Document:

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS
        BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

   

  Exhibit 10.4

   

  BETWEEN

   

  IMMUNOCORE LIMITED.

   

  on the one hand,

   

  AND

   

  GENENTECH, INC

   

  AND

   

  F. HOFFMANN-LA ROCHE LTD.

   

  on the other hand,

   

  AS OF JUNE 14, 2013

   

  
     

    
      
 

  

   

  TABLE OF CONTENTS

   

  	Article 1 DEFINITIONS	1
	Article 2 GOVERNANCE	11
	Article 3 RESEARCH PROGRAM	14
	Article 4 LICENSES AND OPTIONS	16
	Article 5 MATERIALS AND TECHNOLOGY TRANSFER	24
	Article 6 DILIGENCE	25
	Article 7 FINANCIAL TERMS	26
	Article 8 FINANCIAL TERMS; REPORTS; AUDITS	33
	Article 9 INTELLECTUAL PROPERTY; OWNERSHIP	36
	Article 10 CONFIDENTIALITY	41
	Article 11 PUBLICITY; PUBLICATIONS; USE OF NAME	43
	Article 12 REPRESENTATIONS	45
	Article 13 INDEMNIFICATION	47
	Article 14 TERM; TERMINATION	49
	Article 15 DISPUTE RESOLUTION	54
	Article 16 MISCELLANEOUS	56

   

  

  

  Exhibit A – Immunocore Background IP Patents (Section 1.45)
  Exhibit B – Nomination Notice (Section 4.3.2)

  

  Exhibit C – Research Plan Template (Section 3.2)

  

  Exhibit D – Materials required at Effective Date (Section 5)

  

  Exhibit E – Press Release (Section 11.1)

  

  Exhibit F – Immunocore sub-contractors (Section 3.3)

   

  

  Certain confidential information contained in this document, marked by [***], has
      been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

   

  
     

    
      
 

  

   

  RESEARCH COLLABORATION AND LICENSE AGREEMENT

   

  This Research Collaboration and License Agreement (“Agreement”) is made and entered into, effective as of June 14, 2013 (“Effective Date”), by and between Immunocore Limited,
      having its principal place of business at 57 Jubilee Avenue, Milton Park, Abingdon, Oxon, United Kingdom OX14 4RX (“Immunocore”), on the other hand, Genentech, Inc., a Delaware corporation,
      having its principal place of business at 1 DNA Way, South San Francisco, California 94080 (“GNE”) and F. Hoffmann-La Roche Ltd, with its principal place of business at Grenzacherstrasse
      124, CH 4070 Basel, Switzerland (“Roche”), on the other hand. GNE and Immunocore are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” The term “Party” or “Parties” shall not
      include Roche unless explicitly stated below.

   

  Background

   

  WHEREAS, Immunocore is a biotechnology company that is engaged in research and
      development of TCR technology for use in pharmaceutical products.

   

  WHEREAS, GNE and Roche are biopharmaceutical companies that are engaged in the
      research, development, manufacture and sale of pharmaceutical products.

   

  WHEREAS, GNE and Immunocore desire to collaborate in the discovery and development of
      TCR technology for use in pharmaceutical products; and WHEREAS, GNE and Roche desire to obtain an exclusive license and other rights from Immunocore to develop and commercialize products that contain the developed TCRs, and Immunocore agrees to grant
      GNE and Roche such an exclusive license and other rights in exchange for certain agreed to upfront and other payments.

   

  NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
      which is hereby acknowledged, GNE, Roche and Immunocore agree as follows:

   

  Article 1

      DEFINITIONS

   

  Capitalized terms used in this Agreement, whether used in the singular or plural, shall have
      the meanings set forth below, unless otherwise specifically indicated herein.

   

  1.1            “Acceptance” or “Accepted” is defined in
      Section 4.3.3.

   

  1.2            “Accounting Standard” means, either (a)
      International Financial Reporting Standards (“IFRS”) or (b) United States generally accepted accounting principles (“GAAP”), in either case, which standards or principles (as applicable) are currently used at the applicable time by, and
      as consistently applied by GNE and Roche.

   

  1.3            “Affiliate” means any person that, directly or
      indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with a Party. For purposes of this Section 1.3, “control” means (i) the direct or indirect ownership of fifty percent (50%) or more of the voting
      stock or other voting interests or interest in the profits of the Party, or (ii) the ability to otherwise control or direct the decisions of the board of directors or equivalent governing body thereof. [***].

   

  	1
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

   

  
     

    
      
 

  

   

  1.4            “Alliance Manager” is defined in Section 2.5.

   

  1.5            “Applicable Laws” means all laws, rules and
      regulations and guidelines which are in force during the term of this Agreement and in any jurisdiction in which the Research Program or any Clinical Trial is performed or in which any Licensed Product is manufactured, sold or supplier to the extent
      in each case applicable to any Party to this Agreement or any Sublicensee.

   

  1.6            “Available Target” is defined in Section 4.3.4.

   

  1.7            “Background IP” means Background Know-How and
      Background Patents.

   

  (a)               “Background Know-How” means any Know-How existing
      as of the Effective Date, or created after the Effective Date and outside the course of the activities conducted under any Research Program.

   

  (b)               “Background Patents” means any Patents filed
      prior to the Effective Date, or any Patents which Cover the Background Know-How.

   

  1.8            “Biosimilar” is defined in Section 7.6.3.

   

  1.9            “Clinical Trial” shall mean a Phase I Clinical
      Trial, Phase II Clinical Trial or Phase III Clinical Trial or any other equivalent, combined or other trial in which any Licensed Product is administered to a human subject.

   

  1.10          “CMO” is defined in Section 5.2.

   

  1.11          “Combination” is defined in Section 1.65(c).

   

  1.12          “Companion Diagnostic” means any product or service
      that: [***].

   

  1.13          “Compound” means a product that comprises (a) a TCR
      or a portion of a TCR that comprises a TCR alpha chain variable domain and a TCR beta chain variable domain wherein the TCR or portion of the TCR binds to an HLA-presented antigen derived from a Target; and (b) an Effector.

   

  1.14          “Compulsory Sublicense” means a sublicense granted to
      a Third Party, through the order, decree or grant of a governmental authority having competent jurisdiction, authorizing such Third Party to manufacture, use, sale, offer for sale, import or export a Product in any country in the Territory [***].

   

  1.15          “Compulsory Sublicensee” means a Third Party that was
      granted a Compulsory Sublicense.

   

  1.16          “Confidential Information” means proprietary Know-How
      (of whatever kind and in whatever form or medium, including copies thereof), tangible materials or other deliverables (a) disclosed by or on behalf of a Party in connection with this Agreement, whether prior to or during the Term and whether
      disclosed orally, electronically, by observation or in writing, or (b) created by, or on behalf of, either Party and provided to the other Party, or created jointly by the Parties,

   

  	2
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  in the course of this Agreement. For the avoidance of doubt, “Confidential Information”
      includes (i) Know-How regarding such Party’s research, development plans, clinical trial designs, preclinical and clinical data, technology, products, business information or objectives and other information of the type that is customarily considered
      to be confidential information by entities engaged in activities that are substantially similar to the activities being engaged in by the Parties pursuant to this Agreement and (ii) any tangible materials or other deliverables provided by one Party
      to the other Party pursuant to Article 5.

   

  1.17          “Control” or “Controlled by” means the
      rightful possession by a Party, whether directly or indirectly and whether by ownership, license (other than pursuant to this Agreement) or otherwise as of the Effective Date or throughout the Term, of the unfettered right (excluding where any
      required Third Party consent can not be obtained) to grant a license, sublicense or other right to exploit, as provided herein, without violating the terms of any agreement with any Third Party.

   

  1.18          “Covers” (including variations such as “Covered”,

      “Covering” and the like), means, with respect to a particular Patent and in reference to a particular compound or product (whether alone or in combination with one or more other ingredients) that the use, manufacture, sale, supply, import,
      offer for sale of such compound or product would infringe a Valid Claim of such Patent in the absence of any license granted under this Agreement.

   

  1.19          “CPA Firm” is defined in Section 8.7.2.

   

  1.20          “Create Act” is defined in Section 9.2.4.

   

  1.21          “Diligent Efforts” means carrying out obligations or
      tasks using commercially reasonable efforts and resources comparable with standard practices of pharmaceutical companies [***] to the Party concerned and exercising decisions in good faith and using prudent, scientific and business judgment.

   

  1.22          “Disclosing Party” is defined in Section 11.6.

   

  1.23          “Dispute(s)” is defined in Section 15.1.

   

  1.24          “Early Development”· is defined in Section 4.1.

   

  1.25          “Effector” means any protein or polypeptide having
      the ability to modulate immune cell function such as anti-CD3 scFv or a diagnostic label, including derivatives or variants thereof.

   

  1.26          “Entity” is defined in Section 4.3.1.

   

  1.27          “Exclusive License” is defined in Section 4.2.3.

   

  1.28          “Exclusive Target” is defined in Section 4.3.3.

   

  1.29          “Exclusive Target Payment” is defined in Section 7.2.

   

  1.30          “EU” means the member states of the European Union,
      or any successor entity thereto performing similar functions.

   

  	3
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  1.31          “Event” means the events listed in 7.3.1.

   

  1.32          “Event Payment” means the payments on achieving an
      Event and as set out in Section 7.3.1.

   

  1.33          “FDA” means the United States Food and Drug
      Administration, or any successor entity thereto performing similar functions.

   

  1.34          “Field” means any and all uses, excluding any product
      that contains cells transfected with genes encoding TCRs or modified TCRs [***].

   

  1.35          “First Commercial Sale” means, with respect to a
      particular Licensed Product in a given country, the first commercial sale of such Licensed Product following Marketing Approval in such country by or under authority of GNE or any of its Sublicensees. As used herein, “Marketing Approval” means
      all approvals, licenses, registrations or authorizations of any federal, state or local regulatory agency, department, bureau or other governmental entity, necessary for the manufacturing, use, storage, import, transport and sale of Licensed Products
      in a country or regulatory jurisdiction. For countries where governmental approval is required for pricing or reimbursement for the Licensed Product, “Marketing Approval” shall not be deemed to occur until such pricing or reimbursement
      approval is obtained; provided, to the extent GNE or any of its Sublicensees sell a Licensed Product prior to obtaining such pricing or reimbursement approval, such sales shall be accrued at the time of sale and any royalties thereon shall be paid in
      the quarter following the obtaining of such pricing or reimbursement approval. For the purpose of clarity and subject to Section l .65(a), sales of Licensed Products between or among any of GNE, Roche and their Sublicensees shall be excluded from
      “First Commercial Sales”.

   

  1.36          “Foreground IP” means the Immunocore Foreground IP
      and the GNE Foreground IP.

   

  1.37          “FTE” means the equivalent of the work of one
      employee full time on (equivalent to a twelve month period of work directly related to) any Research Program, including [***].

   

  1.38          “GMP” means all current good manufacturing practices
      applicable to biopharmaceuticals in the United States and/or in the European Union, as are in effect from time to time during the Term.

   

  1.39          “GNE” is defined in the introduction.

   

  1.40          “GNE Foreground IP” means (a) any Know-How
      discovered, conceived or reduced to practice solely by or on behalf of GNE after the Effective Date in the course of performing activities under any Research Program: and (b) any Patents derived from or claiming the Know-How in Section 1.40(a), which
      Patents have an earliest priority date after the Effective Date. GNE Foreground IP will exclude (i) any Patents or Know-How that [***] and (ii) any Patents or Know-How [***].

   

  1.41          “GNE Improvement IP” means (a) any Know-How
      discovered, conceived or reduced to practice solely by or on behalf of GNE after the Effective Date in the course of performing any activities covered by the Research License (and not in the course of performing activities under any Research Program)
      and which directly relates to improvements to ImmTACs or the

   

  	4
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  Immunocore Background IP; and (b) any Patents derived from or claiming the Know-How in
      Section 1.4l(a). GNE Improvement IP excludes (i) any GNE Foreground IP; (ii) any Joint IP; (iii) any Patents or Know-How [***]; or (iv) any Patents or Know-How [***].

   

  1.42          “Grantback License” is defined in Section 4.5.1(a).

   

  1.43          “HLA” means human leukocyte antigen and “HLA Type”
      means human leukocyte antigent type.

   

  1.44          “ImmTAC” means a bifunctional protein that combines a
      high affinity TCR with an anti-CD3 scFv domain or other Effector.

   

  1.45          “Immunocore Background IP” means the Background IP
      owned or Controlled by Immunocore as of the Effective Date or during the Term including but not limited to the Patents listed in Exhibit A.

   

  1.46          “Immunocore Foreground IP” means (a) any Know-How
      discovered, conceived or reduced to practice solely by or on behalf of Immunocore in the course of performing activities under any of the Research Programs; and (b) any Patents derived from or claiming the Know-How in Section 1.46(a).

   

  1.47          “IND” means an investigational new drug application
      filed with the FDA pursuant to 21 CFR Part 312 before the commencement of clinical trials of a product, or any comparable or equivalent filing with any relevant regulatory authority in any other jurisdiction required before the commencement of any
      Clinical Trial.

   

  1.48          “Indemnitee” is defined in Section 13.3.

   

  1.49          “Indemnitor” is defined in Section 13.3.

   

  1.50          “Infringement” is defined in Section 9.4.1.

   

  1.51          “Initial License Fee” is defined in Section 7.1.

   

  1.52          “Immunocore” is defined in the introduction.

   

  1.53          “Joint IP” means (a) any Know-How discovered,
      conceived or reduced to practice by one or more employees of or on behalf of GNE and one or more employees of or on behalf of Immunocore in the course of performing activities under the any of the Research Programs; and (b) any Patents derived from
      or claiming the Know-How in Section 1.53(a)), which Patents have an earliest priority date after the Effective Date. Joint IP excludes any Immunocore Foreground IP, GNE Foreground IP, and GNE Improvement IP.

   

  1.54          “Joint Project Team” or “JPT” is defined in
      Section 2.2.1.

   

  1.55          “Joint Research Committee” or “JRC” is defined
      in 2.1.1.

   

  	5
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  1.56          “Know-How” means all information, inventions (whether
      or not patentable), improvements, practices, formula, trade secrets, techniques, methods, procedures, knowledge, results, test data (including pharmacological, toxicological, pharmacokinetic and pre-clinical and clinical information and test data,
      related reports, structure-activity relationship data and statistical analysis), analytical and quality control data, protocols, processes, models, designs, and other information regarding discovery, development, marketing, pricing, distribution,
      cost, sales and manufacturing. Know-How shall not include any Patents.

   

  1.57          “Licensed Intellectual Property” means the Licensed
      Know-How and Licensed Patents.

   

  1.57.1    “Licensed Know-How” means, as owned or Controlled by
      Immunocore as of the Effective Date or during the Term, any (a) Background Know-How specific to the relevant Exclusive Target; and (b) any Background Know-How specific to any Compound developed during the Research Program relating to such Exclusive
      Target and selected for use in any Clinical Trial, including to the extent such Background Know-How relates to the manufacture, use, import, offer to sell or sale of such Compound.

   

  1.57.2    “Licensed Patents” means any Patents owned or
      Controlled by Immunocore as of the Effective Date or during the Term and which Cover a Licensed Product. Licensed Patents does not include any Patents within the Joint IP or Immunocore Foreground IP.

   

  1.58          “Licensed Product” means any product (other than a
      Companion Diagnostic) containing a Compound derived from an Exclusive Target, which Compound:

   

  (a)              is owned or Controlled by Immunocore as of the Effective
      Date;

   

  (b)             is generated solely by Immunocore or jointly by the
      Parties during the Term;

   

  (c)              is generated solely by GNE in the course of performing
      activities under any Research Program;

   

  (d)             is generated solely by GNE after the Research Term for a
      given HLA-presented antigen derived from an Exclusive Target, which generation resulted from the direct modification of the Compounds in (a), (b) or (c); or

   

  (e)              GNE elects to bring under this Agreement by providing
      written notice to Immunocore.

   

  1.59          “Licensed Product/Different HLA Type” is defined in
      Section 4.4.

   

  1.60          “Loss” or “Losses” is defined in Section 13.1.

   

  1.61          “Major European Market” means [***].

   

  1.62          “MAA” or “Marketing Approval Application”
      means BLA, sBLA, NDA, sNDA and any equivalent thereof in the United States or any other country or jurisdiction in the Territory. As used herein: “BLA” means a Biologics License Application and amendments thereto filed pursuant to the
      requirements of the FDA, as defined in 21 C.F.R. § 600 et seq., for FDA approval

   

  	6
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  of a Licensed Product and “sBLA” means a supplemental BLA; and “NDA” means a
      New Drug Application and amendments thereto filed pursuant to the requirements of the FDA, as defined in 21 C.F.R. § 314 et seq., for FDA approval of a Licensed Product and “sNDA” means a supplemental NDA.

   

  1.63          “Materials” is defined in Section 5.1.1.

   

  1.64          “Milestone Payment” shall mean the payments to be
      made on the Net Sales Events and as set out in Section 7.5.1.

   

  1.65          “Net Sales” with respect to a Licensed Product shall
      mean an amount calculated by subtracting from the amount of Sales of such Licensed Product by Roche, GNE or their Sublicensees to Third Parties (including distributors): (i) a lump sum deduction of [***] of Sales in lieu of those deductions which are
      not accounted for within Roche or ONE on a Licensed Product-by-Licensed Product basis [***]. The deductions under this Section will be those deductions as consistently applied by GNE, Roche or their Sublicensees in accordance with internal practices.
      As used herein this Section 1.65:

   

  (a)           Sales Among Affiliates and Sublicensees. Sales
      between or among a Party and its Sublicensees shall be excluded from the computation of Net Sales provided (a) there is an arms length sale or supply to a Third Party in relation to such Licensed Product; and (b) any sale between a Party and its
      Sublicensee is made on an arms length basis.

   

  (b)           Supply as Samples/Test Materials. Notwithstanding
      anything to the contrary in the definition of Net Sales, the supply or other disposition of Licensed Products (i) as samples provided free of charge to any Third Party and in accordance with standard industry practice (but not in circumstances where
      such Third Party is able to pass samples to any other Third Party other than free of charge); (ii) for use in non-clinical or clinical studies (provided such samples are provided to any Third Party in exchange for data from such study, at cost, or
      free of charge); (iii) for use in any tests or studies reasonably necessary to comply with any applicable law, regulation or request by a regulatory or governmental authority (provided such samples are provided to any Third Party in exchange for data
      from such test or study, at cost, or free of charge) or (iv) as is otherwise reasonable and customary in the industry (but not in circumstances where such Third Party is able to pass samples to any other Third Party other than free of charge), in
      each case of (i) through (iv) shall not be included in the computation of Net Sales.

   

  (c)           Licensed Products Sold in Combinations. In the event
      that a Licensed Product is sold or supplied in combination (in the same package, including as a co-formulation) with one or more other active ingredients or other products that are not the subject of this Agreement (for purposes of this Section
      1.65(c), a “Combination”), the following shall apply:

   

  (i)                 [***]

   

  (ii)                [***]

   

  (d)          Sales from Compulsory Sublicensees. The Parties shall
      discuss in good faith and agree the reasonable treatment to be used on a consistent basis to fairly share Compulsory Sublicense payments between the Parties. For the purpose of clarity, any Party will not be

   

  	7
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  penalized or be subject to Material Breach for delayed or deferred payments during the period
      of discussion.

