Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is entered into by and between Replimune, Inc. (the “Company”) and Andrea Pirzkall (the “Executive”)
as of May 22, 2020.

 

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

 

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

 

		1.	Employment.

 

(a)              
Term. The initial term of this Agreement shall begin on the first day of the Executive’s employment with the
Company on or around July 7, 2020, which actual date shall be mutually agreed to by the parties (such first day of the Executive’s
employment shall be referred to herein as the “Effective Date”), and shall continue for two years, unless the
Executive’s employment is sooner terminated in accordance with Sections 6, 7, 8, 9, 10 or 11. Unless earlier terminated,
the term of this Agreement shall automatically renew for periods of one year unless either party gives the other party written
notice at least 90 days prior to the end of the then existing term that the term of this Agreement shall not be further extended.
The period commencing on the Effective Date and ending on the date on which the term of this Agreement terminates is referred to
herein as the “Term.”

 

(b)              
Duties.

 

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

 

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

 

(iii)           
From the Effective Date and until August 31, 2020 (“Part-Time Period”), the Executive will be employed
on a part-time basis and the Executive will be expected to devote approximately two to three hours per week on average (not to
exceed eight hours per week) to the performance of her duties hereunder.

 

    

     

    

 

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

 

(d)              
Principal Place of Employment. During the Term and following the Executive’s relocation to the Boston, MA metropolitan
area, the Executive understands and agrees that her principal place of employment will be in the Company’s offices located
in the Boston, MA metropolitan area. Following the Part-Time Period, the Executive will be required to travel for business in the
course of performing her duties for the Company. It is recognized that for at least the first year of the Executive’s employment
hereunder, the Executive will continue to be based in North Carolina, and therefore frequent travel from North Carolina to the
Boston, MA metropolitan area following the Part-Time Period may be required.

 

2.                 
Compensation.

 

(a)              
Hourly Rate. During the Part-Time Period, the Executive will be paid at an hourly rate of $204.00, which shall be
paid in accordance with the Company normal payroll practices. The Executive is required to track her hours on a weekly basis and
notify the Company the number of hours worked during such week no later than Monday of the week following the week in which the
hours were worked.

 

(b)              
Base Salary. During the Term and following the Part-Time Period, the Company shall pay the Executive a base salary
(“Base Salary”), at the annual rate of $425,000, which shall be paid in installments in accordance with the
Company’s normal payroll practices. The Executive’s Base Salary shall be reviewed annually by the President and Chief
Research & Development Officer, pursuant to the normal performance review policies for senior-level executives and may be adjusted
from time to time as the Compensation Committee of the Board (the “Compensation Committee”) deems appropriate.
The Compensation Committee may take any actions of the Board pursuant to this Agreement.

 

(c)              
Annual Bonus. The Executive shall be eligible to be awarded an annual discretionary bonus for each fiscal year during
the Term, based on the establishment and attainment of individual and corporate performance goals and targets established by the
Compensation Committee (“Annual Bonus”) in its sole discretion. The target amount of the Executive’s Annual
Bonus for any fiscal year during the Term is 40% of the Executive’s annual Base Salary, and the actual Annual Bonus awarded,
if any, may be more or less than the target amount, as determined by the Compensation Committee in its sole discretion. Any Annual
Bonus awarded shall be paid after the end of the fiscal year to which it relates, at the same time and under the same terms and
conditions as the bonuses for other executives of the Company; provided that the Executive must be employed in good standing on
the date that the Executive’s Annual Bonus is paid. The Annual Bonus shall be subject to the terms of the annual bonus plan
that is applicable to other executives of the Company, including the requirement as to continued employment in good standing, subject
to the provisions of Section 7 below. Any Annual Bonus for fiscal year 2020 will be prorated for the period following Part-Time
Period during which the Executive works for the Company in fiscal year 2020. For the avoidance of doubt, the Executive shall not
be entitled to an Annual Bonus for hours worked during the Part-Time Period.

