Exhibit 10.3


 





 


 


Business lease


 


between


 


EVAXION BIOTECH
A/S


Bredgade 34 E


1260 Copenhagen K


Denmark


Company reg. (CVR) no. 31762863
(the “Tenant”)


 


and


 


DTU Science Park
a/s


Venlighedsvej 10


2970 Hørsholm


Denmark


Company reg. (CVR)
no.: 27546439 (the “Landlord”)


 






     


     


    

 


	CONTENTS	 
	 	 	 
	1	Premises	4
	2	Use of
the premises	7
	3	Changes
to the premises	8
	4	Commencement	9
	5	Termination	9
	6	Rent
and rent adjustment	10
	7	Deposit	11
	8	Adjustment
to market rent	11
	9	Amendment
of lease terms	12
	10 	Søhuset
Konferencecenter	12
	11	Operating
accounts	12
	 	 	 
	 	11.1	Taxes
and charges	13
	 	11.2	Refuse
collection	13
	 	11.3	Insurance	13
	 	11.4	Operating
and service technicians	14
	 	11.5	Reception and communal facilities	 
	 	11.6	IT
connections, etc.	14
	 	11.7	Electricity
consumption	14
	 	11.8	Water
consumption	14
	 	11.9	Video
monitoring	15
	 	11.10	Outdoor
areas	15
	 	11.11	Indoor communal areas (cleaning)	 
	 	11.12	Communal
areas (maintenance and renewal)	16
	 	11.13	Technical
installations and systems	16
	 	11.14	Building
components and other installations	16
	 	11.15	Depreciation	16
	 	11.16	Administration	16
	 	11.17	Other
expenses	17
	 	 	 	 
	12 	Regulatory requirements	17
	13 	Insurance	17
	14 	Disposal of waste, etc.	18



 



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	15 	Heating accounts	18
	 	 	 
	 	15.1	Heat
consumption	18
	 	15.2	Operating
and service technicians	18
	 	15.3	Energy
rating	18
	 	15.4	Repairs
and maintenance	18
	 	15.5	Service
contracts	19
	 	15.6	Reserves	19
	 	15.7	Administration	19
	 	 	 	 
	16	Tenant’s
duty of maintenance	20
	17	Landlord’s
duty of maintenance	22
	18	Surrender	23
	19	Subletting
and assignment	25
	20	Signage	26
	21	Danish
Business Lease Act	26
	22	Registration	26
	23	VAT	27
	24	Reservations	27
	25	Special
agreements	27
	26	Disputes	27
	27	Signatures	28
	28	List of
appendices	28





 






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1 Premises


 


The premises are located at Dr Neergaards Vej 5 E-F,
2970 Hørsholm, Denmark and represent the entire property (BBR 78, 79, 80) and technical building located at BBR 78 (not
erected on conclusion of this Lease Agreement).


 


The premises measure an estimated
gross area of 1,356.37 sqm, it being noted that the technical building has still not been erected. The areas of the premises are
allocated as follows:


 


	BBR	 	Address	 	Gross area
	BBR 78:	 	Dr Neergaards Vej 5 E	 	447.82 sqm
	BBR 79:	 	Dr Neergaards Vej 5 E	 	416.29 sqm
	BBR 80:	 	Dr Neergaards Vej 5 E	 	422.26 sqm
	*BBRxxx:	 	Dr. Neergaards Vej 5 F, technical	 	70.00 sqm
	 	 	building:	 	 
	Total:	 	 	 	1,356.37 sqm



 


* The building has not been erected. The final area
will be calculated in accordance with the final drawing. The final area will have no effect on the agreed rent if the discrepancy
is insignificant.


 


The postal address of the premises is Dr Neergaards
Vej 5 F, 2970 Hørsholm, Denmark.


 


The calculation of the areas was made by the Landlord
with binding effect. Executive Order no. 311 of 27 June 1983 on the calculation of residential and commercial space does not apply
to the premises.


 


Both parties accept that a discrepancy, if any, cannot
result in a change of the rent agreed in clause 6.


 


The Tenant does not have access to heat plants and
other plantrooms without prior permission from the Landlord and may not use common areas for storage or placing of objects.


 


The premises comprise fittings and special furnishings
belonging to the Landlord. This is described in the attached Appendix 5. Fittings, appliances, instruments, etc. not referred to
in Appendix 5, and which are installed by the Tenant, belong to the Tenant. Equipment belonging to the Landlord will be supplied
and installed by the Landlord. The equipment will be made available to the Tenant on commencement of this Lease Agreement, fully
serviced and functional.


 



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Any costs incurred in this connection will be paid
by the Landlord. The parties agree that a final Appendix 5 will be drawn up once the project has been initiated and a final overview
of the installations can be provided.


 


The location of the premises is specified on the attached drawing
(Appendices 1A-C).


 


The premises are taken over in
newly refurbished and newly fitted-up condition, and before the Tenant takes possession of the premises, the parties have agreed
that the following works are to be carried out in the premises:


 


Office areas:


 


Taken over with a fresh coat of
paint on all wall surfaces. Colour schemes for walls are agreed with the Tenant. Flooring consists of existing carpets and wooden
floors, which are cleaned and treated to appear without any damage or defects of any kind. The Tenant is given access to inspect
office premises at least three months prior to takeover, allowing for minor adjustments such as changes to conference room structures,
silent rooms, etc. to be carried out prior to occupation. All changes will be agreed with the Landlord.


 


Storage premises:


 


Taken over with a fresh coat of paint and otherwise ‘as
is’ and approved by the Tenant.


 


Laboratory premises:


 


Taken over fully refurbished and newly fitted up with new surfaces
all around.


 


Fitting up and establishing of
technical installations, systems, fittings, etc. are specified in the attached Appendix 8. See Basic Design Report to Appendix
8 of this Lease Agreement and Detailed Design Report. These include time schedules for project completion and a detailed budget
for the estimated building costs. The budget has been specified by external advisers in Appendix 8 to the Lease Agreement. The
Landlord is in charge of the project management of the refurbishment in collaboration with external advisers. The Tenant must participate
to such an extent as to ensure that the Tenant’s needs are identified and met in the project. At meetings attended by the
Tenant, the adviser will draw up minutes specifying all changes agreed. The minutes will be distributed to all participants. The
parties have agreed to set up a steering committee consisting of the Tenant, the Landlord, the adviser and the contractor.


