Document:

EXHIBIT
10.3

 

FIRST
AMENDMENT TO LEASE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“6.22%”

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

EXHIBIT
E

 

DESCRIPTION
OF LANDLORD’S WORK

 

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

 

	1.	Remove
    existing carpet.
	 	 
	2.	Remove
    existing VCT flooring in kitchen area.
	 	 
	3.	Patch
    wall(s) as necessary and repaint - color to be selected by Tenant.
	 	 
	4.	Modify
    the space in accordance with the plan drawn by Fredley R. Chitel Space Planning and Interior Design date June 29, 2015.
	 	 
	5.	Supply
    and install new direct/indirect light fixtures.
	 	 
	6.	Supply
    and install new ceiling tiles, manufactured by Armstrong “Dune”.
	 	 
	7.	Supply
    and install new vinyl planks in reception area, new VCT in kitchen and copy area and carpet tiles in offices and conference
    areas.
	 	 
	8.	Supply
    and install fiberglass insulation over top of existing partitions as shown on plan.EXHIBIT
10.4

 

SECOND
AMENDMENT TO LEASE

 

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

 

WHEREAS,
on August 27, 2015 the Landlord and Tenant executed a First Amendment to Lease; and

 

WHEREAS,
the Landlord and Tenant desire to amend the Lease in certain aspects.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein and in the Lease contained, the parties hereto hereby
agree to the following:

 

1.)     
The New Commencement Date (for the Relocation Space) is February 1, 2016 and shall terminate on January 31, 2021. 

 

2.)     
The last two sentences of Section 3.2 shall be deleted in its entirety and replaced with the following: 

 

“Tenant
will be responsible for contributing one hundred eleven thousand two hundred twenty ($111,220.00) dollars toward the cost of the
improvements. Tenant shall pay this cost on the Commencement Date”

 

3.)     
Capitalized terms, not otherwise herein defined shall have the meaning for such terms described in the Lease. 

 

4.)     
In all other respects, the terms and provisions of the Lease are hereby ratified and confirmed and remain in full force and effect.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Landlord and Tenant hereby have executed this Second Amendment to Lease, as a sealed instrument on this
30th day of March, 2016.

 

	LANDLORD:	RIVER RIDGE LIMITED PARTNERSHIP	 
	 	 	 
	 	By:	 Cornerstone Corporation 	 
	 	Its: 	Managing Agent	 
	 	 	 	 
	 	By:	/s/ Paul E. Tryder	 
	 	 	Paul E. Tryder	 
	 	 	President	 
	 	 	 	 
	TENANT: 	CORBUS PHARMACEUTICALS, INC.	 
	 	 	 	 
	 	By:	/s/ Yuval Cohen	 
	 	 	Yuval Cohen	 
	 	 	Chief Executive OfficerEXHIBIT
10.5

 

THIRD
AMENDMENT TO LEASE

 

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

 

WHEREAS,
on August 27, 2015 the Landlord and Tenant executed a First Amendment to Lease; and

 

WHEREAS,
on March 30, 2016 the Landlord and Tenant executed a Second Amendment to Lease; and

 

WHEREAS, the
Tenant has agreed to rent additional space from the Landlord;
and

 

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

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein and in the Lease contained, the parties hereto hereby
agree to the expansion of the Premises to include 4,088 rentable square feet on the first floor (the “Expansion Space”)
as shown on Exhibit A annexed hereto and to the following amendment(s) in the Lease which shall become effective upon the completion
of work, which Landlord and Tenant shall mutually agree upon. It is contemplated by the Landlord and Tenant that such work will
be completed on or before October 1, 2016. Landlord and Tenant shall confirm the Commencement Date in writing.

 

1.)
As of the Commencement Date the following terms contained in the Lease shall be amended to read as follows:

 

“Premises-approximately
10,414 rentable square feet on the first floor as shown on Exhibit B attached hereto.”

