Document:

EX-4.5

 Exhibit 4.5 

Form of Subordinated Note 

(FACE OF SECURITY) 
 [Each
Global Security shall bear substantially the following legend: 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE
REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.] 
 [If the Security has original issue discount for U.S. federal income tax purposes, insert tax legend: 

[FOR PURPOSES OF SECTIONS 1272 , 1273, and 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(“THE CODE”), THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE AMOUNT OF ORIGINAL ISSUE DISCOUNT (AS DEFINED IN SECTION 1273(A)(1) OF THE CODE AND TREASURY REGULATION
SECTION 1.1273-1(A)) WITH RESPECT TO THIS SECURITY IS                 , THE ISSUE DATE (AS DEFINED IN SECTION 1275(A)(2) OF THE
CODE AND TREASURY REGULATION SECTION 1.1273-2(A)(2)) OF THIS SECURITY IS                 , THE ISSUE PRICE (AS DEFINED IN SECTION
1273(B) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-2(A)) OF THIS SECURITY IS                 , AND THE YIELD TO MATURITY
(AS DEFINED IN TREASURY REGULATION SECTION 1.1272-1(B)) OF THIS SECURITY IS                 .] ] 

 AILERON THERAPEUTICS, INC. 

[ Title of Security ] 
  

			
	No. [    ]	  	CUSIP No.: [    ]
		  	[Common Code][ISIN]:    [    ]
		  	[$    ]

 AILERON THERAPEUTICS, INC., a Delaware corporation (“Issuer”, which term includes any successor
corporation), for value received promises to pay to [If the Security is a Global Security — CEDE & CO.][If the Security is not a Global Security —
                    ] or registered assigns, the principal sum of
                     on
                    ,         (the “Maturity Date”) [If the Security is to bear interest prior
to maturity, insert—, and to pay interest thereon from                      or from the most recent interest payment date to which interest
has been paid or duly provided for, [semiannually in arrears on              and              in each year], commencing
                ,          (each, an “Interest Payment Date”) at the rate of
[        % per annum], until the principal hereof is paid or made available for payment [If applicable insert—, and (to the extent that the payment of such interest shall be legally
enforceable) at the rate of         % per annum on any overdue principal and on any overdue installment of interest]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture (as defined below), be paid to the Holder in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the record date for such interest, which shall be the
                 or                  (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date (each, an “Interest Record Date”). Interest will be computed on the basis of [a 360-day year of twelve 30-day
months].] 
 [If the Security is not to bear interest prior to maturity, insert—The principal of this Security shall not
bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at maturity and, in each such case, the overdue principal of this Security shall bear interest at the rate of
        % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been
made or duly provided for. Interest on any overdue principal shall be payable on demand.] 
 Reference is made to the further provisions set
forth on the reverse of this Security contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by
its duly authorized officer under its corporate seal. 
  

			
	AILERON THERAPEUTICS, INC.
		
	By:	 	  

		 	Name:                                     
                               
		 	Title:                                     
                                 

			
	Attest:

			
	By:	 	
                     
                                    

			
	Name:	 	
                     
                                

	Title:	 	
                     
            

 This is one of the Securities of the series designated herein and referred to in the within-mentioned
Indenture. 
 Dated: [    ] 
  

					
	____________, as Trustee
		
	By:	 	  

		 	Title:	 	  

 (REVERSE OF SECURITY) 

AILERON THERAPEUTICS, INC. 

[ Title of Security] 
 1. Indenture 

This Security is one of a duly authorized issue of debentures, notes or other evidence of indebtedness (hereinafter called the
“Securities”) of the Issuer of the series hereinafter specified, which series is initially limited in aggregate principal amount to
[$]                    , all of such Securities issued and to be issued under an Indenture dated as of
                ,                         (the
“Indenture”) between the Issuer and
                                         
           as trustee (the “Trustee”). Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Trust
Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control. 

This Security is one of a series of Securities designated pursuant to the Indenture [and a [Supplemental Indenture] dated
            ,                 , issued pursuant to Section 2.01 and Section 2.03 thereof (the
“Supplement”)] as                             . The Securities are general unsecured obligations of
the Issuer. The Issuer may, subject to the provisions of the Indenture and applicable law, issue additional Securities of any series under the Indenture. 