 

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(d)              
Stock Option. Subject to the approval of the Compensation Committee, which has already been obtained contingent on
the Executive’s commencement of employment, the Executive will be granted a Nonqualified Stock Option (as defined in the
Replimune Group, Inc. 2018 Omnibus Incentive Compensation Plan (the “Plan”)) to purchase 300,000 shares (the
“Option”), pursuant to the terms of the Company’s Plan and subject to the standard form of Nonqualified
Stock Option Award Agreement under the Plan. Vesting and exercisability of the Option will be over four years from the date of
grant with 25% vesting and becoming exercisable on the first anniversary of the date of grant, and the remainder vesting and becoming
exercisable monthly for three years thereafter.

 

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

 

4.                 
Paid Time Off. During the Term and following the Part-Time Period, the Executive shall be entitled to five weeks
of paid time off, in accordance with the Company’s paid time off policy, as may in effect from time to time. The Executive
may use paid time off for vacation, personal time, or sick time (in accordance with applicable law).

 

5.                 
Expenses.

 

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

 

(b)              
Relocation and Pre-Relocation Travel Expenses. Following the Part-Time Period, the parties expect that Executive
will (but Executive is not required to) travel to the Company’s offices in the Boston, MA metropolitan area for approximately
three to five days per week, two to four weeks per month. For up to two years after the end of the Part-Time Period and during
the Term, the Company shall reimburse the Executive for reasonable travel expenses, including economy airfare for flights between
North Carolina and Boston, MA, local transportation costs and lodging expenses. Following the first full year after the end of
the Part-Time Period, the parties agree to review the travel arrangement and certain adjustments may be made, including extending
the reimbursement period beyond two years after the end of the Part-Time Period. Upon the Executive’s relocation to the Boston,
MA metropolitan area during the Term, the Executive shall be eligible to receive reimbursement of reasonable relocation expenses
for the move to the Boston, MA metropolitan area from North Carolina. Such reasonable relocation expenses shall be limited to moving
company services, packing and unpacking services, one-way economy airfare for members of the Executive’s immediate family,
and vehicle transportation services.

 

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6.                 
Termination Without Cause; Resignation for Good Reason. The Company may terminate the Executive’s employment
at any time without Cause (as defined below) upon 30 days’ advance written notice. If the Company terminates the Executive’s
employment without Cause during the Part-Time Period, after the effective date of such termination, no payments shall be due under
this Agreement, except that the Executive shall be entitled to any Accrued Obligations (as defined below). The Executive may initiate
a termination of employment by resigning for Good Reason following the Part-Time Period, as described below. Upon termination by
the Company without Cause or resignation by the Executive for Good Reason, in each case, following the Part-Time Period, whether
before or after the Change of Control Protection Period (as defined below), if the Executive executes and does not revoke a written
Release (as defined below), the Executive shall be entitled to receive, in lieu of any payments under any severance plan or program
for employees or executives, the following:

 

(a)              
The Company will pay the Executive an amount equal to 0.75 times the Executive’s annual Base Salary. Payment shall
be made over the nine-month period following the termination date in installments in accordance with the Company’s normal
payroll practices. Payment will begin within 60 days following the termination date, and any installments not paid between the
termination date and the date of the first payment will be paid with the first payment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

10.             
Disability. If the Executive incurs a Disability during the Term, in accordance with applicable law, the Company
may terminate the Executive’s employment on or after the date of Disability. If the Executive’s employment terminates
on account of Disability, the Executive shall be entitled to receive any Accrued Obligations. For purposes of this Agreement, the
term “Disability” shall mean the Executive is eligible to receive long-term disability benefits under the Company’s
long-term disability plan; provided that if the Executive is not covered under the Company’s long-term disability plan, “Disability”
shall mean the Executive is unable to perform the essential functions of the job, with or without reasonable accommodation, by
reason of any medically determinable physical or mental impairment that can be expected to last for a continuous period of not
less than six months, subject to applicable law.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

14.             
Section 409A.

 

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

 

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

 

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

 

15.             
Restrictive Covenants.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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16.             
Legal and Equitable Remedies.

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    12

     

    

 

If to the Company, to:

 

Replimune Inc.

500 Unicorn Park

Woburn, MA 01801

Attn: Chief Executive Officer

 

with a copy to:

 

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

Attn: Gitte Blanchet

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page
Follows)

 

    14

     

    

 

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

 

	 	REPLIMUNE,
    INC.
	 	 
