which are conceived, developed or made
by the Executive while employed by the Company (“Work Product”) belong to the Company. The Executive acknowledges that,
by reason of being employed by the Company at the relevant times, to the extent permitted by law, all of the Work Product consisting of
copyrightable subject matter is “work made for hire” as defined in 17 U.S.C. § 101 and such copyrights are therefore
owned by the Company. To the extent that the foregoing does not apply, the Executive hereby irrevocably assigns to the Company, for no
additional consideration, the Executive’s entire right, title, and interest in and to all Work Product and intellectual property
rights therein, including, without limitation, the right to sue, counterclaim, and recover for all past, present, and future infringement,
misappropriation, or dilution thereof, and all rights corresponding thereto throughout the world. The Executive will promptly disclose
such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after the Term) to establish
and confirm such ownership (including, without limitation, executing assignments, consents, powers of attorney and other instruments).
If requested by the Company, the Executive agrees to execute any inventions assignment and confidentiality agreement that is required
to be signed by Company employees generally. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s
rights, title, or interest in any Work Product or intellectual property rights so as to be less in any respect than that the Company would
have had in the absence of this Agreement. The Executive understands that this Agreement does not, and shall not be construed to, grant
the Executive any license or right of any nature with respect to any Work Product or intellectual property rights or any Proprietary Information,
materials, software, or other tools made available to the Executive by the Company.


 






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(g)            Return
of Company Property. Upon termination of the Executive’s employment with the Company
for any reason, and at any earlier time the Company requests, the Executive will (i) deliver to the person designated by the Company
all originals and copies of all documents and property of the Company or an Affiliate that is in the Executive’s possession or under
the Executive’s control or to which the Executive may have access, (ii) deliver to the person designated by the Company all
Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access
devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, manuals, reports, files, books, compilations, work
product, e-mail messages, recordings, disks, thumb drives or other removable information storage devices, hard drives, and data, and (iii) 
to the extent that the Executive made use of the Executive’s personal electronics (e.g., laptop, iPad, telephone, thumb drives, etc.)
during employment with the Company, permit the Company to delete all Company property and information from such personal devices. The
Executive will not reproduce or appropriate for the Executive’s own use, or for the use of others, any property, Proprietary Information
or Work Product.




















 


16.            Legal
and Equitable Remedies.


 


(a)            Because
the Executive’s services are personal and unique and the Executive has had and will
continue to have access to and has become and will continue to become acquainted with the Proprietary Information of the Company and its
Affiliates, and because any breach by the Executive of any of the restrictive covenants contained
in Section 15 would result in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company
shall have the right to enforce Section 15 and any of its provisions by injunction, specific performance or other equitable relief,
without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the
restrictive covenants set forth in Section 15. The Executive agrees that in any action in which the Company seeks injunction, specific
performance or other equitable relief, the Executive will not assert or contend that any of the provisions of Section 15 are unreasonable
or otherwise unenforceable.


 


(b)            The
Executive irrevocably and unconditionally (i) agrees that any legal proceeding arising out of this Agreement shall be brought solely
in the United States District Court for the District of Massachusetts, or if such court does not have jurisdiction or will not accept
jurisdiction, in any court of general jurisdiction in the State of Massachusetts, (ii) consents to the exclusive jurisdiction of
such court in any such proceeding, and (iii) waives any objection to the laying of venue of any such proceeding in any such court.
The Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers.


 


(c)            Notwithstanding
anything in this Agreement to the contrary, if the Executive breaches any of the Executive’s obligations under Section 15,
the Company shall be obligated to provide only the Accrued Obligations, and all payments under Section 2, Section 6, or Section 7
hereof, as applicable, shall cease. In such event, and in addition to any legal and equitable remedies permitted by law, the Company may
require that the Executive repay all amounts theretofore paid to her pursuant to Sections 6 and 7 hereof (other than Sections 6(c) and
7(c)), and in such case, the Executive shall promptly repay such amounts on the terms determined by the Company.


 






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17.            Survival.
The respective rights and obligations of the parties under this Agreement (including, but not limited to, under Sections 15 and 16) shall
survive any termination of the Executive’s employment or termination or expiration of this Agreement to the extent necessary to
the intended preservation of such rights and obligations.














 


18.            No
Mitigation or Set-Off. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced regardless
of whether the Executive obtains other employment. The Company’s obligation to make the payments provided for in this Agreement
and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense or other right which the Company may have against the Executive or others.


 


19.            Section 280G.
In the event of a change in ownership or control under section 280G of the Code, if it shall be determined that any payment or distribution
in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”),
would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the aggregate present value
of the Payments under the Agreement shall be reduced (but not below zero) to the Reduced Amount (defined below) if and only if the Accounting
Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reduction.
No reduction shall be made unless the reduction would provide the Executive with a greater net after-tax benefit. The determinations under
this Section shall be made as follows:


 


(a)            The
 “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Payments
under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined in accordance
with section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under section 4999 of
the Code, together with any interest or penalties imposed with respect to such excise tax.