 


 


The parties have agreed that the Landlord will pay
up to DKK 17,200,000.00 excluding VAT for the fitting out of the premises, including the establishment of laboratory facilities,
technical building, etc., as specified in Appendix 8.


  






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The Tenant will pay additional rent/“investment rent”
to the Landlord with a monthly payment as set in clause 6. The payment has been agreed on the basis of an eight-year period with
interest accrual of 6% p.a. as exemplified in Appendix 7. The additional rent is based on an investment amount of DKK 8,005,000.00.
The remaining investment amount of DKK 9,195,000.00 is included in the rent set out in clause 6. The total final investment amount
will not be known until the building project has been completed and when all building process costs have been estimated. An updated
Appendix 7 is being drawn up with a calculation of the final investment rent.


 


In case of budget overruns or missed deadline, the
parties have agreed as follows:


 


•             
If the Tenant, after signing of the Lease Agreement, should have any requests for changing the agreed project, the Tenant bears
the risk of such changes affecting the project’s expected completion and costs. Any expenses in excess of the preliminary
budgeted investment cost will be paid by the Tenant unless otherwise agreed between the parties. This includes expenses for installations,
machinery, appliances, instruments, etc. which are not included in the agreed project description. See Appendix 8.


 


•             
In case of budget overruns stemming from unintentional or unsettled defects that prevent the Tenant from using laboratory premises,
the parties have agreed that such costs will be evenly split (50% Evaxion, 50% DTUSP).


 


A meeting will be held on the date of taking possession
with a representative of both the Landlord and the Tenant. On the basis of this meeting, the parties prepare a report of the condition
of the premises at the date of taking possession. The report will be sent to the Tenant after occupancy. Before the meeting, the
Landlord, the adviser and the contractor have held the handover meeting described in AB18 and remedied any outstanding defects.
Additional errors or defects identified by the Tenant must be reported to the Landlord not later than two weeks after the Tenant
has taken possession of the premises. In this context, the parties agree that there may be installations, technical facilities
or other aspects of the project, the correct functioning of which it will take longer time for the Tenant to ascertain. Such aspects
include adjustment of ventilation and heating control systems. Together with the supplier of the relevant systems, the parties
will seek to resolve any adjustments without undue delay but not later than within four weeks of the Tenant having reported the
matter. The Landlord undertakes to reduce any nuisance in connection with remedying, including trying to prevent the Tenant from
suffering business interruption loss, damage to equipment, etc.


 




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The Tenant and the Landlord have agreed that the Tenant accepts
to relocate to other premises in the Landlord’s property portfolio in the area, if an extension of other tenancies in the
property or general placement of existing or new tenants makes such relocation necessary. The Landlord and the Tenant agree that
any relocation must be made to premises of the same size, standard and potential use, including a laboratory with animal housing
facilities, by giving at least 12 months’ notice and generally on unchanged lease terms and conditions. The Landlord will
pay all costs of moving the Tenant’s fittings, signage, etc., including equipment/machinery of any kind as well as any required
calibration and re-installation.


 


The
Tenant and the Landlord have agreed to communicate electronically. The Landlord may in full discharge send communication regarding
the tenancy to the e-mail address, e-Boks or similar specified by the Tenant. The Tenant must inform the Landlord of any changes
to the Tenant’s e-mail address, etc. Communications should be sent to info@dtusciencepark.dk.


 


2. Use of the premises


 


The premises may only be used for research and development
purposes or the communicating of results thereof and limited production output in that connection. The premises may not be used
for de-facto production activities.


 


The Tenant states that the premises will be used for
laboratory and administrative functions in connection with the identification and development of drug candidates and may not without
the Landlord’s permission be used for any other purposes.


 


The Tenant and the Landlord agree that the Premises
are not business-protected under section 62 of the Danish Business Lease Act.


 


Upon takeover to the Tenant, the
premises are legal under applicable planning and construction law. The Landlord will ensure that the supply and outlet capacity
is sufficient for the use and application agreed on conclusion of this Lease Agreement.


 


After takeover, the Tenant is responsible for ensuring
that the use and operation of the premises comply with regulatory requirements, rules, enforcement orders, legislation and the
like in force from time to time, including private encumbrances and easements registered on the property. The Landlord is exempt
from liability resulting from any non-compliance.


 


The Landlord is responsible for making any structural
changes to the premises required on account of new planning and construction law requirements.


 






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In that connection, the Landlord
is under an obligation to coordinate such changes with the Tenant in order to avoid, to the widest extent possible, any nuisance,
business interruption loss, disruption, etc. Costs incurred in that connection may be added to the rent collection, see clause
12.


 


After the takeover (see clause 1), the Landlord is not
liable to the Tenant for the sufficient supply and outlet capacity of the premises for the intended use and application, provided
the capacity agreed on conclusion of this Lease Agreement is in place. Any additional required supply and outlet lines resulting
from extensions or new supplies relative to the original project will be installed by the Landlord at the Tenant’s expense,
after the Tenant has approved the expenses and the project.


 


Any fire precautions, conversion, repair and fitting
up required by the building authorities, working environment authorities or other authorities as conditions for the use of the
premises contemplated by the Tenant, and which may become relevant or be imposed after the date of commencement of this Lease Agreement,
will be arranged by the Tenant at the Tenant’s own account, see clause 12. Fire precautions, refurbishment, etc. in connection
with the refurbishment described in clause 1 will be included in the project costs, with the Landlord documenting that approvals
have been obtained for the requirements and applications of the premises described in the project material not later than four
months after occupation.


 


The Tenant must, on an objective basis, indemnify the
Landlord for any claim against the Landlord or for any damage to the premises which can be attributed to the Tenant’s use
of the premises, including damage to buildings and land and groundwater due to pollution.


 


3. Changes to the premises_


 


The Tenant must not make structural changes or other
significant alterations to the premises without the prior written consent of the Landlord.


 


Where such consent is given, the work must be carried
on the basis of a drawn-up project plan and must be carried out by certified craftsmen. Also, the Tenant must ensure that applicable
building regulations, regulatory requirements, etc. are complied with.


 


As a condition for granting consent, the Landlord is
entitled to claim payment for administrative work such as updating drawings, supervision, etc.


 




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The Tenant must ensure that the Tenant’s suppliers
and craftsmen deliver operating and maintenance materials in accordance with the Landlord’s guidelines. Guidelines are available
upon request.