2. Method of Payment. 
 The Issuer shall pay
interest on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of
such Security subsequent to such Interest Record Date and prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect principal payments. The Issuer shall pay Principal and interest in money of [the United
States] that at the time of payment is legal tender for payment of public and private debts. [However, the payments of interest, and any portion of the Principal (other than interest payable at maturity or on any redemption or repayment date or
the final payment of Principal) shall be made by the Paying Agent, upon receipt from the Issuer of immediately available funds by
                            [a./p.m.], New York City time (or such other time as may be agreed to
between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such
payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of Principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal
amount as the unredeemed principal amount of the Securities surrendered.] 

 3. Redemption. 

[The Securities of this series may be redeemed at any time [on or after
                    ,
                    ], as a whole or in part, at the option of the Issuer, upon mailing notice of such redemption not less than 30 and not
more than 60 days to the Holders of such Securities, at a redemption price equal to                     .] 

4. Paying Agent and Security Registrar 

Initially, the Trustee will act as Paying Agent and Security Registrar. The Issuer may change any Paying Agent or Security Registrar
without notice to the Holders. 
 5. Denominations; Transfer; Exchange. 

The Securities are in registered form, without coupons, in denominations of [$1,000] and multiples of [$1,000]. A Holder shall
register the transfer of or exchange Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. [The Issuer need not register the transfer of or exchange (a) any Securities for a period of fifteen (15) days preceding the
first mailing of notice that such Securities are to be redeemed, or (b) any Securities selected, called or being called for redemption in whole or in part, except, in the case of any Security to be redeemed in part, the portion
thereof not to be so redeemed.] 
 6. Persons Deemed Owners. 

The registered Holder of a Security shall be treated as the owner of it for all purposes. 

7. Unclaimed Funds. 
 If funds for the payment of
principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer. After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease. 

8. Defeasance. 
 The Indenture [as amended by
the Supplement] contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Security and (b) certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with
certain conditions set forth therein, which provisions [apply] to this Security. 
 9. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Securities of this series, [the Supplement] and the provisions of the Indenture relating to the Securities
of this series may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities of this series then outstanding, and any existing Default or Event of Default, other than
the non-payment of the principal amount of or interest on the Securities of 

  
 5 

 
this series, or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of all the Securities of this series, then
outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in
addition to or in place of certificated Securities, or make any other change that does not adversely affect the rights of any Holder of a Security. 
 10.
Defaults and Remedies. 
 If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series then outstanding (voting as a separate class) by notice in writing to the Issuer (and also to the Trustee if such notice is given by
the Holders) may declare [the entire principal] of the Securities of this series and the interest accrued thereon, if any, to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of
Default with respect to the Issuer occurs and is continuing, then [the entire principal] of the Securities then outstanding and interest accrued thereon, if any, shall become due and payable immediately in the manner and with the effect
provided in the Indenture. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity
satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest. 

11. Subordination. 
 Reference is made to the
Indenture, including, without limitation, provisions subordinating the payment of principal of and premium, if any, and interest on the Securities to the prior payment in full of all Senior Indebtedness as defined in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 12. Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal
with the Issuer as if it were not the Trustee. 
 13. No Recourse Against Others. 

No stockholder, director, officer, employee or incorporator, past, present or future as such, of the Issuer or any predecessor or successor
corporation thereof shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of a Security by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

  
 6 

 14. Authentication. 

This Security shall not be valid until the Trustee manually signs the certificate of authentication on this Security. 

15. Abbreviations and Defined Terms. 
 Customary
abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 16. CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to
be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed
hereon. 
 17. Governing Law. 
 The laws of the
State of New York shall govern the Indenture and this Security thereof, and for all purposes this Security shall be governed by and construed in accordance with the laws of such State without regard to any principle of conflict of laws that would
require or permit the application of the laws of any other jurisdiction, except as may otherwise be required by mandatory provisions of law. 

  
 7 

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
  

 
 (Print or type name, address and zip
code of assignee or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 

and irrevocably appoint
                                         
                                         
  agent to transfer this Security on the books of the Issuer. The agent may substitute another to act for him. 
  

							
	Dated:	 	  
	  	Signed:	  	  

		 		  		  	(Signed exactly as name appears on the other side of this Security)

  

			
	Signature	 	
	Guarantee:	 	  

		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 8Exhibit 10.2

 

IOVANCE BIOTHERAPEUTICS, INC.

