Document:

Exhibit 10.6

 

Employment Agreement

 

This Employment Agreement (the “Agreement”) is made and entered into as of 20 January, 2016 by and between Pamela Esposito (the “Executive”) and Replimune, Inc., a Delaware Corporation (the “Company”).

 

WHEREAS, the Company desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS, the Executive desires to be employed by the Company on such terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

 

1.                                      Term.

 

The Executive’s employment hereunder shall be effective as of November 1, 2015 (the “Effective Date”) and shall continue until the second anniversary thereof, unless terminated earlier pursuant to Section 5 of this Agreement; provided that, on such second anniversary of the Effective Date and each annual anniversary thereafter (such date and each annual anniversary thereof, a “Renewal Date”), the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year, unless either party provides written notice of its intention not to extend the term of the Agreement at least 90 days’ prior to the applicable Renewal Date. The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the “Employment Term”.

 

2.                                      Position and Duties.

 

2.1                               Position.

 

During the Employment Term, the Executive shall serve as the Chief Business Officer of the Company, reporting to the Executive Chairman of the Company (the “Board”). In such position, the Executive shall have such duties, authority and responsibility as shall be determined from time to time by the Board, which duties, authority and responsibility are consistent with the Executive’s position. The Executive shall, if requested, also serve as Chief Business Officer of any affiliate of the Company for no additional compensation.

 

2.2                               Duties.

 

During the Employment Term, the Executive shall devote sixty percent (80%) of her business time and attention to the performance of the Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would be inconsistent or conflict with such time commitment without the prior written consent of the Board.

 

 

3.                                      Place of Performance.

 

The principal place of Executive’s employment shall be the Company’s executive office (as and when established) in the Boston area; provided that, the Executive may work remotely and may be required to travel both domestically and internationally on Company business during the Employment Term.

 

4.                                      Compensation.

 

4.1                               Base Salary.

 

The Company shall pay the Executive an annualized base salary of $220,000.00 in periodic installments in accordance with the Company’s customary payroll practices, but no less frequently than semi-monthly. The Executive’s base salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the base salary during the Employment Term. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary”.

 

4.2                               Annual Bonus.

 

For each fiscal year of the Employment Term, the Executive shall be eligible to receive a discretionary annual bonus (of up to 30% of the Executive’s Base Salary) (the “Annual Bonus”). However, the decision to provide any Annual Bonus and the amount and terms of any Annual Bonus shall be in the sole and absolute discretion of the Board. Because one of the objectives of the Annual Bonus is employee retention, in order to remain eligible and receive an Annual Bonus, the Executive must be an active employee in good standing at the time such bonus payments are made. The Executive is considered to be an “active employee in good standing” if (i) her employment has not been terminated for any reason, (ii) she is not in breach of any of her obligations to the Company and she is not in breach of any of the Company’s material written guidelines, procedures or policies, (iii) she is not on probation of any kind from the Company, (iv) she has not resigned or provided the Company with notice of her intention to terminate her employment, and (v) the Company has not provided the Executive with notice of its intention to terminate her employment.

 

4.3                               Equity Awards.

 

During the Employment Term, the Executive shall be eligible to participate in any share option plan established by the Company or Replimune Limited (the “Share Option Plan”), subject to the terms of the Share Option Plan, as determined by the Board or the Compensation Committee, in its discretion. Any grant of an option or other equity instrument under the Share Option Plan will be issued under and be governed by the terms and provisions of the Share Option Plan and/or any applicable option award agreement.

 

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4.4                               Employee Benefits.

 

During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

4.5                               Paid Time-off.

 

During the Employment Term, the Executive shall be entitled to 20 paid time off (“PTO”) days per calendar year (prorated for partial years) in accordance with the Company’s PTO policies, as in effect from time to time. The Executive may use PTO for vacation, personal time, or sick time (in accordance with applicable law). Any entitlement to PTO unused at the end of any calendar year shall lapse without entitlement to payment in lieu.

 

4.6                               Business Expenses.

 

The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance with the Company’s expense reimbursement policies and procedures. The Company will be responsible for reasonable expenses the Executive incurs by operating a home office including cell phone service. Similarly, the Company will be responsible for Executive to lodge near offices, wherever offices may be.

 

5.                                      Termination of Employment.

 

The Employment Term and the Executive’s employment hereunder may be terminated by either the Company or the Executive at any time and for any reason; provided that, unless otherwise provided herein, either party shall be required to give the other party at least six (6) months’ advance written notice of any termination of the Executive’s employment. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to the compensation and benefits further described in this Section 5 and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates. Should the Company elect to forego the aforementioned notice provision, it shall remit to the Executive payment in lieu of notice equal to the salary she would have received during the notice period.

 

5.1                               Termination of Employment for Cause or Without Good Reason.

 

(a)                                 The Executive’s employment hereunder may be terminated upon either party’s failure to renew the Agreement in accordance with Section 1, by the Company for Cause or by the Executive without Good Reason. If the Executive’s employment is terminated upon either party’s failure to renew the Agreement, by the Company for Cause or by the Executive without Good Reason, the Executive shall be entitled to receive:

 

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(i)                                     any accrued but unpaid Base Salary and accrued but unused PTO which shall be paid on the Termination Date (as defined below);

 

(ii)                                  any unearned Annual Bonus with respect to any completed fiscal year immediately preceding the Termination Date, which shall be paid on the otherwise applicable payment date; provided that, if the Executive’s employment is terminated by the Company for Cause, then any such unearned Annual Bonus shall be forfeited;

 

(iii)                               reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the Company’s expense reimbursement policy; and

 

(iv)                              such employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company’s employee benefit plans as of the Termination Date; provided that, in no event shall the Executive be entitled to any payments in the nature of severance or termination payments except as specifically provided herein,

 

Items 5.1(a)(i) through 5.1(a)(iv) are referred to herein collectively as the “Accrued Amounts”.

 

(b)                                 For purposes of this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting a material act of misconduct, including, without limitation, embezzlement or misappropriation of funds or property of the Company or any of its subsidiaries or affiliates, other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the commission by the Executive of, the indictment or charging of the Executive of, or the plea by the Executive of nolo contendere to, a felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if she were retained in her position; (iii) continued non-performance by the Executive of her duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than ten (10) days following written notice from the Board of such non-performance; (iv) a breach by the Executive of any of the provisions contained in Section 6, Section 7, Section 8 and Section 9 of this Agreement; (v) a material violation by the Executive of the Company’s written employment policies; or (vi) failure of the Executive to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

 

For purposes of this provision, no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively

 

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presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.

 

(c)                                  For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following, in each case during the Employment Term: (i) a material diminution in the Executive’s Base Salary of at least ten (10) percent, except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; (ii) a material change of more than fifty (50) miles in the geographic location at which the Executive provides services to the Company; (iii) the material breach of this Agreement by the Company; or (iv) a material adverse change in the Executive’s title, authority, duties, or reporting structure (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law). “Good Reason Process” shall mean that (1) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (2) the Executive notifies the Board in writing of the first occurrence of the Good Reason condition within sixty (60) days of the first occurrence of such condition; (3) the Executive cooperates in good faith with the Board’s efforts, for a period not less than thirty (30) days following such notice (the “Cure Period”), to remedy the condition; (4) notwithstanding such efforts, the Good Reason condition continues to exist; and (5) the Executive terminates her employment within sixty (60) days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

5.2                               Termination of employment Without Cause or for Good Reason.

 

The Employment Term and the Executive’s employment hereunder may be terminated by the Executive for Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive’s compliance with Section 6, Section 7, Section 8 and Section 9 of this Agreement and her execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”) and such Release becoming effective within sixty (60) days following the Termination Date, the Executive shall be entitled to receive the following:

 

(a)         a payment equal to fifty per cent (50%) of the sum of the Executive’s Base Salary for the year in which the Termination Date occurs, which shall be paid in equal periodic installments over a period of six (6) months following the Termination Date in accordance with the Company’s customary payroll practices, but no less frequently than semi-monthly;

 

(b)         if the Executive was participating in the Company’s group health plan immediately prior to the Termination Date and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for the earlier of six (6) months following the Termination Date or (B) until the Executive becomes eligible for coverage under another employer’s group coverage, and the Executive agrees to notify the Company promptly and in writing should that eligibility occur.