 


Information on the right and duty to re-establish structural
changes on vacating the premises is set out in clause 18 below.


 


4 Commencement


 


The Lease Agreement enters into force based on successive takeover
of the areas according to the following model:


 


Dr Neergaards Vej 5 F (BBR 79+80) taken over at:1 February
2021


 


Dr Neergaards Vej 5 E (BBR 78 + technical building) taken over
at: 1 July 2021


 


By mutual agreement, the above dates may be adjusted
by +/- 3 months, see the final project time schedule and completion. The parties agree that the time schedule should be observed
to the extent the parties can influence the process, as described in clause 1.


 


5 Termination


 


This Lease Agreement is non-terminable by the Tenant
for a period of ten years from the date of commencement of the Lease Agreement, see clause 4, after which date the lease may be
terminated by the Tenant at 12 months’ notice for vacation on the last day of a month. This Lease Agreement is non-terminable
by the Landlord for a period of ten years from the date of commencement of the Lease Agreement, see clause 4, and may only be terminated
for the reasons and at the notices stipulated in the rules of the Danish Business Lease Act in force from time to time.


 


Termination
of this Lease Agreement must be communicated in writing by letter to the address of the Landlord or by e-mail to info@dtusciencepark.dk.


 


Regardless of any non-terminability, the Tenant may
always announce a wish to increase the area, and the Landlord undertakes to actively seek potential solutions, e.g. in adjacent
buildings, in other relevant buildings or by an extension suited to meet the Tenant’s requirements.


 


If the Tenant announces a wish to reduce the area, the
Landlord will also undertake to seek potential solutions. If no satisfactory solution can be found for the parties, the Tenant
is entitled to sublet all or part of the premises, see clause 19.


 




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6 Rent and rent adjustment


 


The annual rent on the date of taking possession of
BBR 79+80 has been agreed at DKK 872,175.00 with expected takeover as set out in clause 4. The amount is calculated as follows:


 


	Sqm	 	Description	 	 	Amount	 
	416.29	 	Gross sqm office of DKK 1,055.65 (BBR 79)	 	DKK	 	439,455.00	 
	422.26	 	Gross sqm office of DKK 1,024.77 (BBR 80)	 	DKK	 	432,720.00	 
	Total	 	 	 	DKK	 	872,175.00	 



 


The annual rent when taking possession
of BBR 78 has been agreed at DKK 2,096,547.00 with expected takeover as set out in clause 4. The amount is calculated as follows:


 


	Sqm	 	Description	 	 	Amount	 
	416.29	 	Gross sqm office of DKK 1,055.65 (BBR 79)	 	DKK	 	439,455.00	 
	422.26	 	Gross sqm office of DKK 1,024.77 (BBR 80)	 	DKK	 	432,720.00	 
	447.82	 	Gross sqm laboratory of DKK 2,609.02 (BBR 78)	 	DKK	 	1,168,372.00	 
	*70.00		Gross sqm technical building of DKK 800.00	 	DKK	 	56,000.00	 
	Total	 	 	 	DKK	 	2,096,547.00	 



 


*Estimated area. The price is fixed unless a significant
square metre discrepancy is identified in connection with the final measurement.


 


The Tenant will make an additional annual payment of
DKK 1,262,365.80, see Appendix 7, for a period of eight years from the date of taking possession of BBR 78. The Tenant is entitled
to repay the outstanding debt, see Appendix 7, at any time by giving one month’s notice, which would end the annual payment.


 


In addition to the rent and the payment, see Appendix
7, the Tenant will pay expenses for the operating and heating accounts, see clauses 11 and 15, specified in Appendix 3, and a contribution
to the “Søhuset” conference centre, see clause 10, Appendix 4.


 


If the Landlord fails to complete and hand over the
building project within the deadlines described in Appendix 8, the Landlord will pay all expenses to ensure that project time schedules
are accelerated to meet the time of delivery. In the event of continued delays, the Landlord will not be able to collect rent and
payments, see the Lease Agreement, until the Tenant takes possession of the premises without any material errors or defects.


 


The rent and other payments under the Lease Agreement
fall due for payment monthly in advance on the first day of the month, the first such payments to be made at the date of commencement
of the Lease Agreement as set out in clause 4.


 







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The Tenant must register payments for Betalingsservice
(direct debit). If rent payments are not registered with Betalingsservice, a fee of DKK 50 per invoice will be charged. The amount
is subject to annual indexation.


 


The rent is adjusted once a year
without specific notice according to developments in Statistics Denmark’s net price index (2015=100), but by not less than
2% and not more than 4%. The adjustment is made each year on 1 January on the basis of the percentage change in the net price index
at 1 October of the previous year. The first adjustment will be made at 1 January 2022 on the basis of the change in the net price
index from 1 October 2020 to 1 October 2021.


 


The annual rent adjustments may be calculated using the following
formula:


 


	Current rent x new index	 	=  new annual rent
	old index	 	 




 


If Statistics Denmark ceases to calculate the net price
index, the parties will agree on a new and similar annual adjustment reflecting market developments. If the parties cannot reach
an agreement, the Lease Agreement may be terminated by either party at the agreed notice, see clause 5.


 


7 Deposit


 


As security for all of the Tenant’s obligations
under this Lease Agreement, including the payment of rent, operating and heating expenses, obligations on vacation, etc., the Tenant
will pay DKK 1,048,273.50 corresponding to six months’ rent exclusive of VAT. Payment of the deposit must be effected not
later than 28 days from the date of signing of this Lease Agreement.


 


The size of the deposit will be adjusted each year
on 1 January such that it corresponds to six months’ rent at the present rent level.


 


The security deposit does not carry interest.


 


8 Adjustment to market rent


 


The Tenant and the Landlord agree
that demands for rent adjustment to market rent may be made at any time, but not earlier than four years after the date of commencement
of this Lease Agreement and not earlier than four years after the latest market rent adjustment according to section 13 of the
Danish Business Lease Act if the current rent is significantly lower or significantly higher than the market rent.


 




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The Tenant and the Landlord agree that adjustment to
market rent can be made at six months’ notice.


 


Adjustment to market rent is carried out in accordance
with the provisions of section 13(4) of the Danish Business Lease Act.


