EXHIBIT
10.3


 


FIRST
AMENDMENT TO LEASE


 


WHEREAS,
River Ridge Limited Partnership (the “Landlord”) entered into a lease dated May 30, 2014, (the “Lease”)
with Corbus Pharmaceuticals, Inc. (the “Tenant”); and


 


WHEREAS,
the Tenant has agreed to lease additional space from the Landlord and extend the term of the Lease; and


 


WHEREAS,
the Landlord and Tenant desire to amend the Lease as necessary in order to include the additional space and to extend the
Lease.


 


NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein and in the Lease contained, the parties hereto hereby
agree to the following amendment(s) to the Lease effective as of the New Commencement Date and continuing for a period of five
(5) years. It is contemplated by the Landlord and Tenant that such work will be completed on or before December 1, 2015. Upon
the completion of the work, Landlord and Tenant shall confirm the New Commencement Date in writing.


 


1.)
Tenant shall relocate its business operation(s) from the first floor (the “Original Space”) as shown on Exhibit A
to space adjacent to the Original Space located on the first floor (the “Relocation Space”) as shown in Exhibit B
annexed hereto.


 


2.)
The definition of the Premises set forth in Exhibit I of the Lease is amended to read as follows:


 


“Premises
- 6,326 rentable square feet on the first floor as shown on Exhibit B attached hereto.”


 


3.)
The Annual Fixed Rent and Monthly Fixed Rent contained in Article I is amended to read as follows:


 


	Annual Fixed	 	Year
    1	 	 	Year
    2	 	 	Year
    3	 	 	Year
    4	 	 	Year
    5	 
	Rent
    Rate:	 	$	145,498.00	 	 	$	148,661.00	 	 	$	151,824.00	 	 	$	154,987.00	 	 	$	158,150.00	 




 


	Monthly Fixed	 	Year
    1-3	 	 	Year
    4	 	 	Year
    5	 	 	Year
    6	 	 	Year
    7	 
	Rent Rate:	 	$	12,124.83	 	 	$	12,388.42	 	 	$	12,652.00	 	 	$	12,915.58	 	 	$	13,179.17	 



 


4.)
The amount of Tenant’s Percentage is Amended to read as follows:


 


“6.22%”


 


5.)
The Security Deposit in Article I is amended to read as follows:


 




    	 



    	 



    

 


“The
Security Deposit in the amount of $36,375.00 shall be held and disposed of as provided in Section 4.4. The Security Deposit is
being delivered to Landlordin the form of a Letter of Credit in the amount of the Security Deposit and the term “Security
Deposit” includes, without limitation, the unapplied proceeds of any Letter of Credit delivered to Landlord from time to
time pursuant to Section 4.4. The Letter of Credit shall be a standby irrevocable letter of credit, payable on sight, which shall
have an expiration date no earlier than October 31, 2020 and shall be issued by a bank and be upon such form as are satisfactory
to Landlord in all respects.


 


6.)
Both Landlord and Tenant agree the Term of this lease shall be further extended for five (5) years beginning on the New Commencement
Date.


 


7.)
Prior to The Commencement Date, the Landlord shall cause to be performed, construction to the Premises (“Landlord’s
Work”) as shown on plans drawn by Fredley R. Chitel Space Planning and Interior Design dated 6/29/2015 (the “Plans”)
shown on Exhibit E annexed hereto, description of Landlord’s Work to the Relocation Space. Landlord’s work shall be
done diligently in a good and workmanlike manner employing materials of good quality and so as to conform with all applicable
zoning, building, fire, health and other codes, regulations, ordinances and laws.


 


8.)
The second to last sentences of Section 3.2 shall be deleted in its entirety and replaced with the following:


 


“Tenant
will be responsible for contributing sixty three thousand two hundred sixty ($63,260.00) dollars toward the cost of the improvements.
Tenant shall pay this cost on the New Commencement Date


 


9.)
The first sentence of Section 4.4 shall be deleted in its entirety and replace with the following:


 


“Upon
signing this Lease, Tenant shall provide Landlord with a standby irrevocable letter of credit issued by a bank reasonably
satisfactory to Landlord and in a commercially reasonable form in an amount equal to $36,375.00”


 


10.)
Item #6 of Section 4.2.4 shall apply to the Relocation Space.


 


11.)
Section 4.5 of the Lease shall be deleted in its entirety.


 


12.)
All obligations of the Tenant under the Lease as to the Original Space shall terminate as of the New Commencement Date (provided
however, Tenant shall remain responsible for its proportionate share of Operating Costs Excess and real estate taxes included
in Operating Costs Excess attributable to such space for that part of the year Tenant occupied the Original Space.


 


13.)
Capitalized terms, not otherwise herein defined shall have the meaning for such terms described in the Lease.


 


14.)
In all other respects, the terms and provisions of the Lease are hereby ratified and confirmed and remain in full force and effect.


 




    	 



    	 



    

 


IN
WITNESS WHEREOF, the Landlord and Tenant hereby have executed this First Amendment to Lease, as a sealed instrument on this 27th
day of August, 2015.


 


	LANDLORD:	RIVER
    RIDGE LIMITED PARTNERSHIP	 
	 	 	 
	 	By:	Cornerstone
    Corporation	 
	 	Its:	Managing Agent	 
	 	 	 	 
	 	By:	/s/
    Paul E. Tryder	 
	 	 	President	 
	 	 	 	 
	TENANT:	CORBUS
    PHARMACEUTICALS, INC.	 
	 	 	 	 
	 	By:	/s/
    Yuval Cohen	 
	 	 	Yuval Cohen	 
	 	 	Chief Executive
    Officer	 


 




    	 



    	 



    

 








 




    	 



    	 



    

 


 


 






    	 



    	 



    

 


EXHIBIT
E


 


DESCRIPTION
OF LANDLORD’S WORK


 


Prior
to the Commencement Date, the Landlord shall, using building standard materials, in the area so designated on the attached plan,
completed the following work:


 


	1.	Remove
    existing carpet.
	 	 
	2.	Remove
    existing VCT flooring in kitchen area.
	 	 
	3.	Patch
    wall(s) as necessary and repaint - color to be selected by Tenant.
	 	 
	4.	Modify
    the space in accordance with the plan drawn by Fredley R. Chitel Space Planning and Interior Design date June 29, 2015.
	 	 
	5.	Supply
    and install new direct/indirect light fixtures.
	 	 
	6.	Supply
    and install new ceiling tiles, manufactured by Armstrong “Dune”.
	 	 
	7.	Supply
    and install new vinyl planks in reception area, new VCT in kitchen and copy area and carpet tiles in offices and conference
    areas.
	 	 
	8.	Supply
    and install fiberglass insulation over top of existing partitions as shown on plan.