 

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5.3                               Death or Disability.

 

(a)         The Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term, and the Company may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b)         If the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability, the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i) the Accrued Amounts;

 

(ii) a lump sum payment equal to the pro-rated bonus, if any, that the Executive would have earned for the fiscal year in which the Termination Date occurs based on the achievement of applicable performance goals for such year, which shall be payable on the date that annual bonuses are paid to the Company’s similarly situated executives, but in no event later than two-and-a-half (2 1/2) months following the end of the fiscal year in which the Termination Date occurs; and

 

(iii) a payment equal to fifty per cent (50%) of the sum of the Executive’s Base Salary for the year in which the Termination Date occurs, which shall be paid in equal periodic installments over a period of six (6) months following the Termination Date in accordance with the Company’s customary payroll practices, but no less frequently than semi-monthly.

 

(c)          For purposes of this Agreement, Disability shall mean the Executive’s inability, due to physical or mental incapacity, to substantially perform her duties and responsibilities under this Agreement for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days.

 

5.4                               Change in Control Termination.

 

(a)         Notwithstanding any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Company without Cause (other than on account of the Executive’s death or Disability), in each case within twenty four (24) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive’s compliance with Section 6, Section 7, Section 8 and Section 9 of this Agreement and her execution of a Release which becomes effective within sixty (60) days following the Termination Date, the Executive shall be entitled to receive a lump sum payment equal to the sum of the Executive’s Base Salary for the year in which the Termination Date occurs (or if greater, the year immediately preceding the year in which the Change in Control occurs) plus 100% of Annual Bonus, which shall be paid within thirty (30) days following the Release becoming irrevocable. For the avoidance of doubt, any amount payable under this clause 5.4 shall be in lieu of, not in addition to, any amount payable under clause 5.2(a).

 

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(b)         For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following after the Effective Date:

 

(i) one person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation; provided that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company’s stock and acquires additional stock;

 

(ii) a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or

 

(iii) the sale of all or substantially all of the Company’s assets.

 

Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A.

 

5.5                               Notice of Termination.

 

Any termination of the Executive’s employment hereunder by the Company or by the Executive during the Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated by written notice of termination (“Notice of Termination”) to the other party hereto. The Notice of Termination shall specify:

 

(a)         The termination provision of this Agreement relied upon;

 

(b)         To the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated; and

 

(c)          The applicable Termination Date.

 

5.6                               Termination Date.

 

The Executive’s Termination Date shall be:

 

(a)         If the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s death;

 

(b)         If the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined that the Executive has a Disability;

 

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(c)          If the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to the Executive;

 

(d)         If the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination, which shall be no less than seven (7) days following the date on which the Notice of Termination is delivered;

 

(e)          If the Executive terminates her employment hereunder with or without Good Reason, the date specified in the Executive’s Notice of Termination, which shall be no less than seven (7) days following the date on which the Notice of Termination is delivered; and

 

(f)           If the Executive’s employment hereunder terminates because either party provides notice of non-renewal pursuant to Section 1, the Renewal Date immediately following the date on which the applicable party delivers notice of non-renewal.

 

Notwithstanding anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a “separation from service” within the meaning of Section 409A.

 

5.7                               Resignation of All Other Positions.

 

Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees to resign, effective on the Termination Date from all positions that the Executive holds as an officer or member of the board of directors (or a committee thereof) of the Company or any of its affiliates.

 

5.8                               Section 280G.

 

If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the Company shall pay to the Executive, no later than the time such Excise Tax is required to be paid by the Executive or withheld by the Company, an additional amount equal to the sum of the Excise Tax payable by the Executive, plus the amount necessary to put the Executive in the same after-tax position (taking into account any and all applicable federal, state and local excise, income or other taxes at the highest applicable rates on such 280G Payments and on any payments under this Section 5.9 or otherwise) as if no Excise Tax had been imposed.

 

5.9                               Section 409A.

 

(a)         Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive

 

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becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six (6) months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six (6) month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

 

(b)         All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(c)          To the extent that any payment or benefit described in this Agreement constitutes “nonqualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

 

(d)         The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations promulgated thereunder and the Company shall interpret this Agreement and any associated documents shall be interpreted in any reasonable manner that establishes an exemption from (or compliance with) the requirements of Section 409A of the Code. The parties also intend that this Agreement will be administered in accordance with Section 409A of the Code. If for any reason, such as imprecision in drafting, any provision of this Agreement (or of any award of compensation, including, without limitation, equity compensation or benefits) does not accurately reflect its intended establishment of an exemption from (or compliance with) Section 409A of the Code, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by the Company in a manner consistent with such intent so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

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(e)          The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 

6.                                      Confidential Information.

 

The Executive understands and acknowledges that during the Employment Term, she will have access to and learn about Confidential Information, as defined below.

 

6.1                               Confidential Information Defined.

 

(a)         Definition. For purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process, databases, manuals, records, articles, systems, material, supplier information, vendor information, financial information, results, accounting information, accounting records, legal information, marketing information, advertising information, pricing information, credit information, design information, payroll information, staffing information, personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product plans, designs, styles, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information, customer lists, client information, client lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company or its businesses or any existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that has entrusted information to the Company in confidence.

 

The Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used.

 

The Executive understands and agrees that Confidential Information includes information developed by him in the course of her employment by the Company as if the Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information shall not include information that is generally available to and known by the public at the time of disclosure to the Executive; provided that, such disclosure is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s behalf.

 

(b)         Company Creation and Use of Confidential Information. The Executive understands and acknowledges that the Company has invested, and continues to invest, substantial time, money

 

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and specialized knowledge into developing its resources, creating a customer base, generating customer and potential customer lists, training its employees, and improving its offerings in the field of oncolytic immunotherapy development. The Executive understands and acknowledges that as a result of these efforts, the Company has created, and continues to use and create Confidential Information. This Confidential Information provides the Company with a competitive advantage over others in the marketplace.

 

(c)   Disclosure and Use Restrictions. The Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to any entity or person whatsoever (including other employees of the Company) not having a need to know and authority to know and use the Confidential Information in connection with the business of the Company and, in any event, not to anyone outside of the direct employ of the Company except as required in the performance of the Executive’s authorized employment duties to the Company or with the prior consent of the Board in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises or control of the Company, except as required in the performance of the Executive’s authorized employment duties to the Company or with the prior consent of the Board in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent), Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation or order. The Executive shall promptly provide written notice of any such order to the Board.

 

The Executive understands and acknowledges that her obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon the Executive first having access to such Confidential Information (whether before or after she begins employment by the Company) and shall continue during and after her employment by the Company until such time as such Confidential Information has become public knowledge other than as a result of the Executive’s breach of this Agreement or breach by those acting in concert with the Executive or on the Executive’s behalf.