 


However, the rent and the payments agreed in this Lease
Agreement can never be reduced to an amount which is below the agreed rent on the date of commencement date of this Lease Agreement
with the addition of any subsequently agreed addenda to the Lease Agreement and the start rent agreed in such addenda.


 


9 Amendment of lease terms


 


The parties have agreed that section 14 of the Danish Business
Lease Act does not apply to this Lease Agreement.


 


10 Søhuset Konferencecenter


 


At the time of signing of this
Lease Agreement, the parties sign an agreement on membership of Søhuset Konferencecenter (conference centre) (Appendix 4).
The agreement forms part of this Lease Agreement.


 


The Landlord will charge the related expenses to the
Tenant in addition to the rent, see Appendix 4.


 


11 Operating accounts


 


In addition to the agreed rent, the Tenant pays the
premises’ share of all taxes, charges, operating expenses and other relevant expenses regarding the property.


 


Unless otherwise agreed, the Landlord is responsible
for all measures resulting in the above expenses.


 


For all expenses in clause 11, the Landlord undertakes
to prepare accounts (operating accounts).


 


Operating expenses are apportioned among the tenants
in the property proportionately on the basis of the gross floor areas leased and in respect of the areas to which the expenses
relate. With respect to any changes to apportionment figures, reference is made to clause 1 of the Lease Agreement.


 


The Landlord may present expenses as the property’s proportionate
share of the total expenses for two or more properties.


 


The accounting period is the calendar year, 1 January
to 31 December. The Landlord may change the accounting period by giving two weeks’ notice in writing, and the transition
period may include a period of more or less than twelve months.


 




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However, the transition may not result in a settlement
period of less than nine months or more than 15 months.


 


The expenses are specified and estimated in the attached
Appendix as terms and conditions of this Lease Agreement and include, but are not limited to, the following:


 


11.1 Taxes and charges


 


Land tax, municipal charge
allocated to the premises to which the tax relates, domestic refuse collection, environmental taxes, sewerage charges, refuse collection
charges, road charges, rat extermination charges, etc.


 


Property taxes are determined by the Municipality of
Rudersdal.


 


Land tax is apportioned per
property based on the property’s share of the total land value for DTU Science Park Hørsholm, calculated according
to built-up area relative to total building right.


 


Municipal charge levied on
commercial property and refuse collection charges are apportioned per property based on the property’s share of the total
property assessment for DTU Science Park Hørsholm.


 


This calculation method has
been applied because the individual buildings in the science park have not been parcelled out into separate title numbers.


 


11.2 Refuse collection


 


Skip collection, including
rental and emptying of skips. The Landlord makes normal refuse collection capacity available to office leases. The responsibility
for removal of waste in addition to normal refuse collection capacity rests with the Tenant which, depending on the type of waste,
is always required to comply with the relevant regulatory provisions.


 


Refuse skips may only be
placed in the outside common areas with the Landlord’s permission, and the Landlord designates a place for them. Only closed
skips may be used, and any recycling and sorting requirements must be met.


 


11.3 Insurance


 


Insurance premiums and insurance
policy excess relating to the property, including building insurance (including insurance broker fees) and insurance of fittings
and special installations pertaining to the property, as well as other insurance that may seem necessary and reasonable.


 




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11.4 Operating and service technicians


 


Payroll costs for operating
and service technicians incl. staff-related costs. In addition, other costs for staff associated with the property and expenses
for external operating and service technicians.


 


 11.5 Reception and communal facilities 




 


Deleted.


 


 11.6 IT connections, etc. 




 


Item deleted. The Tenant will on its own initiative
establish required IT connections etc. using an external supplier.


 


11.7 Electricity consumption


 


The premises’ and the
property’s electricity consumption, including joint electricity consumption, e.g. for interior and exterior lighting, lighting
in corridor areas, common areas, technical facilities, etc.


 


The Tenant’s consumption
of electricity in areas and installations exclusively for the Tenant’s use is not comprised by the Landlord’s services
and will be paid by the Tenant directly to the utility company according to meters installed and paid by the Landlord.


 


If the Landlord estimates
that the Tenant’s electricity consumption is particularly high, the Landlord may, at the Tenant’s expense, install
electricity meters on all power supply connections or on those on which a high electricity consumption is expected. In that case,
the Tenant is obliged to pay for the consumption as per meter readings as well as any taxes and charges related thereto.


 


The Landlord accepts no responsibility
for any temporary interruptions in the supply of electricity, but must ensure that such interruptions are remedied without delay.


 


11.8 Water consumption


 


The premises’ and the
property’s consumption of water, including water charges and share of joint water charges where such costs are not covered
by the heating accounts, see clause 15.


 


If the Landlord estimates
that the Tenant’s water consumption is particularly high (relative to other tenants), the Landlord may, at the Tenant’s
expense, install water meters on all water supply connections or on those on which a high water consumption is expected. In that
case, the Tenant is obliged to pay for the consumption as per meter readings as well as any taxes and charges related thereto,
including water drainage charge, green taxes, etc.


 






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Tenant’s consumption
of water in BBR 78 (lab building) is settled according to a meter installed and paid by the Landlord.


 


The Landlord accepts no responsibility
for any temporary interruptions in the supply of water, but must ensure that such interruptions are remedied without delay.


 


11.9 CCTV system


 


Expenses for operating
CCTV system in the area, including subscriptions, anti-burglar protection, operation of server rooms (operation of fire protection
and cooling systems and expenses for repairs, maintenance and renewal).


 


11.10 Outdoor areas


 


Comprises expenses for cleaning, repairing and maintaining
outdoor areas.


 


Expenses for gardener and
tending, operation and renewal of grass areas, plants and vegetation of any kind. Operating and maintenance expenses for operating
equipment, including vehicle excise duty, insurance, repairs and fuel. Salaries, including staff-related costs, contractors, cleaning
of road drains, game management, etc.


 


Expenses for operation, maintenance
and repairs of roads, parking spaces, terraces, pathways, other access areas, courtyards and the like. De-icing, including snow
clearing, gritting and salting where necessary.


 


In addition, expenses for
statutory anti-fall protection on roofs, maintenance and repairs of signs, lighting of areas, technical administration and supervision,
weather station, etc.