 

2.)
The Annual Fixed Rent and Monthly Fixed Rent contained in Article I is amended to read as follows:

 

	 	 	 	10/1/16-1/31/17	 	 	 	2/1/17-1/31/18	 	 	 	2/1/18-1/31/19	 	 	 	2/1/19-1/31/20	 	 	 	2/1/20-1/31/21	 
	Annual Fixed Rent	 	$	79,840.67	 	 	$	244,729.00	 	 	$	249,936.00	 	 	$	255,143.00	 	 	$	260,350.00	 
	Monthly Fixed Rent 	 	$	19,960.16	 	 	$	20,394.08	 	 	 	s 20,828.00	 	 	$	21,261.91	 	 	$	21,695.83	 

 

3.)
The amount of Tenant’s Percentage is amended to read as follows: “10.24%”

 

4.)
The Security Deposit in Article I is amended to read as follows:

 

“The
Security Deposit in the amount of $50,000.00 shall be held and disposed of as provided in Section 4.4. The Security
Deposit is being delivered to Landlord in the form of a Letter of Credit in the amount of the Security Deposit and the
term “Security Deposif’ includes, without limitation, the unapplied proceeds of any Letter of Credit delivered
to Landlord from time to time pursuant to Section 4.4. The Letter of Credit shall be a standby irrevocable letter
of credit, payable on sight, which shall have an expiration date no earlier than January 31, 2021 and shall be issued by
a bank and be upon such form as are satisfactory to Landlord in all
respects.”

 

    	 

    	 

    

 

5.)
Landlord will provide a Tenant Improvement Allowance of $50,000.00 for Tenant’s use of improving the Premises. Such Allowance
to be used for hard and soft costs for the Tenant Improvement work. Landlord will be responsible for Tenant’s buildout and
Tenant will be responsible for buildout costs in excess of the $50,000.00 allowance. In the event Tenant does not use all of the
$50,000 Tenant Improvement Allowance to improve the Expansion Space, Tenant shall be able to apply such unused portion of the
Tenant Improvement Allowance toward a future lease with Landlord.

 

6.)
Prior to the Commencement Date, the Landlord shall cause to be performed, the improvements as shown on the attached plan as shown
on Exhibit D. annexed hereto

 

7.)
The first sentence of Section 4.4 shall be deleted in its entirety and replace with the following:

 

“Upon
signing this Lease, Tenant shall provide Landlord with a standby irrevocable letter of credit issued by a bank reasonably
satisfactory to Landlord and in a commercially reasonable form in an amount equal to $50,000.00”

 

8.)
Item #6 of Section 4.2.4 of the Lease shall apply to the Expansion Space

 

9.)
Capitalized terms, not otherwise herein defined shalt have the meaning for such terms described in the Lease.

 

10.)
This lease amendment and the obligations of the parties hereto are contingent upon the Landlord obtaining from GlaxoSmithKline
Consumer Healthcare LP. an executed written agreement terminating its Lease for the Premises.

 

11.)
In all other respects, the terms and provisions of the Lease are hereby ratified and confirmed and remain in full force and effect.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Landlord and Tenant hereby have executed this Third Amendment to Lease, as a sealed instrument on this
13th day of September, 2016.

  

	LANDLORD:	RIVER
    RIDGE LIMITED PARTNERSHIP	 
	 	 	 	 
	 	By:	Cornerstone
Corporation	 
	 	Its:	Managing
    Agent	 
	 	 	 	 
	 	By:	/s/
Paul Tryder	 
	 	 	President	 
	 	 	 	 
	TENANT:	CORBUS
    PHARMACEUTICALS,INC.	 
	 	 	 	 
	 	By:	/s/
    Sean Moran	 
	 	 	Chief
    Financial Officer	 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

EXHIBIT
D

 

DESCRIPTION
OF WORK

 

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

 

	 	1.	Remove
existing carpet.
	 	 	
	 	2.	Patch
wall(s) as necessary and repaint-all walls color(s) to be selected by Tenant.
	 	 	 
	 	3.	Modify
the space in accordance with the attached plan.
	 	 	 
	 	4.	Patch
    ceiling as necessary.
	 	 	 
	 	5.	Supply
    and install carpet tile to match existing field in Corbus space.
	 	 	 
	 	6.	Connect
    the Expansion Space to the existing Corbus space.
	 	 	 
	 	7.	Remove
    existing tile in the kitchen and replace with wallboard.

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