 

7.             Restrictive Covenants.

 

7.1          Noncompetition & Nonsolicitation.

 

The Executive hereby undertakes and covenants with the Company that she shall not, during the Restricted Period:

 

(a)           within the Restricted Area carry on or be concerned, engaged or interested directly or indirectly in any capacity whatsoever in any trade or business competing with the Business in which she shall have been engaged or involved at any time during the Lookback Period;

 

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(b)           either on her own behalf or in any other capacity whatsoever directly or indirectly do or say anything which may lead to any person ceasing to do business with the Company on substantially the same terms as previously (or at all);

 

(c)           either on her own behalf or in any other capacity whatsoever directly or indirectly endeavor to entice away from the Company or solicit any person, firm or company who was a client, customer, supplier, agent or distributor of the Company during the Lookback Period with whom she shall have been engaged or involved by virtue of her duties during the Lookback Period;

 

(d)           either on her own behalf or in any other capacity whatsoever directly or indirectly have any dealings with any person, firm or company who was a client, customer, supplier, agent or distributor of the Company during the Lookback Period with whom she shall have been engaged or involved by virtue of her duties during the Lookback Period where such dealing may lead to any person ceasing to do business with the Company on substantially the same terms as previously (or at all); or

 

(e)           either on her own behalf or in any other capacity whatsoever directly or indirectly employ, engage or induce, or seek to induce, to leave the service of the Company any person who is or was a Key Employee with whom she shall have had dealings during the Lookback Period whether or not such person would commit any breach of her contract of employment by reason of so leaving the service of the Company or otherwise; or

 

(f)            at any time after the Termination Date represent himself as being in any way currently connected with or interested in the Business (other than as a shareholder, director, employee or consultant if that be the case).

 

7.2          Severability.

 

Each of the restrictions contained in each sub-paragraph of clause 7.1 is separate and distinct and is to be construed separately from the other such restrictions. The Executive hereby acknowledges that she considers such restrictions to be reasonable both individually and in the aggregate and that the duration extent and application of each of such restrictions are no greater than is necessary for the protection of the goodwill of the Business. However, if any such restriction shall be found to be void or unenforceable but would be valid or enforceable if some part or parts thereof were deleted or the period or area of application reduced, the Executive hereby agrees that such restriction shall apply with such modification as may be necessary to make it valid.

 

7.3          Injunction.

 

The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach. The Executive agrees that if the Executive breaches, or proposes to breach, any portion of this

 

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Section 7, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief, as deemed appropriate by a relevant court of tribunal, to restrain any such breach without showing or proving any actual damage to the Company and without the requirement to post a bond or similar undertaking. The obligations under this Section 7 shall survive the termination or expiration of this Agreement and any termination of the Executive’s employment.

 

7.4          Third-Party Agreements & Rights.

 

The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

 

7.5          Definitions.

 

For purposes of this Agreement, the following definitions shall apply as used in this Section 7:

 

(a)   “Articles” means the articles of association of the Company, as amended or superseded from time to time;

 

(b)   “Business” means the business of the Company from time to time, being at the date of this Agreement the pre-clinical and clinical development of oncolytic immunotherapies;

 

(c)   “Group Company” has the meaning given in the Articles;

 

(d)   “Key Employee” means any employee, contractor or advisor who is employed or engaged by a Group Company: (i) in the case of an employee as a Director or at management grade; or (ii) in a senior capacity with a basic salary of $75,000 per annum or more (or such higher amount as determined by the Board);

 

(e)   “Lookback Period” means the period of one year immediately preceding the Termination Date;

 

(f)    “Restricted Area” means the United States of America, Canada and countries within Europe, in respect of which: (i) any Restricted Company has material business operations as at the Termination Date; or (ii) the Executive had direct or indirect responsibility or received confidential information of or relating to the Company or its Business during the Lookback Period;

 

13

 

(g)   “Restricted Company” means any Group Company with which the Executive shall have been engaged or involved or about or in respect of which she received confidential information (of or relating to such company or its business) at any time during the Lookback Period;

 

(h)   “Restricted Period” means:

 

(i)            if the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Company without Cause, a period of 12 months commencing on the Termination Date; or

 

(ii)           if the Executive’s employment hereunder is terminated by the Executive without Good Reason or by the Company for Cause, a period of 24 months commencing on the Termination Date;

 

8.             [Not used]

 

9.             Proprietary Rights.

 

9.1          Work Product.

 

The Executive acknowledges and agrees that all writings, works of authorship, technology, inventions, discoveries, ideas and other work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived or reduced to practice by the Executive individually or jointly with others during the period of her employment by the Company and relating in any way to the business or contemplated business, research or development of the Company (regardless of when or where the Work Product is prepared or whose equipment or other resources is used in preparing the same) and all printed, physical and electronic copies, all improvements, rights and claims related to the foregoing, and other tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights in and to copyrights, trade secrets, trademarks (and related goodwill), patents and other intellectual property rights therein arising in any jurisdiction throughout the world and all related rights of priority under international conventions with respect thereto, including all pending and future applications and registrations therefor, and continuations, divisions, continuations-in-part, reissues, extensions and renewals thereof (collectively, “Intellectual Property Rights”), shall be the sole and exclusive property of the Company.

 

9.2.         Work Made for Hire; Assignment.

 

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 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.

 

14

 

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.

 

9.3                               No License.

 

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 Confidential Information, materials, software or other tools made available to him by the Company.

 

10.                               Exit Obligations.

 

Upon (a) voluntary or involuntary termination of the Executive’s employment or (b) the Company’s request at any time during the Executive’s employment, the Executive shall (i) provide or return to the Company any and 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 all Company documents and materials belonging to the Company and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information or Work Product, that are in the possession or control of the Executive, whether they were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with her employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company that remain in the Executive’s possession or control, including those stored on any non-Company devices, networks, storage locations and media in the Executive’s possession or control provided however the Executive may keep one copy for archival purposes.

 

11.                               Governing Law, Jurisdiction, & Venue.

 

This Agreement, for all purposes, shall be construed in accordance with the laws of the Commonwealth of Massachusetts without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the Commonwealth of Massachusetts, county of Suffolk. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

12.                               Executive’s Covenant

 

The Executive represents to the Company that she is entitled to enter into this Agreement and to implement and carry out its terms and that by so doing she shall not be in breach of any obligation (contractual or otherwise) to any third party which would entitle that third party to damages or any other remedy at law.

 

15

 

13.                               Assignment.

 

The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any Company of other entity with or into which the Company may hereafter merge or consolidate, or to which the Company may transfer all or substantially all of its assets. In any such case said Company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder.

 

14.                               Entire Agreement.

 

Unless specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

15.                               Modification & Waiver.

 

No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and by a Director of the Company (other than the Executive) and approved by the Board. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

16.                               Severability.

 

Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement.

 

The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

 

16

 

The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein.

 

17.                               Captions.

 

Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

18.                               Integration.

 

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties with respect to any related subject matter.

 

19.                               Counterparts.

 

This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

20.                               Tolling.

 

Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue will run from the first date on which the Executive ceases to be in violation of such obligation.

 

21.                               Notice.

 

Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice):

 

If to the Company:

 

Replimune, Inc.

c/o CT Corporation System

155 Federal Street, Suite 700

Boston, MA 02110

 

If to the Executive:

 

Pamela Esposito

9 Bournes Pond Rd

 

17

 

East Falmouth

MA 02536 USA

 

22.                               Survival.

 

Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT SHE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT SHE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HER CHOICE BEFORE SIGNING THIS AGREEMENT.

 

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

 

	
Replimune, Inc.
    	