   

  1.66          “Net Sales Event(s)” is defined in Section 7.5.1.

   

  1.67          “Net Sales Report” is defined in Section 8.2.

   

  1.68          “Nomination Notice” is defined in Section 4.3.2.

   

  1.69          “Non-Disclosing Party” is defined in Section 11.6.

   

  1.70          “Non-Exclusive License” is defined in Section 4.2.4.

   

  1.71          “Option Period” is defined in Section 4.2.2.

   

  1.72          “Patent(s)” means any and all patents and patent
      applications and any patents issuing therefrom or claiming priority to, worldwide, together with any extensions (including patent term extensions and supplementary protection certificates) and renewals thereof, reissues, reexaminations,
      substitutions, confirmation patents, registration patents, invention certificates, patents of addition, renewals, divisionals, continuations, and continuations-in-part of any of the foregoing.

   

  1.73          “Party Vote” is defined in Section 2.4.2.

   

  1.74          “Phase I Clinical Trial” means a human clinical
      trial, the principal purpose of which is preliminary determination of safety of a Licensed Product in healthy individuals or patients as described in 21 C.F.R. §312.21, or similar clinical study in a country other than the United States.

   

  1.75          “Phase II Clinical Trial” means a human clinical
      trial, for which the primary endpoints include a determination of dose ranges and/or a preliminary determination of efficacy of a Licensed Product in patients being studied as described in 21 C.F.R. §312.21, or similar clinical study in a country
      other than the United States. Phase II Clinical Trials shall include Phase IIa and Phase IIb Clinical Trials.

   

  1.76          “Phase III Clinical Trial” means a human clinical
      trial, the principal purpose of which is to demonstrate clinically and statistically the efficacy and safety of a Licensed Product for one or more indications in order to obtain Marketing Approval of such Licensed Product for such indication(s), as
      further defined in 21 C.F.R. §312.21 or a similar clinical study in a country other than the United States.

   

  1.77          “Pivotal Trial” is defined in Section 7.3.2(f).

   

  1.78          “Project Co-Leader” is defined in Section 2.2.1.

   

  1.79          “Proposed Target” is defined in Section 4.3.2.

   

  1.80          “Prosecute and Maintain” or “Prosecution and
        Maintenance” is defined in Section 9.1.1.

   

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          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  1.81          “Regulatory Approval” means the technical, medical
      and scientific licenses, registrations, authorizations and approvals required for marketing or use of a Licensed Product (including, without limitation, approvals of, BLAs (as defined in Section 1.62), investigational new drug applications, pre- and
      post- approvals, and labeling approvals and any supplements and amendments to any of such approvals) of any national, supra-national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity,
      necessary for the development, manufacture, distribution, marketing, promotion, offer for sale, use, import, export or sale of Licensed Products in a regulatory jurisdiction. In the United States, its territories and possessions, Regulatory Approval
      means approval of any Marketing Approval Application or equivalent by the FDA.

   

  1.82          “Release” is defined in Section 11.1.

   

  1.83          “Research License” is defined in Section 4.1.

   

  1.84          “Research Plan” is defined in Section 3.2.

   

  1.85          “Research Program” means the activities conducted by
      the Parties pursuant to Article 3 and the Research Plan and comprising the Stages.

   

  1.86          “Research Term” is defined in Section 3.4.

   

  1.87          “Roche” is defined in the introduction.

   

  1.88          “Rules” is defined in Section 15.2.1.

   

  1.89          “Section 9.4.2 Enforcement” is defined in Section
      9.4.3.

   

  1.90          “Sales” of a Licensed Product shall mean, for any
      period, the amount stated in Roche’s “Sales” line of its quarterly produced and reviewed financial statements with respect to such Licensed Product for such period, which amount reflects the gross invoice price such Licensed Product sold or
      otherwise disposed of (other than for use as clinical supplies or free samples) by Roche, GNE and their Sublicensees reduced by gross-to-net deductions (to the extent applied consistently by Roche, GNE and their Sublicensees with respect to sales of
      their respective other products) if not previously deducted from the amount invoiced, taken in accordance with the then currently used Accounting Standard. By way of example, the gross-to-net deductions taken in accordance with Accounting Standard as
      of the Effective Date are the following: [***].

   

  For the purpose of clarity and subject to Section 1.65(a), sales of Licensed Products
      between or among any of GNE, Roche or their Sublicensees shall be excluded from “Sales”.

   

  1.91          “Stage” or “Stages” means one of each of the
      following stages of the Research Program: TCR isolation (“Stage 1”), affinity maturation (“Stage 2”) and pre-clinical biology (“Stage 3”).

   

  1.92          “Sublicensee” shall mean a Third Party or Affiliate
      who has been granted a sublicense under either of the Exclusive License or Non-Exclusive License and where such sub-license is in compliance with Section 4.2.5.

   

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          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  1.93          “Subsequent Licensed Product” is defined in Section
      7.3.2.

   

  1.94          “Target” means the protein or biological molecule
      from which an HLA-presented antigen is derived (including all HLA alleles).

   

  1.95          “Target Database” is defined in Section 4.3.1.

   

  1.96          “TCR” means T-cell receptor.

   

  1.97          “Term” is defined in Section 14.1.

   

  1.98          “Territory” means all the countries of the world.

   

  1.99          “Third Party” means any entity other than Immunocore,
      GNE, Roche or an Affiliate of any of the foregoing.

   

  1.100      “Third Party Claims” is defined in Section 13.1.

   

  1.101      “Third Party Infringement Claim” is defined in Section
      9.5.1.

   

  1.102      “Third Party Licensee” is defined in Section 4.5.3(b).

   

  1.103      “Title 11” is defined in Section 14.3.

   

  1.104      “Tractable” including variations such as “Tractability”
      means that a target derived peptide is detectable by mass-spectrometry at levels supportive of achieving biological activity using an ImmTAC and the expression profile of the target by qRT-PCR suggests that a viable therapeutic window may be
      achievable.

   

  1.105      “Unavailable Target” is defined in Section 4.3.4

   

  1.106      “US” means the United States of America and its
      territories and possessions.

   

  1.107      “Valid Claim” means, with respect to a particular
      country, (a) a claim in an issued and unexpired Patent within the Licensed Intellectual Property, Foreground IP or Joint IP; or (b) claim in an issued and unexpired Patent within the GNE Improvement IP and which Covers a Compound which has not
      resulted from a Research Program but GNE has elected to designate as a Licensed Product under Section 1.58(e); in each case in such country that has not lapsed or been disclaimed, revoked, held unenforceable, unpatentable or invalid by a decision of
      a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and that has not been admitted to be invalid or unenforceable through re-examination, re-issue, disclaimer or otherwise, or
      lost in an interference proceeding.

   

  1.108      “VAT” means, in the EU, value added tax calculated in
      accordance with Council Directive 2006/112/EC and, in a jurisdiction outside the EU, any equivalent tax.

   

  1.109      “Working Group” is defined in Section 2.1.3.

   

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  Article 2

      GOVERNANCE

   

  2.1           Joint Research Committee.

   

  2.1.1        Formation and Composition. As soon as reasonably
      possible and in any event within thirty (30) days after the Effective Date, Immunocore and GNE shall establish a joint research committee (the “JRC”) to monitor and coordinate the activities under the Research Programs. The JRC shall be
      composed of at least [***] but no more than [***] representatives designated by each Party and in each case an equal number of representatives from each Party. Representatives must be appropriate for the tasks then being undertaken and the stage of
      research or pre-clinical development, in terms of their seniority, availability, function in their respective organizations, training and experience. Each Party shall designate one of its representatives as its primary JRC contact. Each Party may
      replace its representatives from time to time upon written notice to the other Party; provided, however, if a Party’s representative is unable to attend a meeting, such Party may designate an alternate to attend such meeting by providing notification
      in writing to the other Party’s representatives and following provision of such written notification the alternate will be entitled to perform the functions of such representative. The Alliance Managers may attend meetings of the JRC but shall have
      no right to vote on any decisions of the JRC.

   

  2.1.2        JRC Responsibilities. In addition to its overall
      responsibility for monitoring the Research Programs, the JRC shall, in particular:

   

  (a)                work with the Project Co-Leaders to coordinate the
      activities of the Parties hereunder;

   

  (b)               review progress reports submitted by each JPT or Working
      Group with respect to its respective Research Program activities;

   

  (c)                review and approve Research Plans for a Research
      Program, reviewing and approving amendments to the Research Plans for its respective Research Program;

   

  (d)               discuss new Targets validated by Immunocore or added to
      the database of Targets that may be available for nomination as an Exclusive Target;

   

  (e)                review proposals for nomination of any Targets as a
      subsequent or additional Exclusive Target;

   

  (f)                 work to resolve any disputes, controversy or claim
      related to the matters and authority of the JRC;

   

  (g)                perform such other functions as appropriate to further
      the purposes of this Agreement as determined by the Parties;

   

  (h)                review and approve the allocation of resources and
      efforts for the Research Programs;

   

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  (i)                 discuss the results of GNE’s research activities, if
      any, under the Research License; and

   

  (j)                 discuss Immunocore’s progress in conducting any
      Clinical Trials with a Compound, where the Compound is not subject to any Third Party confidentiality restrictions.

   

  2.1.3        Working Groups. From time to time, the JRC may also
      establish and delegate duties to directed teams on an “as-needed” basis to oversee particular projects or activities, and such teams shall be constituted and shall operate as the JRC determines (“Working Group(s)”). Each such Working Group and
      its activities shall be subject to the oversight, review and approval of, and shall report to, the JRC. In no event shall the authority of a Working Group exceed that specified for the JRC in this Article 2.

   

  2.2           Joint Project Team.

   

  2.2.1        Formation and Composition. On an Exclusive
      Target-by-Exclusive Target basis, within [***] after designation of a Target as an Exclusive Target, the Parties shall establish a joint project team (the “JPT”) to manage the activities under, and facilitate communications between the
      Parties, with respect to the Research Program for such Exclusive Target. The JPT shall be composed of representatives designated by each Party. Representatives must be appropriate for the tasks then being undertaken and the stage of research or
      pre-clinical development, in terms of their seniority, availability, function in their respective organizations, training and experience. Each Party shall designate one of its representatives as its primary JPT contact (each, a “Project Co-Leader”).

      Each Party may replace its representatives from time to time upon written notice to the other Party; provided, however, if a Party’s representative is unable to attend a meeting, such Party may designate a knowledgeable alternate to attend such
      meeting and perform the functions of such representative. The JPT shall be subject to the oversight, review and approval of the JRC.

   

  2.2.2        JPT Responsibilities. In addition to its overall
      responsibility for managing its respective Research Program, each JPT shall, in particular:

   

  (a)                prepare any amendments to its respective Research Plan
      in accordance with Section 3.2, and submit amended Research Plans to the JRC for approval;

   

  (b)               implement its respective Research Plan, ensuring that
      activities thereunder are performed in accordance with the approved timelines and budgets;

   

  (c)                ensure that each Party keeps the JPT informed regarding
      all material activities performed by such Party under this Agreement that are within the purview of the JPT;

   

  (d)               generate and maintain a list of all Compounds identified
      under its respective Research Program; and

   

  (e)                perform such other functions as agreed to by the JRC
      (in each case subject to Section 2.4.2) or as specified in this Agreement.

   

  2.3            Meetings.

   

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  2.3.1        JRC. The JRC shall meet in person [***] at
      Immunocore’s facilities in Abingdon, Oxfordshire, England or GNE’s facilities in South San Francisco, California, or via telecon or otherwise, in each case as agreed by the JRC. Where possible meetings will be held by telephone conference with only
      [***] and at either Immunocore’s or GNE’s facility. Where necessary, for example to resolve any dispute, the JRC shall meet more frequently.

   

  2.3.2        JPT. The JPT shall meet at least [***] by audio or
      video teleconference or as otherwise agreed by the JPT.

   

  2.3.3        Meeting Agendas and Minutes. Not later than [***]
      after the JRC and each JPT are formed, the respective committee’s shall each hold an organizational meeting by video- or tele- conference to establish their respective operating procedures, including establishment of agendas, and preparation and
      approvals of minutes. The Parties shall alternate responsibility for taking the meeting minutes, GNE shall be responsible for taking the meeting minutes at the first JRC meeting. Meeting minutes shall be sent to both Parties promptly (and in any
      event within [***]) after a meeting for review, comment and approval by each Party. Where minutes are not approved by both Parties, the dispute shall be resolved at the next JRC or JPT meeting. A decision that is made at the JRC or a JPT meeting
      shall be recorded in minutes, and decisions that are made by the JRC or a JPT outside of a meeting shall be documented in writing and be shown to be clearly agreed by all representatives of the JRC or JPT as relevant.

   

  2.3.4        General. Employees of each Party other than its JRC
      or JPT representatives may attend meetings of the JRC or JPT as nonvoting participants, and, with the consent of the other Party, a Party’s consultants and advisors involved in a Research Program may attend meetings of the JRC or the respective JPT
      as nonvoting observers; provided, that such consultants and advisors are under obligations of confidentiality and non-use applicable to the Confidential Information of the other Party as required by Section 10.3(e). Each Party shall be responsible
      for all of its own expenses of participating in the JRC or JPT. A Project Co-Leader may be responsible for more than one Research Program.

   

  2.4           Decision-Making.

   

  2.4.1        JPT. Each Party will discuss and attempt to resolve
      any potential or evolving disagreement related to a Research Program through its respective Project Co-Leaders before it is brought before its respective JPT. With respect to the responsibilities of each JPT, each Party shall have [***] on all
      matters brought before the JPT. Each JPT shall operate as to matters within its responsibility by [***] Party Vote. If a JPT is unable to achieve [***] Party Vote within [***] after the dispute matter is brought to a vote before the JPT, such matter
      shall be referred to [***] for resolution.

   

  2.4.2        JRC. Each Party will discuss and attempt to resolve
      any potential or evolving disagreement related to the Research Programs through their respective [***] before it is brought before [***]. Each Party’s designees on the JRC shall, collectively, have [***] (the “Party Vote”) on all matters
      brought before the JRC. Except as expressly provided in this Section 2.4.2, the JRC shall operate as to matters within its responsibility by [***] Party Vote. If the JRC is unable to achieve [***] Party Vote, [***] shall have the final
      decision-making authority; provided, that (i) neither the JRC nor either Party shall have the authority to amend or modify, or waive its own

   

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  compliance with, this Agreement; and (ii) [***] shall not be entitled to materially vary the
      scope of work covered by any Stage of a Research Program beyond that which can be resourced by [***] using commercially reasonably efforts and in accordance with Section 3.7.1 and in any event not exceeding the [***] agreed under any Research
      Program; and (iii) [***] shall not have the right to increase or decrease the level of [***]’s FTEs dedicated to conducting research under any Research Plan or modify the terms of the FTE rate; and (iv) [***] shall not be entitled to materially
      increase any expenditure or costs to be incurred by [***]e in relation to any initial Research Plan, in each case without the mutual consent of both Parties.

   

  2.4.3        Dissolution of the JPT and JRC. Upon the earlier of
      expiration or termination of a Research Program with respect to a particular Exclusive Target, the respective JPT will have no further responsibilities or authority under this Agreement and such JPT will be deemed dissolved by the Parties. Upon the
      earlier of expiration or termination of the last Research Program with respect to a particular Exclusive Target, the JRC and the respective JPT will have no further responsibilities or authority under this Agreement and the JRC and such JPT will be
      deemed dissolved by the Parties. Notwithstanding the foregoing, each time GNE subsequently elects by written notice to Immunocore pursuant to Section 4.4 to develop any additional HLA Type to any Exclusive Target, within [***] of such notice, the
      Parties shall re-establish a JPT and the JRC shall resume its previous responsibility under Section 2.1.2 until the earlier of expiration or termination of such Research Program.

   

  2.5          Alliance Managers. Promptly following the Effective
      Date, each Party shall designate an individual to act as the primary business contact for such Party for matters related to this Agreement (such Party’s “Alliance Manager”), unless another contact is expressly specified in the Agreement or
      designated by the JRC for a particular purpose. The Alliance Managers shall facilitate the flow of information and collaboration between the Parties and assist in the resolution of potential and pending issues and potential disputes in a timely
      manner to enable the JRC (during the Research Programs) and the Parties (during the term of the Agreement) to reach consensus and avert escalation of such issues or potential disputes. Either Party may replace its Alliance Manager at any time upon
      prior written notice (including by email) to the other Party’s Alliance Manager. Each Party shall ensure that its Alliance Manager is capable of performing the obligations required of an Alliance Manager under this Agreement.

   

  Article 3

      RESEARCH PROGRAM

   

  3.1          General. Following designation of each new Proposed
      Target as an Exclusive Target, the Parties shall conduct a Research Program in accordance with the Research Plan for such Exclusive Target. Each Party shall comply with all laws, rules and regulations applicable to the conduct and documentation of
      its Research Program activities. Each Party shall, in performing its obligations under any Research Program, assign responsibilities to those portions of its organization that have the appropriate resources, expertise and responsibility for such
      obligations.

   

  3.2          Research Plan. Within [***] after the designation of
      a Proposed Target as an Exclusive Target (or such longer time as mutually agreed), the Parties shall draft and agree upon a research plan (“Research Plan”) for the Research Program to such Exclusive Target. The Research Plan shall unless
      otherwise agreed include the information and be in the form of the template Research

   

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  Plan set out in Exhibit C. The JRC may amend in writing the Research Plans from time to time.
      Without limiting the foregoing, it is envisioned that after the nomination and acceptance of the Exclusive Target, Immunocore will initially focus on [***], and GNE will focus on [***]. Once a clinical candidate has been selected, Immunocore will
      work with GNE [***]. If appropriate, GNE shall conduct [***] experiments. In addition, the parties will collaborate on IND preparations and the regulatory filings, [***]. GNE shall be responsible for IND filings and other regulatory filings.

   

  3.3           Subcontractors.

   

  (a)          GNE Subcontracting. GNE may subcontract portions of
      its work under the Research Program to (i) any Affiliate directly or indirectly controlled by GNE, (ii) any Roche Affiliate whose primary business is to develop and commercialize equipment and reagents for research tools and medical diagnostic
      applications and in each case only for such development or commercialization of equipment and reagents for research tools and medical diagnostic applications, or (iii) Third Parties; provided, such subcontract is in writing and is consistent
      with the terms and conditions of this Agreement including the confidentiality provisions of Article 10 and any rights granted to such subcontractor are restricted to only those rights necessary for performance by subcontractor of the portions of work
      on behalf of GNE. GNE will remain responsible (at its cost) for all acts or omissions of any subcontractor it appoints (including any acts or omissions which result in a breach of the terms of this Agreement) and shall ensure that each subcontractor
      complies with the terms and conditions of this Agreement.