 


11.11 Indoor communal areas (cleaning)


 


Upon signing of the Lease
Agreement, the Tenant does not share indoor areas with other tenants. The Tenant has the duty of maintenance, and the item is deleted
from the operating accounts. In case of subsequent extension with areas covered by the duty of shared cleaning, a new Appendix
3 will be prepared to take this into account.


 






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11.12 Communal areas (maintenance and renewal)


 


Upon signing of the Lease
Agreement, the Tenant does not share areas with other tenants for this item. The Tenant has the duty of maintenance, and the item
is deleted from the operating accounts. In case of subsequent extension or change of this situation, a new Appendix 3 will be prepared
to take this into account.


 


11.13 Technical installations and systems


 


Service contracts for the
operation and maintenance of technical systems and installations on the property, including but not limited to, lifts, cooling
systems, automatic fire alarm systems, other fire alarm systems, anti-burglar protection, emergency generators, emergency lights,
compressed air units, vacuum, Inergen fire suppression system, voice alarm systems, smoke ventilation systems, grease traps and
oil separators, BMS systems, CTS system, sprinkler systems, ACSs, automatic window control systems, gates, sliding doors, carbon
dioxide meters, gas warning systems, etc. if such are installed in the building. Costs are also included for pest control subscriptions
and operation and maintenance of HVAC systems, white goods, etc. Where the Landlord under the Lease Agreement has taken out subscriptions,
for instance FM contracts for technical facilities in the lease, etc., the Landlord is entitled to charge the related expenses
to the Tenant.


 


11.14 Building components and other installations


 


Repairs and maintenance of
windows, skylights, solar screening as well as operating equipment intended for use on the property to the extent this is not covered
by the Landlord’s maintenance obligation under clause 17 below or the matter falls within the separate maintenance obligation
of a single tenant. Expenses also include any statutory and regulatory changes to the fitting-out of the property as well as installations
for common use.


 


 11.15 Depreciation 




 


Item deleted.


 


 11.16 Administration 




 


Including fees for the preparation
of operating accounts, costs of management and administration. Including budget management, invoice management, supplier and tenant
enquiries, documentation, etc.


 






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11.17 Other expenses


 


The specification concerns
only types of expenses known at the time of conclusion of the Lease Agreement. If new or changed operating expenses should arise
later on due to installations etc. which the Tenant and the Landlord have jointly agreed to establish, the Landlord will also be
entitled to include expenses for operating such installations in the operating accounts. The Landlord complies with the rules of
section 51 of the Danish Business Lease Act with respect to other expenses.


 


To cover the Tenant’s
share of the above-mentioned expenses, the Tenant must pay a monthly on-account amount together with the rent calculated at DKK
12,200.00, see Appendix 3A, on taking possession of BBR 79+80. On taking possession of BBR 78 + the technical building, the expenses
will rise by DKK 7,800.00 per month, see Appendix 3A. The first payment must be made at the date of commencement of the Lease Agreement.


 


The Landlord is entitled to adjust the on-account amount to
match the anticipated expenses.


 


Operating accounts will be prepared
per building, as defined by the Landlord. BBR 79+80 represent one building, and BBR 78 + the technical building represent one building.


 


12 Regulatory requirements


 


If, after the date of commencement of the Lease Agreement,
the Landlord incurs expenses in respect of the property due to regulatory requirements regarding the Tenant’s use of the
premises, the Landlord is entitled to pass on such expenses to the Tenant. In that case, any expenses must be paid from the time
when the Landlord incurs the expense.


 


13 Insurance


 


The Landlord takes out insurance against building fire
and other building damage, see clause 11.3. Insurance costs are paid by the Tenant as part of the operating expenses. The costs
are shown in Appendix 3. The insurance does not cover the Tenant’s consequential loss or any other indirect losses.


 


If the Tenant’s use of the premises calls for
special insurance or a higher premium, the Tenant will pay any related costs.


 


The insurance of the Tenant’s contents, fittings, etc.
is of no concern to the Landlord.


 






    Page 17 of 28
 
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14 Disposal of waste, etc.


 


The Tenant must at any time follow
the Landlord’s instructions for the disposal of waste and refuse collection. The Landlord will charge the related expenses
to the Tenant, see Appendix 3.


 


The Tenant must handle commercial refuse pursuant to
the regulations on commercial refuse issued by the Municipality of Rudersdal. The directions in force from time to time can be
obtained from the Landlord upon request. The use of skips must be agreed with the Landlord.


 


15 Heating accounts


 


The Landlord is responsible for the supply of heating and hot
water to the property.


 


The Tenant is required to take
its entire consumption of heating in accordance with the Landlord’s instructions. The Tenant may not establish any alternative
heating supply without the written consent of the Landlord.


 


The expenses are determined by the Landlord’s preparation
of accounts of such expenses.


 


A specification of expenses is provided as Appendix
3 to this Lease Agreement, including expenses for:


 


15.1 Heat consumption


 


All expenses for district heating supply.


 


15.2 Operating and service technicians


 


Payroll costs for operating
and service technicians incl. staff-related costs. In addition, other costs for staff associated with the property and expenses
for external operating and service technicians.


 


15.3 Energy rating


 


All expenses for the “Energy Label Scheme”
and the “Energy Management Scheme” or any other similar requirements imposed on the property by public authorities.


 


15.4 Repairs and maintenance


 


All expenses associated
with the operation of systems and installations to supply the property with heating and hot water as well as ventilation, including
spare parts and statutory control schemes, etc.


 






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15.5 Service contracts


 


Service contracts for the operation
and maintenance of heating and ventilation systems, including electrolysis and other expenses for servicing of systems and installations.


 


15.6 Reserves


 


Reserves for renewal of the
property’s installations to supply heating and hot water. The reserves are made on the basis of the expected lifetime of
the installations and the replacement cost applicable from time to time. The reserves will be projected annually according to the
adjustment agreed in clause 6 if the replacement cost is not recalculated on the basis of new quotations.


 


15.7 Administration


 


Administration and fee for meter reading, apportioning
and preparing accounts.


 


The Landlord accepts no responsibility
for any temporary interruptions in the heating supply, but must ensure that such interruptions are remedied without undue delay.
The Landlord will commence remedying within 24 hours from being notified of the interruption.


 


The Landlord is entitled to the
extent necessary to shut down the heating supply in the summer period for the purpose of carrying out system maintenance, etc.
when agreed with the Tenant and provided this does not cause interruptions in the Tenant’s ongoing activities.


