Document:

EX-10.9

 Exhibit 10.9 

AMENDMENT NO. 1 AND INCREMENTAL TERM LOAN ASSUMPTION AGREEMENT 

This AMENDMENT NO. 1 AND INCREMENTAL TERM LOAN ASSUMPTION AGREEMENT, dated as of March 18, 2020 (this “Amendment”),
among (i) DIGITALOCEAN, LLC, a Delaware limited liability company (f/k/a Digital Ocean, Inc., a Delaware corporation), as Borrower (the “Borrower”); (ii) DIGITALOCEAN HOLDINGS, INC., a Delaware corporation and the sole parent
of the Borrower, as Holdings (“Holdings”), SERVERSTACK, INC., a New York corporation (“ServerStack”, and together with Holdings and the Borrower, the “Credit Parties”), MORGAN STANLEY SENIOR
FUNDING, INC., in its capacity as an incremental term loan lender (the “Initial Incremental Term Lender”), the Lenders executing this Amendment on the signature pages hereto, and KEYBANK NATIONAL ASSOCIATION, in its capacity as
Administrative Agent (the “Administrative Agent”) under the Credit Agreement referred to below. 
 RECITALS 

A.    The Borrower, Holdings, the lenders party thereto, the Administrative Agent, and the other parties thereto are
parties to the Second Amended and Restated Credit Agreement, dated as of February 13, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B.    Subject to the terms and conditions of the Credit Agreement, the Borrower may establish Incremental Term Loan
Commitments by entering into one or more Incremental Term Loan Assumption Agreements with Incremental Term Lenders. 

C.    This Agreement constitutes an Incremental Term Loan Assumption Agreement. 

D.    In connection with the foregoing and pursuant to the terms of this Agreement, it is intended that the Borrower will
obtain $20,000,000 of Incremental Term Loans (such Incremental Term Commitment, the “Initial Incremental Term Commitment”, and such Incremental Term Loans, the “Initial Incremental Term Loans”). 

E.    In accordance with Section 2.15(a)(i) of the Credit Agreement, the parties hereto have agreed to establish the
Initial Incremental Term Loan Commitments on the terms and subject to the conditions set forth herein. 
 F.    The
Borrower has requested, and the Administrative Agent and each of the Lenders executing a consent (a “Consent”) in the form of Exhibit A hereto (each, a “Consenting Lender”) has agreed, to amend the Credit Agreement
as set forth herein. 
 AGREEMENT: 

In consideration of the premises and mutual covenants herein and for other valuable consideration, the Borrower, Holdings, the Administrative
Agent and the Initial Incremental Term Lender party hereto agrees as follows: 

  
 1 

 Section 1. Definitions. Unless otherwise defined herein, each capitalized term
used in this Amendment and not defined herein shall be defined in accordance with the Credit Agreement. 
 Section 2. Assumption of
Incremental Term Loans. 
 (a)    Subject to the terms of Section 2.15 of the Credit Agreement
and this Amendment, the Initial Incremental Term Lender hereby agrees to make the Initial Incremental Term Loans to the Borrower in a single drawing on the Amendment No. 1 Effective Date. 

(b)    The Initial Incremental Term Loans are being extended pursuant to Section 2.15(a)(i) and after
giving effect to the incurrence of the Initial Incremental Term Loans on the Amendment No. 1 Effective Date, the amount of Incremental Term Loans then available under Section 2.15(a)(i) shall be $30,000,000. 

(c)    The Initial Incremental Term Loans made pursuant to the Initial Incremental Term Loan Commitments
shall constitute “Term Loans” for all purposes under the Credit Agreement and shall have the same terms and conditions as the Closing Date Term Loans outstanding immediately prior to the effectiveness of this Amendment (the
“Existing Term Loans”), including, without limitation, with respect to interest payable thereon, the maturity date thereof and Applicable Margin. The Initial Incremental Term Loans shall rank pari passu in right of payment with
Existing Term Loans. 
 (d)    Without limiting the generality of the foregoing and except as may
otherwise be set forth in this Amendment, the Initial Incremental Term Loans shall: (i) constitute Obligations and have all of the benefits thereof, (ii) have terms, rights, remedies, privileges and protections identical to those
applicable to the Existing Term Loans under the Credit Agreement and each of the other Loan Documents, (iii) be structured as an increase to the Existing Term Loans that will trade fungibly with such Existing Term Loans and (iv) be secured
by the Collateral and rank pari passu in right of security with the Existing Term Loans. 
 Section 3. Amendments to the Credit
Agreement. Subject to the conditions to effectiveness set forth in Section 4 below and in reliance upon the representations and warranties of the Credit Parties set forth in Section 5 below, as of the Amendment No. 1 Effective
Date, the Credit Agreement is hereby amended as follows: 
 (a)    Section 1.01 of the Credit Agreement
is hereby amended by inserting the following definitions in proper alphabetical order therein: 
 “Amendment
No. 1” means that certain Amendment No. 1 and Incremental Term Loan Assumption Agreement, dated as of March 18, 2020, among the Borrower, Holdings, the Incremental Term Lender party thereto and the
Administrative Agent. 
 “Amendment No. 1 Effective Date” has the meaning assigned to
such term in Amendment No. 1. 
 (b)    Section 1.01 of the Credit Agreement is hereby amended by
amending and restating the definition of Restricted Participant in its entirety as follows: 
 “Restricted
Participant” means (i) any Person designated by the Borrower as a “Restricted Participant” by written notice delivered to the Administrative Agent on or prior to the Amendment No. 1 Effective Date, (ii) any
Person that is a bona fide competitor of the Borrower 