   

  (b)          Immunocore Subcontracting. Immunocore may not
      subcontract portions of its work under the Research Program (including without limitation those quantities to be supplied under the Research Program, as further specified in the Research Plan) to Affiliates or Third Parties without GNE’s prior
      written consent, such consent not to be unreasonably withheld. Any approved subcontract shall be in writing and consistent with the terms and conditions of this Agreement including the confidentiality provisions of Article 10 and any rights granted
      to such subcontractor are restricted to only those rights necessary for performance by subcontractor of the portions of work on behalf of Immunocore. Immunocore shall remain responsible (at its cost) for all acts or omissions of any subcontractor it
      appoints (including any acts or omissions which result in a breach of the terms of this Agreement) and shall ensure that each subcontractor complies with the terms and conditions of this Agreement. As of the Effective Date, GNE has consented to
      Immunocore subcontracting with the subcontractors listed in Exhibit F.

   

  3.4          Research Term. The Research Program for a particular
      Exclusive Target shall commence on Acceptance, and shall continue, unless earlier terminated in accordance with Article 14, until the earlier of completion of all the tasks set out in the Research Plan for such Research Program or filing of an IND by
      or on behalf of GNE or any of its Sublicensees for a Compound directed to an HLA-presented antigen derived from the Exclusive Target relating to the Research Program (the “Research Term”). During the Research Term, each Party shall be
      responsible for its own costs associated with the activities it conducts under the Research Program. For the avoidance of doubt, any materials to be used in any Clinical Trial will be at GNE’s cost.

   

  3.5           Multiple Exclusive Targets. At any time Immunocore
      shall not be obliged to perform more than [***] Research Programs at the same time and in the same Stage. In addition, Immunocore will not be obligated to commence work on any Research Programs until the earlier

   

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  of either: (i) [***] after starting work on any preceding Research Program or (ii) the date
      on which Immunocore is adequately staffed to perform the additional Research Program, such adequate staffing being determined by Immunocore in its absolute discretion. [***]

   

  3.6           Reports; Records; and Inspections.

   

  3.6.1        Progress Reports. Each Party shall use Diligent
      Efforts to keep the other Party informed of its activities under the Research Program and shall provide to the other Party’s representatives on the JRC regular written summary updates at each JRC meeting. If reasonably necessary for a Party to
      perform its work under the Research Program, that Party may request that the other Party provide more detailed information and data regarding the updates it earlier provided, and the other Party shall promptly provide the requesting Party with
      information and data as is reasonably available and reasonably necessary to conduct the Research Program, and such other information as the Parties agree. Neither Party is required to generate additional data or prepare additional reports to comply
      with the foregoing obligation. Subject to Section 10.2, all such reports, information and data provided by a Party shall be considered the providing Party’s Confidential Information.

   

  3.6.2        Research Records. Each Party shall maintain records
      of the Research Program (or cause such records to be maintained) in sufficient detail and in good scientific manner as will properly reflect all work done and results achieved by or on behalf of such Party in the performance of the Research Program.
      All laboratory notebooks shall be maintained for no less than the term of any Patent issuing therefrom. All other records shall be maintained by each Party during the Research Term and for [***] thereafter. All such records of a Party shall be
      considered such Party’s Confidential Information.

   

  3.7           Research Efforts. The Parties shall use Diligent
      Efforts to conduct their respective tasks under the Research Program.

   

  3.7.1        Immunocore Research Efforts. Immunocore shall
      devote such numbers of scientists, with the requisite qualifications, as the Research Program may require [***]. During the Research Term, such Immunocore FTE’s shall be provided by Immunocore at its cost.

   

  3.7.2        GNE Research Efforts. Notwithstanding any Diligent
      Efforts applied by Immunocore to the Research Program, GNE shall have the right, at its sole discretion and cost, to apply additional GNE’s FTEs to conduct activities under the Research Program, including those activities for which Immunocore has
      primary responsibility under the Research Program. If GNE elects to take over any activities under a Research Program for which Immunocore has primary responsibility, GNE shall provide written notice via email to Immunocore thereof, and following
      such written notice Immunocore shall have no further responsibility for such activities under such Research Program.

   

  Article 4

      LICENSES AND OPTIONS

   

  4.1           Research License.

   

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  4.1.1        Original Research License. Commencing on the
      Effective Date and continuing in full force and effect conterminously with each Exclusive License and Non-Exclusive License to an Exclusive Target, Immunocore hereby grants to GNE:

   

  (a)            a royalty-free, non-transferable, non-sublicenseable,
      non-exclusive research license under Immunocore’s rights in the Immunocore Background IP, the Immunocore Foreground IP, and the Joint IP to use and evaluate the Materials supplied by Immunocore under Section 5.1.2(a) for the purposes of process
      development and CMC related to the manufacture, use, sale or supply of Licensed Products; and

   

  (b)           a royalty-free, non-transferable, non-sublicenseable,
      non-exclusive research license under Immunocore’s rights in the Licensed Intellectual Property, the Immunocore Foreground IP, and the Joint IP for the purposes of manufacturing or testing of a Licensed Product arising from performance of a Research
      Program, development of Companion Diagnostics for such Licensed Product or other research and development in each case as necessary to enable manufacture, sale or supply of or obtaining Marketing Approval for such Licensed Product including PK
      modification, optimisation for chemical stability and manufacturability, assay development, drug resistance analysis and formulation and in each case to the extent such activities do not form part of any Research Program.

   

  The licences under Sections 4.1.1(a) and (b) shall together be referred to as the “Research

        License”).

   

  For the avoidance of doubt, upon the termination of an Exclusive License and Non-Exclusive
      License to a particular Exclusive Target, the Research License to such Exclusive Target shall also terminate.

   

  In performing the Research License under Section 4.1.1, GNE agrees that it shall not file
      any Patents over any modifications to or derivatives of the Materials provided under Section 5.1.2(a).

   

  [***]

   

  4.1.2        Alternative Research License. Commencing upon GNE having
      paid to Immunocore an amount equal to or greater than [***]:

   

  (a)            the Research License as set forth in Section 4.1.1 shall
      terminate in its entirety; and

   

  (b)           Immunocore hereby grants to GNE a royalty-free,
      non-transferable, non-sublicenseable, non-exclusive research license under Immunocore’s rights in the Immunocore Background IP, the Immunocore Foreground IP, and the Joint IP to conduct research related to all Targets (upon such grant, such license
      shall hereinafter be referred to as the “Research License”):

   

  (c)           With respect to any Compounds generated by or on behalf of
      GNE under the Research License in Section 4.1.2(b), GNE shall not advance into Early Development such Compounds to any Target unless and until such Target is designated as an Exclusive Target. GNE shall have the right to enter into subcontracts under
      the Research License as provided in Section 3.3. As used herein, “Early Development” means [***]. For the avoidance of doubt, the foregoing

   

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  restriction on advancing into Early Development a Compound to any Target shall not apply to:
      (i) Compound generated, researched and/or developed by GNE other than in the course of performing any activities under the Research License, (ii) Compounds in-licensed or acquired by GNE from a Third Party (unless following such in-license or
      acquisition, GNE conducts research on such Compound in the course of performing any activities under the Research License), or (iii) Compounds generated, researched and/or developed by GNE with a Third Party other than in the course of performing any
      activities under the Research License. and

   

  (d)            GNE shall have the right to terminate the Research License
      in Section 4.1.2(b), in its sole discretion, at any time by providing written notice to Immunocore; such termination to be effective [***] after such notice.

   

  For purposes of determining whether GNE has paid to Immunocore an amount equal to or greater
      than [***], the amounts received by Immunocore from GNE for (i) under Sections 7.1, 7.2, 7.3, 7.5, 7.6 and 7.7 shall be included; and (ii) funding or reimbursement of Immunocore FTEs or reimbursement of expenses, in each case under Article 5 or
      Section 7.4, shall be excluded.

   

  For the avoidance of doubt, upon termination of the Research License in Section 4.1.1, it is
      understood and agreed by Immunocore and GNE that the Exclusive License and Non-Exclusive License to an Exclusive Target includes the right of GNE to conduct research on Licensed Products and Companion Diagnostics which bind to antigens derived from
      the same Exclusive Target; provided that such research is subject to the same terms and conditions as set forth in Sections 3.3 and 4.2.

   

  4.2           Option Grant/Exclusive License Grant from Immunocore.

   

  4.2.1        Option Grant. Upon receipt of the Initial License
      Fee, Immunocore hereby grants to GNE an option to obtain up to [***] Exclusive Licenses, on an Exclusive Target-by-Exclusive Target basis.

   

  4.2.2       Option Exercise. GNE may exercise its option to
      obtain individual Exclusive Licenses in accordance with the procedure set forth in Section 4.3 at any time commencing on receipt of Initial License Fee and continuing until the [***] anniversary of the Effective Date (the “Option Period”). For
      the avoidance of doubt, GNE may exercise such option repeatedly during the Option Period for up to a maximum of [***] Exclusive Targets, including permitted replacements of Targets in accordance with Section 4.3.

   

  4.2.3        Exclusive License Grant. Upon Acceptance of a
      Proposed Target and payment by GNE of the Exclusive Target Payment (if any) set forth in Section 7.2, Immunocore hereby grants to GNE and Roche an exclusive (even as to Immunocore and its Affiliates), royalty-bearing, right and license, with the
      right to grant sublicenses, under its rights in the (a) Licensed Intellectual Property; (b) Immunocore Foreground IP; and (c) Joint IP, in each case of (a), (b) and (c), to make, use, import, sell and offer for sale Licensed Products and Companion
      Diagnostics (to the extent in each case that such Companion Diagnostics are specific to the Licensed Product) in the Field in the Territory (each, an “Exclusive License”).

   

  4.2.4        Non-Exclusive License Grant.

   

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  (a)            Upon Acceptance of a Proposed Target, Immunocore hereby
      grants to GNE and Roche a non-exclusive, royalty-bearing, right and license, with the right to grant sublicenses, under its rights in the Background IP (excluding Licensed Intellectual Property) to the extent necessary to make, use, import, sell and
      offer for sale Licensed Products and Companion Diagnostics (to the extent such Companion Diagnostics are not specific to the Licensed Product) in the Field in the Territory (each a “Non-Exclusive License”). For clarity, such non-exclusive
      license shall not prevent Immunocore from offering and granting to Third Parties an exclusive license under that portion of the Immunocore Background IP that is specific to a Target (other than the Exclusive Targets).

   

  (b)           Upon Acceptance of a Proposed Target, Immunocore hereby
      grants to GNE and Roche a non-exclusive royalty-bearing, right and license, with the right to grant sublicenses, under its rights in the Background IP to GNE to use the Background IP outside of the Field and to the extent necessary for research,
      development and manufacture of Licensed Products (including transfection of cells with genes encoding TCRs or modified TCRs). For clarity such non-exclusive license shall not include any right to sell any products outside of the Field.

   

  4.2.5        Sublicenses. GNE and Roche shall have the right to
      sublicense the rights granted under Section 4.2.3 and 4.2.4 to its Affiliates or Third Parties; provided that in each case such sublicense:

   

  (a)           is consistent with the terms and conditions of this
      Agreement;

   

  (b)           is in writing;

   

  (c)           contains obligations on the Sublicensee equivalent to those
      applicable to GNE under Sections 7.3.2(b), 7.5.2, 8.7.1 and 10; and

   

  (d)           is granted on an arms length basis for monetary
      consideration and requires the Sublicensee to sell or supply Licensed Products to any Third Party on an arms-length basis.

   

  GNE and Roche shall continue to remain responsible for all reporting obligations under this
      Agreement during the Term. GNE and Roche shall be responsible for all actions and omissions of any Sublicensee including where such actions and omissions result in a breach of the terms of this Agreement. Following the grant of any sublicense to a
      Third Party, GNE or Roche shall notify Immunocore of the identity of such Third Party Sublicensee. For clarity, no grant of any sublicense to a Third Party or an Affiliate shall relieve GNE and Roche of its obligations hereunder.

   

  4.2.6        Subcontracting. GNE and Roche shall have right to
      enter into subcontracts with the Third Parties and Affiliates to enable such Third Parties and Affiliates to provide services to or on behalf of GNE and Roche in relation to Licensed Products and Companion Diagnostics. Any subcontract agreement must
      be in writing, consistent with the terms and conditions of this Agreement, including the confidentiality provisions of Article 10, and any rights granted to such subcontractor are restricted to only those rights necessary for performance by
      subcontractor of the portions of work on behalf of GNE or Roche. In addition, to the extent such subcontract involves any research under a Research Program or the Research License, such subcontract shall be subject to and granted in accordance with
      Section 3.3. GNE and Roche will remain responsible (at its cost)

   

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  for all acts or omissions of any subcontractor it appoints (including any acts or omissions
      which result in a breach of the terms of this Agreement) and shall ensure that each subcontractor complies with the terms and conditions of this Agreement

   

  4.3           Exclusive Targets.

   

  4.3.1        Target Database. Following receipt of the Initial
      License Fee under Section 7.1 and continuing during the Option Period, Immunocore will provide GNE access to an electronic data-room with information on all Targets evaluated by Immunocore and available for nomination as an Exclusive Target from time
      to time (“Target Database”). GNE understands and accepts that the same Target Database will be made available to all relevant partners, licensees and potential licensees of Immunocore (each an “Entity”). Immunocore and GNE shall work
      together after the Effective Date to provide access to the Target Database, to agree the terms of relevant Research Plans and to provide the Materials under Section 5.1 promptly so as to enable the nomination and Acceptance of the first two (2)
      Exclusive Targets (and the agreed upon written Research Plan for such Exclusive Targets) within [***] after the Effective Date.

   

  4.3.2        Exclusive Target Identification. At any time during
      the Option Period, GNE may notify Immunocore in writing in the form set out in Exhibit B that GNE wishes to nominate a particular Target (the “Proposed Target”) as an Exclusive Target (“Nomination Notice”). The Nomination Notice shall
      become effective on Immunocore on the date Immunocore receives the Nomination Notice.

   

  4.3.3        Proposed Target Available as an Exclusive Target.
      Immunocore shall have a period of [***] within which to accept or reject the Nomination Notice by returning a signed version of the relevant Nomination Notice to GNE specifying whether accepted or rejected, and if rejected, the reasons therefor.
      Immunocore will accept the Nomination Notice (“Acceptance”) unless [***], in which case it will reject the Nomination Notice by written notice to GNE. Acceptance shall be deemed to occur on the date of Immunocore’s signature on the Nomination
      Notice. On Acceptance the Proposed Target shall thereafter be designated as an “Exclusive Target”. Upon designation of an Exclusive Target hereunder, Immunocore shall be prohibited from granting any Immunocore Affiliate or any Third Party any
      rights under the Licensed Intellectual Property, Immunocore Foreground IP, Immunocore Background IP and/or Joint IP that would breach the grant of the Exclusive License and/or Non-Exclusive License to such Exclusive Target.

   

  4.3.4        Proposed Target Not Available as an Exclusive Target.

   

  (a)           Unavailable Target. If GNE nominated a Proposed
      Target as an Exclusive Target during the Option Period, then Immunocore shall have the right to reject such request if and only if: [***].

   

  Where Immunocore rejects the Nomination Notice, the Proposed Target shall be designated as
      an “Unavailable Target”.

   

  (b)           Subsequently Available Target.

   

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  (i)                  Unavailable Targets under Section 4.3.4(a)(i)
        and (ii). If an Unavailable Target that was the subject of Section 4.3.4(a)(i) or (ii) above subsequently becomes available for license, Immunocore shall provide prompt written notice to the first Entity in time that (a) previously requested
      such Unavailable Target as a Proposed Target for license by such Entity (each, an “Available Target”); and (b) has any further right to request a license to the Available Target. That Entity shall then have a [***] period to nominate the
      Available Target in accordance with the terms for nomination agreed between Immunocore and the relevant Entity. After expiration of the [***] period, if such entity has not provided Immunocore with a relevant Nomination Notice for the Available
      Target, Immunocore shall offer the Available Target to the next Entity in time that previously requested such Available Target and that Entity shall then have a [***] period to nominate the Available Target. This procedure shall continue for the next
      Entity in time using the same procedure as set forth in this Section 4.3.4(b)(i) until the earlier of an Entity taking a license to such Available Target or all Entities reject such Available Target.

   

  (ii)                Unavailable Targets under Section 4.3.4(a)(iii).
      With respect to an Unavailable Target that was rejected under Section 4.3.4(a)(iii) above, Immunocore hereby agrees that it will not work on such Unavailable Target during the Term, either by itself or in collaboration with a Third Party or
      Immunocore Affiliate, without first offering GNE the opportunity to re-nominate such Target as an Exclusive Target and provided six (6) Exclusive Targets have not previously been Accepted and GNE has no further right to nominate a replacement Target.

   

  4.3.5        Target substitutions.

   

  (a)           For Exclusive Targets that have not been previously
      validated by Immunocore, Immunocore shall assess the Tractability of the Exclusive Target following Acceptance. Should Immunocore determine that such Exclusive Target is non-Tractable, ONE may nominate a replacement Target utilizing the same Target
      nomination process as in Section 4.3.2. GNE shall be entitled to nominate such replacement Target, in accordance with Section 4.3.2, for any Target which is found to be non-Tractable without restriction until [***], at which point GNE shall only be
      entitled to nominate one further replacement Target. Should such final replacement Target also be found to be non-Tractable, GNE shall have no further right to nominate any replacement Targets and the number of Exclusive Licenses shall be reduced by
      one.

   

  (b)           In addition, if prior to Immunocore’s initiation of work on
      an Exclusive Target (whether as part of validation under Section 4.3.5(a) or as part of the performance of the Research Plan) GNE provides [***] such Exclusive Target is non-Tractable, then GNE shall [***] have the right to nominate a replacement
      Target utilizing the same Target nomination process as in Section 4.3.2. For the avoidance of doubt, GNE may nominate a replacement Target in accordance with Section 4.3.2 [***]. With respect to any such Exclusive Target for which GNE provides [***]
      such Exclusive Target is technically non-Tractable, Immunocore shall have a royalty-free, non-transferable (subject to Section 16.3), non-sublicenseable, non-exclusive license to use the data provided by GNE to facilitate Immunocore’s selection and
      determination of which Targets to develop with an Entity. For the avoidance of doubt, Immunocore may not disclose such data to such Entity.

   

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  (c)            Finally, if, following [***] from Immunocore’s initiation
      of work on an Exclusive Target (whether as part of validation under Section 4.3.5(a) or as part of the performance of a Research Plan), Immunocore fails to [***], then GNE shall have the right to nominate a replacement Target using Diligent Efforts
      and in accordance with the process as in Section 4.3.2. Such ability to nominate a replacement Target shall apply once [***] no further replacement Target shall be capable of nomination by GNE and the number of Exclusive Licenses shall reduce by one.

   

  (d)           For the avoidance of doubt, the Exclusive Target Fee payable
      on Acceptance of an Exclusive Target shall not be payable for any replacement Target nominated in accordance with Sections 4.3.

   

  4.4           Additional HLA Types to an Exclusive Target. On an
      Exclusive Target-by-Exclusive Target basis, commencing on initiation of a Research Program to an Exclusive Target and continuing until [***], GNE shall have the right to request Immunocore’s assistance in developing up to [***] additional Licensed
      Products that bind to antigens derived from the same Exclusive Target but to different HLA-presented antigens derived from the same Exclusive Target by providing a written notification to Immunocore (each a “Licensed Product/Different HLA Type”).