 


The Tenant undertakes to keep the
leased premises frost-free provided that heating is supplied to the premises.


 


Overall heating accounts are prepared
for premises in the property or for units participating in a shared supply with the property.


 


The Landlord may restrict or expand
the units sharing utility supply with the property and may change the apportionment among the units participating in the shared
utility supply.


 


The
utility charges are distributed between the tenants, partly on the basis of meters, if any, installed in the individual premises
and partly according to apportionment figures, see Appendix 3.


 



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The Landlord may present expenses
as the property’s proportionate share of the total expenses for two or more properties.


 


The accounting period commences
on 1 January and ends on 31 December. The Landlord may change the accounting period by giving two weeks’ notice in writing,
and the transition period may include a period of more or less than twelve months. However, the transition may not result in a
settlement period of less than nine months or more than 15 months.


 


Part 9 of the Danish Business Lease Act on presentation of heating
accounts applies.


 


On conclusion of the Lease Agreement, the monthly on-account
payment for heating supply amounts to DKK 9,500.00, see Appendix 3A, on taking possession of BBR 79+80. On taking possession of
BBR 78 + the technical building, the expenses will rise by DKK 5,400.00 per month, see Appendix 3A. The first payment must be made
at the date of commencement of the Lease Agreement.


 


For the purpose of complying with section 5(2) and
(3) of the Danish Business Lease Act, the type and estimated size of the expenses are set out in Appendix 3. The first payment
must be made at the date of the commencement of the Lease Agreement, as set out in clause 4.


 


16 Tenant’s duty of maintenance


 


The Tenant is responsible for
all interior maintenance of the premises, including installations and systems etc. not comprised by the Landlord’s duty of
maintenance, see clause 17, to the extent that such work is necessary for the premises to be kept in a good state of repair and
condition, corresponding to the state in which the Tenant took possession of the premises.


 


Maintenance means both repairs and renewal. The Tenant’s
duty of maintenance comprises the following:


 


		·	Internal surfaces and finishes of ceilings, walls, floors, doors, gates, windows,
woodwork and pipes, whether painted, oiled or similarly treated surfaces, as well as flag, tile, linoleum, carpet or other surfaces.



 


		·	Internal doors, walls, window glazing (except for failed double-glazed units)
and skylights.



 


		·	Door handles, hinges and fittings, locks, keys and key code.



 


		·	Gas pipes from and including branch-off from through-going pipes.






 



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		·	Power installations from main electricity meter, such as ground fault circuit
interrupters, fuses, overload circuit breakers, cables, wires, sockets, joints and splices, fittings, light sources, coils, interrupters,
power points and other installations not mentioned in Appendix 5.



 


		·	Low-voltage systems of any kind, including systems related to telephones, IT,
alarms, control and instrument panels, sockets, wires, cable boxes, hubs, racks and others.



 


		·	Signal control systems, including network installations, etc. –
                                                                                                                 both separate systems in their entirety and multi-user systems from and including the branch-off from through-going pipes and
                                                                                                                 installations. The Landlord will ensure that the systems have been tested and are functional before the Tenant takes
                                                                                                                 possession.



 


		·	Cat6 installations will be carried out and their functioning tested before
the Tenant takes possession. The Tenant has the duty of maintenance after having taken possession of the leased premises.



 


		·	Fittings, valves and control handles of any kind for heating, water, outlets,
drains and the like.



 


		·	Sanitation, including but not limited to toilets, sinks, shower cabins, etc.



 


		·	Laboratory fittings, see description in Appendix 5.



 


		·	Wardrobe, restroom, bathroom and kitchen equipment.



 


		·	White goods, canteen equipment and machinery, including for freezing, refrigerating,
cooking, dishwashing, washing and drying of the same quality as on commencement of the lease.



 


		·	Fire applications and safety equipment of any type installed or set up by the
Tenant.



 


		·	Other similar items belonging to the Leased Premises.



 


Maintenance works for which the
Tenant is responsible must be carried out without delay when defects have been identified. If such works are not carried out following
reasonable notice, the Landlord is entitled to have the works in question performed at the Tenant’s expense. Reimbursement
of such expenses constitutes a mandatory payment under this Lease Agreement.


 


If the Tenant causes damage to
the Landlord’s property, whether to building parts, installations, systems or fittings, etc., the Landlord is entitled to
repair such damage at the Tenant’s expense. In the event that any damage which the Tenant must remedy cannot be attributed
to a single unit, the repair or maintenance will be carried out by the Landlord at the tenants’ expense.


 



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Special installations established for use by the Tenant
concerning these premises will be operated and maintained by the Tenant unless otherwise provided in Appendix 5. A revised/final
Appendix 5 will be drawn up once the project phase has been commenced and prices, installations, etc. have been finalised.


 


The Tenant undertakes to maintain
special installations pursuant to the directions of the supplier/manufacturer applicable from time to time, or directions issued
by the Landlord.


 


The Tenant must be able to document that special installations
have been maintained and serviced in accordance with such directions.


 


The Landlord is entitled, at least
once a year, together with the Tenant to review the premises and agree the extent to which necessary repairs and maintenance work
must be carried out.


 


17 Landlord’s duty of maintenance


 


The Landlord undertakes to perform
and pay for the maintenance and renewal of common building components and installations to the extent that such maintenance does
not fall within the Tenant’s maintenance obligation or other provisions of this Lease Agreement, including the following:


 


		·	Load-bearing structures, including foundations, suspended floors, load-bearing walls and partitions
delimiting separate leased premises.



 


		·	Building envelope, including but not limited to roof and façades.



 


		·	External surfaces and claddings, including but not limited to surfaces of external
doors, windows including reveals, seams and seals.



 


		·	Drainage installations in the form of stack pipes until branches.



 


		·	Power installations until and including the main electricity meter.



 


		·	Power and HVAC installations concealed in construction or walls, etc.



 


		·	Ventilation and air conditioning systems for air change, air cleaning and air
cooling – including through-going pipes and common installations in multi-user systems until branch-offs.



 


		·	Signal control systems, including network installations, etc. – both
through-going cables and common installations in multi-user systems until branch-offs.



 





		·	Special systems installed in laboratory facilities are specified in Appendix
5, including which of the parties is responsible for and has a duty of maintenance, service, renewal, etc.