	 	/s/
    Philip Astley-Sparke
	 	Name:
    Philip Astley-Sparke
	 	Title:
    Chief Executive Officer
	 	 
	 	Date:
    May 25, 2020
	 	 
	 	EXECUTIVE
	 	 
	 	/s/
    Andrea Pirzkall
	 	Name:
    Andrea Pirzkall
	 	 
	 	Date:
    May 24, 2020

 

    15Exhibit 10.3 

 

			 

  

	DATED	29 June	2020

 

(1) MEPC MILTON PARK NO.1 LIMITED AND
MEPC MILTON PARK NO.2 LIMITED

  

and 

 

(2) REPLIMUNE LIMITED

 

deed
of variation

 

relating to a lease of

 

69 and 70 Innovation Drive

Milton Park  

 

Knights plc

Midland House

West Way

Botley

Oxford

	OX2 0PH	

 

    

     

    

 

	 	PARTICULARS
	DATE	:	29
June 2020         
	LANDLORD  	:	MEPC
MILTON PARK NO. 1 LIMITED (Company number 5491670) and MEPC MILTON PARK NO. 2 LIMITED (Company number 5491806), on
behalf of MEPC Milton LP (LP No. 014504), both of whose registered offices are at Sixth Floor, 150 Cheapside, London EC2V 6ET;
	TENANT  	:	REPLIMUNE LIMITED
(Company number 09496393) whose registered office is at 69 Innovation Drive, Milton Park, Abingdon, Oxfordshire, United Kingdom,
OX14 4RQ

  

BACKGROUND

 

		(A)	This Deed is supplemental to the Lease;

 

		(B)	The Landlord and the Tenant have agreed that the Lease shall
                                         be varied as set out in this Deed.

 

The parties
agree as follows:

 

		1	definitions

 

		1.1	In this Deed, unless the context requires
                                         otherwise, the following definitions shall apply:

  

	Landlord	includes successors in title to the freehold estate in the Property;
	Lease	a lease of the Property dated 4 April 2016 made between (1) MEPC Milton Park
    No. 1 Limited and MEPC Milton Park No. 2 Limited and (2) Replimune Limited, a copy of which is appended to this Deed, and
    all documents supplemental thereto;
	Licence to Alter	a licence to carry out works outside the Property dated 7 February 2019 made
    between (1) MEPC Milton Park No. 1 Limited and MEPC Milton Park No. 2 Limited and (2) Replimune Limited;
	Property	69 and 70 Innovation Drive, Milton Park, Abingdon, Oxfordshire OX14 4RQ as
    more particularly defined in the Lease; and
	Tenant	includes successors in title to the term created by the Lease.

 

		1.2	The Particulars are incorporated in and
                                         form part of this Deed so that in this Deed the words and expressions set out in the
                                         Particulars shall have the meanings ascribed to them in the Particulars.

 

    
	 

1

     

    

 

		1.3	Expressions defined in the Lease shall
                                         (save where the context requires otherwise) have the same meanings as in this Deed.

 

		1.4	The provisions of the Lease relating to
                                         its interpretation apply to this Deed except to the extent that they are expressly varied
                                         by this Deed.

 

		2	variation

 

In consideration of the sum of
one pound (£1) paid by the Tenant to the Landlord (receipt of which the Landlord acknowledges) it is mutually agreed and
declared that with effect from the date of this Deed the Lease shall be varied in accordance with the provisions set out in the
Schedule.

 

		3	continuing effect

 

		3.1	The Landlord and Tenant acknowledge
                                         that by entering into this deed that there has been a deemed surrender and re-grant of
                                         the Lease. The Landlord and Tenant confirm that the new lease created by this Deed is
                                         granted in consideration of the surrender of the Lease.

 

		3.2	Notwithstanding the effect of clause 3.1,
                                         the Parties intend that all of the terms, requirements, covenants, conditions, stipulations
                                         and provisions of the Lease shall apply to the lease created by this Deed, save to the
                                         extent any such terms requirements, covenants, conditions, stipulations and provisions
                                         are modified by this Deed through the provisions contained in the Schedule.

 

		4	Licence to Alter

 

The parties hereby agree and acknowledge
that the provisions of the Licence to Alter shall continue in full force and effect notwithstanding the effect of clause 3.1 and
that references to the “Lease” in the Licence to Alter shall be deemed to refer to the lease created by this Deed.