  
 2 

 
that is engaged in the same or similar line of business as the Borrower (including, without limitation, any such competitor that has been designated by the Borrower as a “Restricted
Participant” prior to the Amendment No. 1 Effective Date) and has been designated by the Borrower as a “Restricted Participant” by written notice to the Administrative Agent from time to time, or (iii) any
Affiliate of a Person described in the foregoing clauses (i) and (ii) that is clearly identifiable solely on the basis of the similarity of its name as an affiliate of such Person (which, for the avoidance of doubt, shall not include any
investors that are not operating companies or Affiliates of operating companies or bona fide debt investment funds that are Affiliates of the Persons referenced in clauses (i) or (ii) above); provided, in the case of each of clauses
(ii) and (iii), that the inclusion of such Persons as a Restricted Participant shall not apply retroactively to disqualify any Persons that have previously acquired a participation interest in a Loan or Commitment. Notwithstanding the
foregoing, if an Event of Default pursuant to Section 8.01(a) or Section 8.01(i) has occurred and is continuing, the Borrower shall not have the right to designate any Person as a Restricted Participant. The Administrative Agent shall be
authorized and instructed to post such list of Restricted Participants (and supplements thereto) to the Platform.” 

(c)    Schedule 1 to the Credit Agreement is hereby amended and restated in its entirety to read in the
form of the schedule attached hereto as Exhibit B 
 Section 4. Conditions Precedent. This Amendment, and the obligations of the
Initial Incremental Term Lender with Initial Incremental Term Commitments to fund Initial Incremental Term Loans on the Amendment No 1. Effective Date, shall be effective upon satisfaction of each of the conditions set forth below (the
“Amendment No. 1 Effective Date”): 
 (a)    (i) this Amendment shall
have been executed by the Borrower, Holdings, ServerStack, the Administrative Agent and the Initial Incremental Term Lender, and counterparts hereof as so executed shall have been delivered to the Administrative Agent and (ii) the
Administrative Agent shall have received from Lenders that constitute the Required Lenders prior to the effectiveness of this Amendment either (X) Consents signed on behalf of such Lenders or (Y) written evidence reasonably satisfactory to
the Administrative Agent (which may include a copy transmitted by facsimile or other electronic method) that such Lenders have signed a Consent; 

(b)    the Borrower shall have executed and delivered a Term Note to the Initial Incremental Term Lender
with respect to the Initial Incremental Term Loans; 
 (c)    the Administrative Agent shall have
received (i) a copy of the certificate or articles of incorporation, memorandum of association, certificate of limited partnership or certificate of formation (or other similar formation document), as in effect on the Amendment No. 1
Effective Date, of each Credit Party, certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, and, if applicable, a certificate as to the good standing of each Credit Party as of a
recent date, from such Secretary of State (or other similar official); (ii) a certificate of the Secretary or an Assistant Secretary of each Credit Party dated the Amendment No. 1 Effective Date and certifying (A) that attached thereto is
a true and complete copy of the by-laws, partnership agreement, limited liability company agreement (or other equivalent governing documents) of such Credit Party as in effect on the Amendment No. 1
Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or other equivalent
governing body) of such Credit Party authorizing the execution, delivery and performance of this Amendment No. 1 and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended
and are in full force and effect, (C) that the certificate or articles of incorporation (or other similar formation document) of 

  
 3 

 
such Credit Party has not been amended since the date of the last amendment thereto shown on the certified formation document furnished pursuant to clause (i) above and (D) as to the
incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Credit Party; and (iii) a certificate of another officer as to the incumbency and specimen
signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above; provided that in the case of the certificate of the Borrower and Guarantors who delivered certificates on the Closing Date, such
certificate can certify that there have been no changes to such documents delivered to the Administrative Agent on the Closing Date; 

(d)    the Administrative Agent shall have received, on behalf of itself and the Initial Incremental Term
Lender, customary written opinions of counsel to the Credit Parties, dated the Amendment No. 1 Effective Date and addressed to the Administrative Agent and the Initial Incremental Term Lender as of the Amendment No. 1 Effective Date; 

(e)    all representations and warranties of the Credit Parties contained herein or in the other Loan
Documents, after giving effect to this Amendment No. 1, shall be true and correct in all material respects (or to the extent any such representation or warranty is already qualified by materiality, after giving effect to such qualification, in
all respects) with the same effect as though such representations and warranties had been made on and as of the Amendment No. 1 Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date,
in which case such representations and warranties shall have been true and correct in all material respects on such earlier date; 

(f)    no Default or Event of Default has occurred and is continuing; 

(g)    the Administrative Agent shall have received a certificate, dated the Amendment No. 1 Effective
Date and signed by an Authorized Officer, confirming (i) compliance with the conditions precedent set forth in the immediately preceding clauses (e) and (f) and (ii) that after giving pro forma effect to the Borrowing of the
Initial Incremental Term Loans, the Leverage Ratio does not exceed 4.25:1.00; 
 (h)    the
Administrative Agent shall have received a certificate in substantially the form of Exhibit D to the Credit Agreement from the Chief Financial Officer of the Borrower certifying that Borrower and its Subsidiaries, on a consolidated basis after
giving pro forma effect to this Amendment and the Borrowing hereunder, are Solvent; 
 (i)    the
Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.05(b) of the Credit Agreement with respect to the Initial Incremental Term Loans to be made on the Amendment No. 1 Effective Date; and 

(j)    (i) the Initial Incremental Term Lender shall have received an upfront fee in an amount equal to
0.35% of the stated principal amount of its Initial Incremental Term Loans, which such amount may be offset against the proceeds of the Initial Incremental Term Loans made on the Amendment No. 1 Effective Date, and at the Initial Incremental
Term Lender’s option, may take the form of original issue discount and (ii) the Administrative Agent shall have received payment of all reasonable
out-of-pocket expenses required to be paid in accordance with and subject to the terms and conditions of Section 11.1 of the Credit Agreement on the Amendment
No. 1 Effective Date to the extent invoiced at least three (3) Business Days prior to the Amendment No. 1 Effective Date (or such shorter time as may be agreed to by the Borrower). 