 



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The Landlord must maintain the
systems and installations for supplying heating and hot water, including heating system/heat exchanger, pumps, heating pipes and
radiators (except for radiator valves), systems for heating, storing and distributing hot domestic water, hot-water pipe system
and systems for regulating and managing heating and hot water. The Landlord’s costs of maintaining the above-mentioned utility
installations are included in the costs recognised in the operating and heating accounts.


 


The Landlord is entitled to initiate
works both within and outside the Leased Premises in accordance with the provisions of Part 5 of the Danish Business Lease Act.


 


Subject to prior notice, the Landlord
and its engineers and experts are entitled to gain access to the premises as per the Tenant’s directions, e.g. with respect
to BLS2, confidential areas, etc. during normal working hours in order to prepare or carry out maintenance works. The works must
be carried out so as to cause as little inconvenience to the Tenant as possible. The Landlord and its engineers and experts are
also entitled to gain access to the premises without notice if necessary for purposes of urgent intervention or repairs.


 


18 Surrender


 


On termination of the Lease Agreement,
the Tenant must ensure that the premises undergo refurbishment, including of flooring, painting of walls and, where relevant, other
painted surfaces to the effect that all surfaces are in the same condition as at the date of taking possession. The premises are
otherwise surrendered in a clean and well-maintained condition without damage or defects of any kind.


 


The Tenant has a duty, but not a right, to re-establish
structural changes on vacating the premises. This also applies where the Landlord has granted his consent to the changes. In case
of changes to the premises, the parties agree whether or not the change must be restored on termination of the Lease Agreement.
Agreed structural changes prior to taking possession should not be restored on termination of the Lease Agreement.


 


If the leased premises are vacated
by the Tenant before the agreed period of non-terminability expires, see clause 5, the Tenant will pay to the Landlord the residual
depreciation on the Landlord’s investment, see Appendix 10 and the residual investment rent, see Appendix 7.


 






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If the Tenant vacates the premises
at the Landlord’s request (see clause 1), the Landlord’s claim for the above-mentioned repayment of residual depreciation
and investment rent will lapse. (a new appendix regarding depreciation will be prepared).


 


If the Tenant vacates the premises
at the Landlord’s request (see clause 1), the Tenant’s duty of refurbishment on vacation of the areas in question will
lapse.


 


The Tenant must surrender all keys, tags, codes and
access cards and the like to the premises on termination of the Lease Agreement. This includes keys, tags, codes and access cards
and the like to alarm systems and access points installed by the Tenant. Any refurbishment obligations ascertained in connection
with the moving-out inspection as described below will be carried out by the Landlord for the account of the Tenant.


 


If the remedial work has not been
completed before termination of the Lease Agreement, the Landlord may demand payment for services under clauses 6, 11 and 15 until
the premises have been brought into contractual condition. The parties agree that the Landlord is entitled to demand that the value
of the cost of the identified works and improvement according to the moving-out report be capitalised and that the calculated costs
with addition of any relevant engineering fee be paid in cash by the Tenant to the Landlord not later than seven days after receipt
of the statement.


 


On or before the termination of
the Lease Agreement, a moving-out inspection will be held with a representative attending for both the Landlord and the Tenant.
On the basis of this moving-out inspection, the parties will prepare a report of the condition of the premises. Together with
the moving-in report prepared on occupation, this report forms the basis of any claims for repair work of the Landlord. Immediately
after the moving-out inspection, the Landlord must invite a quotation for the execution of the repair works specified in the moving-out
report. If the Tenant disagrees with the specified amount, the Tenant is at liberty, on the basis of the moving-out report, to
invite an independent quotation for the works and improvements identified by the Landlord. Within seven business days of its receipt
of the moving-out report, the Tenant must notify the Landlord in writing that the Tenant wants to invite an independent quotation.
The quotation obtained by the Tenant must be fully comparable with the requirements specification prepared by the Landlord. If,
against the background of the quotation obtained by the Tenant, the parties disagree over the size of the expense, the parties
must mutually appoint an independent expert valuer for determining the final size of the amount. The final value established by
the expert valuer cannot be challenged by any of the parties, and the amount is payable in cash by the Tenant in full and final
settlement of the claim (after offsetting the deposit amount) within seven business days of the receipt of the valuer’s
written notification establishing the size of the amount.


 



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The costs of the expert valuer’s assessment will
be shared equally between the parties.


 


In connection with the moving-out inspection, the moving-out
report will be based on all painted surfaces being surrendered with a fresh coat of paint, and flooring, doors, ceiling sheets
and window sills and installations comprised by the Tenant’s duty of maintenance must be in a functional condition, clean
and maintained and otherwise in the same state of repair and condition as on the date of taking possession.


 


The Landlord must forward the moving-out
report to the last known address of the Tenant. The time limit of four weeks set out in section 74(2) of the Danish Business Lease
Act has been extended to eight weeks.


 


If, on the date of termination, the leased premises
comprise laboratories or animal buildings classified according to Danish working environment legislation, environmental laws,
radiation legislation or the like, these premises must be downgraded and cleaned by the Tenant prior to vacating the premises.
On surrender, the Tenant must provide documentation of having carried out the downgrade and deregistration with the relevant authorities,
including the Danish Working Environment Authority. Failure to provide documentation will entitle the Landlord to collect rent
and other mandatory payments until the documentation is available.


 


The Landlord has prepared inspirational materials which
may be used in connection with the downgrading and cleaning of laboratories. The inspirational materials are available upon request.


 


19 Subletting and assignment


 


The Tenant is not entitled to assign the premises.


 


The Tenant has a right of subletting
parts or all of the premises. Subletting must take place subject to the provisions of clause 2 hereof and applicable provisions
issued by the public authorities from time to time, including the local development plan for the area.


 


The Tenant has a duty, by giving
one month’s notice, to inform the Landlord of any subtenancy established, including to disclose the name and activities of
the business and the date of commencement of the subletting agreement.


 






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20 Signage


 


The
Landlord has drawn up an overall signage plan for DTU Science Park in Hørsholm to ensure consistent signage, and the Landlord
is therefore in charge of all signage, visibility and clarity, ensuring that signage is not covered by vegetation, temporary stocks,
etc. On occupation, the Tenant pays DKK 8,500.00 for signage, covering costs of production and installation of signs. If the Tenant
wishes to have additional signage, this requires the Landlord’s written consent. If signage is established contrary to this,
the Landlord is entitled to remove the signage at the Tenant’s expense.