      Upon receipt of the written notification, Immunocore and GNE shall in good faith agree upon an additional Research Plan that defines the resources and costs associated with activities for the development of the Licensed Product/Different HLA Type,
      including an agreed upon Immunocore FTE rate. Performance of the agreed additional Research Plan by Immunocore shall be subject to GNE paying for all Immunocore time and effort incurred in performance of the agreed additional Research Plan at the
      agreed FTE rate together with reimbursement of all costs and expenses directly incurred in performance of the agreed additional Research Plan by Immunocore.

   

  4.5           GNE License.

   

  4.5.1        License to Immunocore.

   

  (a)           GNE hereby grants to Immunocore a non-exclusive,
      royalty-free, fully paid-up, worldwide license, with the right to sublicense to Third Party Sublicensees, under GNE’s rights in the GNE Improvement IP and GNE Foreground IP for the purpose of making, having made, selling, supplying, using and
      importing ImmTACs (or products comprising ImmTACs) to any Target other than the Exclusive Targets (the “Grantback License”). For clarity, such license does not include any right to manufacture, sell, supply, use or import any products which
      contain GNE’s CD3 Effector (including anti-CD3 antibodies, antigen-binding fragments thereof and other derivatives and variants).

   

  (b)          GNE hereby also grants to Immunocore and its Third Party
      Sublicensees the right to negotiate with GNE the terms under which GNE may grant Immunocore or its Third Party Sublicensees (as applicable) a non-exclusive, non-sublicensable, royalty bearing, license under the issued Patents within the Manufacturing
      IP, such license to be limited to only those rights necessary to make and use a Compound incorporated in a product comprising an ImmTac (the “Manufacturing License”). Immunocore and its Third Party Sublicensees may exercise such right to
      negotiate at any time during the Term, by providing written notice to GNE thereof, such notice to identify (i) the Compounds to be covered; (ii) the Manufacturing IP to be licensed; and (iii) the countries in which such Compound is to be manufactured
      and/or sold.

   

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  (c)            Immunocore or its Third Party Sublicensee (as applicable)
      will have the right for [***] (or such longer period as mutually agreed) following Immunocore’s or its Third Party Sublicensee’s (as applicable) written notice to GNE under Section 4.5.1(b) to negotiate in good faith with GNE the commercially
      reasonable terms under which GNE may grant to Immunocore a Manufacturing License.

   

  (d)           As used herein, “Manufacturing IP” means any issued
      Patents that Cover the manufacture (including without limitation, processes, expression technology, formulations and assays developed for clinical or commercial manufacturing) of a Compound and which inventions claimed by any such Patent were
      conceived or reduced to practice solely by GNE in the course of performance by GNE under the Research License or any Research Program. Where reasonably possible, GNE agrees to notify Immunocore of any Manufacturing IP within [***] of issue of any
      Patent within the Manufacturing IP.

   

  (e)           The right to negotiate granted to Immunocore and its Third
      Party Sublicensees under this Section 4.5.1, including without limitation any dispute as to GNE’s election to grant or not grant Immunocore or its Third Party Sublicensees (as applicable) any rights under the issued Patents within the Manufacturing
      IP, including the scope and/or terms thereof, shall expire at the end of such [***] period from the receipt of the written notice given in accordance to Section 4.5.1(b) (or such longer period as mutually agreed) [***]. Without limiting the
      foregoing, GNE shall have no obligation to grant, and Immunocore and its Third Party Sublicensees shall have no rights to obtain, a license to the issued Patents within the Manufacturing IP if a written agreement on commercially reasonable terms is
      not concluded within such [***] period (or such longer period as mutually agreed). For clarity, such right to negotiate does not include any right to negotiate a licence for the manufacture, sale, supply, use or import of any products which contain
      GNE’s CD3 Effector (including anti-CD3 antibodies, antigen-binding fragments thereof and other derivatives and variants).

   

  4.5.2        Restrictions on Immunocore Sublicensing. Immunocore
      may sublicense a Third Party Licensee under the Grantback License if and only when such Third Party Licensee grants to Immunocore a license, with the right to sublicense Immunocore licensees (including GNE and Roche) on a non-exclusive basis, under
      its Third Party Improvements, wherein such license contains terms and confers upon Immunocore and its licensees rights thereto substantially similar to the rights granted by GNE to Immunocore under the Grantback License. Immunocore shall use [***]
      efforts to contractually require all of its Third Party Licensees to grant such a license to Immunocore and its other licensees. For clarity, GNE shall have no obligation to disclose any GNE Foreground IP, GNE Improvement IP or Joint IP to any Third
      Party Licensee.

   

  4.5.3        Certain Terms. As used herein this Section 4.5:

   

  (a)            “Third Party Improvements” means claims within any
      issued patent owned or Controlled by a Third Party Licensee, to the extent such claims (i) cover improvements to ImmTACs or the Immunocore Background IP; and (ii) define an invention conceived or reduced to practice by such Third Party Licensee after
      the effective date of the first agreement granting such Third Party Licensee a license to the Immunocore Background IP; and (iii) to the extent such claims arise from the performance of a license similar to the Research License or from a joint
      research program with Immunocore. Immunocore shall have no obligation to disclose any Third

   

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  Party Improvement to GNE; however, Immunocore shall provide to GNE a confidential list of Third
      Party Licensees, with the date each such Third Party became a Third Party Licensee, for use by GNE to facilitate GNE’s identification of Third Party Improvements. Such confidential list shall be held by GNE legal department and only accessed by such
      legal department or external legal advisors. Third Party Improvements shall also not cover any improvements to Third Party intellectual property rights where such intellectual property rights are created outside the performance of any agreement
      between the Third Party and Immunocore.

   

  (b)           “Third Party Licensee” means a Third Party to which
      Immunocore has granted a license under the Immunocore Background IP in the Field.

   

  4.6           No Additional Licenses. Except as expressly provided
      in this Agreement, nothing in this Agreement shall grant either Party any right, title or interest in and to the Know-How, Patents or other intellectual property rights of the other Party (either expressly or by implication or estoppel).

   

  Article 5

      MATERIALS AND TECHNOLOGY TRANSFER

   

  5.1           Materials.

   

  5.1.1       Generally. Each Party shall use Diligent Efforts to
      provide the other Party with the tangible materials and other deliverables specified under the Research Plan (collectively, the “Materials”). The JRC shall determine the specific format and timeline for the transfer of such Materials.

   

  5.1.2        Certain Transfers. Without limiting Section 5.1.1:

   

  (a)          Within [***] of the Effective Date, Immunocore shall (at its
      cost) provide to GNE the Materials listed in Exhibit D. GNE shall only use such Materials for internal evaluation purposes only and in accordance with the licences granted under clauses 4.1 and 4.2.

   

  (b)           During the Research Term and to the extent not already
      covered by the Research Plan, Immunocore (at its cost and save as provided below) shall provide GNE with ongoing technical assistance related to the research, development and manufacturing of Licensed Products as reasonably requested by GNE. Such
      technical assistance will be limited to no more than [***] of Immunocore time and effort per quarter per Exclusive Target. GNE shall also reimburse Immunocore direct Third Party costs and expenses incurred in providing such assistance. Where
      technical assistance exceeds this maximum number of hours GNE shall reimburse Immunocore its direct costs and expenses and pay Immunocore for its FTE time and effort incurred in providing such technical assistance at Immunocore’s FTE rate applicable
      at the time of provision. Immunocore shall use reasonable efforts to provide the assistance under this Section 5.1.2(b) as reasonably requested by GNE and in any event as soon ‘as such resource can reasonably be made available.

   

  (c)           In addition outside of the Research Term, Immunocore shall
      provide GNE with ongoing technical assistance related to the research, development and manufacturing of Licensed Products as reasonably requested by GNE. ONE shall reimburse Immunocore its direct costs and expenses and pay Immunocore for its FTE time
      and effort incurred in providing such

   

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  technical assistance at Immunocore’s FTE rate applicable at the time of provision. Immunocore
      shall use reasonable efforts to provide the assistance under this Section 5.1.2(b) as reasonably requested by GNE and in any event as soon as such resource can reasonably be made available.

   

  5.1.3        Rights of Use. With respect to the Materials
      provided by one Party to another Party pursuant to this Section 5.1, each Party shall have the right to use such Materials for the activities under the Research Program and to exercise the rights granted to such Party pursuant to Article 4. Subject
      to the foregoing, all such Materials (i) shall be used by a Party only in accordance with the terms and conditions of this Agreement; (ii) shall not be used or delivered by a Party to or for the benefit of any Third Party except as expressly provided
      for herein; and (iii) shall be used by a Party in compliance with all Applicable Laws.

   

  5.2           Technology Transfer. As part of the research,
      development and manufacturing of Licensed Products, Immunocore will (at its cost) assist GNE in establishing a CMC supply chain and will allow and enable GNE to work with Immunocore’s designated CMOs. Unless requested otherwise, Immunocore will (at
      its cost and save as provided below) transfer the assay development, manufacturing know-how and GMP manufacture to GNE (or its designated CMO) and will provide technical training sufficient to enable GNE (or its designated CMO) to use such
      manufacturing know-how to make Compounds. GNE shall be responsible for GMP manufacture via GNE’s internal facilities or Immunocore’s CMOs. As used herein, “CMO” means a Third Party with which a Party has contracted to conduct manufacturing
      (including without limitation, process development and scale-up) of Compounds on behalf of such Party. It is understood and agreed that any such transfer and technical training provided by Immunocore (at its cost) to be limited to no more than [***]
      of Immunocore FTEs per Exclusive Target, with the reasonable direct costs of any such transfer to be fully reimbursed by GNE. Where such allocation has been exceeded, any further assistance by Immunocore shall be subject to agreement between GNE and
      Immunocore as to reimbursement and/or payment for such technical assistance by GNE. Immunocore shall use reasonable efforts to provide the assistance under this Section 5.2 as reasonably requested by GNE and in any event as soon as such resource can
      reasonably be made available.

   

  Article 6

      DILIGENCE

   

  6.1          Development and Commercialization of Licensed Products.
      Except with respect to the activities being conducted by the Parties under the Research Programs, as between GNE and Immunocore (i) GNE shall have sole responsibility for and bear all costs for, researching, developing and commercializing Licensed
      Products; and (ii) GNE shall have the sole right and authority to control all decisions related to the research, development and commercialization of Licensed Products. On an Exclusive Target-by-Exclusive Target basis, GNE agrees to use Diligent
      Efforts to research, develop and commercialize at least one Licensed Product that binds to an HLA-presented antigen derived from each Exclusive Target within the Field in the Territory.

   

  6.2        Additional Compounds that bind to HLA-presented antigen
        derived from the same Exclusive Target. Following [***], Immunocore can request in writing to GNE that it desires to discuss the development and commercialization of Subsequent Licensed Products. GNE will respond to Immunocore’s request within
      a period of [***] with either (a) a plan for when it expects

   

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  to start development of a Subsequent Licensed Product and which Subsequent Licensed Product
      it is considering; or (b) a schedule to meet and discuss the reasons why it is not intending to develop any further Subsequent Licensed Product.

   

  6.3            Progress Reports. Commencing on the dissolution of
      the JRC and continuing thereafter during the Term, GNE shall provide to Immunocore, on or before [***] of such dissolution, [***] written report summarizing GNE’s progress in the development of the Licensed Products in the [***], [***]; such [***]
      written report to provide Immunocore during the Term with information reasonably necessary to determine GNE’s progress in developing and commercializing a Licensed Product to such Exclusive Target, including [***]. Immunocore may address questions on
      the [***] reports to the Alliance Managers following receipt of such written reports. Additionally, GNE shall provide to Immunocore[***].

   

  Article 7

      FINANCIAL TERMS

   

  7.1          Initial License Fee. In consideration of the rights
      granted by Immunocore to GNE and Roche under Article 4 to the Licensed Intellectual Property, Immunocore Background IP, Immunocore Foreground IP and Immunocore’s interest in Joint IP and the technology transferred by Immunocore to GNE under Article 5
      with respect to the Research Programs, GNE shall pay to Immunocore a one-time-license-fee in the amount of Twenty Million US Dollars ($20,000,000) (“Initial License Fee”). Such payment is due as of the Effective Date and shall be made no later
      than fifteen (15) days of the Effective Date, and shall be non-refundable. Such payment shall include the Exclusive Target Payments payable for the first two (2) Exclusive Targets.

   

  7.2            Exclusive Target Payment. On an Exclusive
      Target-by-Exclusive Target basis, GNE will pay Immunocore the following one-time payments (“Exclusive Target Payments”):

   

  	Exclusive Target	Exclusive Target 

            Payment (US$)
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

   

  GNE shall pay Immunocore the respective Exclusive Target Payment within [***] of Acceptance
      of the relevant Exclusive Target and following receipt of an invoice from Immunocore with respect thereto.

   

  7.3           Development and Commercial Event Payments.

   

  7.3.1        First Licensed Product Events. GNE will pay
      Immunocore the following one-time Event Payments upon each Licensed Product achieving the following Events:

   

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  	Event	Event Payment (US$)
	1st Indication	2nd Indication	3rd Indication
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	  [***]	[***]	[***]	[***]

   

  For the avoidance of doubt, with respect to this Article 7, each Licensed Product [***] Licensed Product. In
      this Section 7.3, “Indication” means the intended use of a Licensed Product for either therapeutic treatment or for the prevention of a distinct illness, sickness, interruption, cessation or disorder of a particular bodily function, system,
      tissue type or organ, or sign or symptom of any such items or conditions, regardless of the severity, frequency or route of any treatment, treatment regimen, dosage strength or patient class, for which Regulatory Approval is being sought and which
      will be referenced on any Licensed Product labeling in any country. For clarity, label extensions (including without limitation front-line, metastatic, adjuvant, etc.) shall not be deemed to be separate Indications.

   

  7.3.2        Certain Terms. It is understood and agreed that the
      following terms shall apply to the Events achieved under Section 7.3.1.

   

  (a)            Payments under Section 7.3.1 shall be due only once for
      each Licensed Product in the first three Indications to achieve such Event for such Indication.

   

  (b)           Payments shall be due under Section 7.3.1 by GNE and Roche
      regardless of whether it is GNE or Roche itself that meets the Event (as defined in the table in Section 7.3.1) or where such Event is met through the actions of any Sublicensee. GNE and Roche shall procure that any Sublicensee agrees to notify GNE
      or Roche, as applicable, immediately on any Event being met by such Sublicensee.

   

  (c)           For the avoidance of doubt, GNE and Roche’s (including where
      such obligation arises as a result of actions by any Sublicensee) cumulative obligation under Section 7.3.1 with respect to the: (i) first Licensed Product binding to a particular HLA-presented antigen derived from an Exclusive Target in the first Indication shall in no event exceed [***] per Exclusive Target; (ii) first Licensed Product binding to a particular HLA-presented antigen derived 

   

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  from an Exclusive Target in the second Indication shall in no event exceed [***] per Exclusive
      Target; and (iii) first Licensed Product binding to a particular HLA-presented antigen derived from an Exclusive Target in the third Indication shall in no event exceed [***] per Exclusive Target. By way of example, if [***].

   

  (d)           If GNE, Roche or a Sublicensee develops a Licensed Product
      binding to a particular HLA -presented antigen derived from an Exclusive Target, after having paid the Event Payment in Section 7.3.1(a) with respect to a Licensed Product binding to a different HLA-presented antigen derived from the same Exclusive
      Target (each a “Subsequent Licensed Product”) all of the Event Payments set out above shall remain payable and on such Subsequent Licensed Product achieving the Event set out in Section 7.3.1(a) above, GNE or Roche shall pay to Immunocore
      [***].

   

  (e)            If, for any reason, a particular Event specified in Section
      7.3.1 is achieved without one or more preceding Events having been achieved, then upon the achievement of such Event, both the Event Payment applicable to such achieved Event and the Event Payment(s) applicable to such preceding unachieved Event(s)
      shall be due and payable. For example [***].

   

  (f)            If any Event is merged or combined with any other Event,
      for example a [***] is combined with a [***], the Event shall be achieved when the second Event starts or could reasonably be assumed to have been achieved. For example, [***].

   

  (g)           Notwithstanding the payment obligations set forth in Section
      7.3.1 above, Event Payments shall only be due under:

   

  (i)                  Section 7.3.1(c), if the Licensed Product that
      achieves such Event is Covered by a Valid Claim [***] at the time of achievement of such Event; provided, if no Valid Claim [***] Covers the Event in Section 7.3.1(c) at the time of achievement of such Event, such Event Payment shall be accrued at
      the time of such achievement, but shall not be due and payable unless and until such time as a Valid Claim [***] Covering such Event occurs. Any obligation to accrue payments under this Section shall cease once all patent applications Covering the
      relevant Licensed Product existing at the date of the Event in Section 7.3.1(c) and which if issued would constitute a Valid Claim have either lapsed, been disclaimed, revoked, held unenforceable, unpatentable or invalid by a decision of a court or
      other governmental agency of competent jurisdiction, unappealed or appealed within the time allowed for appeal.

   

  (ii)                Section 7.3.1(d), (e) (f), (g), (h) or (i), if the
      Licensed Product that achieves such event is Covered by a Valid Claim [***] at the time of achievement of such Event.

   

  7.3.3        Notice of Achievement; Timing of Payment. With
      respect to each Event referred to in Section 7.3.1, GNE shall inform Immunocore within [***] of the achievement of such Event (whether such Event is achieved by GNE, Roche or its Sublicensees). GNE shall pay Immunocore the respective accrued and
      payable Event Payment within [***] of receipt of an invoice from Immunocore with respect thereto.

   

  7.4           Immunocore FTE’s for a Research Program directed to a
        Different HLA Type. With respect to each Research Program for the development of a Licensed Product/Different HLA Type,

   

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  Immunocore shall submit a written invoice to GNE on the first day of each quarter in an
      amount equal to the Immunocore FTEs agreed to under such Research Program. GNE shall pay such invoice within [***] thereof. All Research Program funding shall be used only to conduct the Research Program. At the end of each quarter and on completion
      of the Research Program, GNE and Immunocore shall reconcile that amount of payment made by GNE as against actual number of Immunocore FTEs dedicated to conducting activities under such Research Program. Any unused amount following such reconciliation
      shall be either rolled over to the next quarter (where the Research Program remains ongoing) or repaid to GNE where the relevant Research Program has completed. Any underpayment following such reconciliation shall be paid in addition with the advance
      due for the next quarter under the Research Program. Any expenses incurred by Immunocore and reimbursable under Section 4.4 shall be paid quarterly in arrears and within [***] of receipt of an invoice from Immunocore.