 
    
	
 
    	
 
    	
 
    
	
By
    	
/s/ Philip Astley-Sparke
    	
 
    
	
Name:
    	
Philip Astley-Sparke
    	
 
    
	
Title:
    	
Chairman
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Pamela   Esposito
    	
 
    
	
 
    	
 
    
	
Signature:
    	
/s/ Pamela   Esposito
    	
 
    

 

18Exhibit 10.7

 

CUMMINGS   PROPERTIES, LLC STANDARD FORM COMMERCIAL LEASE Cummings Properties, LLC   ("LESSOR") hereby leases to Amanda Lane, Weston, MA 02493   ("LESSEE"),the following premises, (1nc1ud1nq 12.9\ common area) at   18 Commerce Way, Suite 4800, approximately 3 1941 square feet Woburn, MA   01801 ("premlses1, lor a term of commencing at noon on Apr11 1 , 2016 30   2021 and currently scheduled to terminate at noon on unless sooner termila!ed   or extended as herenIJ'(Mded. LESSOR and LESSEE oow oownant ardag;ee that the   lob.vi'lg terms, cordtions, cownants, and obl'gatbns f'terms'1shal govern   this lease. 1. RENT. LESSEE shall pay LESSOR base rentol eighty two thousand   five hundred sixty three (82,563) U.S.dollars per year,drawn on a U.S.bank, Inmonthly   Installments of $ 6 ,880• 25 on or before the first day of each calendar   month, without offset or deduction. One monthly rentalpayment,plus an   appropriate fraction of a monthly payment for any portion of a month at the   commencement of the lease term, shall be made upon LESSEE's execuUon of tillS   lease. Allpayments shallbemade to LESSOR at 200 West Cummings   Park,Woburn,Massachusetts 01801, or at such olher place designated In writing   by LESSOR. II the "Cost of Uving" has Increased as shown by the Consumer   Price Index (Boston, Massachusetts, all items, all urban   consumers),U.S.Bureau of Labor Statistics (then base rent due during each   calendar year of this lease and all extensions thereof shall be adjusted in   proportion to any Increase In the Index.The base month from which to   determine the amount of each increase shall be January 2016 • which figure   shall be compared wilh the fiQUre lor November calendar year commencing each   January 1. 2016 and each November thereafter to determine the Increase (if   any) in base rent to be paid during the following 8 0 , dfawn on a   U.S.bank,upon LESSEE's execution 2. SECURITY DEPOSn: LESSEE shall pay LESSOR   asecurity deposit of$ '· of this lease,which shallbe held as security for   LESSEE's performance herein and refunded(o LESSEE w hout Interest at the end   of this lease, subject to LESSEE's satisfactory compliance with the terms   hereof. LESSEE shall not apply the security deposit to any payment due under   this lease. In the event of any breach al this lease by LESSEE, however, LESSOR   may apply the security deposit first to any outstanding Invoice or other   payment due to LESSOR, and then to outstanding rent, in which event LESSEE   shall fully restore said deposit forthwith. LESSEE's failure to remit or   restore the security deposit shall constitute a substantial lease default.   LESSEE falls to pay the security deposit and the initial rental payment as   and when required herein, LESSEE agrees that LESSOR may at its sole option,   declare this lease null and veld for failure of consideration. REAL ESTATE TAX   INCREASES. LESSEE shall pay LESSOR as additional rent proportionate share   (based on square footage leased by LESSEE as compared with the total leasable   square footage of the building(s) of which the premises are a part of (i) all   Increases In the real estate taxes levied against the land and building   ("property"), whether such increase(s) !Ware due to an Increase In   the tax rate or assessment, or a change in the method of determining real   estate taxes, and (ii) all real property surcharges and special assessments   levied against the property. The base from which to determine the amount of   ant Increase in taxes shall be the rate and the assessment in effect for the   fiscal year ending June net of abatements, any. 5. LESSOR shall provide   equipment per LESSOR's building standards to heat the premises In season and   to cool all office areas between May t and November 1. LESSEE shall pay all   charges for utilities used on !he premises, including electricity,   telecommunications, gas, oil, water, and sewer, and shall use whichever   utility service provider LESSOR designates. LESSEE shall also pay LESSOR a   proportionate share of any other lees and charges relating in any way to   unity use at the building, Including charges for routine maintenance of any   on-site septic system. LESSEE shall pay the utility provider or LESSOR as   applicable, for all such charges as determined by separate meters serving the   premises and/or as a proportionate share if not separately metered. 6.   COMPUANCE WITH LAWS. LESSEE and LESSEE·s employees, agents, affiliates, callers,   contractors, visitors, and invitees ("LESSEE parties) shall not use the   premises In any way that may be unlawful, improper, noisy, offensive, harmful,   or contrary to any applicable statute, regulation, ordinance, or by law.   LESSEE parties shall fully comply with applicable statutes, regulations,   ordinances, and bylaws related to or arising out of their use and occupancy   of the premises and any allowed alterations herein, including without   limitation, maintaining Worker's Compensation Insurance and obtaining all   licenses, permits, and approvals necessary for LESSEE's use and occupancy of   the premises. 7. FIRE, CASUALTY, EMINENT DOMAIN. Should a substantial portion   of the premises, or of the property of which the premises are a part be   substantially damaged by fire or casualty, or be taken by eminent domain,   LESSOR may elect to terminate this lease. When such an event is not caused or   contributed to by LESSEE parties and renders the building uninhabitable, a   proportionate abatement of rent shall be made, and LESSEE may elect to   terminate this lease upon 30 days' prior written notice If:(a) LESSOR fails   to give written notice within 30 days after said event of its to restore the   premises; or (b) LESSOR to restore the premises, using building standard   finishes, to a condition substantially suitable for the use described above   within 90 days after said event. LESSOR reserves all rights for damages or   Injury to the premises for any taking by eminent domain, except for damage to   LESSEE's property or equipment. B. FIRE INSURANCE. LESSEE parties shall not   use of the premises which will adversely affect or make voidable any   insurance an the property, or the contents of the building, or which shall be   contrary to any law, regulation, or recommendation made by the Insurance   Services Office (or successor organization), state fire prevention agency.   Local fire department, LESSOR's insurer, or any similar entity. LESSEE shall   not vacate the premises or permit same lo be unoccupied other than during   LESSEE's customary non-business days or hours, or cause or allow the   utilities serving the premises to be terminated. 9. SIGNS. LESSOR may, at its   expense, identify LESSEE's occupancy of the premises a building standard sign   at the main entry to the premises and, if applicable, on the building's   directory. LESSEE shall obtain LESSOR's prior written consent before erecting   any sign(s), and shall erect and maintain any such sign(s) in accordance with   LESSOR's building standards for style, size, wording, design, location, etc.,   now or hereafter made by LESSOR . LESSOR may, at LESSEE's expense, remove and   dispose of any sign(s) not properly approved, erected, or maintained. LESSOR   LESSEE 

    

 