 


If the Tenant moves from one property to another, existing
signage will be reused to the widest extent possible. Relocation costs and costs of any new signs will be paid by the Tenant on
a time spent basis, and the Tenant will pay the production costs of an external supplier.


 


If the Tenant extends its premises
in an existing building, the Tenant will pay the costs of any new signs on a time spent basis, and the Tenant will pay the production
costs of an external supplier.


 


If the Tenant changes its name, the Tenant will pay
the costs of any new signs on a time spent basis, and the Tenant will pay the production costs of an external supplier.


 


The Landlord has stated that the local development
plan for the area does not allow for signage on the facade of the building, roof, etc. The Tenant declares to accept this.


 


21 Danish Business Lease Act


 


The general provisions of the Danish Business Lease
Act apply to this Lease Agreement unless derogated from in the above provisions. The Tenant has been informed that the provisions
of this Lease Agreement derogate from the provisions of the Danish Business Lease Act to the effect that the Lease Agreement imposes
more extensive obligations on the Tenant and fewer rights than provided by the Danish Business Lease Act. Appendices 1-10 comprise
a part of the contractual basis between the Landlord and the Tenant.


 


22 Registration


 


The Tenant may have this Lease Agreement registered
on the property. The Lease Agreement must rank after any existing and future charges and encumbrances registered prior to the filing
of the Lease Agreement for registration.


 






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On termination of this Lease Agreement, the Tenant
is required to cancel the registration of the Lease Agreement. The deposit will not be repaid, in whole or in part, until the registration
of the Lease Agreement has been cancelled. If cancellation has not been effected within 14 days of the effective date of termination,
the Landlord is entitled but not obliged to arrange for such cancellation for the Tenant’s account as the Tenant’s
written notice of termination or the bailiff’s note on the court document in case of eviction proceedings may form the basis
of cancellation.


 


23 VAT


 


Rent, deposit and all other payments under the Lease Agreement
are subject to VAT.


 


24 Reservations


 


On the part of both parties, this Lease Agreement is conditional
on:


 


		•	an agreement on
planning and establishment costs and time schedule satisfactory for both 
parties being reached, see clause 1 
	 	 	 
	 	•	an agreement on vacation with existing tenants satisfactory for both parties being reached, under which refurbishment of the leased
premises may commence according to the time schedule, and the effective dates set out in clause 4 can be observed.



 


25 Special agreements


 


The parties have agreed that expenses
for planning, including external advisers, should be distributed as set out in Appendix 9 (TIC estimation, Proposal reference:
060042002) from NNE, with the following distribution:


 


		•	Expenses for item 1.2.1 are covered 100% by the Landlord






		•	Expenses for item 1.2.2 are covered 50% by the Landlord and 50% by the Tenant






		•	Expenses for item 1.2.3 are covered 67% by the Landlord and 33% by the Tenant



 


If, contrary to expectations,
the project is not completed, the planning costs will be divided evenly between the parties. The project material will belong
to the Tenant.


 


26 Disputes


 


Any dispute that may arise in
connection with this Lease Agreement must be resolved by the Danish Institute of Arbitration.


 






    Page 27 of 28
 
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Each party appoints one arbitrator,
and the Institute appoints the chairman of the arbitration tribunal. If a party has not appointed an arbitrator within 30 days
of having requested or received notice of the arbitration, such arbitrator will also be appointed by the Institute in accordance
with the above rules.


 


27 Signatures


 


This Lease Agreement is signed
by the persons authorised to sign, using digital signatures via NemID and Penneo.


 


	As Landlord	 	As Tenant
	DTU Science Park a/s	 	EVAXION BIOTECH A/S
	Company reg. (CVR) no. 27546439	Company reg. (CVR) no. 31762863
	Steen Donner, CEO	The company is bound by the joint
	Niels
    Korsholm, Chairman of the Board	signatures of two members of the executive board
    or by the joint signatures of one member of the executive board and
    one member of the board of directors.
		


 


28 List of appendices


 


Appendix 1A: Drawing of location
of the premises, BBR 78


 


Appendix 1B: Drawing of location of the premises, BBR 79


 


Appendix 1C: Drawing of location of the premises,
BBR 80


 


Appendix 2: Video monitoring
guidelines


 


Appendix 3A: Operating and heating
budget – DNV5E


 


Appendix 3B: Operating and heating budget – DNV5F


 


Appendix 4: Agreement on membership
of Søhuset


 


Appendix 5: List of special installations (updated
version will be attached after signing of the Lease Agreement)


 


Appendix 6: Vacation of classified laboratories


 


Appendix
7:


 


Additional rent – Calculation of payment


 


Appendix 8: Project description


 


Annex 8A: Basic Design Report Ver4.0


 


EVAX-2-BD-99-01000-01-002


 


EVAX-2-BD-90-00020-01-002


 


EVAX-2-BD-99-00020-01-002


 


EVAX-2-BD-99-00020-02-00A


 


Annex 8B: Detailed Design Report (attached after signing
of the Lease Agreement)


 


Appendix 9: TIC Estimation


 


Appendix 10: Residual value on termination of Lease Agreement


 






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The signatures in this document are
legally binding. The document was signed via Penneo TM secure digital signature.


The identities of the signatories have
been registered and the information is listed below.





 


“By
signing this document, I confirm the contents and all dates in this document.” 


 


	Niels Iversen Møller	 	Lars Aage Staal Wegner
	Tenant	 	Tenant
	On behalf of: Evaxion Biotech A/S	 	On behalf of: Evaxion Biotech A/S
	Serial number: PID:9208-2002-2-738148644802	 	Serial number: PID:9208-2002-2-876279585700
	IP: 62.243.xxx.xxx	 	IP: 130.185.xxx.xxx
	01/10/2020

07:37:42Z	 	 	2020-10-01 12:02:54Z	 


 


	Steen Donner	 	Niels Jørgen Korsholm
	Landlord	 	Landlord
	On behalf of: DTU Science Park a/s	 	On behalf of: DTU Science Park A/S
	Serial number: CVR:27546439-RID:71095247	 	Serial number: PID:9208-2002-2-354907681656
	IP: 80.62.xxx.xxx

2020-10-01 18:13:29Z	 	 	IP: 2.109.xxx.xxx

2020-10-02 05:32:49Z	 


 


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