 

		5	exclusion of contracts (rights of third
                                         parties) act 1999

 

A person who is not a party to
this Deed shall not have any right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Deed.

 

		6	SUCCESSORS

 

This deed
binds the respective successors in title of the Landlord and the Tenant.

 

		7	exclusion of security of tenure

 

		7.1	The Landlord and the Tenant agree that
                                         sections 24 to 28 of the 1954 Act shall be excluded from the tenancy created by this
                                         Deed;

 

		7.2	The Landlord has served on the Tenant
                                         a notice as referred to in section 38A(3)(a) of the 1954 Act and the Tenant has made
                                         a statutory declaration pursuant to the requirements of Schedule 2 of the 2003 Order
                                         the original or a true copy of which declaration is annexed to this Deed.

 

		8	Registration

 

Promptly
following the completion of this deed, the Tenant shall apply to register this deed at HM Land Registry in order to close the
Tenant's registered title number ON325431 for the Lease and to register the new lease granted by this Deed against the Landlord's
registered title number ON130606.

 

		9	GOVERNING LAW

 

This deed
and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
disputes or claims) shall be governed by and construed in accordance with the law of England.

 

    
	 

2

     

    

 

		10	JURISDICTION

 

Each party
irrevocably agrees that the courts of England shall have exclusive jurisdiction to settle any dispute or claim arising out of
or in connection with this deed or its subject matter or formation (including non-contractual disputes or claims).

 

Executed
by the parties as a Deed on the date stated at the beginning of this document

 

    
	 

3

     

    

 

SCHEDULE

 

Agreed Variations to the Lease 

 

		1.	In the Prescribed Clauses, LR6. amended as follows:

  

	LR6.Term
    for which the Property is leased	 	From
        and including 4 April 2016

         

        To
        and including 3 April 2031

         

	 	 	 

		2.	In the Lease Particulars the definition of “Contractual
                                         Term” shall be deleted and substituted by the following:

 

“Contractual term: fifteen (15)
years from the 4 April 2016 to and including 3 April 2031”

 

		3.	Clause 1.1 [Definitions] and in the Lease
                                         Particulars the definition of “Break Date” shall be deleted and
                                         substituted by the following:

 

“Break Date means 4 April 2026;”

 

		4.	In Clause 1.1 [Definitions] the definition of
                                         “Principal Rent” and “Initial Principal Rent” in
                                         the Lease Particulars shall both be deleted and substituted by the following:

 

“Principal Rent means:

 

From and including the Rent Commencement Date to
and including 3 December 2016: ONE HUNDRED AND THIRTY NINE THOUSAND FIVE HUNDRED AND SEVEN POUNDS AND SEVENTY FIVE PENCE (£139,507.75)
per annum;

 

From and including 4 December 2016 to and including
23 June 2020: TWO HUNDRED AND SEVENTY NINE THOUSAND AND FIFTEEN POUNDS AND FIFTY PENCE (£279,015.50) per annum;

 

From and including 24 June 2020 to and including
24 December 2020: ONE HUNDRED AND THIRTY NINE THOUSAND FIVE HUNDRED AND SEVEN POUNDS AND SEVENTY FIVE PENCE (£139,507.75)
per annum;

 

From and including 25 December 2020 to and including
the day before the Review Date: TWO HUNDRED AND SEVENTY NINE THOUSAND AND FIFTEEN POUNDS AND FIFTY PENCE (£279,015.50) per
annum;

 

Subject to increase in accordance with the Second
Schedule;”

 

		5.	In Clause 1.1 [Definitions] and in the Lease
                                         Particulars the definition of “Review Date” shall be deleted and
                                         substituted by the following:

 

“Review Date means each of the First
Review Date and the Second Review Date, whichever is relevant, and Relevant Review Date shall be interpreted accordingly;”

 

		6.	In Clause 1.1 [Definitions] the following shall
                                         be added as new definitions:

 

“First Review Date means 4 April 2021;”

 

“Second Review Date means 4 April 2026;”

 

    
	 

4

     

    

 

		7.	Clause 8.1 [Break Clause] shall be deleted and
                                         substituted by the following:

 