2018 EQUITY INCENTIVE PLAN

INCENTIVE STOCK OPTION AWARD AGREEMENT

 

THIS INCENTIVE STOCK OPTION AWARD AGREEMENT
(this “Agreement”), is entered into as of [ ], 20[ ] (the “Date of Grant”), by and between
Iovance Biotherapeutics, Inc., a Delaware corporation (the “Company”), and [ ] (the “Participant”).
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings ascribed to such terms in the Iovance
Biotherapeutics, Inc. 2018 Equity Incentive Plan, as amended, restated or otherwise modified from time to time in accordance with
its terms (the “Plan”).

 

WHEREAS, the Compensation Committee of the
board of directors (the “Committee”) has determined that it is in the best interests of the Company and its
stockholders to grant the award provided for herein to the Participant on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, for and in consideration
of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:

 

1.       Grant
of Option.

 

(a)       Grant.
The Company hereby grants to the Participant an Option to purchase [ ] shares of Common Stock (the “Option Shares”)
on the terms and subject to the conditions set forth in this Agreement and as otherwise provided in the Plan. The Option is intended
to qualify as an Incentive Stock Option; provided, that to the extent that the aggregate Fair Market Value (determined at the time
of grant) of the Option Shares with respect to which the Option plus all other Incentive Stock Options the Participant holds are
exercisable for the first time by the Participant during any calendar year (under all plans of the Company and its Affiliates)
exceeds one hundred thousand dollars ($100,000), the Option and all other such Incentive Stock Options or portions thereof that
exceed such limit (according to the order in which they were granted) shall be treated as Nonqualified Stock Options. The Option
shall vest in accordance with Section 2. The Exercise Price shall be $[ ] per Option Share.

 

(b)       Incorporation
by Reference. The provisions of the Plan are incorporated herein by reference. Except as otherwise expressly set forth herein,
this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, rules and regulations
and additional terms adopted by the Committee from time to time pursuant to the Plan. The Committee shall have final authority
to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall
be binding and conclusive upon the Participant and the Participant’s beneficiary in respect of any questions arising under
the Plan or this Agreement. The Participant acknowledges that the Participant has received a copy of the Plan and has had an opportunity
to review the Plan and agrees to be bound by all the terms and provisions of the Plan.

 

2.       Vesting.
Except as may otherwise be provided herein, the Option shall vest and become exercisable as to [_______] of the Option Shares on
the one-year anniversary of Date of Grant, and the remaining Option Shares shall vest as to [_______] of Option Shares at the end
of each quarter over the next [____] years, commencing with the first quarter following the first anniversary of the Date of Grant]
(each such date, a “Vesting Date”), subject to the Participant’s continued employment with, appointment
as a director of, or engagement to provide services to, the Company or any of its Affiliates through the applicable Vesting Date.
Any fractional Option Share resulting from the application of the vesting schedule shall be aggregated and the Option Share resulting
from such aggregation shall vest on the final Vesting Date.

 

    1  

     

    

 

3.       Termination
of Employment or Services.

 

(a)       Generally.
Except as otherwise provided herein, if the Participant’s employment with, or engagement to provide services to the Company
or any of its Affiliates terminates for any reason, the unvested portion of the Option shall be canceled immediately and the Participant
shall have no rights with respect to the Option Shares subject to such unvested portion.

 

(b)       Death
or Disability. Notwithstanding anything to the contrary in Section 3, if the Participant’s employment with, or engagement
to provide services to the Company or any of its Affiliates terminates due to the Participant’s death or Disability, any
unvested portion of the Option shall become fully vested as of the date of such termination, which shall be the final Vesting Date.

 

(c)       Termination
Without Cause. Notwithstanding anything to the contrary in Section 3, if the Participant’s employment with, or engagement
to provide services to the Company or any of its Affiliates is terminated by the Company without Cause, either on or within 12
months after, the date of a Change in Control, any unvested portion of the Option shall become fully vested as of the date of termination,
which shall be the final Vesting Date. 

 

4.       Expiration.

 

(a)       In
no event shall all or any portion of the Option be exercisable after the tenth annual anniversary of the Date of Grant (such ten-year
period, the “Option Period”); provided, that if the Option Period would expire at a time when trading in the
shares of Common Stock is prohibited by the Company’s securities trading policy (or Company-imposed “blackout period”),
the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition (but not to the
extent that any such extension would otherwise violate Section 409A of the Code).