  
 4 

 Section 5. Miscellaneous. 

5.1    Representations and Warranties. Each of Borrower and Holdings, by signing below, hereby represents and
warrants to the Administrative Agent and the Initial Incremental Term Lender party hereto that: 

(a)    each Credit Party (i) is duly organized, validly existing and, if applicable, in good standing
under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted, (iii) is qualified to do
business in, and, if applicable, is in good standing in, every jurisdiction where such qualification is required, except where the failure so to qualify would not reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect, and (iv) party thereto has the power and authority to execute, deliver and perform its obligations under this Amendment; 

(b)    the officers executing this Amendment on behalf of each Credit Party party hereto have been duly
authorized to execute and deliver the same and bind each Credit Party with respect to the provisions hereof; 

(c)    the execution and delivery hereof by each Credit Party party hereto and the performance and
observance by such Credit Party of the provisions hereof will not (i) violate (A) (x) any provision of law, statute, rule or regulation, or (y) any provision of the certificate or articles of incorporation, memorandum of association
or other constitutive documents or by-laws or operating agreements of any Borrower or Guarantor, (B) any order of any Governmental Authority or (C) any provision of any material indenture, agreement
or other instrument to which any Borrower or Guarantor is a party or by which any of them or any portion of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time
or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument or (iii) result in the creation or imposition of
any Lien upon or with respect to any material property or assets now owned or hereafter acquired by any Borrower or Guarantor (other than any Lien created under the Security Documents or permitted under the Credit Agreement), except, in the case of
clauses (i) (other than clause (A)(y)) and (ii), for any violations, conflicts, breaches or defaults that would not reasonably be expected to have a Material Adverse Effect; 

(d)    no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately
after the execution and delivery of this Amendment; 
 (e)    this Amendment has been duly executed and
delivered by each Credit Party party thereto and constitutes a legal, valid and binding obligation of such Credit Party enforceable against such Credit Party in accordance with its terms, except to the extent that enforceability thereof may be
limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law); and 
 (f)    after giving effect to this Amendment, each of the representations and
warranties set forth in Article V of the Credit Agreement is true and correct in all material respects (or to the extent any such representation or warranty is already qualified by materiality, after giving effect to such qualification, in all
respects) with the same effect as though such representations and warranties had been made on and as of the Amendment No. 1 Effective Date, except to the extent that any thereof expressly relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects as of such earlier date. 

  
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 5.2    Credit Agreement Unaffected. Each reference to the
“Credit Agreement” in any other Loan Document shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise specifically provided, all provisions of the Credit Agreement shall
remain in full force and effect and be unaffected hereby. This Amendment is a Loan Document. 
 5.3    Entire
Agreement. This Amendment, together with the Credit Agreement and the other Loan Documents integrate all the terms and conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior writings
with respect to the subject matter hereof. 
 5.4    Effect of Amendment. Except as expressly set forth herein,
this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, amend, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and
shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in
the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective solely with respect to the matters expressly referred to herein. 

5.5    Confirmation of Security Documents and Guaranty. Each Credit Party (a) confirms its obligations under
the Security Documents, (b) confirms that its obligations under the Credit Agreement as modified hereby are entitled to the benefits of the pledges set forth in the Security Documents, (c) confirms that its obligations under the Credit
Agreement as modified hereby constitute “Obligations” (as defined in the Credit Agreement) and (d) agrees that the Credit Agreement as modified hereby is the Credit Agreement under and for all purposes of the Security
Documents. Each party, by its execution of this Amendment, hereby confirms that the Obligations shall remain in full force and effect, and such Obligations shall continue to be entitled to the benefits of the grant set forth in the Security
Documents. Each Guarantor (a) confirms its guarantee of the Obligations under the Guaranty and (b) confirms that its obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in the
Guaranty. Each party, by its execution of this Amendment, hereby confirms that the obligations of the Guarantors under the Guaranty shall remain in full force and effect. 

5.6    Counterparts. This Amendment may be executed in any number of counterparts, by different parties hereto in
separate counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

5.7    Governing Law. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW). TO THE FULLEST EXTENT PERMITTED BY LAW, EACH CREDIT PARTY HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK GOVERNS THIS AMENDMENT OR ANY OF
THE OTHER LOAN DOCUMENTS. 

  
 6 

 5.8    JURY TRIAL WAIVER. EACH OF THE PARTIES TO THIS
AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY AMENDMENTS, WAIVERS OR
OTHER MODIFICATIONS RELATING TO ANY OF THE FOREGOING), OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

5.9    Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. 
 [Signature pages follow.] 

  
 7 

 IN WITNESS WHEREOF, this Amendment No. 1 has been duly executed and delivered as of the
date first above written. 
  