“The Tenant may terminate the Contractual Term
on the Break Date by giving to the Landlord not less than twelve (12) months’ previous notice in writing;”

 

		8.	Clause 8.2 [Break Clause] shall be deleted and
                                         substituted by the following:

 

“Any notice given by the Tenant shall operate
to terminate the Contractual Term only if:

 

(i) the Principal Rent reserved
by this lease has been paid by the time of such termination; and

 

(ii) the Tenant gives the Landlord
possession of the Property on termination free from any sublease and any third party occupational interests; and

 

(iv) the Tenant has previously
paid to the Landlord in cleared funds a sum equivalent to three months’ Principal Rent then payable;”

 

		9.	A new Clause 8.6 shall be added as follows:

 

“If the Tenant does not terminate this Lease
on the Break Date in accordance with this clause 8 then the Principal Rent shall be reduced by half for the period of six (6)
months immediately following the Break Date and for the avoidance of doubt the Principal Rent shall resume to its full amount
immediately following this six (6) month period.”

 

		10.	The Second Schedule [Rent Review] shall be
                                         deleted and substituted by the following:

 

“1. In this Schedule:

 

		1.1	First Review Date means the First Review Date;

 

		1.2	Second Review Date means the Second Review Date;

 

		1.3	Review Date means each of the First Review Date and
                                         the Second Review Date, whichever is relevant, and Relevant Review Date shall
                                         be interpreted accordingly;

 

		1.4	Current Rent means the Principal Rent payable under
                                         this lease immediately before the Relevant Review Date;

 

		1.5	Index means the Retail Prices Index (All Items: including
                                         housing and mortgage costs) published by the Office for National Statistics or (if not
                                         available) such index of comparative prices as the Landlord shall reasonably require;

 

		1.6	Indexed Rent means Current Rent multiplied by (A/B)
                                         per annum where:

 

A = The figure shown in the Index
for February 2021 (for the First Review Date) or February 2026 (for the Second Review Date); and

 

B = the figure shown in the Index
for February 2016 (for the First Review Date) or February 2021 (for the Second Review Date)

 

		1.7	Revised Rent means the new Principal Rent following
                                         the Relevant Review Date pursuant to paragraph 2 (for the First Review Date) or paragraph
                                         3 (for the Second Review Date) of this Second Schedule.

 

		1.8	Rack Rental Value means the annual rent (exclusive
                                         of VAT) at which the Property might reasonably be expected to be let in the open market
                                         at the Second Review Date;

 

    
	 

5

     

    

 

ASSUMING

 

		(a)	the letting is on the same terms as those contained in
                                         this lease but subject to the following qualifications:

 

		(i)	the term shall commence on the Second Review Date and be
                                         five (5) years;

 

		(ii)	the amount of the Principal Rent shall be disregarded,
                                         but it shall be assumed that the Principal Rent is subject to review on the terms of
                                         and at the same intervals as the Principal Rent under this lease;

 

		(b)	the Property is available to let as a whole, with vacant
                                         possession, by a willing landlord to a willing tenant, without premium;

 

		(c)	the Property is ready, fit and available for immediate
                                         occupation and use for the Permitted Use;

 

		(d)	all the obligations on the part of the Tenant contained
                                         in this lease have been fully performed and observed;

 

		(e)	no work has been carried out to the Property which has
                                         reduced the rental value of the Property;

 

		(f)	if the whole or any part of the Property has been destroyed
                                         or damaged it has been fully reinstated;

 

		(g)	that there is no alternative basis in the hypothetical
                                         lease for the assessment of rent on review other than for assessment of the Rack Rental
                                         Value;

 

BUT DISREGARDING:

 

		(g)	any goodwill attached to the Property by reason of any
                                         business carried on there;

 

		(h)	any effect on rent of the fact that any Tenant and any
                                         undertenant is or has been in occupation of the Property;

 

		(i)	any effect on rent of any improvements at the Property
                                         made with the Landlord’s consent by the Tenant or any undertenant, except improvements
                                         carried out pursuant to an obligation to the Landlord or at the expense of the Landlord;

 

PROVIDED THAT the Rack Rental Value shall be that
which would be payable after the expiry of any rent free period or concessionary rent period for fitting out (or the receipt of
any contribution to fitting out works or other inducement in lieu thereof) which might be given on a letting of the Property,
so that no discount reduction or allowance is made to reflect (or compensate the tenant for the absence of) any such rent free
or concessionary rent period or contribution or other inducement.