   

  7.5           Net Sales Event Payments.

   

  7.5.1        Net Sales Events. Subject to the terms of Section
      7.5.2, GNE shall pay Immunocore the following one-time Milestone Payments per Licensed Product upon each Licensed Product achieving the following Net Sales Events (whether such achievement is by GNE, Roche or their Sublicensees):

   

  	Net Sales Event	Milestone Payment 

          (in US dollars)
	(a) When annual worldwide Net Sales for such Licensed
          Product first exceeds [***]:	[***]
	(b) When annual Net Sales for such Licensed Product first
          exceeds [***]:	[***]
	(c) When annual Net Sales for such Licensed Product first
          exceeds [***]:	[***]
	Total Potential Net Sales Event Payments for each
            Licensed Product:	[***]

   

  Milestone Payments under this Section 7.5.1 shall be due only once for the first Licensed Product to any
      specific HLA-presented antigen derived from an Exclusive Target. For the avoidance of doubt, GNE, Roche and their Sublicensees cumulative obligation under Section 7.5.1 shall in no event exceed [***] per Licensed Product.

   

  7.5.2        Notice of Achievement; Payment. With respect to
      each event listed in Section 7.5.1 above, GNE shall promptly (and in any event within [***] of such Net Sales Event being met) inform Immunocore following the achievement of such event by either GNE, Roche or their Sublicensees. On or after
      Immunocore’s receipt of such notice of achievement, Immunocore shall submit a written invoice to GNE for the corresponding Milestone Payment. Each such invoice shall specify the applicable Net Sales Event, and shall be payable within [***] of receipt
      of an invoice from Immunocore with respect thereto. To the extent GNE elects to have Immunocore

   

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  send an invoice to an address other than that specified in Section 16.2, GNE shall provide
      written notice to Immunocore thereof.

   

  7.6           Royalty Payments for Licensed Products.

   

  7.6.1        Valid Claim Products. GNE or Roche shall pay
      Immunocore, on a Licensed Product-by-Licensed Product and country-by-country basis, and subject to the terms of Section 7.6.3 through 7.6.6, the following royalties on annual worldwide Net Sales of Licensed Products by GNE, Roche or their
      Sublicensees, which at the time of sale or supply, are Covered by a Valid Claim in the country in which such Licensed Product is sold:

   

  	Annual Worldwide Net Sales (in US Dollars)	Royalty Rate Percentage
	Up to [***]:	[***]
	Portion equal to or greater than [***] and less than [***]:	[***]
	Portion equal to or greater than [***] and less than [***]:	[***]
	Portion equal to or greater than [***] and less than [***]:	[***]
	Portion greater than [***]:	[***]

   

  7.6.2        Know-How Products.

   

  (a)          If in any calendar quarter, the sale of a Licensed Product is
      not Covered by a Valid Claim in the country in which such Licensed Product is sold, then GNE or Roche shall pay to Immunocore, on a Licensed Product-by-Licensed Product and country-by-country basis, and subject to the terms of Section 7.6.3 through
      7.6.6, a royalty equivalent to [***] of the amounts specified in Section 7.6.1 on annual worldwide Net Sales of such Licensed Product.

   

  (b)           Notwithstanding the foregoing, in no event shall GNE, Roche
      or their Sublicensee be obligated to make any royalty payment on the Net Sales of a Licensed Product, where the sale or manufacture of such Licensed Product is not Covered by a Valid Claim in the country in which such Licensed Product was sold, and:

   

  (i)                  such Licensed Product [***]; and

   

  (ii)                such Licensed Product was [***].

   

  For clarity, where notice under Section 1.58(e) is provided more than [***] after the
      Research Term for a given HLA-presented antigen derived from an Exclusive Target, the Parties agree that [***].

   

  7.6.3        Payment Offsets.

   

  (a)           Third Party Payments.

   

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  (i)                  Immunocore. Immunocore shall continue to
      have the obligation to make payments owed under written agreements entered into by Immunocore with Third Parties which relate to any Licensed Product, as of the Effective Date or during the Term.

   

  (ii)                GNE. If, after the Effective Date, GNE,
      Roche or their Sublicensees obtains a right or license under any intellectual property of a Third Party, where the making, using, selling, offering for sale, or importing of a Licensed Product by GNE, Roche or the relevant Sublicensee would in the
      absence of such right or license infringe the intellectual property of a Third Party, then GNE or Roche may offset the payments due and payable to Immunocore with respect to such Licensed Product by the amount of payments paid by GNE, Roche or its
      Sublicensee to such Third Party for such right or license; provided that in no event shall such reductions reduce the payments owed to Immunocore for such Licensed Product by [***] of what would otherwise be owed by GNE, Roche or their Sublicensee to
      Immunocore.

   

  (b)           Biosimilar. Following the first commercial sale of a
      Biosimilar in a country and:

   

  (i)                  such Biosimilar is Covered by a Valid Claim [***],
      no royalty reduction may be made under this Section 7.6.3(b);

   

  (ii)                such Biosimilar is Covered by a Valid Claim [***] in
      such country, and such country is [***], and where [***], the royalties due and payable by GNE hereunder shall be reduced by [***] in such country;

   

  (iii)               such Biosimilar is Covered by a Valid Claim in such
      country, [***], and where [***], the royalties due and payable by GNE hereunder shall be reduced by [***] in such country; or

   

  (iv)              such Biosimilar is not Covered by a Valid Claim in
      such country, the royalties due and payable by GNE, Roche or their Sublicensee hereunder shall be reduced by [***] in such country [***].

   

  The reduction in royalties under Section 7.6.3(b)(ii) and (iii) shall only apply during the
      period of time that [***] in such country. For the purpose of this Section 7.6.3(b) [***]. As used herein, “Biosimilar” means any drug or biological product that is interchangeable directly with any Licensed Product and which is subject to
      review under an abbreviated approval pathway as a biosimilar, follow-on biologic or generic biological product, as those terms are commonly understood under the FD&C Act or the PHS Act and related rules and regulations, or the corresponding or
      similar laws, rules and regulations of any other jurisdiction and (1) where such Biosimilar obtains Regulatory Approval or is otherwise sold by a Third Party that is not GNE, Roche or a Sublicensee; and (2) where GNE, Roche or their Sublicensees have
      not directly authorised or permitted such Third Party to market, manufacture and sell such product in the market in question.

   

  (c)           The cumulative reduction made under Sections 7.6.3 (a),
      (b)(ii) and (b)(iii) in a country shall not exceed a total of more than [***] of what would otherwise be owed by GNE to Immunocore in accordance with Sections 7.6.1 and 7.6.2 in such country.

   

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  7.6.4        Single Royalty. No more than one royalty payment
      shall be due under this Section 7.6 with respect to a sale of a particular Licensed Product. For the avoidance of doubt: (a) multiple royalties shall not be payable because the sale of a particular Licensed Product is Covered by more than one (1)
      Valid Claim in the country in which such Licensed Product is sold; or (b) in no event shall GNE and/or its Sublicensees be obligated to simultaneously pay a royalty under Section 7.6.1 with respect to a sale of a particular Licensed Product that is
      subject to Section 7.6.2.

   

  7.6.5        Royalty Term.

   

  (a)            The royalty obligations set forth in Section 7.6.1 above
      will commence on a country-by-country basis upon the First Commercial Sale of any Licensed Product, and expire on a country-by-country basis upon the expiration of the last to expire Patent containing a Valid Claim which Covers the sale of such
      Licensed Product in such country. For clarity, if the last Valid Claim Covering the sale of a Licensed Product in a particular country expires prior to [***] anniversary of the date of First Commercial Sale of such Licensed Product in such country,
      royalties shall continue to be payable on the sales of such Licensed Product in such country pursuant to Section 7.6.2 at the rates set forth therein, as applicable, until the [***] anniversary of the date of First Commercial Sale of such Licensed
      Product in such country.

   

  (b)           The royalty obligations set forth in Section 7.6.2 above
      will commence on a country-by-country basis upon the First Commercial Sale of any Licensed Product, and expire on a country-by-country basis upon the earlier of (i) [***] anniversary of the date of First Commercial Sale of such Licensed Product in
      such country; or (ii) such time as such Licensed Product is Covered by a Valid Claim in such country, in which case such Licensed Product shall be subject to the royalty term set forth in Section 7.6.1 above. For clarity, in the case of a Licensed
      Product for which a Valid Claim first comes into existence in a particular country after the date of First Commercial Sale in such country, on the date of issuance of such Valid Claim royalties shall continue to be payable on the sales of such
      Licensed Product pursuant to Section 7.6.1 at the rates set forth therein, and expire upon the expiration of such Valid Claim in such country. For the purposes of calculating the [***] period above for each Licensed Product in any country within the
      EU, the [***] period shall start [***].

   

  7.6.6        Rights Following Expiration of Royalty Term. Upon
      expiry of GNE’s payment obligation hereunder with respect to a Licensed Product in a country, the license in Sections 4.2.3 and 4.2.4 shall be fully paid-up in respect of that Licensed Product in that country.

   

  7.7           Companion Diagnostic Sublicensing Revenue.

   

  7.7.1        Revenue Share. GNE or Roche shall pay lmmunocore,
      on a Companion Diagnostic -by- Companion Diagnostic and country-by-country basis, and subject to the terms of Section 7.7.2, a royalty of [***] of the Sublicensing Revenue that Genentech receives from a Companion Diagnostic Sublicensee from the sale
      of a Companion Diagnostic in such country. Notwithstanding the foregoing, in no event shall GNE or Roche be obligated to make any royalty payment on the Sublicensing Revenue of a Companion Diagnostic, where the sale of such Companion Product is not
      Covered by a Valid Claim in the country in which such Companion Product was sold, and:

   

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  (a)            such Companion Diagnostic was not generated from the direct
      modification of the Compounds described in Section 1.58 (a), (b) or (c) or (e); or

   

  (b)            such Companion Diagnostic was generated solely by GNE,
      Roche or their Sublicensees more than [***] after the Research Term for a given HLA-presented antigen derived from an Exclusive Target.

   

  7.7.2        Certain Terms.

   

  (a)            Sublicensing Revenue. “Sublicensing Revenue”
      shall mean [***]. Sublicensing Revenues shall exclude: [***].

   

  (b)           “Companion Diagnostic Sublicensee” means a Third
      Party or Affiliate who has been granted a sub-license under either of the Exclusive License or Non-Exclusive License to research, develop and commercialize a Companion Diagnostic, and where such sublicense is in compliance with Section 4.2.5.

   

  (c)            Royalty Term for Companion Diagnostics. The royalty
      obligations set forth in Section 7.7.1 above will commence upon the effective date that GNE, Roche or its Sublicensee (as applicable) enters into a written agreement with a Companion Diagnostic Sublicensee, and expire, on a country by country basis,
      upon the later of (i) the expiration of the last to expire Patent containing a Valid Claim which Covers the sale of such Companion Diagnostic in such country, or (ii) [***] anniversary of the date of First Commercial Sale of such Companion Diagnostic
      in such country. For the purposes of calculating the [***] period above for each Licensed Product in any country within the EU, the [***] period shall start [***].

   

  Article 8

      FINANCIAL TERMS; REPORTS; AUDITS

   

  8.1           Timing of Royalty Payment. All royalty payments
      shall be made within [***] of the end of each calendar quarter in which the sale was made.

   

  8.2          Royalty Report. For each calendar quarter for which
      GNE has an obligation to make royalty payments, such payments shall be accompanied by a report that specifies for such calendar quarter the following information (“Net Sales Report”):

   

  (i)               total Net Sales of all Licensed Products sold in the
      Territory;

   

  (ii)              Net Sales on a country-by-country basis for all
      Licensed Products sold;

   

  (iii)              the exchange rate used to convert Net Sales from the
      currency in which they are earned to United States dollars; and

   

  (iv)              the total royalties due to Immunocore.

   

  If GNE is reporting Net Sales for more than one Licensed Product, the foregoing information
      shall be reported on a Licensed Product-by-Licensed Product basis.

   

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  8.3              Mode of Payment. All payments hereunder shall be
      made in immediately available funds to the account listed below (or such other account as Immunocore shall designate before such payment is due):

   

  [***]

   

  8.4              Currency of Payments. All payments under this
      Agreement shall be made in United States dollars, unless otherwise expressly provided in this Agreement. Net Sales outside of the United States shall be first determined in the currency in which they are earned and shall then be converted into an
      amount in United States dollars as follows: (i) with respect to sales by or on behalf of Roche or GNE, use Roche and GNE’s customary and usual conversion procedures, consistently applied in preparing its audited financial statements; and (ii) with
      respect to sales by or on behalf of a given Sublicensee, using the conversion procedures applicable to payments by such Sublicensee to Roche or GNE for such sales and where such procedures have been agreed prior to the Effective Date or as modified
      by GNE, Roche and its Affiliates ([***]) after the Effective Date.

   

  8.5              Blocked Currency. If, at any time, legal
      restrictions prevent Roche, GNE or a Sublicensee from remitting part or all of royalty payments when due with respect to any country in. the Territory where Licensed Products are sold, Roche shall continue to provide Net Sales Reports for such
      royalty payments, and such royalty payments shall continue to accrue in such country, but Roche shall not be obligated to make such royalty payments until such time as payment may be made through reasonable, lawful means or methods that may be
      available, as Roche shall determine.

   

  8.6              Taxes. Each Party shall comply with applicable
      laws and regulations regarding filing and reporting for income tax purposes. Neither Party shall treat their relationship under this Agreement as a pass through entity for tax purposes. All payments made under this Agreement shall be made free and
      clear of any and all taxes, duties, levies, fees or other, except for withholding taxes and VAT (if applicable). Any payments subject to withholding or other similar tax shall be subject to the following:

   

  (a)            to extent Immunocore is (i) not a publicly held company,
      (ii) has not been acquired, and (iii) has not moved its principal place of business from the United Kingdom to another country, at the time of the payment, GNE, Roche and their Sublicensees shall be entitled to deduct from payments made to Immunocore
      under this Agreement [***] of the amount of any withholding taxes required to be withheld, to the extent paid to the appropriate governmental authority on behalf of Immunocore (and not refunded or reimbursed); and

   

  (b)           to the extent Immunocore is (i) a publicly held company
      (including without limitation if Immunocore is under the control of a publicly held company) (ii) has been acquired by another entity, or (iii) has moved its principal place of business from the United Kingdom to another country, at the time of the
      payment, GNE, Roche and their Sublicensees shall be entitled to deduct from payments made to Immunocore under this Agreement the amount of any withholding taxes required to be withheld, to the extent paid to the appropriate governmental authority on
      behalf of Immunocore (and not refunded or reimbursed). GNE or Roche shall deliver to Immunocore, upon request, proof of payment of all such withholding taxes. GNE and Roche (on the one hand) and Immunocore (on the other hand) shall provide reasonable
      assistance to other

   

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  Party in seeking any benefits available to either Party with respect to government tax
      withholdings by any relevant law, regulation or double tax treaty. All payments made under this Agreement shall be exclusive of VAT (if applicable) and such VAT shall be paid promptly on receipt of a valid VAT invoice.

   

  8.7           Records; Inspection.

   

  8.7.1        Records. GNE and Roche agrees to keep, for [***]
      from the year of creation, records of all sales of Licensed Products for each reporting period in which royalty payments are due, showing sales of Licensed Products for each of GNE, Roche and their Sublicensees and applicable deductions in sufficient
      detail to enable the report provided under Section 8.2 to be verified. GNE and Roche shall procure that its Sublicensees keep records in accordance with this Section.

   

  8.7.2        Audits. Immunocore shall have the right to request
      that such report be verified by an independent, certified and internationally recognized public accounting firm selected by Immunocore and acceptable to GNE (the “CPA Firm”). Such right to request a verified report shall (i) be limited to a
      [***] period immediately preceding such request for a verified report; (ii) not be exercised more than once in any calendar year; and (iii) not more frequently than once with respect to records covering any specific period of time. Subject to Section
      8.7.3, GNE shall, upon timely request and at least [***] advance notice from Immunocore and at a mutually agreeable time during its regular business hours, make its records available for inspection by such CPA Firm at such place or places where such
      records are customarily kept, solely to verify the accuracy of the reports provided under Section 8.2 and related payments due under this Agreement. The CPA Firm shall only state factual findings in the audit reports. The draft audit report shall be
      shared with GNE at the same time that it is shared with Immunocore. Following review and approval by all Parties of the draft audit, the final audit report shall be shared with GNE. Roche and Immunocore. GNE and Roche shall procure access to
      Sublicensee records relevant to verify the accuracy of repo1is under section 8.2. relating to such Sublicensee and in accordance with this Section 8.7.2 and shall make such Sublicensee records available to the CPA Firm at the same time and location
      as GNE and Roche’s own records are made available to the CPA Firm.

   

  8.7.3        Confidentiality. Prior to any audit under Section
      8.7.2, the CPA Firm shall enter into a written confidentiality agreement with GNE and Roche that (i) limits the CPA Firm’s use of GNE. Roche and their Sublicensee’s records to the verification purpose described in Section 8.7.2; (ii) limits the
      information that the CPA Finn may disclose to the Immunocore to the numerical summary of payments due and paid; and (iii) prohibits the disclosure of any information contained in such records to any Third Party for any purpose. The Parties agree that
      all information subject to review under Section 8.7.2 and/or provided by the CPA Firm to Immunocore is GNE and Roche’s Confidential Information, and Immunocore shall not use any such information for any purpose that is not germane to Section 8.7.2.

   

  8.7.4        Underpayment; Overpayment. After reviewing the CPA
      Firm’s audit report, GNE shall promptly pay any uncontested, understated amounts due to Immunocore. Any overpayment made by GNE, Roche or any Sublicensee shall be promptly refunded or fully creditable against amounts payable in subsequent payment
      periods, at GNE’s election. Any audit under Section 8.7.2 shall be at Immunocore’s expense; provided, however, GNE shall reimburse

   

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  reasonable audit fees for a given audit if the results of such audit reveal that GNE, Roche and
      any Sublicensee underpaid Immunocore [***] for the audited period [***].

   

  Article 9

      INTELLECTUAL PROPERTY; OWNERSHIP

   

  9.1           Definitions. As used herein this Article 9:

   

  9.1.1        “Prosecution and Maintenance” or “Prosecute and
        Maintain”, with respect to a particular Patent, means all activities associated with the preparation, filing, prosecution and maintenance of such Patent (and patent application(s) derived from such Patent), as well as re-examinations, reissues,
      applications for patent tem1 adjustments and extensions, supplementary protection certificates and the like with respect to that Patent, together with the conduct of interferences, derivation proceedings, pre- and post-grant proceedings, the defense
      of oppositions and other similar proceedings with respect to that Patent.

   

  9.2           Disclosure; Ownership; Inventorship; Assignment and
        Cooperation.

   

  9.2.1        Disclosure. During the Term, each Party shall
      promptly disclose to the other any Foreground IP or Joint IP or GNE Improvement IP conceived, or reduced to practice by or for the disclosing Party. Disclosure will be made via designated patent practitioners representing each Party. Such disclosure
      obligation continues beyond the Term to the extent necessary to obtain patent protection for all inventions within the Foreground IP or Joint IP, and to establish inventorship thereof. In addition, during the Research Term and for the remainder of
      the Term, Immunocore shall promptly following filing by Immunocore disclose to GNE all other Patents within Licensed Intellectual Property in each case to the extent licensed under the Exclusive License.