			
	DIGITALOCEAN, LLC,
 as the Borrower

 
			
		
	By:	 	 /s/ Alan Shapiro

			
	Name: Alan Shapiro
	Title: Secretary
	
	DIGITALOCEAN HOLDINGS, INC.,
 as Holdings

			
		
	By:	 	 /s/ Alan Shapiro

			
	Name: Alan Shapiro
	Title: Secretary
	
	SERVERSTACK, INC.,
 as Subsidiary Guarantor

			
		
	By:	 	 /s/ Alan Shapiro

			
	Name: Alan Shapiro
	Title: Secretary

 [Signature Page to Amendment No. 1] 

 
			
	 KEYBANK NATIONAL ASSOCIATION,

as the Administrative Agent and Lender

			
		
	 By:
	 	 /s/ David A. Wild

			
	 Name: David A. Wild

	 Title: SVP

 [Signature Page to Amendment No. 1] 

 
			
	 MORGAN STANLEY SENIOR FUNDING, INC.,

as the Initial Incremental Term Lender

 
			
		
	By:	 	 /s/ Alysha Salinger

			
	Name: Alysha Salinger
	Title: Vice President

 [Signature Page to Amendment No. 1] 

 Form of Consent 

The undersigned hereby (a) consents to the terms of the Amendment No. 1 and Incremental Term Loan Assumption Agreement (“Amendment
No. 1”) to the Second Amended and Restated Credit Agreement dated as of February 13, 2020 (the “Credit Agreement”), among DigitalOcean, LLC, as Borrower, DigitalOcean Holdings, Inc., as Holdings, the
lenders from time to time party thereto and KeyBank National Association, as administrative agent and (b) consents to, and agrees to be bound by the terms of, Amendment No. 1 and the Credit Agreement as amended thereby. 

 

			
	 BARCLAYS BANK PLC,
 as a
Consenting Lender

 
			
		
	By:	 	 /s/ Martin Corrigan

			
	Name: Martin Corrigan
	Title: Vice President

 [Signature Page to Amendment No. 1] 

 EXHIBIT A 

Form of Consent 
 The undersigned hereby
(a) consents to the terms of the Amendment No. 1 and Incremental Term Loan Assumption Agreement (“Amendment No. 1”) to the Second Amended and Restated Credit Agreement dated as of February 13, 2020
(the “Credit Agreement”), among DigitalOcean, LLC, as Borrower, DigitalOcean Holdings, Inc., as Holdings, the lenders from time to time party thereto and KeyBank National Association, as administrative agent and (b) consents
to, and agrees to be bound by the terms of, Amendment No. 1 and the Credit Agreement as amended thereby. 
  

			
	 Name of Institution: Bank of America, N.A.,

as a Consenting Lender

 
			
		
	By:	 	 /s/ Kevin Yuen

			
	Name: Kevin Yuen
	Title: Senior Vice President
	
	[If a second signature block is necessary]

 
			
		
	By:	 	      

			
	Name:
	Title:

 [Signature Page to Amendment No. 1] 

 Form of Consent 

The undersigned hereby (a) consents to the terms of the Amendment No. 1 and Incremental Term Loan Assumption Agreement (“Amendment
No. 1”) to the Second Amended and Restated Credit Agreement dated as of February 13, 2020 (the “Credit Agreement”), among DigitalOcean, LLC, as Borrower, DigitalOcean Holdings, Inc., as Holdings, the
lenders from time to time party thereto and KeyBank National Association, as administrative agent and (b) consents to, and agrees to be bound by the terms of, Amendment No. 1 and the Credit Agreement as amended thereby. 

 

			
	 Name of Institution: Regions Bank,

as a Consenting Lender

 
			
		
	By:	 	 /s/ Bruce Rudolph

			
	Name: Bruce Rudolph
	Title: Director

 [Signature Page to Amendment No. 1] 

 Form of Consent 

The undersigned hereby (a) consents to the terms of the Amendment No. 1 and Incremental Term Loan Assumption Agreement (“Amendment
No. 1”) to the Second Amended and Restated Credit Agreement dated as of February 13, 2020 (the “Credit Agreement”), among DigitalOcean, LLC, as Borrower, DigitalOcean Holdings, Inc., as Holdings, the
lenders from time to time party thereto and KeyBank National Association, as administrative agent and (b) consents to, and agrees to be bound by the terms of, Amendment No. 1 and the Credit Agreement as amended thereby. 

 

			
	 JP Morgan Chase Bank N.A.,

as a Consenting Lender

 
			
		
	By:	 	 /s/ Daniel Luby

			
	Name: Daniel Luby
	Title: Senior Vice President
	
	[If a second signature block is necessary]

 
			
		
	By:	 	      

			
	Name:
	Title:

 [Signature Page to Amendment No. 1] 

 Form of Consent 

The undersigned hereby (a) consents to the terms of the Amendment No. 1 and Incremental Term Loan Assumption Agreement (“Amendment
No. 1”) to the Second Amended and Restated Credit Agreement dated as of February 13, 2020 (the “Credit Agreement”), among DigitalOcean, LLC, as Borrower, DigitalOcean Holdings, Inc., as Holdings, the
lenders from time to time party thereto and KeyBank National Association, as administrative agent and (b) consents to, and agrees to be bound by the terms of, Amendment No. 1 and the Credit Agreement as amended thereby. 