 


(b)            Payments
under this Agreement shall be reduced on a nondiscretionary basis in such a way as to minimize the reduction in the economic value deliverable
to the Executive. Where more than one payment has the same value for this purpose and they are payable at different times, they will be
reduced on a pro rata basis. Only amounts payable under this Agreement shall be reduced pursuant to this Section.


 


(c)            All
determinations to be made under this Section shall be made by an independent certified public accounting firm selected by the Company
and agreed to by the Executive immediately prior to the change-in-ownership or -control transaction (the “Accounting Firm”).
The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and the Executive within 10 days
of the transaction. Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. All of the fees
and expenses of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company.


 






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20.            Notices.
All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith shall
be in writing and shall be deemed to have been given when hand-delivered or mailed by registered or certified mail, as follows (provided
that notice of change of address shall be deemed given only when received):




















 


If to the Company, to:


 


Replimune Inc.





500 Unicorn Park Dr.





Woburn, MA 01801





Attn: Chief Executive Officer


 


with a copy to:


 


Morgan, Lewis & Bockius LLP

One Federal Street





Boston, MA 02110





Attn: Benjamin Stein


 


If to the Executive, to the most recent address
on file with the Company or to such other names or addresses as the Company or the Executive, as the case may be, shall designate by notice
to each other person entitled to receive notices in the manner specified in this Section.


 


21.            Withholding.
All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any payments
under this Agreement all federal, state, and local taxes as the Company is required to withhold pursuant to any law or governmental rule or
regulation. The Executive shall bear all expense of, and be solely responsible for, all federal, state, and local taxes due with respect
to any payment received under this Agreement.


 


22.            Remedies
Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each
and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter
existing at law or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing
at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time
to time and as often as may be deemed expedient or necessary by such party in its sole discretion.


 


23.            Assignment.
All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective
heirs, executors, administrators, legal representatives, successors, and assigns of the parties hereto, except that the duties and responsibilities
of the Executive under this Agreement are of a personal nature and shall not be assignable or delegable in whole or in part by the Executive.
The Company may assign its rights, together with its obligations hereunder, in connection with any sale, transfer or other disposition
of all or substantially all of its business and assets, and such rights and obligations shall inure to, and be binding upon, any successor
to the business or any successor to substantially all of the assets of the Company, whether by merger, purchase of stock or assets or
otherwise, which successor shall expressly assume such obligations, and the Executive acknowledges that in such event the obligations
of the Executive hereunder, including but not limited to those under Section 15, will continue to apply in favor of the successor.


 






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24.            Company
Policies. This Agreement and the compensation payable hereunder shall be subject to any applicable clawback or recoupment policies,
share trading policies, and other policies that may be implemented by the Board from time to time with respect to officers of the Company.


 


25.            Indemnification.
In the event the Executive is made, or threatened to be made, a party to any legal action or proceeding, whether civil or criminal, including
any governmental or regulatory proceedings or investigations, by reason of the fact that the Executive is or was a director or officer
of the Company or any of its Affiliates, the Executive shall be indemnified by the Company, and the Company shall pay the Executive’s
related expenses when and as incurred, to the fullest extent permitted by applicable law and the Company’s articles of incorporation
and bylaws. During the Executive’s employment with the Company or any of its Affiliates and after termination of employment for
any reason, the Company shall cover the Executive under the Company’s directors’ and officers’ insurance policy applicable
to other officers and directors according to the terms of such policy.


 


26.            Entire
Agreement; Amendment. This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior agreements
and understandings concerning the Executive’s employment by the Company. This Agreement may be changed only by a written document
signed by the Executive and the Company.


 


27.            Severability.
If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement, which
can be given effect without the invalid or unenforceable provision or application, and shall not invalidate or render unenforceable such
provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular
circumstances, it shall nevertheless remain in full force and effect in all other circumstances.


 


28.            Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive and procedural laws of Massachusetts
without regard to rules governing conflicts of law.


 


29.            Acknowledgements.
The Executive acknowledges (a) that the Company hereby advises her to consult with legal counsel prior to signing this Agreement,
(b) that she has had a full and adequate opportunity to read and understand the terms and conditions contained in this Agreement,
(c) that she has been provided with this Agreement a minimum of 10 business days prior to the date this Agreement becomes effective,
and (d) that the post-employment noncompetition and nonsolicitation provisions are supported by fair and reasonable consideration.


 






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30.            Counterparts.
This Agreement may be executed in any number of counterparts (including facsimile counterparts), each of which shall be an original, but
all of which together shall constitute one instrument.




















 


(Signature Page Follows)



 






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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the Effective Date written above.




















 


	 	REPLIMUNE, INC.
	 	 
	 	 
	 	     /s/ Philip Astley-Sparke
	 	Name:   Philip Astley-Sparke
	 	Title:   Chief Executive Officer




 


	 	EXECUTIVE
	 	 
	 	    /s/ Tanya Lewis
	 	Name: Tanya Lewis




 






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