   

  9.2.2        Ownership. As between the Parties:

   

  (a)           Immunocore shall solely own the Immunocore Background IP and
      the Immunocore Foreground IP;

   

  (b)           Immunocore and GNE shall jointly own the Joint IP; and

   

  (c)            GNE shall solely own the GNE Foreground IP and the GNE
      Improvement IP.

   

  Without limiting the foregoing, each Party retains an undivided one-half interest in and to
      the Joint IP (including Patents and Know-How therein). Subject to the licenses granted in Article 4, each Party may exploit fully the Joint IP, in any field, and may grant licenses and sublicenses of the Joint IP without accounting to the other
      Party. Each Party hereby consents explicitly to the granting of sublicenses by the other Party in accordance with this Section 9.2.2. Further, each Party may transfer or encumber its ownership interest, without the need to obtain the consent of
      (consent for such shall be deemed given) and without accounting to the other Party, subject to the licenses granted under Article 4.

   

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  9.2.3        Assignment; Cooperation. The assignments necessary
      to accomplish the ownership provisions set forth in this Article 9 are hereby made, and each Party shall execute such further documentation as may be necessary or appropriate, and provide reasonable assistance and cooperation, to implement the
      provisions of this Article 9. Each Party shall to the extent legally possible under relevant national or local laws require all of its employees, Affiliates and any Third Parties working pursuant to this Agreement on its behalf, to assign (or
      otherwise convey rights) to such Party any Patents and Know-How discovered, conceived or reduced to practice by such employee, Affiliate or Third Party, and to cooperate with such Party in connection with obtaining patent protection therefore.

   

  9.2.4        CREATE Act. It is the intention of the Parties that
      this Agreement is a “joint research agreement” as that phrase is defined in Public Law 108-53 (the “Create Act”). In the event that either Party to this Agreement intends to overcome a rejection of a claimed invention within the Immunocore
      Background IP, the Foreground IP, GNE Improvement IP and/or Joint IP pursuant to the provisions of the Create Act, such Party shall first obtain the prior written consent of the other Party and the Parties shall work together in good faith to agree
      how any rejection should be overcome. To the extent that the Parties agree that, in order to overcome a rejection of a claimed invention within Immunocore Background IP, the Foreground IP, GNE Improvement IP and/or Joint IP pursuant to the provisions
      of the Create Act, the filing of a terminal disclaimer is required or advisable, the Parties shall first agree on terms and conditions under which the patent application subject to such terminal disclaimer and the patent or application over which
      such application is disclaimed shall be jointly enforced, to the extent that the Parties have not previously agreed to such terms and conditions. To the extent that this Section 9.2.4 applies to Licensed Intellectual Property, any obligation under
      this Section will be subject to any Third Party agreements entered into with Immunocore prior to the Effective Date relating to the prosecution or maintenance of such Licensed Intellectual Property and any co-operation or consultation by Immunocore
      under this Section 9.2.4 shall be subject to such Third Party agreements. To the extent that this Section 9.2.4 applies to Immunocore Background IP (excluding Licensed Intellectual Property), any obligation under this Section will be subject to any
      Third Party agreements entered into with Immunocore prior to or after the Effective Date relating to the prosecution or maintenance of such Immunocore Background IP and any co-operation or consultation by Immunocore under this Section 9.2.4 shall be
      subject to such Third Party agreements. In the event that GNE, Roche or their Sublicensee intends to enter into an agreement with a Third Party with respect to the further research, development or commercialization of a Licensed Product and such
      agreement is a “joint research agreement” as that phrase is defined in the Create Act, the Parties shall in good faith discuss whether Immunocore shall similarly enter into such agreement with such Third Party purely for the purposes of agreeing
      similar consultation rights in relation to any rejection under the Create Act as contained under this Section 9.2.4.

   

  9.3           Patent Prosecution.

   

  9.3.1        Immunocore Controlled Prosecution and Maintenance.

   

  (a)           Immunocore shall, at its sole discretion and expense, have
      the right (but not the obligation) to Prosecute and Maintain Patents within the Immunocore Background IP. Immunocore shall, at its sole discretion and expense, have the right (but not the obligation) to Prosecute and Maintain Patents within the
      Immunocore Foreground IP, to the extent it any Patent

   

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  is not specific to a Licensed Product. Immunocore will provide GNE with copies of any filed
      patent application, filings and other material correspondence with applicable governmental authorities relating to such Immunocore Background IP and such Immunocore Foreground IP, and will keep GNE reasonably informed of the status of such
      Prosecution and Maintenance, including providing GNE copies of all communications received from or filed in patent offices within a reasonable period of time after receipt by Immunocore.

   

  9.3.2        GNE Controlled Prosecution and Maintenance.

   

  (a)          GNE shall, at its sole discretion and expense, have the right
      (but not the obligation) to Prosecute and Maintain Patents within the Immunocore Foreground IP to the extent such Patents are specific to Licensed Products (excluding Joint IP, which is addressed below in Section 9.3.2(b)), and GNE Foreground IP and
      GNE Improvement IP. GNE will provide Immunocore with copies of any filed patent application, filings and other material correspondence with applicable governmental authorities relating to such Immunocore Foreground IP, GNE Foreground IP and GNE
      Improvement IP and will keep Immunocore reasonably informed of the status of such Prosecution and Maintenance, including providing Immunocore copies of all communications received from or filed in patent offices within a reasonable period of time
      after receipt by GNE. Immunocore will provide all reasonable cooperation and assistance to GNE at GNE’s reasonable request and at GNE’s expense in Prosecution and Maintenance of such Patents, including making data, reports, and scientific personnel
      reasonably available to prepare and prosecute patent applications.

   

  (b)          GNE shall, at its sole discretion and expense, have the right
      (but not the obligation) to Prosecute and Maintain Patents within the Joint IP. GNE will provide Immunocore with a draft copy of any proposed patent application, filings and other material correspondence with applicable governmental authorities
      covering the Joint IP for review and comment prior to filing or prior to submission of any response or communication with applicable governmental authorities and will keep Immunocore reasonably informed of the status of such Prosecution and
      Maintenance, including providing Immunocore copies of all communications received from or filed in patent offices within a reasonable period of time after receipt by GNE. GNE will provide any filings or correspondence for comment by Immunocore where
      possible at least [***] prior to any due date or required response date. GNE will consider all comments provided by Immunocore to GNE prior to any due date or required response date as reasonably possible unless it determines in good faith and on
      advice from its patent attorney that such comments are not appropriate or would materially impact on the ability to obtain a granted patent. Immunocore will provide all reasonable cooperation and assistance to GNE at GNE’s reasonable request and at
      GNE’s expense in Prosecution and Maintenance of the Joint IP, including making data, reports, and scientific personnel reasonably available to prepare and prosecute patent applications.

   

  9.3.3        Transfer of Prosecution and Maintenance by GNE. If
      GNE elects not to Prosecute and Maintain any Patents under Section 9.3.2, GNE shall provide at least [***] written notice to Immunocore. Thereafter, Immunocore shall have the right, but not the obligation, to Prosecute and Maintain any notified
      Patents, at its sole expense and in its sole discretion. GNE will provide all cooperation and assistance to Immunocore in relation to such Prosecution and Maintenance. The Party assuming responsibility to Prosecute and Maintain said Patents may elect
      to require transfer of ownership or rights of said Patents at their sole discretion.

   

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  9.3.4        Transfer of Prosecution and Maintenance by Immunocore.
      If Immunocore elects not to Prosecute and Maintain any Patents under Section 9.3.1 Immunocore shall provide at least [***] written notice to GNE. Thereafter, GNE shall have the right, but not the obligation, to Prosecute and Maintain any notified
      Patents, at its sole expense and in its sole discretion. Immunocore will provide all cooperation and assistance to GNE in relation to such Prosecution and Maintenance. To the extent this Section relates to Immunocore Background IP, the obligations
      under this Section will be subject to any Third Party agreement entered into by Immunocore whether before or after the Effective Date.

   

  9.3.5        Interferences Between the Parties. If an
      interference or derivation proceeding is declared by the US Patent and Trademark Office between one or more of the Patents within the Immunocore Background IP, Foreground IP, GNE Improvement IP or Joint IP, to the extent directed to a Licensed
      Product and such declared interference or derivation proceeding does not involve any Patents owned by a Third Party, then the Parties shall in good faith establish a mutually agreeable process to resolve such interference or derivation proceeding in
      a reasonable manner in conformance with all applicable legal standards, but which prejudices neither Party nor diminishes the value of such Patents at issue.

   

  9.4           Enforcement Rights for Infringement by Third Parties.

   

  9.4.1        Notice. Each Party shall promptly notify, in
      writing, the other Party upon learning of any actual or suspected infringement of the Patents within the Immunocore Background IP, Foreground IP, GNE Improvement IP or Joint IP to the extent such actual or suspected infringement is relevant to any
      Exclusive Target or a Licensed Product, or, except for the matters that are subject to Section 9.3.4, of any claim of invalidity, unenforceability, or non-infringement of any Patents within the Background IP (to the extent relevant to any Exclusive
      Target or Licensed Product), Foreground IP, GNE Improvement IP or Joint IP (each an “Infringement”). At the request of the Party receiving such notice, the other Party shall use Diligent Efforts to provide all evidence in its possession
      pertaining to the actual or suspected Infringement that it can disclose without breach of a pre-existing obligation to a Third Party or waiver of privilege. In addition each Party shall also use reasonable efforts to notify the other Party upon
      learning of any actual or suspected infringement of the Patents within the Immunocore Background IP, Foreground IP, GNE Improvement IP or Joint IP to the extent such actual or suspected infringement is relevant to any Compound.

   

  9.4.2        Enforcement Actions. The Parties shall consult as
      to potential strategies to terminate suspected or potential Infringement, consistent with the overall goals of this Agreement. If the Parties fail to agree on such strategies:

   

  (a)            GNE shall have the first right, but not the obligation, to
      seek to abate any actual or suspected Infringement by a Third Party, or to file suit against any Third Party for Infringement, in each case of any Patent under Section 9.3.2(a) and 9.3.2(b). If GNE does not, within [***] of receipt of a notice under
      Section 9.4.1, take steps to abate the Infringement, then GNE shall provide written notice to Immunocore thereof, and GNE and Immunocore shall discuss the strategy thereof.

   

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  (b)           Immunocore shall have the first right, but not the
      obligation, to seek to abate any actual or suspected Infringement by a Third Party, or to file suit against any Third Party for Infringement, in each case of any Patent under Section 9.3.1. If Immunocore does not, within [***] of receipt of a notice
      under Section 9.4.1, take steps to abate the Infringement, or to file suit to enforce against such Infringement, then GNE shall have the right, but not the obligation, to take action to enforce against such Infringement; provided that if Immunocore
      is diligently pursuing ongoing settlement discussions at the end of such [***] period then GNE shall not be permitted to exercise such right unless such settlement discussions cease without reaching settlement or Immunocore ceases to pursue such
      discussions diligently. To the extent this Section relates to Immunocore Background IP, the obligations under this Section will be subject to any Third Party agreement entered into by Immunocore whether before or after the Effective Date.

   

  (c)           The non-controlling Party shall cooperate with the Party
      controlling any such action to abate or enforce (as may be reasonably requested by the controlling Party and at the controlling Party’s expense), including, if necessary, by being joined as a party provided that the non-controlling Party shall be
      indemnified by the controlling Party as to any costs or expenses, and shall have the right to be represented by its own counsel at its own expense. The Party controlling any such action shall keep the other Party updated with respect to any such
      action, including providing copies of all documents received or filed in connection with any such action.

   

  9.4.3        Settlement. The Party controlling any such
      enforcement action described in Section 9.4.2 (a “Section 9.4.2 Enforcement”), at its sole discretion, may take reasonable actions to terminate any alleged Infringement without litigation; provided, that if any such arrangement would adversely
      affect the non-controlling Party’s rights under this Agreement, then that arrangement is subject to the non-controlling Party’s prior written consent. The Party controlling any Section 9.4.2 Enforcement may not settle or consent to an adverse
      judgment without the express written consent of the non-controlling Party (such consent not to be unreasonably withheld or delayed).

   

  9.4.4        Costs and expenses. The Party controlling any
      Section 9.4.2 Enforcement shall bear [***].

   

  9.4.5        Damages. Unless otherwise mutually agreed by the
      Parties, and subject to the respective indemnity obligations of the Parties set forth in Article 13, all damages, amounts received in settlement, judgment or other monetary awards recovered in Section 9.4.2 Enforcement with respect to activities of
      the Third Party that occurred prior to the effective date of such award shall be shared as follows: [***].

   

  For the avoidance of doubt, if any settlement results in the granting to the alleged
      infringer of a sublicense of any of the Licensed Intellectual Property, Foreground IP or Joint IP with running royalties payable on post-settlement sales by the alleged infringer, such alleged infringer shall be deemed to be a Sublicensee and such
      royalties on post-settlement sales (i) shall be subject to all applicable royalty obligations hereunder, and (ii) shall not be subject to this Section 9.4.5; [***].

   

  9.5            Third Party Infringement Claims.

   

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  9.5.1        Notice. In the event that a Third Party shall make
      any claim, give notice, or bring any suit or other inter parties proceeding against GNE or Immunocore, or any of their respective Affiliates or licensees or customers, for infringement or misappropriation of any intellectual property rights with
      respect to the research, development, making, using, selling, offering for sale, import or export of any Licensed Product (“Third Party Infringement Claim”), in each case, the Party receiving notice of a Third Party Infringement Claim shall
      promptly notify the other Party and use Diligent Efforts to provide all evidence in its possession pertaining to the claim or suit that it can disclose without breach of a pre-existing obligation to a Third Party or waiver of privilege.

   

  9.5.2        Defense. The Parties shall consult as to potential
      strategies to defend against any Third Party Infringement Claim, consistent with the overall goals of this Agreement, including by being joined as a party. The Parties shall cooperate with each other in all reasonable respects in the defense of any
      Third Party Infringement Claim or raising of any counterclaim related thereto. If the Parties fail to agree on such strategies, and subject to the respective indemnity obligations of the Parties set forth in Article 13, GNE shall be solely
      responsible for defending such Third Party Infringement Claim including but not limited to selection of counsel, venue, and directing all aspects, stages, motions, and proceedings of litigation. If GNE does not, within [***] of receipt of a notice
      under Section 9.5.1, take steps to defend the Third Party Infringement Claim, then to the extent that such Third Party Infringement Claim is brought against Immunocore, Immunocore shall have the right, but not the obligation, to take action to
      enforce or defend against such Third Party Infringement Claim provided that if GNE is diligently pursuing ongoing settlement discussions at the end of such [***] period then Immunocore shall not be permitted to exercise such right unless such
      settlement discussions cease without reaching settlement or GNE ceases to pursue such discussions diligently. At the controlling Party’s request and expense, the non-controlling Party shall cooperate with the controlling Party in connection with any
      such defense and counterclaim, provided that the non-controlling Party shall be indemnified by the controlling Party as to any costs or expenses, and shall have the right to be represented by its own counsel at its own expense. Any counterclaim or
      other similar action by a Party, to the extent such action involves any enforcement of rights under the Licensed Intellectual Property, Foreground IP or Joint IP, will be treated as an enforcement action subject to Section 9.4. Nothing in this
      Section shall prevent Immunocore from complying with the terms of any court order relating to or arising out of any Third Party Infringement Claim.

   

  9.5.3        Settlement. If any such defense under Section 9.5.2
      would adversely affect the other Party’s rights under this Agreement or impose a financial obligation upon the other Party or grant rights hi respect, or affect the validity or enforceability, of the other Party’s Patents or any Joint IP, then any
      settlement, consent judgment or other voluntary final disposition of such Third Party Infringement Claim shall not be entered into without the consent of the other Party (such consent not to be unreasonably withheld).

   

  9.5.4        Costs and expenses. The Party controlling the
      defense of any Third Party Infringement Claim shall bear all costs and expenses, including but not limited to litigation expenses, to defend against any Third Party Infringement Claim.

   

  Article 10

      CONFIDENTIALITY

   

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  10.1          Non-use and Non-disclosure of Confidential Information.
      During the Term, and for a period of [***] thereafter, a Party shall (i) except to the extent permitted by this Agreement or otherwise agreed to in writing, keep confidential and not disclose to any Third Party any Confidential Information of the
      other Party; (ii) except in connection with activities contemplated by, the exercise of rights permitted by, in order to further the purposes of this Agreement or otherwise agreed to in writing, not use for any purpose any Confidential Information of
      the other Party; and (iii) take all reasonable precautions to protect the Confidential Information of the other Party (including all precautions a Party employs with respect to its own confidential information of a similar nature).

   

  10.2          Exclusions Regarding Confidential Information.
      Notwithstanding anything set forth in this Article 10 to the contrary, the obligations of Section 10.1 above shall not apply to the extent that the Party seeking the benefit of the exclusion can demonstrate that the Confidential Information of the
      other Party:

   

  (a)            was already known to the receiving Party, other than under
      an obligation of confidentiality, at the time of receipt by the receiving Party;

   

  (b)           was generally available to the public or otherwise part of
      the public domain at the time of its receipt by the receiving Party;

   

  (c)           became generally available to the public or otherwise part
      of the public domain after its receipt by the receiving Party other than through any act or omission of the receiving Party in breach of this Agreement;

   

  (d)           was received by the receiving Party without an obligation of
      confidentiality from a Third Party having the right to disclose such information without restriction;

   

  (e)            was independently developed by or for the receiving Party
      without use of or reference to the Confidential Information of the other Party; or

   

  (f)             was released from the restrictions set forth in this
      Agreement by express prior written consent of the Party.

   

  10.3          Authorized Disclosures of Confidential Information.
      Notwithstanding the foregoing, a Party may use and disclose the Confidential Information of the other Party as follows:

   

  (a)           if required by law, rule or governmental regulation,
      including as may be required in connection with any filings made with, or by the disclosure policies of a major stock exchange; provided that the Party seeking to disclose the Confidential Information of the other Party (i) uses all reasonable
      efforts to inform the other Party prior to making any such disclosures and cooperate with the other Party in seeking a protective order or other appropriate remedy (including redaction) and (ii) whenever possible, requests confidential treatment of
      such information;

   

  (b)           to the extent such use and disclosure is reasonably required
      in the Prosecution and Maintenance of a Patent within the Licensed Intellectual Property, Joint IP or GNE Improvement IP, Foreground IP in accordance with this Agreement;

   

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  (c)           as reasonably necessary to obtain or maintain any Regulatory
      Approval, including to conduct preclinical studies and clinical trials and for pricing approvals, for any Licensed Products, provided, that, the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential Information
      outside such regulatory agency and to otherwise maintain the confidentiality of the Confidential Information;

   

  (d)           to take any lawful action that it deems necessary to protect
      its interest under, or to enforce compliance with the terms and conditions of, this Agreement; or

   

  (e)           to the extent necessary, to Sublicensees, collaborators,
      vendors, consultants, agents, attorneys, contractors and clinicians under written agreements of confidentiality at least as restrictive on those set forth in this Agreement, who have a need to know such information in connection with such Party
      performing its obligations or exercising its rights under this Agreement. Further, the receiving Party may disclose Confidential Information to existing or potential acquirers, merger partners, permitted collaborators, Sublicensees and sources of
      financing or to professional advisors (e.g. attorneys, accountants and prospective investment bankers) involved in such activities, for the limited purpose of evaluating such transaction, collaboration or license and under appropriate conditions of
      confidentiality, only to the extent necessary and with the agreement by those permitted individuals to maintain such Confidential Information in strict confidence.