 

			
	 Name of Institution:

Credit Suisse AG, Cayman Islands Branch,

as a Consenting Lender

 
			
		
	 By:
	 	 /s/ Judith E. Smith

			
	 Name: Judith E. Smith

	 Title: Authorized
Signatory

 
			
		
	 By:
	 	 /s/ Brady Bingham

			
	 Name: Brady Bingham

	 Title: Authorized Signatory

 [Signature Page to Amendment No. 1] 

 EXHIBIT A 

Form of Consent 
 The undersigned hereby
(a) consents to the terms of the Amendment No. 1 and Incremental Term Loan Assumption Agreement (“Amendment No. 1”) to the Second Amended and Restated Credit Agreement dated as of February 13, 2020
(the “Credit Agreement”), among DigitalOcean, LLC, as Borrower, DigitalOcean Holdings, Inc., as Holdings, the lenders from time to time party thereto and KeyBank National Association, as administrative agent and (b) consents
to, and agrees to be bound by the terms of, Amendment No. 1 and the Credit Agreement as amended thereby. 
  

			
	Name of Institution:	 	  

 
			
	as a Consenting Lender

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	[If a second signature block is necessary]

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 [Signature Page to Amendment No. 1] 

 EXHIBIT B 

Lenders and Commitments 

[***]Exhibit 10.30
Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”
​

EXECUTIVE EMPLOYMENT AGREEMENT
​
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of November 23, 2020 by and between Iovance Biotherapeutics, Inc., a Delaware corporation (the “Company”), and Jean-Marc Bellemin (“Executive”) (either party individually, a “Party”; collectively, the “Parties”).
​
WHEREAS, the Company desires to employ Executive to serve as the Company’s Chief Financial Officer;
​
WHEREAS, the Parties desire to enter into this Agreement to set forth the terms and conditions of Executive’s employment by the Company and to address certain matters related to Executive’s employment with the Company;
​
WHEREAS, both the Company and the Executive have read and understood the terms and provisions set forth in this Agreement, and Executive acknowledges Executive has been afforded a reasonable opportunity to review this Agreement with Executive’s legal counsel to the extent desired;
​
NOW, THEREFORE, in consideration of the foregoing, the promises and obligations set forth below and for other good and valuable consideration, the receipt of which is hereby acknowledged by the Parties, the Company and Executive agree and intend to be legally bound, as follows:
​
1.          Effective Date. Effective December 14, 2020 (the “Effective Date”), the Company hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions set forth herein.
​
2.          Position and Duties.
​
2.1        Position. The Company agrees to employ Executive in the position of Chief Financial Officer reporting to the Chief Executive Officer. The Executive shall have the duties and responsibilities consistent with the office of a Chief Financial Officer of a publicly traded corporation, and such other duties and responsibilities as determined from time to time by the Company, including but not limited to the Chief Executive Officer. Executive shall perform faithfully and diligently such duties as are reasonable and customary for Executive’s position, as well as such other duties as the Company and/or Chief Executive Officer shall reasonably assign from time to time. Executive shall perform his duties in the Company’s offices in San Carlos, California subject to customary travel as reasonably required.
​
2.2        Best Efforts/Full-Time.
​
2.2(a) Executive understands and agrees that Executive will faithfully devote Executive’s best efforts and substantially all of his time during business hours to the faithful and loyal performance of his job duties to the Company (except for permitted vacation periods and reasonable periods of illness or other incapacity). Executive will abide by all policies duly adopted by the Company, as well as all applicable federal, state and local laws, regulations or ordinances. Executive will act in a manner that Executive reasonably believes to be in the best interest of the Company at all times. Executive further understands and agrees that Executive has a fiduciary duty of loyalty to the Company to the extent provided by applicable law and that Executive will take no action which materially harms the business, business interests, or reputation of the Company.
​
2.2(b)    Executive agrees that he shall not, directly or indirectly, (i) engage or participate
​
​

1

​

in any outside activity that would, or may be perceived to, conflict with the best interests of the Company or Executive’s duties to the Company, or (ii) provide services to or invest in any corporation or entity that competes or intends to compete with the business of the Company.
​
2.2(c)    Executive agrees that, during the term of this Agreement, Executive shall work exclusively for the Company. Consequently, Executive agrees to not accept employment, of any kind, from any person or entity other than the Company, and to not perform duties or render services to any person or entity other than the Company. Notwithstanding the foregoing, nothing herein shall prohibit Executive from (i) serving as a member of the board of directors of an entity engaged solely in charitable activities or community affairs, provided that, such activity shall be limited by Executive so as not to interfere with the performance of Executive’s duties and responsibilities hereunder; (ii) owning, as a passive investment, less than 1% of capital stock of any corporation listed on the national securities exchange or a publicly traded over-the-counter market; or (iii) engaging in any other manner of employment, consulting or other business activity with the written consent of the Company, the Chief Executive Officer, or as approved by the Company’s Board of Directors or a committee thereof (collectively, the “Board”).
​
3.          At-Will Employment. Executive’s employment with the Company will be “at-will” and will not be for any specific period of time. As a result, Executive is free to resign at any time, for any or no reason, as Executive deems appropriate. The Company will have a similar right and may terminate Executive’s employment at any time, with or without cause. Executive’s and the Company’s respective rights and obligations at the time of termination are outlined below in Section 6 of this Agreement.
​
4.          Compensation.
​
4.1        Base Salary. As compensation for the performance of all duties to be performed by Executive hereunder, the Company shall pay to Executive a base salary of $450,000 per year, less applicable deductions for state and federal withholding tax, social security and all other employment taxes and authorized payroll deductions, payable on a prorated basis as it is earned, in accordance with the normal payroll practices of the Company (the “Base Salary”).
​
4.2        Signing Bonus.  As a signing bonus, Executive shall receive two payments of $65,000 (subject to payroll taxes) (the “Signing Bonus Payments”). The first payment of the Signing Bonus Payments will be paid on the Company’s first regular payroll date in January 2021, and the second payment will be paid in 2021 on the date on which annual bonus payments for 2020 are made to all other Company employees. The Signing Bonus Payments shall be considered earned eighteen (18) months following the Effective Date or, if applicable, the date on which Executive’s employment is terminated by the Company without Cause (as defined herein), due to death or Disability (as defined herein), or by Executive for Good Reason (as defined herein) prior to eighteen (18) months from the Effective Date. If Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason (including by Executive’s resignation) prior to or on the date that is eighteen (18) months from the Effective Date (the “Separation Date”), he shall, within ten (10) days after the Separation Date, repay to the Company a portion of the total value of the Signing Bonus Payments (before the deduction of any applicable taxes) in accordance with the table below based on his Separation Date.
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	Months from the Effective Date through the 
Separation Date
	Portion of total value of Signing Bonus Payments 
repayable by Executive to Company