 

		1.9	Expert means a surveyor
                                         (who shall be a Fellow of the Royal Institution of Chartered Surveyors with at least
                                         ten (10) years’ experience in the letting and valuation of premises of a similar
                                         nature to and situate in the same region as the Property) agreed between the Landlord
                                         and the Tenant, or in the absence of agreement nominated on the application of either
                                         party by the President for the time being of the Royal Institution of Chartered Surveyors.

 

    
	 

6

     

    

 

		2.	The Principal
                                         Rent shall be reviewed on the First Review Date to the higher of:

 

		2.1	the Current Rent (disregarding any suspension or abatement
                                         of the Principal Rent); and

 

		2.2	the Indexed Rent ascertained in accordance with this lease.

 

		3.	The Principal
                                         Rent shall be reviewed on the Second Review Date to the higher of:

 

		3.1	the Current Rent (disregarding any suspension or abatement
                                         of the Principal Rent); and

 

		3.2	the Indexed Rent ascertained in accordance with this lease;
                                         and

 

		3.3	the Rack Rental Value on the Second Review Date agreed or
                                         determined in accordance with this lease.

 

		4	The Rack Rental
                                         Value at the Second Review Date shall be:

 

		4.1	agreed in writing between the Landlord and the Tenant; or

 

		4.2	determined by an Expert (acting as an expert) on the application
                                         of either Landlord or Tenant at any time after the Second Review Date;

 

		5	In the case of
                                         determination by an Expert:

 

		5.1	the Expert will be instructed to afford the Landlord and
                                         the Tenant the opportunity to make written representations to him and comment upon written
                                         representations received by him;

 

		5.2	if an Expert dies, refuses to act or becomes incapable of
                                         acting, or if he fails to notify the parties of his determination within 2 months after
                                         receiving the last submission delivered to him, either the Landlord or the Tenant may
                                         apply to the President for the time being of the Royal Institution of Chartered Surveyors
                                         to discharge him and appoint another in his place;

 

		5.3	the fees and expenses of the Expert and any VAT thereon
                                         shall be paid by the Landlord and the Tenant in such shares as the Expert shall decide
                                         (or in equal shares if the Expert does not decide this point); if one party pays all
                                         the Expert’s fees and expenses, the paying party may recover the other’s
                                         share from the other party, in the case of the Landlord as arrears of rent.

 

    
	 

7

     

    

 

		6.	If a Revised
                                         Rent has not been ascertained by the Relevant Review Date:

 

		6.1	the Current Rent shall continue to be payable until the
                                         Revised Rent is ascertained;

 

		6.2	when the Revised Rent is ascertained:

 

6.2.1 the Tenant shall pay
within 14 days of ascertainment of the Revised Rent:

 

		(i)	any difference between the Principal Rent payable immediately
                                         before the Relevant Review Date and the Principal Rent which would have been payable
                                         had the Revised Rent been ascertained on the Relevant Review Date (the Balancing Payment);
                                         and

 

		(ii)	interest on the Balancing Payment at Base Rate from the
                                         date of dates when the Balancing Payment or the relevant part or parts would have been
                                         payable had the Revised Rent been ascertained on the Relevant Review Date;

 

6.2.2 the Landlord and Tenant
shall sign and exchange a memorandum recording the amount of the Revised Rent.

 

		7.	Time shall not
                                         be of the essence for the purposes of this Schedule.

 

 

 

		11.	In the Lease Particulars the definition of
                                         “Review Type” shall be deleted.

   

    
	 

8

     

    

 

 

 

 

    
	 

9

     

    

 

	EXECUTED as a DEED by 

        REPLIMUNE LIMITED acting by

         

         

         

        A director in the presence of:

         
	 	/s/ Colin Love

	 	 	  

	 	 	Director
	 

         

         

        /s/ Sam Goddard
	 	 
	 

         

         

         
	 	 
	Witness Name: Sam Goddard 

         

        Address: 

         

        Occupation:

         
	 	 

 

    
	 

10

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