I 10.   MAINTENANCE. Except as otherwise provided below, LESSOR with maintain the   structure, root, landscaping, common areas, and bonding standard heating and   cooling equipment, sprinklers, doors, plumbing, and electrical wiring at the   premises, but specifically excluding damage caused by the careless,   malicious, or - negligent acts of LESSEE parties or others, and corrosion and   chemical or walker damage from any source. LESSEE agrees to maintain at its   expense all other aspects - other premises In the same condition as they are   When delivered to LESSEE or as they may be put in during the lease term,   nominal wear and tear only excepted, and whenever necessary, to replace right   bulbs and glass, acknowledging that the premises are now in good order.   LESSEE shall properly control and vent all chemicals, radioactive materials, moisture,   smoke, odors, and other materials that may be harmful, and shall not cause   the area surrounding the premises or any other common area to be In anything   other than a neat and dean condition, and shall appropriately dispose of all   waste. LESSEE shall be solely responsible for any damage to any equipment   sensing the premises or the building which relates to or arises out of the   storage, discharge, or use of any substance by LESSEE. LESSEE shall not permit   the premises to be overloaded, damaged, stripped, or defaced, nor suffer any   waste, and will not bring or keep animals therein. II the premises include   any wooden mezzanine-type space, the Hoor capacity of such space is suitable   only for light or storage use. LESSEE will protect any flooring with chair   pads under any rolling chairs and shall maintain sufficient heat to prevent   freezing of pipes or other damage. healing, ventilating, air conditioning,   plumbing, and electrical equipment serving areas or the premises used for any   purpose other than general office or warehouse, and any installation or   maintenance of any non·building standard leasehold improvements or equipment   which is associated with some specific aspect of LESSEE's use, whether   installed by LESSOR, LESSEE or a prior occupant, shall be LESSEE's sole   responsibility and at LESSEE's expense. All maintenance and other by LESSOR   shall occur during LESSOR's normal business hours. 11. ASSIGNMENT OR   SUBLEASE. Provided LESSEE is not In default of any term hereof, LESSEE may   assign this lease or sublet or allow another entity or individual to use or   occupy all part of the premises, but only with LESSOR's prior written consent   In each instance. LESSEE shall not assign this lease or sublet any part of the   premises to any other current or prospective tenant of LESSOR, or any affiliate   of such current or prospective tenant. As a condition to any assignment or   sublease, a security deposit Increase shall be paid to and held by LESSOR. If   LESSEE notifies LESSOR or its desire to assign this lease or sublet, LESSOR   may elect to terminate this lease, at an effective date to be determined by   LESSOR, upon notice to LESSEE. Notwithstanding LESSOR's consent to any   assignment or sublease, LESSEE and GUARANTOR shall remain able for the payment   of ail rent and for the lull performance of all terms of this lease and   amendments and extensions thereto. 12. ALTERATIONS. LESSEE par1ies shallnot   make structuralanerations,additions,or improvements of any klrd to!he   premises,but LESSEE may make nonsiiUcturai anerations, adcfltions, or   Improvements with LESSOR's prior written consent ("allowed alterationsj.   All allowed alterations shall be at LESSEE's expense and shall conform with   LESSOR's building standards and construction specif cations or will be subjed   to restoration charges. If LESSOR or its agents provlde(s) any services or   maintenance in connection with allowed alterations and/or the review thereof,   LESSEE will promptly pay any fusllnvoice(s).LESSEE shall obtain, prior to the   commenoernent of any work,a lien waiver from any conlractor(s) performing   work at the premises. LESSEE shallnot permit mechanics' liens or similar   liens to remain upon the premises In connection with any work. performed or   claimed to have been performed at the direction of LESSEE and shaH cause any   such lien to be released or removed forthwith without cost to LESSOR.   Allallowed anerations shallbecome part or the premises and the property of   LESSOR. LESSOR shallhave the right at any time to make adcillons to   thebuiidlng,to change the arrangement of parking areas,stairs,or walkways,or   otherwise to aner common areas or the exterior of the building. LESSEE   shalmoveits furniture,furnishings,equipment,Inventory,and other property as   required by LESSOR to enable LESSOR to carry out the above-described work.   13. LESSOR'S ACCESS. LESSOR,its agents or designees may at any reasonable   time enter to view the premises;to show the premises to others;to make   repairs and alterations as LESSOR, its agents, or designees should elect to   do for the premises, the common areas, or any other portions olthe building;   and without creating any obligation or liability for LESSOR,but at LESSEE's   expense, to perform work which LESSEE Is required but has failed to do. 14. SHOW   REMOVAL The plowing of snow from all driveways and unobstructed parking areas   shall be at the sole expense of LESSOR. The control of snow and ice on all   walkways, stairs. and loading areas serving the premises and all other areas   not readily accessible to plows shall be the sole responsibility ol   "t:EBBEE. Notwithstanding the foregoing,LESSEE shall holdLESSOR and   OWNER harmless from any and ailclaims by LESSEE parties lor personalinfuries   and/or property damage resulting in any way from snow or Ice on any area   serving the·premises. *LESSOR 15. ACCESS AND PARKING. LESSEE parties may   wHhout additional charge use parking spaces provided lor the building In   common with others. The number of spaces used by LESSEE partles, which shall   be presumed to equal the number of persons present at the premises, shall not   at any Ume exceed LESSEE's proportionate share of the totalspaces lor the   building. No unaltended parking (I.e., parking where the driver of a vehicle   is not readily available at the premises to relocate said vehicle) Wtllbe   permitted between 7:00 PM and 7:00AM without LESSOR'sprior written   approval,and any such allowed parking shall be permilted only in designated   overnight parking areas. Unregistered or disabled vehicles or trailers olany   type may not be parked at any time. LESSOR may tow,at LESSEE's sole risk and   expense,any mlsparked vehiclebelonging to LESSEE parties,at any lime.   LESSEEparties shallnot obstruct any portion olthebuilding or its common   areas. LESSOR may record activities at the building with monitored and/or   unmonilored cameras,however, LESSEE agrees that LESSOR is not in any way   providing any security services lor LESSEE parties and accepts run   responsibility for protecting LESSEE parties and their property. t 6.   LIABILITY.LESSEE shallbe solely responsible as between LESSOR   andLESSEEparties for death or personalInjuries to all persons and/or property   damage, including damage by fire or casualty,arising out of the   use,control,condition,or occupancy olthe premises by LESSEE parties, except   lor death,personal injuries, and/or property damage directly resulting from   the negligence olLESSOR. LESSEE agrees to indemnify and hold hannless LESSOR   and OWNER from any and all liability, including but not limited to costs,   expenses,damages,causes of action, claims, judgments, and attorneys' lees   caused by or in any way arising out of any of the aforesaid matters. All   common areas,including but not limited to any parking areas, driveways,   stairs, loading areas, corridors, roofs, walkways, lobbies, atria,elevators,   communications closets, community conference rooms, and outdoor areas   ("common areas") shallbe considered a part or the premises for   purposes olSections 16 and 17 when they are used by LESSEE parties. 17. INSURANCE   LESSEE shall maintain at its expense acommercial general liability poficy Insuring   LESSEE, LESSOR, and OWNER against all dalms for personal injuries Once death)   and/or property damage arising out of the use, control, condition, or   occupancy of the premises, including any common areas, by LESSEE parties, including   damage by lire or casualty, such policy to Insure LESSEE, LESSOR, and OWNER   against any claim up to $1,000,000 for each occurrence personal injuries   (including death), and $1,000,000 for each occurrence involving property   damage. This Insurance shall be primary to and not contnbutory with any   insurance carried by LESSOR, whose Insurance shall be excess. LESSOR and   OWNER shall be Included in each such policy as additional insureds using ISO   fonn CG 20 26 11 85,  ISO form CG 20   110196 (without exclusions), ISO fonn CG 20 11 04 13 (without exduslons),or   some other form approved in writing by LESSOR, and each such policy shallbe   Issuedby a company or companies satisfactory to LESSOR. Prior to occupancy, LESSEE   shall deliver to LESSOR a copy olsuch policy, together with the declarations   page and all applicable riders and endorsements, showing that such insurance   is in force, and thereafter will deliver, prior to the expiration of any such   porq, notice of renewal of same. In the event any such porqor coverage changes,   a copy of the policy, declarations page,and al applicable riders and endorsements   shall be delivered to LESSOR within 10 days of such change. No policy shall be   cancelled without at least 10 days' prior written notice to each insured.   IILESSEE fails to defiver or maintain such insurance at any time during the   term or this lease, LESSOR may, without further notice to LESSEE, elect to   obtain such Insurance, whereupon LESSEE shall pay LESSOR a reasonable charge   for such insurance, plus LESSOR's administrative expenses. 18. BROKERAGE.   LESSEE warrants and represents that it has dealt with no broker, tenant   representative, or third party in connection with this lease, and agrees to   indemnify LESSOR against all brokerage claims arising out of this lease.   LESSOR warrants and represents that it has employed no exclusive broker or   agent in connection with this tease. If either LESSOR or LESSEE Introduces a   broker, tenant representative, or other third party on its behalf for any   extension, amendment, or other modification of this tease, any fees or   commissions shall be the sole responsibliity of the party engaging such   broker, tenant representative, or third party. 19. SUBORDINATlON. This lease   shall be subject and subordinate to any and an mortgages and other like tnstruments   made at any time hereafter, and LESSEE shall when requested, promptly execute   and deliver such instruments as necessary to show the subordioation of this   lease to said mortgages or other such instruments. LESS OR LESSEE 