	< 12 months
	100% 

	12 - 18 months
	75% 

	> 18 months
	0%

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For avoidance of doubt, the Signing Bonus Payments are an advance only and shall not be deemed earned unless the foregoing requirements for the Signing Bonus Payments are satisfied.
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4.3        Stock Options. As of the Effective Date, Executive shall receive stock options to purchase an aggregate of 150,000 shares of the Company’s common stock. To the extent legally permitted, the stock options shall be incentive stock options. The stock options will have an exercise price equal to the closing trading price of the common stock on the Effective Date. Provided that Executive is still employed with the Company on the following dates, the foregoing stock options will vest in installments as follows: (i) Options for the purchase of one-third of the 150,000 shares shall vest on one year anniversary of the Effective Date; and (ii) the remaining stock options shall vest as to one-twelfth of the 150,000 shares at the end of each quarter over the next two years, commencing with the first quarter following the first anniversary of the Effective Date. Upon the termination of Executive’s employment with the Company, except as provided herein, the unvested options will be forfeited and returned to the Company.
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4.4        Incentive Compensation. Executive will be eligible to participate in the Company’s annual incentive compensation program (“Incentive Plan”) applicable to executive employees, as approved by the Board (the year in which the program is implemented, the “Plan Year”), such participation to begin on January 1, 2021. The Incentive Compensation shall be paid in accordance with the terms and conditions outlined in the Incentive Plan and based upon the achievement of certain goals, objectives, and other metrics as decided by the Board.  The maximum potential amount payable to Executive under the Incentive Plan, if earned, shall be 40% of Executive’s Base Salary earned during the applicable calendar year. Compensation under the Incentive Plan (“Incentive Compensation”) will be conditioned on the satisfaction of individual and Company objectives, as established in writing by the Company. No Incentive Compensation will be payable to Executive to the extent Executive is not employed on the Incentive Compensation payment date.  The payment of any Incentive Compensation pursuant to this Section 4.3 is in the sole discretion of the Board, in accordance with the Incentive Plan, and shall be made in accordance with the normal payroll practices of the Company, less required deductions for state and federal withholding tax, social security and all other employment taxes and authorized payroll deductions.
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4.5        Performance Review. The Company will periodically review Executive’s performance on no less than an annual basis and may increase (but not decrease) Executive’s salary or other compensation, as it deems appropriate in its sole and absolute discretion and with any necessary Board approval requirements.
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4.6        Customary Fringe Benefits. Executive understands and agrees that certain employee benefits may be provided to the Executive by the Company incident to the Executive's employment. Executive will be eligible for all customary and usual fringe benefits generally available to executive employees and all other employees of the Company subject to the terms and conditions of the Company’s benefit plan documents. Executive understands and agrees that any employee benefits provided to the Executive by the Company incident to the Executive's employment (other than Base Salary, Incentive Compensation and any applicable Severance Payment) are provided solely at the discretion of the Company and may be modified, suspended or revoked at any time, without notice or the consent of the Executive, unless otherwise provided by law. Moreover, to the extent that these benefits are provided pursuant to policies or plan documents adopted by the Company, Executive acknowledges and agrees that these benefits shall be governed by the applicable employment policies or plan documents. The benefits to be provided to Executive shall include group health insurances and participation in a 401(k) plan. Executive will be eligible to receive paid time off benefits in the form of vacation, sick and holidays.  The amount, eligibility and extent of these benefits shall be governed by the Company’s applicable policy in effect and as amended from time to time and in compliance with applicable law.
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4.7        Business Expenses. Executive will be reimbursed for all reasonable and necessary out- of-pocket business expenses incurred in the performance of Executive’s duties on behalf of the Company, including travel-related expenses. To obtain reimbursement, Executive shall provide the
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Company with reasonable documentation and receipts establishing the amount and nature of such expenses.  Executive shall comply with such reasonable budget limitations and pre-approval, approval, and reporting requirements with respect to expenses as the Company may establish from time to time.
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5.        Confidentiality and Proprietary Agreement. Executive agrees to abide by the Company’s Employee Proprietary Information and Inventions Agreement (the “EPIIA”), which Executive has signed and is incorporated herein by reference.
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6.          Termination of Executive’s Employment.
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6.1       Termination for Cause by the Company. The Company may terminate Executive’s employment immediately at any time and without notice for “Cause.” For purposes of this Agreement, “Cause” shall mean (i) a material breach by Executive of this Agreement or the EPIIA; (ii) the death of Executive or his disability resulting in his inability to perform his reasonable duties assigned hereunder for a period of 180 days; (iii) Executive’s theft, dishonesty, or falsification of any Company documents or records; (iv) Executive’s improper use or disclosure of the Company’s confidential or proprietary information; (v) Executive’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs Executive’s ability to perform his duties hereunder or which in the Board’s judgment may materially damage the business or reputation of the Company; (vi) failure or refusal to comply with reasonable and lawful Company policies and procedures; or (vii) Executive’s failure and/or inability to comply with or meet the requirements of any performance improvement plan reasonably provided to Executive by the Chief Executive Officer and/or the Board; provided, however, that prior to termination for cause arising under clause (i), Executive shall have a period of ten days after written notice from the Company to cure the event or grounds constituting such cause. Any notice of termination provided by Company to Executive under this Section 6.1 shall identify the events or conduct constituting the grounds for termination with sufficient specificity so as to enable Executive to take steps to cure, if curable, the same if such default is a material breach by Executive of this Agreement or the EPIIA. In the event Executive’s employment is terminated in accordance with this subsection 6.1, Executive shall be entitled to receive only the Base Salary, prorated to the date of termination. All other obligations of the Company to Executive pursuant to this Agreement will be automatically terminated and completely extinguished.