   

  10.4          Return of Confidential Information. Except as
      expressly permitted under this Agreement, following any termination of this Agreement each Party shall upon written request by the other Party promptly destroy all Confidential Information received from the disclosing Party, including any copies
      thereof, (except one copy of which may be retained for archival purposes solely to ensure compliance with the terms of this Agreement).

   

  10.5          Terms of this Agreement. The Parties agree that this
      Agreement and the terms hereof will be considered Confidential Information of both Parties.

   

  10.6          Termination of Prior Agreements. As of the Effective
      Date, as between the Parties, this Agreement supersedes: (i) the Mutual Confidentiality Agreement, effective as of 23 February 2013, by and between GNE and Immunocore, but only insofar as each relates to the subject matter of this Agreement. All “Confidential

        Information” or “Information” (as defined in such agreements) exchanged between the Parties thereunder relating to the subject matter of this Agreement shall be deemed Confidential Information hereunder and shall be subject to the
      provisions of this Article 10.

   

  10.7          No License. As between the Parties, Confidential
      Information disclosed hereunder shall remain the property of the disclosing Party. Disclosure of Confidential Information to the other Party shall not constitute any grant, option or license to the other Party, beyond those licenses expressly granted
      under Article 4, under any patent, trade secret or other rights now or hereinafter held by the disclosing Party.

   

  Article 11

      PUBLICITY; PUBLICATIONS; USE OF NAME

   

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  11.1         Publicity. GNE hereby agrees to Immunocore issuing a
      press release, as set out in Appendix E, concerning the execution of this Agreement upon Acceptance of the first Proposed Target or within [***] from the Effective Date whichever is earlier. The text of any other press releases, public announcements
      and powerpoint presentations concerning this Agreement, the subject matter hereof, or the research, development or commercial results of products hereunder (a “Release”) shall be addressed pursuant to Sections 11.2 to 11.5. Any such Release
      shall not include any financial terms of this transaction save in the case of Immunocore for making any announcement in relation to any Event Payment, Milestone or other payment made by GNE to Immunocore under this Agreement.

   

  11.2         Releases during the Research Term. Subject to
      Sections 10.2 and 11.5, during the Research Term neither Party may issue a Release without the prior written consent of the other, which consent shall not be unreasonably withheld, conditioned or delayed and any consent or refusal shall be provided
      within [***] of request for such consent. In the absence of any reply to a request for consent within such [***] period, consent shall be deemed given.

   

  11.3         Releases after the Research Term. Subject to Sections
      10.2. 11.4 and 11.5, after the Research Term:

   

  11.3.1    Immunocore may not issue a Release without GNE’s prior written
      consent; and

   

  11.3.2    GNE may not issue a Release without Immunocore’s prior written
      consent if it includes reference to Immunocore by name.

   

  In each case, consent shall not be unreasonably withheld, conditioned or delayed and shall
      be provided within [***] of request for such consent.

   

  11.4        Approved Releases. If a Release requires consent
      pursuant to Sections 10.3, 11.2 or 11.3, once consent has been given both Parties may make subsequent public disclosure of the contents of such statement without the further approval of the Party whose consent was required; provided, such content is
      not presented with any new data or information or conclusions and/or in a form or manner that materially alters the subject matter therein.

   

  11.5        Releases required by law or regulation. Each Party may
      issue any Release it is required to issue by applicable law or regulation (including, in the case of Immunocore, any announcements required to satisfy the UK Takeover Panel or the UKLA listing rules).

   

  11.6        Publications. Notwithstanding Sections 11.1 to 11.5,
      both Parties recognize that the publication or disclosure of papers, presentations, abstracts or any other written or oral presentations regarding results of and other information regarding the Compounds or Licensed Products may be beneficial to both
      Parties, provided that such publications or presentations are subject to reasonable controls to protect Confidential Information, the patentability of inventions and other commercial considerations. Accordingly, the following shall apply with respect
      to papers and presentations proposed for disclosure by either Party:

   

  (a)            With respect to any paper or presentation proposed for
      disclosure by GNE which utilizes information generated by or on behalf of GNE, so long as such paper or presentation does not contain any Confidential Information of Immunocore, GNE shall be free to make, publish

   

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  and disclose such papers and presentations at its discretion. GNE shall acknowledge Immunocore,
      as appropriate, in any publication that discloses GNE’s use of the Licensed Products or the results of any Research Program. For clarity, GNE shall not be permitted to publish or otherwise disclose any Confidential Information of Immunocore except as
      may be expressly permitted pursuant to Section 10.2, 10.3 or 11.6(b); and

   

  (b)           With respect to any paper or presentation proposed for
      disclosure by (i) GNE which includes Confidential Information of Immunocore, or (ii) Immunocore which utilizes information generated by or on behalf of Immunocore relating to the Licensed Products, including without limitation any publications
      containing Confidential Information of GNE, (in each case, the “Disclosing Party”), the other Party shall have the right to review and approve any such proposed paper or presentation (the “Non-Disclosing Party”). The Disclosing Party
      shall submit to the Non-Disclosing Party the proposed publication or presentation (including, without limitation, posters, slides, abstracts, manuscripts, marketing materials and written descriptions of oral presentations) at least [***] prior to the
      date of submission for publication or the date of presentation, whichever is earlier, of any of such submitted materials. The Non-Disclosing Party shall review such submitted materials and respond to the Disclosing Party as soon as reasonably
      possible, but in any case within [***] for abstracts) of receipt thereof. At the option of the Non-Disclosing Party, the Disclosing Party shall (a) delete from such proposed publication or presentation any Confidential Information of the
      Non-Disclosing Party and/or (b) delay the date of such submission for publication or the date of such presentation for a period of time sufficiently long (but in no event longer than [***] to permit the Non-Disclosing Party to seek appropriate patent
      protection. Once a publication has been approved by the Non-Disclosing Party, the Disclosing Party may make subsequent public disclosure of the contents of such publication without the further approval of the Non-Disclosing Party; provided, such
      content is not presented with any new data or information or conclusions and/or in a form or manner that materially alters the subject matter therein.

   

  11.7         No Right to Use Names. Except as expressly provided
      herein, no right, express or implied, is granted by the Agreement to use in any manner the name of “Immunocore”, “Genentech”, “Roche” or any other trade name, symbol, logo or trademark of the other Party in connection with the
      performance of this Agreement.

   

  Article 12

      REPRESENTATIONS

   

  12.1         Mutual Representations and Warranties. In this
      Article 12, references to Party or Parties shall mean GNE, Roche and Immunocore. Each Party represents and warrants to the other Party that as of the Effective Date:

   

  (a)            it is validly organized under the laws of its jurisdiction
      of incorporation;

   

  (b)            it has obtained all necessary consents, approvals and
      authorizations of all governmental authorities and other persons or entities required to be obtained by it in connection with this Agreement;

   

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  (c)           the execution, delivery and performance of this Agreement
      have been duly authorized by all necessary corporate action on its part;

   

  (d)           it has the legal right and power to enter into this
      Agreement and to fully perform its obligations hereunder;

   

  (e)           the performance of its obligations under this Agreement will
      not conflict with such Party’s charter documents or any Third Party agreement, contract or other arrangement to which such Party is a party; and

   

  (f)            to the extent relevant to this Agreement it follows
      reasonable commercial practices common in the industry to protect its proprietary and confidential information, including requiring its employees, consultants and agents to be bound in writing by obligations of confidentiality and non-disclosure, and
      to the extent permissable under national or local, laws requiring its employees, consultants and agents to assign to it any and all inventions and discoveries discovered by such employees, consultants or agents made within the scope of, and during
      their employment, and only disclosing proprietary and confidential information to Third Parties pursuant to written confidentiality and non-disclosure agreements.

   

  12.2          Immunocore Additional Warranty. Immunocore also
      represents and warrants to GNE that:

   

  (a)           it has the legal right and power to extend the rights and
      licenses granted to GNE and Roche hereunder;

   

  (b)           it will not grant during the term of this Agreement, any
      right, license or interest in or to the Licensed Intellectual Property, Immunocore Foreground IP or Joint IP, or any portion thereof, inconsistent with the rights granted to GNE and Roche herein;

   

  (c)            in developing, testing, manufacturing, selling and
      supplying any products being manufacture, developed and/or commercialized under the rights granted by GNE to Immunocore in Section 4.5, it will, and it will procure that its Sublicensees will, comply with all Applicable Laws; and

   

  (d)           as of the Effective Date, it has no knowledge of any
      threatened or pending actions, lawsuits, claims or arbitration proceedings in any way relating to the Immunocore Background IP (to the extent relevant to the Licensed Product or Exclusive Target or to performance by GNE of the Research License);
      provided, however, that nothing in this Section 12.2 shall be interpreted as requiring Immunocore to have undertaken any inquiries or to have obtained any freedom to operate opinion.

   

  12.3          GNE and Roche Additional Warranty. GNE and Roche
      also represents and warrants to Immunocore that:

   

  (a)            it has the legal right and power to extend the rights and
      licenses granted to Immunocore hereunder; and

   

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  (b)          it will not grant during the term of this Agreement, any
      right, license or interest in or to the GNE Foreground IP, GNE Improvement IP or Joint IP, or any portion thereof, inconsistent with the rights granted to Immunocore herein; and

   

  (c)          in developing, testing, manufacturing, selling and supplying
      any Licensed Product it will, and it will procure that its Sublicensees will, comply with all Applicable Laws.

   

  12.4          Disclaimers. EXCEPT AS OTHERWISE EXPRESSLY STATED IN
      THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO PATENTS, KNOW-HOW, MATERIALS OR CONFIDENTIAL INFORMATION SUPPLIED BY IT TO THE OTHER PARTY HEREUNDER, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR
      IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. NOTHING IN THIS SECTION SHALL PREVENT IMMUNOCORE CLAIMING DAMAGES FOR LOSS OF ROYALTIES ARISING AS A RESULT OF A BREACH OF
      THIS AGREEMENT BY GNE.

   

  Article 13

      INDEMNIFICATION

   

  13.1          Indemnification. Under this Article 13, “Party”
      and “Parties” shall mean GNE, Roche and Immunocore. Subject to Section 13.3, Immunocore shall indemnify, defend and hold GNE, Roche, their Affiliates, their Sublicensees and their respective directors, officers, and employees and the
      successors and assigns of any of the foregoing harmless from and against any and all liabilities, damages, settlements, penalties, fines, costs or expenses (including, without limitation, reasonable attorneys’ fees and other reasonable expenses of
      litigation) (collectively, “Loss” or “Losses”) arising, directly or indirectly out of or in connection with any Third Party claims, suits, actions, demands or judgments (“Third Party Claims”) relating to (a) the activities
      performed by or on behalf of such Party under this Agreement, (b) the activities performed by or on behalf of Immunocore to the extent Covered by any GNE Improvement IP or GNE Foreground IP, including, in the case of Immunocore and its Third Party
      Licensees and subcontractors hereunder, product liability and infringement claims to the extent relating to any products Covered by the GNE Improvement IP or GNE Foreground IP and (c) breach by Immunocore of the representations and warranties under
      Article 12, except, in each case, to the extent caused by the negligence or willful misconduct of GNE, Roche or their Affiliates or Sublicensees or any breach of this Agreement by GNE, Roche or its Affiliates or Sublicensees.

   

  13.2          Indemnification. Subject to Section 13.3, GNE and
      Roche shall indemnify, defend and hold Immunocore, its Affiliates and its Third Party licensees and their respective directors, officers, and employees and the successors and assigns of any of the foregoing harmless from and against any and all
      Losses arising, directly or indirectly out of or in connection with any Third Party Claims relating to (a) the activities performed by or on behalf of GNE, Roche or any Sublicensee under this Agreement, (b) the activities performed by or on behalf of
      GNE, Roche or any Sublicensee to the extent Covered by any of the Immunocore Background IP, Foreground IP and Joint IP, including, in the case of GNE, Roche and its Affiliates and its and their Sublicensees and subcontractors hereunder, product
      liability and infringement claims to the extent relating to the Licensed Products, (c) breach by GNE, Roche, its Sublicensees or subcontractors of the

   

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  representations and warranties under Article 12, except, in each case, to the extent caused
      by the negligence or willful misconduct of Immunocore or its Affiliates or breach of this Agreement by Immunocore or its Affiliates.

   

  13.3          Procedure. If a Party intends to claim
      indemnification under this Agreement (the “Indemnitee”), it shall promptly notify the other Party (the “Indemnitor”) in writing of such alleged Loss and the Third Party Claim. The Indemnitor shall have the right to control the defense
      thereof with counsel of its choice as long as such counsel is reasonably acceptable to Indemnitee. Any Indemnitee shall have the right to retain its own counsel at its own expense for any reason, provided, however, that if the Indemnitee shall have
      reasonably concluded, based upon a written opinion from outside legal counsel, that there is a conflict of interest between the Indemnitor and the Indemnitee in the defense of such action, in each of which cases the Indemnitor shall pay the fees and
      expenses of one law firm serving as counsel for the Indemnitee) in relation to such Third Party Claim. The Indemnitee, its employees and agents, shall reasonably cooperate with the Indemnitor and its legal representatives in the investigation of any
      Third Party Claims covered by this Agreement. The obligations of this Article 13 shall not apply to any settlement of any Third Party Claims if such settlement is effected without the consent of both Parties, which shall not be unreasonably withheld
      or delayed. The failure to deliver written notice to the Indemnitor within a reasonable time after the commencement of any such action, to the extent prejudicial to its ability to defend such action, shall relieve the Indemnitor of any obligation to
      the Indemnitee under this Section 13.2. It is understood that only GNE, Roche and Immunocore may claim indemnity under this Agreement (on its own behalf or on behalf of its Indemnitees), and other Indemnitees may not directly claim indemnity
      hereunder.

   

  13.4          Insurance.

   

  13.4.1    Insurance Coverage. Subject to Section 13.4.4, each
      Party shall obtain and maintain comprehensive general liability insurance customary in the industry for companies of similar size conducting similar business, and in any case sufficient to cover its obligations.

   

  13.4.2    Evidence of Insurance. Within [***] of signing this
      Agreement, each Party shall provide the other Party with its certificate of insurance evidencing the insurance coverage set forth Section 13.4.1. Each Party shall provide to the other Party at least [***] prior written notice of any cancellation,
      non-renewal or material change in any of such insurance coverage.

   

  13.4.3    Product / Clinical Trial Liability Insurance:
      Commencing not later than [***] prior to the first use in humans of the first Licensed Product by GNE, Roche or any of its Sublicensees, GNE and Roche shall have and maintain such type and amounts of products / clinical trial liability insurance
      covering the development, manufacture, use and sale of Licensed Products as is normal and customary in the industry generally for parties similarly situated, but, in any event, with a minimum combined single limit per occurrence for products /
      clinical trials liability as follows: (a) a minimum limit of [***] for any period during which GNE, Roche or any of its Sublicensees is conducting a clinical trial(s) with any Licensed Product(s); and (b) a minimum limit of [***] for any period
      during which GNE, Roche or any of its Sublicensees is selling any Licensed Product(s). Each of the above insurance policies shall be primary insurance.

   

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  13.4.4    Election to Self-Insure. In the event that either
      Party is an entity which, together with its Affiliates, has worldwide revenues from pharmaceutical sales in excess of [***], the obligations set forth in Section 13.4.3 (in respect of GNE and Roche only), Section 13.3.1 and Section 13.3.2 above shall
      not apply with respect to such Party, if such Party notifies the other Party in writing that it elects to provide coverage through a commercially reasonable program of self-insurance and such self-insurance in the case of Section 13.4.3 is permitted
      under Applicable Laws; provided, however, that the obligations set forth in Section 13.4.3 (in respect of GNE and Roche only), Section 13.4.1 and Section 13.4.2 above shall resume with respect to such Party and its Affiliates, or
      successor-in-interest and its Affiliates, if such program of self-insurance is terminated or discontinued for any reason.

   

  13.5        Limitation of Damages. NEITHER PARTY HERETO WILL BE
      LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, ARISING FROM OR RELATING TO THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES, EXCEPT IN RESPECT OF ANY BREACH OF A PARTY’S
      OBLIGATIONS UNDER ARTICLE 10 OR INDEMNIFICATION OBLIGATIONS UNDER THIS ARTICLE 13 FOR CLAIMS OF THIRD PARTIES. FOR THE AVOIDANCE OF DOUBT, NOTHING IN THIS SECTION SHALL LIMIT OR EXCLUDE ANY LIABILITY TO A THIRD PARTY FOR FRAUD BY ANY PARTY OR ANY
      LIABILITY ARISING AS A RESULT OF PERSONAL INJURY OR DEATH CAUSED BY NEGLIGENCE OF ANY PARTY.

   

  Article 14

      TERM; TERMINATION

   

  14.1        Term. The term of this Agreement (the “Term”)
      shall commence on the Effective Date and, unless sooner terminated as provided in this Article 14, shall continue in full force and effect, on a country-by-country and Licensed Product-by-Licensed Product basis until there is no remaining royalty
      payment or other payment obligation in such country with respect to such Licensed Product, at which time this Agreement shall expire with respect to such Licensed Product in such country. The Term shall expire on the date this Agreement has expired
      in its entirety with respect to all Licensed Products in all countries in the Territory.

   

  14.2         Termination by Either Party for Material Breach.
      Either Party may terminate this Agreement or any Exclusive License by written notice to the other Party for any material breach of this Agreement by the other Party if, in the case of remediable breach, such material breach is not cured within [***]
      ([***] for payment defaults) after the breaching Party receives written notice of such breach from the non-breaching Party; provided, that if such breach is not capable of being cured within such [***] (or [***]) period, the cure period shall be
      extended for such amount of time that the Parties may agree in writing is reasonably necessary to cure such breach, so long as (1) the breaching Party is making Diligent Efforts to do so, and (2) the Parties agree on an extension within such [***]
      (or [***]) period. Notwithstanding anything to the contrary herein, if the allegedly breaching Party in good faith either disputes (i) whether a breach is material or has occurred or (ii) the alleged failure to cure or remedy such material breach,
      and provides written notice of that dispute to the other Party within the above time periods, then the matter will be addressed under the dispute resolution provisions in Article 15, and the notifying Party may not so terminate this Agreement until
      it has been determined under Article 15 that the allegedly breaching

   

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  Party is in material breach of this Agreement, and such breaching Party further fails to cure
      such breach within [***] (or such longer period as determined by the arbiter of such dispute resolution) after the conclusion of that dispute resolution procedure.