    

 

I 20. DEFAULT   AND RENT ACCELERATlON. In the event that (a) any assignment for the benefit   of creditors, trust mortgage,receivership, or other Insolvency proceeding   shallbe made or Institutedwithrespect to LESSEE or LESSEE'sproperty,or (b)   LESSEE shall default inthe observance or performance of any term herein, -   and such default shall not be corrected within 10 days after written notice   thereof, then LESSOR shall have the right thereafter, while such default   continues and without demand or further notice,to re·enter and take   possession of the premises,to declare the term of this lease ended,and/or to   remove LESSEE's effects,without liability, including for trespass or   conversion,and without prejudice to any other remedies. IILESSEE defaults In   the payment olany rent, and any such rental default continues for 10 days   after written notice thereof, and, because both parties agree that nonpayment   of said sums is a substantial breach of this lease, and, because thepayment   of rent inmonthly Installments Is lor the sole benelit and convenience   olLESSEE,then,in addition to any olher remedies,thenet present value of the   entire balance of rent due herein as olthe date of LESSOR's notice,using the   published prime rate then in effect. shall immediately become due and payable   as liquidated damages,since both parties agree that such amount Is a   reasonable esUmale of the actual damages likely to result lrom such breach.   No actions taken by LESSOR under this section shall terminate LESSEE's   obligation to pay rent under this lease,as liquidated damages or otherwise.   Ally sums received by LESSOR from or on behalf olLESSEE may at any lime be   applled by LESSOR in its sole discretion first to any unamortized   Improvements completed for LESSEE's occupancy,then to any unpaid invoice or other   payment due to LESSOR,and then to unpaid rent. LESSEE shall pay allinvoices   within 10 days of the dale of such invoice(s). If any rent and/or other   payment Is not received by LESSOR when due,then LESSEE shallpay LESSOR a   onet·ime late charge for each past due amount equalto one percent of such   overdue amount or $35 (whichever is greater) and interest at the rate ol1B   percent per annum on any past due amounL 21. NOTICE. All notices from LESSOR   to LESSEE under this lease shaD be given In writing and shallbe deemed duly   served when lett at the premises, served by constable,sent by recognized   courier service with a receipt therefor, or malled by certified or registered   mail, return receipt requested, postage prepaid to LESSEE at the premises or   such olher address as LESSEE may designate in writing. Allnotices from LESSEE   to LESSOR under this lease shall be givenin writing and shall be deemed duly   served only when served by constable, or delivered to LESSOR by certined or   registered mail, return receipt requested, postage prepaid. or by recognized   courier service with a receipt therefor, addressed to LESSOR at 200 West   Cummings Park, Woburn,Massachusetts 01801 or to the last address designated   by LESSOR. No oral, facsimile, or elec nic nave any force or effect. Time Is   of the essence In the service of any notice 22. OCCUPANCY.If LESSEE takesof   theto lhe commencement of this EE shaD pertorm aU termsof this lease from the   date possession. LESSOR mayrequire LESSEEs expense to relocate to another   similarpremba\ lAthe !l8fM.AIYRic;ipality a& lila g VRIRt pRiiA!i!lee, 11   LESSEE Is not regularty CICCl.lp')'lng the premises) at any Ume upon written   notice to LESSEE ard on terms comparable to those herein. If any olLESSEE   parties oocuples, controls,or ercumbers any part of the premises without   LESSOR's written permission after the termination of this lease or olhelwisa   beyond the period specified by LESSORInwriting,LESSEEshaA beliable toLESSOR   forany ardallloss,damages,and/orexpensesincurred byLESSOR,Includ' ngconsequentialdamages,andall   terms of this lease shal continue to apply, except that use and occupancy   payments shallbe due In full monthly instalments at a rate which shallbe two   limes the greater of the monthly rent due under this lease lor themmedialely   preceding calendar month or LESSOR's lhen-Q.Irrent published one-year rental   rate for the premises,it beingagreed thai such extended occupancy is a   tenancy at sufferance, solely lor the benefil and convenience of LESSEE, and   of greater rental value.The occupancy, control, or encumbrance of anypart of   thepremisesby any olLESSEEparties beyond noon on the last day of any rental   period shallconstituteOCC\Jpancy lor an entire addtional month, . '\1. and   increasedpayment as provided In this section shallbe immedlal due and payable.   LESSOR's acceptanceof anypayments shaH not alter LESSEE's status as a tenant   I"'\\ at sufferance. .-: .,n.l'll . 1 e.v \ s t Lf Of{ 23. FlE   PREVENTION. LESSEE agrees to usa all reasonable precautions against fire, to   provide and maintain approved, labeled fire extinguishers,emergency lighting   equipment, and exit signs, and to complete all other modifications within the   premises as required or recommended by tile Insurance Services Office (or   successor organization),OSHA,the localfire department, LESSOR's insurer,or   any similar entity. 24. OUlSIDE AREA. Allitems felt or storedby LESSEE Inany   common area without LESSOR's prior writtenconsent shall be deemedabandoned   and may be removed or disposed olby LESSOR at LESSEE's expense without   notice. LESSEE shallmaintain abuilding standard slze dumpster in a location   approvedby LESSOR,which dumpster shall be provided and serviced at LESSEE's   expense by a disposalfirm designated by LESSOR. Alternatively,if a   shareddumpster or compactor is provided by LESSOR,LESSEE shallpay the   disposalfirm or LESSOR,as applicable, LESSEE's share of aU charges associated   therewith. 25. ENVIRONMENT. LESSEE parties shall not interfere In any way   with the use and enjoyment of other portions of the same or neighboring   buildings by others,in LESSOR's discretion,by reason of oclors, smoke,   exhaust, vibrations, noise, moisture, pets, garbage, trash, vermin, pests, or   otherwise, and will at their expense employ aprofessionalservice to eliminate   such Interference If determined necessary by LESSOR.No oil,hazardous   material,or waste shallbe used,stored,disposed of,or allowed to remain at the   premises at any lime without LESSOR's prior written approval,and LESSEE   shallbe solely responsible for,and shallIndemnify and hold harmless LESSOR   and OWNER from, any and all corrosion and other damage in any way associated   with the use, storage,disposal,and/or release of same by LESSEE parties.   LESSEE shall provide and maintain effective devices for preventing damage to   the building and property from deionized water, chemicals, and hazardous   materials that may be used or present at the premises. 26. RESPONSIBIUTY.In   all events,neither LESSOR nor OWNER shallbe liable to anyone lor,nor shalf   LESSEE's obligations under lhls lease be reducedbecause of loss, injury, or   damage caused In any way by the use, leakage, Incursion, discharge, seepage,   flooding, or escape of water or sewage In any form or from any source, or by   the lnterrupUon or cessation of any service rendered customarily to the   premises or building or agreed to by the terms of this lease,by any accident,   the making of repairs, alterations or Improvements, labor diffiCulties,   weather conditions, mechanical breakdowns, trouble or scarcity in obtaining   fuel, electricity, service,or supplies from the sources from which they are   usually obtained, or by any change in any utility or service provider,or by   any cause beyond LESSOR's immediate control. Except as otherwise provided for   in this lease,neither LESSOR nor OWNER nor LESSEE shall be liable lor any special,   incidental, indirect, or consequential damages, including but not limited to   lost profits or loss of business, arising oulof or in any manner connected   with perfo manca or nonperfonnance under this lease, even If any party has   knowledge olthe possibility of such damages. 27. SURRENDER. On or before lhe   tennination of this lease, LESSEE shallremove allof LESSEEparties' goods   andeffects from the premises,and shall deliver to LESSOR exdusive and   unencumbered possession of the premises and all keys ard locks thereto, all   fixtures,equipment,and wor1<staUons of any type <XJmeded therewith,and   all allowed alterations made to or upon the premises, whelher completed by   LESSEE,LESSOR,or others,including but not 6mHed to any offices, window   blinds,lloor coverings, computer floors, plumbing, plumbing fixtures,   heating, ventilating and air conditioning equipment, ductwork, exhaust fans,   chillers, security, surveiHance and flre protection systems,   telecommunications and data wiring, cable trays, telephone systems, racking,   air and gas distribution piping,compressors, cranes,hoists, cabinets,   counters, sheMng, mUiwolk,casewot1<, electrical worll, including but not   limited to lighting fixtures of any type, wiring, conduit, transformers,   generators, distn"bution panels,bus ducts, raceways, receptacles and   discomects,and all lumishings and equipment that have been bo ed. welded,   nailed,screwed, glued, or otherwise attached to any wam, noor, ceifing,   roof,pavement, or ground, or which have been directly wired,dueled, or plumbed   to any portion olarrJ building or system serving the premises. Prior to   surrender, LESSEE shall,at LESSOR's option,remove or properly terminateand   label for futureuse any and allwiring and cal:ilnginstalledandlor usedby   LESSEE. LESSEE shallderiVer the premises broom clean,fully sanitized from   allchemicals or other contaminants, and in at least the same concfrtion as   they were at the commencement olthis lease or any prior lease between the   parties for the premises,or as they were modified during said term with   LESSOR's written consent, reasonable wear and tear only excepted, ard LESSEE   shallbedeemedto be encumberingthe premises unUIit delivers thepremises to   LESSOR at the time and In thecondition req.Jired herein. Arrt and   allproperty,including business records,that remains at the premises upon   termination of this lease shall, at LESSOR's option, be subject to Section 22   above or be deemed abandoned and be cf15posedof as LESSOR seeslit,without   LESSOR beingHableloranylossor damage thereto,andat the sole risk ot   LESSEE.LESSOR may removeand storeany such property at LESSEE's expense;retain   same under LESSOR's control;sellsame without notice at a public or private   sale andapply the net proceeds of such sale to the payment of any sum due   herein;or destroy same. Notwithstanding the delivery of any keys to   LESSOR,Inno case shall the premises be deemed surrendered to LESSOR untilthe   termination date provided herein or such other date as may be specified in a   written agreement between the parties. The parties' rights and obligations   under this section shall survive termination of this lease. LESSEE pK LESSOR