​
6.2        Termination Without Cause by The Company/Separation Package. The Company may terminate Executive’s employment under this Agreement without Cause (as defined in Section 6.1 above) at any time on thirty (30) days’ advance written notice to Executive. In the event of such termination, Executive will receive Executive’s Base Salary through the date of termination. Upon such termination of employment without Cause, Executive will be eligible to receive a “Severance Payment” equivalent to six months of Executive’s then Base Salary, payable in full within thirty (30) days after termination, provided that Executive first satisfies the Severance Conditions. For purposes of this Agreement, the “Severance Conditions” are defined as (1) Executive’s execution and non- revocation of a full general release, and such release has become effective in accordance with its terms prior to the 30th day following the termination date; and (2) Executive’s reaffirmation of Executive’s commitment to comply, and actual compliance, with all surviving provisions of this Agreement, as well as any other agreements concerning his employment with and separation from employment, including without limitation, and confidentiality and proprietary information agreements. Following payment of the Severance Payment, Base Salary, and any benefits required to be paid in accordance with applicable benefit plans through the date of termination, all other obligations of the Company to Executive pursuant to this Agreement will be automatically terminated and completely extinguished.
​
6.3        Termination Upon a Change of Control. For purposes of this Agreement, “Change of Control” shall mean: (1) a merger or consolidation or the sale or exchange by the stockholders of the Company of capital stock of the Company, where the stockholders of the Company immediately before
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such transaction do not obtain or retain, directly or indirectly, at least a majority of the beneficial interest in the voting stock or other voting equity of the surviving or acquiring corporation or other surviving or acquiring entity, in substantially the same proportion as before such transaction; (2) any transaction or series of related transactions to which the Company is a party in which in excess of fifty percent (50%) of the Company’s voting power is transferred; or (3) the sale or exchange of all or substantially all of the Company’s assets (other than a sale or transfer to a subsidiary of the Company as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”)), where the stockholders of the Company immediately before such sale or exchange do not obtain or retain, directly or indirectly, at least a majority of the beneficial interest in the voting stock or other voting equity of the corporation or other entity acquiring the Company’s assets, in substantially the same proportion as before such transaction; provided, however, that a Change of Control shall not be deemed to have occurred pursuant to any transaction or series of transactions relating to a public or private financing or re-financing, the principal purpose of which is to raise money for the Company’s working capital or capital expenditures and which does not result in a change in a majority of the members of the Board. If, within six (6) months immediately preceding a Change of Control or within twelve (12) months immediately following a Change of Control, the Executive’s employment is terminated by the Company for any reason other than Cause, then the Executive shall be entitled to receive the following compensation, provided that Executive first satisfies the Severance Conditions: (i) the Severance Payment set forth in Section 6.2 and (ii) any then time-based unvested stock options granted to Executive by the Company to the extent then outstanding at the time of such termination will become fully vested on the last day of Executive’s employment with the Company, and Executive shall have three months from the date of termination within which to exercise his vested options.  Following payment of the Severance Payment, Base Salary, and any benefits required to be paid in accordance with applicable benefit plans through the date of termination, all other obligations of the Company to Executive pursuant to this Agreement will be automatically terminated and completely extinguished.
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6.4        Resignation. Executive shall have the right to terminate this Agreement at any time, for any reason, by providing the Company with thirty (30) days written notice, provided, however, that subsequent to Executive’s resignation, Executive shall be required to comply with all surviving provisions of this Agreement. Executive shall not be entitled to any Severance Pay. Executive will only be entitled to receive Executive’s Base Salary earned up to the date of termination. Notwithstanding the foregoing, Executive has the right upon thirty (30) days written notice to the Company to terminate Executive’s employment for “Good Reason” due to occurrence of any of the following: (i) a material adverse change in Executive’s title, duties or responsibilities; (ii) any failure by the Company to pay, or any reduction by Company of, the base salary or any failure by Company to pay any non-discretionary Incentive Compensation to which Executive is entitled pursuant to Section 4; (iii) the Company creates a work environment designed to constructively terminate Executive or to unlawfully harass or retaliate against Executive; or (iv) a Change of Control occurs in which the Company is not the surviving entity and the surviving entity fails to offer Executive an executive position at a compensation level at least equal to Executive’s then compensation level under this Agreement. In the event that Executive terminates his employment for Good Reason, then Executive shall be entitled to receive the Base Salary, and Severance Payment as if Executive were terminated by the Company without Cause under Section 6.2, subject to Executive’s compliance with all of the Severance Conditions.
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6.5        Application of Section 409A.
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6.5(a)    Notwithstanding anything set forth in this Agreement to the contrary, no amount payable pursuant to this Agreement which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A Regulations”) shall be paid unless and until Executive has incurred a “separation from service” within the meaning of the Section 409A Regulations.
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6.5(b)    Company intends that income provided to Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Code. The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A of the Code. However, Company does not guarantee any particular tax effect for income provided to Executive pursuant to this Agreement. In any event, except for Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided to Executive, Company shall not be responsible for the payment of any applicable taxes on compensation paid or provided to Executive pursuant to this Agreement.
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6.5(c)    Furthermore, to the extent that Executive is a “specified employee” within the meaning of the Section 409A Regulations as of the date of Executive’s separation from service, no amount that constitutes a deferral of compensation which is payable on account of Executive’s separation from service shall be paid to Executive before the date (the “Delayed Payment Date”) which is first day of the seventh month after the date of Executive’s separation from service or, if earlier, the date of Executive’s death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.