 

(b)       If,
prior to the end of the Option Period, the Participant’s employment with, or engagement to provide services to, the Company
and all Affiliates is terminated without Cause or by the Participant for any reason, then the Option shall expire on the earlier
of the last day of the Option Period and the date that is 90 days after the date of such termination; provided, however, that if
the Participant’s employment or engagement to provide services to the Company and its Affiliates is terminated and the Participant
is subsequently rehired or reengaged by the Company or any Affiliate within 90 days following such termination and prior to the
expiration of the Option, the Participant shall not be considered to have undergone a termination of employment or service, as
applicable. In the event of a termination described in this subsection (b), the Option shall remain exercisable by the Participant
until its expiration only to the extent that the Option was exercisable at the time of such termination.

 

    2  

     

    

 

(c)       If
(i) the Participant’s employment with or engagement to provide services to, the Company is terminated prior to the end of
the Option Period on account of the Participant’s Disability, (ii) the Participant dies while still in the employ or engagement
of the Company or an Affiliate, (iii) the Participant dies following a termination described in subsection (b) above but prior
to the expiration of an Option, or (iv) the Participant’s employment with, or engagement to provide services to, the Company
is terminated prior to the end of the Option Period on account of his Retirement, the Option shall expire on the earlier of the
last day of the Option Period and the date that is one (1) year after the date of death or termination on account of Disability
of or Retirement by the Participant, as applicable. In such event, the Option shall remain exercisable by the Participant or Participant’s
beneficiary, as applicable, until its expiration only to the extent that the Option was exercisable by the Participant at the time
of such event.

 

(d)       If
the Participant ceases employment with or engagement to provide services to the Company or any Affiliates due to a termination
for Cause, the Option (whether vested or unvested) shall be cancelled immediately and the Participant shall have no rights with
respect to the Option Shares.

 

5.       Method
of Exercise and Form of Payment.

 

(a)       No
Option Shares shall be delivered pursuant to any exercise of the Option until the Participant has paid in full to the Company the
Exercise Price and an amount equal to any U.S. federal, state, local and non-U.S. income and employment taxes required to be withheld.
The Option may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a
third-party-administrator) in accordance with the terms hereof. The Exercise Price and all applicable required withholding taxes
shall be payable (i) in cash, check or cash equivalent; or (ii) by such other method as the Committee may permit, including without
limitation: (A) shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant
to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock
in lieu of actual delivery of such shares to the Company), provided that such shares of Common Stock are not subject to any pledge
or other security interest; (B) in other property having a Fair Market Value equal to the Exercise Price and all applicable required
withholding taxes; or (C) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted
“cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker
to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company
an amount equal to the Exercise Price and all applicable required withholding taxes. Any fractional shares of Common Stock resulting
from the application of this Section 5 shall be settled in cash.

 

(b)       By
exercising the Option the Participant agrees that the Participant will notify the Company in writing within fifteen (15) days after
the date of any disposition of any of the Option Shares acquired upon exercise of the Option that occurs within two (2) years after
the date of the Option grant or within one (1) year after such Option Shares are acquired.

  

6.       Rights
as a Stockholder. The Participant shall not be deemed for any purpose to be the owner of any shares of Common Stock subject
to this Option unless, until and to the extent that (i) this Option shall have been exercised pursuant to its terms, (ii) the Company
shall have issued and delivered to the Participant the Option Shares and (iii) the Participant’s name shall have been entered
as a stockholder of record with respect to such Option Shares on the books of the Company. The Company shall cause the actions
described in clauses (ii) and (iii) of the preceding sentence to occur promptly following settlement as contemplated by this Agreement,
subject to compliance with applicable laws.

 

    3  

     

    

 

7.       Compliance
with Legal Requirements.

 

(a)       Generally.
The granting and exercising of the Option, and any other obligations of the Company under this Agreement, shall be subject to all
applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to
such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps that the Committee
or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities
law and non-U.S. securities law in exercising the Participant’s rights under this Agreement.