    

 

I 28. GENERAL   (a) The Invalidity or unenforceabilily of any clause or term of this lease   shall not affect or render Invalid or unenforceable any other clause or term   hereol. (b) No consent or waiver,express or implied,by LESSOR to or of any   breach of any obligation of LESSEE Is Intended or shall be construed as a   consent or waiver to or of any other breach of the same or any other   obligation. (c) The terms of this lease shallrun with the land,and this lease   shall be binding upon andinure to the benefit of the parties hereto and their   respective successors and assigns, except that LESSOR and OWNER shallbe   liable for Obligations occurring only while each is lessor or owner of the   premises. (d) This lease is made and delivered in the commonwealth of   Massachusel1s, and shall be Interpreted, construed, and enforced In   accordance with the laws thereat and only in a court therein. Any action or   proceeding arising out of this lease shallbe brought by LESSEE within one   year alter the event giving rise to the claim has occurred. (e) If LESSOR or   OWNER Is a trust,corporation,or other limited liabllity entity,the   obligations olLESSOR shall be binding upon the trust, corporation, or other   entity,but not upon any trustee,officer, director, shareholder, member,   limited partner.or beneficiary individually. (f) LESSOR represents that the   owner of the premises iOWNER") has agreed to be bound by the terms of   this leaseunless LESSEE isin default hereof. (g) If LESSEE is more than one   person, corporallon,other legalentity,partnership,or some combination   thereof,LESSEE's obligations shallbe Joint and several. Unless repugnant to   the context,"LESSOR"and"LESSEE"mean the person or   persons,naturalor coq>orate,named above as LESSOR andas   LESSEErespectively,andtheirrespective heirs, executors,   administrators,successors, and assigns. (h) This lease is the result of   negotiations between parties of equal bargaining strength, and when executed   by both parties shall constitute the entire agreement between the parties,   superseding all prior oral and written agreements, representatrons, and   statements,and LESSEE agrees to keep alinanclat and other terms of this lease   confidential. This leasa may not be amended except by written agreement   signed by aU parties,or as otherwise provided herein,and no oralor written   representation shall have any effect hefeon. (i) Notwithstanding any other   statements herein. LESSOR makes no warranty,express or implied,concerning the   suitability of the premises lor the use described above. 0) II,lor any   reason,LESSOR does not deliver possession of the premises as provided herein,   unless a delay is caused or contributed to In any way by any of LESSEE   patties,the rent,excluding the cost ol any amortized Improvements,shallbe   proportionately abated untO LESSOR delivers possession, and LESSOR shalt use   reasonable efforts to deliver possession at the earliest practical   date.LESSEE agrees that said abatement shallbe LESSEE's sole remedy for any   delay indelivery of possession and that LESSOR shallnot be liable for any   damages to LESSEE for such delay. (k) Neither the submission of this lease   form or any amendment hereof, nor the acceptance of the security deposit   and/or rent shallconstllule a reservation of or option for the premises, or   an oHer to lease,It being expressly understood and agreed that neither this   lease nor any amendment shal bindeither party In any manner whatsoever unless   anduntil it has been executed by both parties. (I} LESSEE shaM not be eniiUed   to exercise any option !n this lease, the attached Rider to Lease,or any   subsequent amendment or extension,or to receive LESSOR's consent as provided   for herein,it LESSEE Is at that timeIndefault of any term hereof. IIthis   lease terminates pursuant to Section 20 above,LESSEE acknowledges and agrees   that this lease may, at LESSOR's election,be reinstated by LESSOR with or   without notice to LESSEE.and LESSOR may require one or more conditions prior   to reinstatement. (m} No resllictlon. condition,or other endorsement by   LESSEE on any payment,nor LESSOR's deposit of any fullor   partialpayment,shallbind LESSOR In any way or limit LESSOR's rights under   this lease. (n} LESSEE shall pay LESSOR for alllegal and administrative fees   and expenses incurred by LESSOR due to any consent requested by LESSEE or in   enforcing any term of this lease. (o) LESSEE will conform to allrules and   regulations now or hereafter made by LESSOR for parking,for the care,use,   ancilor alteration of the building, Its facJiities and approaches, and for   the administration of this lease,and will not permit any of LESSEE parties to   violate this lease or any olits terms. (p) LESSEE's covenants under this   lease shall be Independent of LESSOR's covenants,and LESSOR's failure to   performany oflts covenants under this lease,Includinga covenant constitutinga   significant inducement to LESSEE to enter Into thislease,shalnl ot excuse the   payment of rent or any other charges by LESSEE or allow LESSEE to terminate   this lease. (q) LESSOR,LESSEE.OWNER,and GUARANTOR hereby walve any   andanrights to ajutytrialin any proceeding In any way arising oot of the   subject matter of this lease and/or the guaranty. (r) See attached Rider to   Lease for additional terms. 29. SECURITY AGREEMENT.LESSEE hereby grants   LESSOR a continuing security Interest inaU existing and hereafter acquired   property of LESSEEkepiInany of LESSOR's buildings (excluding LESSEE's   Intellectualproperty,patents and accounts receivable) to secure the performance   of allLESSEE's obligations under this lease or any subsequent lease between   the parties. LESSEE authorizes LESSOR to file a financing agreement or   financing statement andall necessary amendments In connection with this   security Interest. This security agreement shall survive termlnatlon of this   lease, sha• contlnue under any subsequent lease between the parties,and   shallnot negate or replace any continuing security Interest of LESSOR under   any prior lease between the parties. Default In the payment or performance or   any olLESSEE's obligations under this lease or any subsequent lease shall be   a default under this security agreement,and shall enUtle LESSOR to   immediately exercise all of the rights and remedies of a secured party under   the Uniform CommercialCode as adopted In Massachusetts. In the event of   default, LESSEE shall assist and facilitate LESSOR's exercise of Its rights   under thls section. 30. AUTOMATIC LEASE EXTENSIONS.This lease,Including all   terms and escalations,etc.shan be automatically extended for addiUonaJ   successive periods of five years each unless LESSOR or LESSEE serves written   notice, either party to the other,of either party's option to temlinate this   section,whereupon it wtn be of no further force or effect. The time for serving   such written notice shaIbe not more than 12 months or less than six months   prior to the expiration of day ol the then-current lease term. Time Is of the   essence. In R and .L.te:nding to be legally bound, have caused this lease to   be executed this LESSEE: By: Duly authorized Duly authorized Tille GUARANTY .   In consideration of LESSOR making this lease with LESSEE, GUARANTOR hereby   personally and unconditionally guarantees the prompt payment of rent by   LESSEE and the perlormance by LESSEE ol all financial and nonfinancial   obligations arising out of (I) this lease (and an amendments, extensions,   and/or assignments thereof),with respect to the premises herein and any new   premises that may become subject to this lease,and (ii} LESSEE's use and/or   occupancy of any premises managed by LESSOR.The undersigned promises to pay   all expenses, including reasonable legaland administrative fees, incurred by   LESSOR in enforcing this guaranty. LESSOR's consent to any assignments,   subleases.amendments, and extensions by LESSEE or to any compromise or   release of LESSEE's liabifity under this lease, with or without notice to the   undersigned,or LESSOR's failure to notify the undersigned of any default   and/or reinstatement of this lease, shall not relieve GUARANTOR from personalliability.   In witness whereof, the undersigned GUARANTOR, intending to be legally bound,   has caused this guaranty to be executed this day of ,, 20 . Address: Signature   Print name: 2015, Cummings Properties, LLC. All rights reserved. 