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6.5(d)    Notwithstanding anything herein to the contrary, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement shall be subject to the following conditions: (i) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (ii) the reimbursement of eligible expenses or in-kind benefits shall be made promptly, subject to Company’s applicable policies, but in no event later than the end of the year after the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.
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6.5(e)    For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.
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7.          Employment and Post-Employment Covenants.
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7.1       Non-Solicitation. Executive agrees that during a period of 12 months following the termination of the Executive’s employment (the “Restrictive Period”), Executive shall not (a) solicit or in any manner encourage, either directly or indirectly, any existing employee of the Company to leave the Company for any reason; nor will he interfere in any other manner with the employment or business relationships at the time existing between the Company and its current or prospective employees or consultants; or (b) induce or attempt to induce any customer, supplier, distributor, licensee or other business affiliate of the Company to cease doing business with the Company or in any way interfere with the existing business relationship between any customer, supplier, distributor, licensee or other business affiliate and the Company.
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7.2        Non-Disparagement.  Executive agrees, at all times following the Effective Date, not to, directly or indirectly, on his behalf or on behalf of any other person or entity, (a) take any action which is intended, or could reasonably be expected, to harm, disparage, defame, slander, or lead to unwanted or unfavorable publicity for the Company, its subsidiaries or any of their respective affiliates, or its or their respective equity holders, directors, officers, members, managers, partners, employees, representatives or agents, or otherwise take any action which could reasonably be expected to detrimentally affect the reputation, image, relationships or public view of any such person or entity or (b) attempt to do any of the foregoing, or assist, entice, induce or encourage any other person or entity to do or attempt to do any activity which, were it done by Executive, would violate any provision of this Section 7.2; provided, however, that Executive shall not be prohibited by this Section 7.2 from making truthful statements (i) when required by order of a court or other body of competent jurisdiction or as required by law or (ii) solely
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within the context of seeking judicial enforcement of legal or contractual rights against a person or entity.
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7.3        Remedies.  Executive acknowledges that the duration of the Restrictive Period is fair is reasonably required for the protection of the Company's business interests, including its goodwill.  The Executive (a) acknowledges that his failure to comply with any requirement of this Section 7 this Agreement will cause the Company irreparable harm and that a remedy at law for such a failure would be an inadequate remedy; and (b) consents to the Company's obtaining from a court having jurisdiction specific performance, an injunction, a restraining order or any other equitable relief in order to enforce any such provision. The right to obtain such equitable relief shall be in addition to, and not in lieu of, any other remedy to which the Company is entitled under applicable law (including, but not limited to, monetary damages).
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8.          General Provisions.
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8.1        Successors and Assigns. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company. Executive shall not be entitled to assign any of Executive’s rights or obligations under this Agreement.
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8.2       Waiver. Either party's failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision or prevent that party thereafter from enforcing each and every other provision of this Agreement.
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8.3       Attorney’s Fees. In the event of any dispute or claim relating to or arising out of Executive’s employment relationship with Company, this Agreement, or the termination of Executive’s employment with Company for any reason, the prevailing party in any such dispute or claim shall be entitled to recover its reasonable attorney’s fees and costs.
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8.4       Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.
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8.5       Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. Executive has participated in the negotiation of the terms of this Agreement. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.
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8.6       Governing Law. This Agreement will be governed by and construed in accordance with the laws of the United States and the internal laws of the State of California.
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8.7        Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by telecopy, facsimile transmission, or electronic transmission such as e-mail, upon acknowledgment of receipt of electronic transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt.
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Notice shall be sent to the addresses set forth below each party’s signature, or such other address as either party may specify in writing.
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8.8        Entire Agreement. This Agreement constitutes the entire agreement between the Parties relating to this subject matter and supersedes all prior or simultaneous representations, discussions, negotiations, and agreements, whether written or oral. This Agreement may be amended or modified only with the written consent of Executive and the Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever.
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[Execution Page Follows]
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THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT AS SHOWN BELOW.
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	***

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	EXECUTIVE:

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	/s/ Jean-Marc Bellemin

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	Jean-Marc Bellemin

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	Address:

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	[***]

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	COMPANY:

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	Iovance Biotherapeutics, Inc.

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	By: /s/ Maria Fardis

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	Maria Fardis

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	President & Chief Executive Officer

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	999 Skyway Road, Suite 150

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	San Carlos, CA 94070

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