 

(b)       Tax
Withholding. Any exercise of the Option shall be subject to the Participant’s satisfying any applicable U.S. federal,
state and local tax withholding obligations and non-U.S. tax withholding obligations. The Company shall have the right and is hereby
authorized to withhold from any amounts payable to the Participant in connection with the Option or otherwise the amount of any
required withholding taxes in respect of the Option, its exercise or any payment or transfer of the Option or under the Plan and
to take any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such
withholding taxes (up to the maximum permissible withholding amounts), including the right to use a broker-assisted “cashless
exercise” as described in Section 5(i)(C) hereof. The Participant may elect to satisfy, and the Company may require the Participant
to satisfy, in whole or in part, the tax obligations by withholding shares of Common Stock that would otherwise be received upon
exercise of the Option with a Fair Market Value equal to such withholding liability. For exercises of the Option occurring during
a blackout period under the Company’s insider trading policy, the Company shall arrange for the sale of a number of shares
of Common Stock to be delivered to the Participant to satisfy the applicable withholding obligations. Such shares of Common Stock
shall be sold on behalf of the Participant through the Company’s transfer agent on the facilities of any exchange on which
the Common Stock is listed at the time of such sale.

 

8.       Miscellaneous.

 

(a)       Transferability.
The Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”)
by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order
or as otherwise permitted under Section 14(b) of the Plan. Any attempted Transfer of the Option contrary to the provisions hereof,
and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect.

  

(b)       Waiver.
Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder
by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion
for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held
to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

 

    4  

     

    

 

(c)       Section
409A. The Option is not intended to be subject to Section 409A of the Code. Notwithstanding the foregoing or any provision
of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause
the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole discretion
and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A
of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain,
to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without
materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 9(c) does
not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the Option
or the Option Shares will not be subject to interest and penalties under Section 409A.

 

(d)       Notices.
Any notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand
delivered or if sent by fax, pdf/email or overnight courier, or by postage-paid first-class mail. Notices sent by mail shall be
deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed,
if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the
attention of the General Counsel at the Company’s principal executive office.

 

(e)       Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted
by law.

 

(f)       No
Rights to Employment, Directorship or Service. Nothing contained in this Agreement shall be construed as giving the Participant
any right to be retained, in any position, as an employee, consultant or director of the Company or any of its Affiliates or shall
interfere with or restrict in any way the rights of the Company or any of its Affiliates, which are hereby expressly reserved,
to remove, terminate or discharge the Participant at any time for any reason whatsoever.

 

(g)       Fractional
Shares. In lieu of issuing a fraction of a share of Common Stock resulting from any exercise of the Option or an adjustment
of the Option pursuant to Section 11 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount
in cash equal to the Fair Market Value of such fractional share.

 

(h)       Beneficiary.
The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee
and may, from time to time, amend or revoke such designation.

 

    5  

     

    

 

(i)       Successors.
The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of
the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.

 

(j)       Entire
Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to
the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.
No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by
the parties hereto, except for any changes permitted without consent under Section 11 or 13 of the Plan.

 

(k)       Governing
Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause
the application of the laws of any jurisdiction other than the State of Delaware.

 

(l)       Dispute
Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected with
the Plan, this Agreement or the Option shall be solely and finally settled by the Committee, acting in good faith, the determination
of which shall be final. Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with
the Plan, and the Participant and the Company consent to the personal jurisdiction of the United States federal and state courts
sitting in Wilmington, Delaware, as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement
of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to
be resolved by the Committee. Each such Person hereby irrevocably consents to the service of process of any of the aforementioned
courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid,
to the last known address of such Person, such service to become effective ten (10) days after such mailing.

 

(m)       Waiver
of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to
a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions
contemplated (whether based on contract, tort or any other theory). Each party hereto (A) certifies that no representative, agent
or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into
this Agreement by, among other things, the mutual waivers and certifications in this section.

 

(n)       Headings.
The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction,
and shall not constitute a part, of this Agreement.

  

(o)       Counterparts.
This Agreement may be executed in counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be
deemed to be an original, but both of which together shall constitute one and the same instrument and shall become effective when
one or more counterparts have been signed by each of the parties and delivered to the other parties.

 

    6  

     

    

 

(p)       Electronic
Delivery. By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports
and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in
writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses,
annual reports and other information will be delivered in hard copy to the Participant).

 

(q)       Electronic
Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current or future
participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

[Signature page follows]

 

    7  

     

    

 

IN WITNESS WHEREOF, this Incentive Stock
Option Award Agreement has been executed by the Company and the Participant as of the day first written above.

 

	 	IOVANCE BIOTHERAPEUTICS, INC.
	 	 	 
	 	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 
	 	[Insert Name]

  

    8

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