    

 

CUMMINGS   PROPERTIES, LLC STANDARD FORM RIDER TO LEASE W11150698-RRL-1 The following   additionalterms are Incorporated into and made a part of the attached lease   and in the event of any conflict between any term of this Rider to Lease and   the attached lease, the terms of this rider shall govern: A. SOUTH ESSEX   SEWERAGE DISTRICT. Wdh respect to leases at Cummings Center and Dunham Road   ilBeverly (only), LESSEE shaH fully comply with an regulations of!he South   Essex Sei.Yefage Dislrld(SESD) now or hereafter in effect, inducling prompt   filing with lESSOR of any doaments required by!he SESD. LESSEE agrees to   indemnify and hold hannless LESSOR andOWNER from anyand allraabirlty arising   out of any noncompraance of LESSEEwilh such regulations. B. ACTMTY AND USE   UMJTATION. Except as provided below,with respect to leases at Cummings Center   in Beverly and leases at 10 and 18 Commerce Wey in Wobum (only), lhe   folloy,ing activities and uses are expressly pJ"Otli)itecJ at the   property of v.i1ich lhe premises are a part: residential uses (except for   facirlies faadult congregatecare or assisted iving, senior housing,rusingheme   uses and other adult residential facilities in certain designated areas of   the property); dlild care, day care, or public or private elementary or secondary   schools; a public park. playground a playing field, or other adivities   hvclving more than casual contact wilh the ground; ruJtivation out-of-doors   of fruits a1d vegetables destined for human <XlnSUmplion; and fishing or   swirnmi'lg In the ponds and other wateJways on or adjacent to!he property. In   addition, implemenlation of a heallh and safety plan is required b"   construction, utirrties maintenance and other intrusive activities which are   likely to involve extensive exposure to or contact with sul::lruface soils at   the property. Notwithstanding the foregoing,residential,school, child   care,day care and children's learning center uses (and associated olislcle   reaeational activities and'or associated playground) are aulhorized in   specific locations at Cummilgs Center and/or 10 and 18Commerce W. As to   CLmTiilgs Center, the Nctice of Activity and Use Umitation dated Apri 26,   1996 was recorded at the Essex (South) Regislry of Deeds at Book 13533,Page   559, and amended on September 2, 1997 (Book 14299, Page 257), June19, 2003   (Book 21871, Page 314}, March 10, 2005 (Book24047, Page 1), August 11,2006   (Book 25994, Page 425), and September17, 2008 (Book 28043, Page 576). As to   10 and 1B Commercew . the Notice ofand Use Limitation dated December 12,1996   was rea:lrded at lhe Mtdclesex (Soulh) Regislry of Deeds at Book 26901, Page   293 and registered with the Middlesex Regislry District of 1he Land Court as   Document No.1231513, and amended on September24, 2002(Book 36592, Page499}and   September19, 2007 (Book 50124, Page578 and Land Court Document No.01454912).   C. CHANGEIN CORPORATE FORM. If LESSEE is a bust, corporation, partnership or   o1her imited liability entiy, LESSEE shaM serve written notice to LESSOR   within 30 days folowing the date LESSEE: (a) changes its legal name, (b)   merges into or consolidates with a third party, (c) files arti:les of entity   conversion, (d) changes its state of organizationfregistration or   domestication,(e) voluntanly or involuntariy aiSSOives or revokes ils   articles oforganization, artides of inoorporation or other charter doaJmenls,   or(f) changes any trustee(s}. D. LESSOR, at LESSOR's cost, shall modify the   premises according to the mutually agreed upon plan attached hereto before or   around March 1, 2016. E. Notwithstanding the commencement date of this lease,   LESSEE may occupy the premises one business day following substantial   completion of the modifications provided for in Paragraph D above and   LESSEE's production of all required insurance. early occupancy period. All   other terms of the lease shall apply throughout any such rent-free, LESSEE:   REPLIMUNE, INC. LESSOR: CUMMINGS PROPERTIES,LLC By: By: Duly authorized Duly   authorized Date: Title:. 

    

 

Note: -All   specialized con truction and/or construction required by code·for LESSEE's   use is available at an addit,ionaJ·expense·to LESSEE. FINAL PLAN   (SIG!-IA'IJ.IRE) *Note: Those CAO dnrwlnga are not as·l1uitt tawlnga and   Cummings PI'Qpett os makes no representation asio tlleir ac:curacy They are   recorded on.or can be tran millecl as.etecttaniC meda. They are thetefl!r•   subject to undetectable alterat on or erasute.either inlent onlllor   unintenlona!.due to,among other causes:transmission.convenlon, media   degnldation, eoi!Ware enor,01 human aUetaflon. Accordinoly,Cummings Properties   ahall not be heldliablelor any claims,losses.damages,or costs arising out of   any such uso of these CAD documents. dimenSions Ate apptOJdmate Lease   Plan  standard construdionunless 7 as   is Unless otherwise a noted. ·Fumlah ngs and equipment are shown Cummings   Properties 3,941 LSF illustrollvo purpoes only No tepreaenlaUonlsmadeastothe   200 West Cummings Park. suitability of this design for 18 use or occupancy

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