   

  14.3          Termination by Either Party for Insolvency or Bankruptcy.
      Either Party may terminate this Agreement effective on written notice to the other Party upon the liquidation, dissolution, winding-up, insolvency, bankruptcy, or filing of any petition therefor, appointment of a receiver, custodian or trustee, or
      any other similar proceeding, by or of the other Party where such petition, appointment or similar proceeding is not dismissed or vacated within [***] an where such petition, appointment or similar proceeding is not a part of any bona fide
      reorganisation of a Party or its Affiliates. All rights and licenses granted pursuant to this Agreement are, for purposes of Section 365(n) of Title 11 of the United States Code or any foreign equivalents thereof (as used in this Section 14.3, “Title

        11”), licenses of rights to “intellectual property” as defined in Title 11. Each Party in its capacity as a licensor hereunder agrees that, in the event of the commencement of bankruptcy proceedings by or against such bankrupt Party under Title
      11, (a) the other Party, in its capacity as a licensee of rights under this Agreement, shall retain and may fully exercise all of such licensed rights under this Agreement (including as provided in this Section 14.3) and all of its rights and
      elections under Title 11 and (b) the other Party shall be entitled to a complete duplicate of all embodiments of such intellectual property, and such embodiments, if not already in its possession, shall be promptly delivered to the other Party (i)
      upon any such commencement of a bankruptcy proceeding, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (ii) if not delivered under (i), immediately upon the rejection of this Agreement by or on
      behalf of the bankrupt Party.

   

  14.4          Permissive Termination. GNE shall also have the
      right to terminate this Agreement in its entirety, or an Exclusive License, in its sole discretion, at any time by providing written notice to Immunocore; such termination to be effective [***] after such notice. Any payments (whether royalties or
      otherwise) which have become due or relate to any Net Sales made prior to date of termination, shall remain due and owing following termination and become immediately payable on termination.

   

  14.5          Termination for [***]. If GNE, Roche or their
      Sublicensees [***], then either (i) GNE, Roche or their Sublicensee shall [***], or (ii) [***], Immunocore shall have the right to terminate the Exclusive License [***] on written notice to GNE; [***]. For the avoidance of doubt, [***]. In addition,
      notwithstanding the foregoing, in the event that [***], then [***].

   

  14.6          Effects of Termination.

   

  (a)            Accrued Rights and Obligations. Expiration or
      termination of this Agreement in its entirety, or with respect to a particular Exclusive License, for any reason shall not release either Party hereto from any liability which, as of the effective date of such expiration or termination, had already
      accrued to the other Party or which is attributable to a period prior to such termination, nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in equity which accrued or are based upon any event
      occurring prior to the effective date of such expiration or termination.

   

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  (b)           Termination of Licenses.

   

  (i)                  Upon termination of a particular Exclusive License
      pursuant to Section 14.2, or by GNE pursuant to Section 14.4, such Exclusive License and any other license (including the Non-Exclusive License and Research License) to any Licensed Product or Compound covered by such Exclusive License or binding to
      an HLA-presented antigen derived from the same Exclusive Target (other than the licenses set forth in Section 4.5) shall terminate as of the effective date of such termination;

   

  (ii)                Upon termination of the Agreement in its entirety by
      Immunocore pursuant to Section 14.3, all licenses under this Agreement (other than the licenses set forth in Section 4.5) shall terminate as of the effective date of such termination; and

   

  (iii)               Upon termination of Agreement by GNE in accordance
      with Section 14.2 or 14.3, the licenses set forth in Section 4.5 shall terminate as of the effective date of such termination.

   

  (c)           Continuation of Sublicenses. Upon termination by
      Immunocore of this Agreement or any specific Exclusive License, Immunocore agrees that on request from any Sublicensee it will grant to such Sublicensee a license on the same terms as set out in this Agreement (including all event payments and
      royalty payments) in relation to any Immunocore rights previously licensed to such Sublicensee. Unless otherwise explicitly agreed in writing, Immunocore shall not agree to vary or amend the terms of the licenses granted hereunder or take on any
      additional or further obligations or burdens.

   

  (d)          Clinical Trials. GNE shall ensure that where
      termination of any Exclusive License occurs during any Clinical Trial, that any Clinical Trial shall be wound down in accordance with the protocol for such Clinical Trial and in such a way as to minimise any patient harm and at all times in
      accordance with all Applicable Laws.

   

  (e)           Return of Confidential Information. It is understood
      and agreed, that each Party shall have a continuing right to use Confidential Information of the other Party under any surviving licenses pursuant to Article 4 and/or this Section 14.6 or 14.7. Subject to the foregoing, following expiry or any early
      termination of this Agreement, the Party that has Confidential Information of the other Party shall destroy (at such. Party’s written request) all such Confidential Information in its possession as of the effective date of expiration (with the
      exception of one copy of such Confidential Information, which may be retained by the legal department of the Party that received such Confidential Information to confirm compliance with the non-use and non-disclosure provisions of this Agreement),
      and any Confidential Information of the other Party contained in its laboratory notebooks or databases, provided that each Party may retain and continue to use such Confidential Information of the other Party to the extent necessary to exercise any
      surviving rights, licenses or obligations under this Agreement.

   

  (f)            Inventory at Termination. Upon termination of this
      Agreement and for a period of [***] following such termination, GNE and its permitted Sublicensee shall have the right to sell or otherwise dispose of all inventory of Licensed Products in all countries then in its stock, subject to the applicable
      royalty payments due under this Agreement, and any other applicable

   

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  provisions of this Agreement, and Immunocore covenants not to sue GNE or its permitted
      Sublicensee for infringement under any of the Patents that were licensed by Immunocore to GNE immediately prior to such termination with respect to such activities conducted by GNE or its permitted Sublicensee pursuant to this Section 14.5.1(e).
      Following expiry of such [***], GNE shall provide any remaining stock to Immunocore and Immunocore shall be entitled to sell, supply such stock in its absolute discretion either directly or through any Third Party. Save where termination results from
      a material breach by GNE (in which case any stock shall be provided free of charge to Immnunocore), [***].

   

  (g)           Survival. In addition to any provisions specified in
      this Agreement as surviving under the applicable circumstances, the provisions of Articles 1, 9, 10, 11, 12, 13 (provided with respect to Article 12 and 13, only with respect to those claims that arise from the acts or omissions of a Party prior to
      the effective date of termination or expiration) 15 and 16 and Sections 3.6.2, 4.5.1(a), 4.5.2, 4.5.3, 4.6, 5.1.3, 7.6.6, 8.7, 14.1, 14.6, 14.7 shall survive any termination or expiration of this Agreement. In addition, Article 7 and 8 shall survive
      with respect to any outstanding unpaid amounts that accrued prior to any termination or expiration of this Agreement.

   

  14.7          Termination of this Agreement or an Exclusive License by
        Immunocore pursuant to Section 14.2 or 14.5, or by GNE pursuant to Section 14.4. In the event of termination of this Agreement or an Exclusive License by Immunocore pursuant to Section 14.2 or 14.5, or GNE pursuant to Section 14.4, GNE shall
      grant to Immunocore a right to negotiate for a license under the Reversion Technology (the “RFN”). Immunocore shall have [***] following the effective date of such termination, to notify GNE in writing as to whether Immunocore elects to
      exercise its RFN.

   

  14.7.1    If written notice is given that Immunocore does not want to
      exercise such right to negotiate, or written notice is not given by Immunocore to GNE within said [***], the rights to discuss and/or negotiate granted to Immunocore under this Section 14.7, including without limitation any dispute as to GNE’s
      election to grant or not grant Immunocore any rights under the Reversion Technology, including the scope and/or terms thereof, shall expire at the end of such [***].

   

  14.7.2    If GNE receives written notice from Immunocore within such
      [***] that Immunocore elects to exercise such RFN,

   

  (a)           GNE shall, within [***] following the date of such
      Immunocore notice, provide copies to Immunocore (at GNE’s expense): [***], (collectively, the “Data Package”). GNE is not required to generate additional data or prepare additional reports to comply with the foregoing obligation;

   

  (b)          Immunocore will have the right for [***] (or such longer
      period as mutually agreed) following the later of Immunocore’s election to exercise such RFN or delivery of the Data Package to Immunocore (as applicable) to negotiate in good faith with GNE the commercially reasonable terms under which GNE may grant
      to Immunocore a worldwide, sublicensable license under the Reversion Technology to make, have made, use, sell, offer for sale and import Licensed Products. It is understood and agreed that the grant of such license may be:

   

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  (i)                exclusive or non-exclusive with respect to one or
      more of the Patents or Know-How within the Reversion Technology (other than the GNE Background Patents) [***]; and

   

  (ii)               only non-exclusive with respect to one or more of the
      Patents within the GNE Background Patents;

   

  (c)            With respect to any license granted by GNE to Immunocore
      under this Section 14.7, Immunocore shall be responsible for manufacturing the products thereunder for clinical use and commercial sale, provided, however, that manufacture of the product [***] by a Third Party contract manufacturing organization
      [***] (the “Authorized CMO”). [***]. Immunocore shall enter into a manufacturing supply agreement with the Authorized CMO and shall be responsible for all costs and other obligations related to the manufacture and supply of the products by the
      Authorized CMO to Immunocore;

   

  (d)           If the Parties are unable to agree on the term of the
      license under Section 14.7(b)(i) within such period, Immunocore may submit such dispute to arbitration for resolution as provided in Section 15.2, as modified by Section 14.7.4 below; and

   

  (e)            The rights to discuss and/or negotiate granted to
      Immunocore under Section 14.7(b)(ii), including without limitation any dispute as to GNE’s election to grant or not grant Immunocore any rights under the GNE Background Patents, including the scope and/or terms thereof, shall expire at the end of
      such [***] period (or such longer term as mutually agreed) [***]. Without limiting the foregoing, GNE shall have no obligation to grant, and Immunocore shall have no rights to obtain, a license to the GNE Background Patents if a written agreement on
      commercially reasonable terms is not concluded within such [***] period (or such longer term as mutually agreed).

   

  14.7.3      Certain Terms. In this section 14.7:

   

  (a)            “Reversion Technology” means the GNE Foreground IP,
      Joint IP, GNE Improvement IP, GNE Patents, GNE Know-How, GNE Regulatory Information and GNE Background Patents, that are owned and Controlled by GNE as of the effective date of termination of this Agreement or the Exclusive License, as applicable;

   

  (b)           “GNE Patents” means those claims within a Patent in
      which the invention(s) [***];

   

  (c)            “GNE Know-How” means Know-How [***];

   

  (d)           “GNE Regulatory Information” means documents [***];
      and

   

  (e)            “GNE Background Patents” means those claims within
      Patents [***].

   

  14.7.4    Baseball Arbitration. With respect to any dispute
      under Section 14.7.2(b)(i), which dispute is submitted by Immunocore to arbitration for resolution as provided in Section 15.2, such arbitration shall be modified by as follows:

   

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  (a)           within [***] following the final selection of the
      arbitrator, the Parties, in consultation with the arbitrator, shall set a date for the arbitration, which date shall be no more than [***] after the date the arbitration is demanded under Section 15.2;

   

  (b)           the arbitration shall be “baseball” style arbitration;
      accordingly, notwithstanding the Rules, and at least [***] prior to the arbitration, each Party shall provide the arbitrator with a brief outlining its position. Briefs may be no more than [***], and must clearly provide and identify the Party’s
      position with respect to the disputed matter;

   

  (c)           after receiving both Parties’ opening briefs, the arbitrator
      will distribute each Party’s brief to the other Party. [***] in advance of the arbitration, the Parties shall submit and exchange response briefs of no more than [***]. The Parties’ briefs may include or attach relevant exhibits in the form of
      documentary evidence, any other material voluntarily disclosed to the other Party in advance, or publicly available information. The Parties’ briefs may also include or attach demonstratives and/or expert opinion based on the permitted documentary
      evidence;

   

  (d)           the arbitration shall consist of a [***] hearing of not
      longer than [***], such time to be split equally between the Parties, in the form of presentations by counsel and/or employees and officers of the Parties. No live witnesses shall be permitted except expert witnesses whose opinions were provided with
      the Parties’ briefs; and

   

  (e)           no later than [***] following the arbitration, the
      arbitrator shall issue his/her written decision. The arbitrator shall select one Party’s proposed positions as his or her decision, and shall not have the authority to render any substantive decision other than to select the proposal submitted by
      either GNE or Immunocore. The arbitrator shall have no discretion or authority with respect to modifying the positions of the Parties. The arbitrator’s decision shall be final and binding on the Parties and may be enforced in any court of competent
      jurisdiction. Each Party shall bear its own costs and expenses in connection with such arbitration, and shall share equally the arbitrator’s fees and expenses.

   

  Article 15

      DISPUTE RESOLUTION

   

  15.1          Disputes. “Party” or “Parties” in this Article 15
      shall mean Roche, GNE and Immunocore. Immunocore and GNE recognize that a dispute, controversy or claim of any nature whatsoever arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, (each, a “Dispute”)

      may from time to time arise during the Term. Unless otherwise specifically recited in this Agreement (including without limitation, Section 2.4), such Disputes between Immunocore and GNE will be resolved as recited in this Article 15. In the event of
      the occurrence of such a Dispute, the Parties shall first refer such Dispute to their respective Alliance Managers for attempted resolution by such Alliance Managers within [***] after such referral. If such Dispute is not resolved within such [***]
      period, either Immunocore and GNE may, by written notice to the other, have such Dispute referred to their respective officers designated below, or their respective designees, for attempted resolution within [***] after such notice is received. Such
      designated officers are as follows:

   

  For GNE –                     [***]

   

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  For Immunocore –      [***]

   

  In the event the designated officers, or their respective designees, are not able to resolve
      such dispute within [***] of such other Party’s receipt of such written notice, either Party may initiate the dispute resolution procedures set forth in Section 15.2.

   

  15.2          Arbitration.

   

  15.2.1    Rules. Except as otherwise expressly provided in this
      Agreement (including under Section 15.3), the Parties agree that any Dispute not resolved internally by the Parties pursuant to Section 15.1 shall be resolved through binding arbitration conducted by the International Chamber of Commerce in
      accordance with the then prevailing Rules of Arbitration of the International Chamber of Commerce (for purposes of this Article 15, the “Rules”), except as modified in this Agreement, applying the substantive law specified in Sections 16.1.

   

  15.2.2    Arbitrators; Location. Each Party shall select one (1)
      arbitrator, and the two (2) arbitrators so selected shall choose a third arbitrator. All three (3) arbitrators shall serve as neutrals and have at least [***] of (a) dispute resolution experience (including judicial experience) and/or (b) legal or
      business experience in the biotech or pharmaceutical industry. In any event, at least one (1) arbitrator shall satisfy the foregoing experience requirement under Section (b). If a Party fails to nominate its arbitrator, or if the Parties’ arbitrators
      cannot agree on the third, the necessary appointments shall be made in accordance with the Rules. Once appointed by a Party, such Party shall have no ex parte communication with its appointed arbitrator. The arbitration proceedings shall be conducted
      in London, England. The arbitration proceedings and all pleadings and written evidence shall be in the English language. Any written evidence originally in another language shall be translated into English and accompanied by the original or a true
      copy thereof.

   

  15.2.3    Procedures; Awards. Each Party agrees to use
      reasonable efforts to make all of its current employees available, if reasonably needed, and agrees that the arbitrators may determine any person as necessary. The arbitrators shall be instructed and required to render a written, binding,
      non-appealable resolution and award on each issue that clearly states the basis upon which such resolution and award is made. The written resolution and award shall be delivered to the Parties as expeditiously as possible, but in no event more than
      [***] after conclusion of the hearing, unless otherwise agreed by the Parties. Judgment upon such award may be entered in any competent court or application may be made to any competent court for judicial acceptance of such an award and order for
      enforcement. Each Party agrees that, notwithstanding any provision of applicable law or of this Agreement, it will not request, and the arbitrators shall have no authority to award, punitive or exemplary damages against any Party.

   

  15.2.4    Costs. The prevailing Party, as determined by the
      arbitrators, shall be entitled to [***]. In determining which Party “prevailed,” the arbitrators shall consider (i) the significance, including the financial impact, of the claims prevailed upon and (ii) the scope of claims prevailed upon, in
      comparison to the total scope of the claims at issue. If the arbitrators determine that, given the scope of the arbitration, neither Party “prevailed,” the arbitrators shall order that the Parties (1) share equally the fees and expenses of the
      arbitrators and (2) bear their own attorneys’ fees and associated costs and expenses.

   

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  15.2.5    Interim Equitable Relief. Notwithstanding anything to
      the contrary in this Section 15.2, in the event that a Party reasonably requires relief on a more expedited basis than would be possible pursuant to the procedure set forth in this Article 15, such Party may seek a temporary injunction or other
      interim equitable relief in a court of competent jurisdiction pending the ability of the arbitrators to review the decision under this Section 15.2. Such court shall have no jurisdiction or ability to resolve Disputes beyond the specific issue of
      temporary injunction or other interim equitable relief.

   

  15.2.6    Protective Orders; Arbitrability. At the request of
      either Party, the arbitrators shall enter an appropriate protective order to maintain the confidentiality of information produced or exchanged in the course of the arbitration proceedings. The arbitrators shall have the power to decide all questions
      of arbitrability.

   

  15.3        Subject Matter Exclusions. Notwithstanding the
      provisions of Section 15.2, any Dispute not resolved internally by the Parties pursuant to Section 15.1 that involves the validity or infringement of a Patent Covering a Licensed Product (a) that is issued in the United States shall be subject to
      actions before the United States Patent and Trademark Office and/or submitted exclusively to the federal court located in the jurisdiction of the district where any of the defendants resides; and (b) that is issued in any other country shall be
      brought before an appropriate regulatory or administrative body or court in that country, and the Parties hereby consent to the jurisdiction and venue of such courts and bodies.

   

  15.4         Continued Performance. Provided that this Agreement
      has not terminated, the Parties agree to continue performing under this Agreement in accordance with its provisions, pending the final resolution of any Dispute.

   

  Article 16

      MISCELLANEOUS

   

  16.1         Applicable Law. “Party” or “Parties” in this Article
      16 shall mean Roche, GNE and Immunocore. This Agreement (including the arbitration provisions of Article 15.2) shall be governed by and interpreted in accordance with the laws of England and Wales, without reference to the principles of conflicts of
      laws. The United Nations Convention on Contracts for the International Sale of Goods shall not apply to the transactions contemplated by this Agreement.

   

  16.2         Notices. Except as otherwise expressly provided in
      the Agreement, any notice required under this Agreement shall be in writing and shall specifically refer to this Agreement. Notices shall be sent via one of the following means and will be effective (a) on the date of delivery, if delivered in
      person; (b) on the date of receipt, if sent by a facsimile (with delivery confirmed); or (c) on the date of receipt, if sent by private express courier or by first class certified mail, return receipt requested. Any notice sent via facsimile shall be
      followed by a copy of such notice by private express courier or by first class mail. Notices shall be sent to the other Party at the addresses set forth below. Either Party may change its addresses for purposes of this Section 16.2 by sending written
      notice to the other Party.

   

  If to GNE:                              Genentech, Inc.

    

  Attn: [***]

   

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  Fax: [***]

  

  Phone: [***]

   

  with required copies (which shall not constitute notice) to:

   

  

  Genentech, Inc.

  

  Attn: [***]

  

  Fax: [***]

   

  If to Immunocore:                Immunocore Limited

  

  Attn: Chief Executive Officer

  

  57 Jubilee Avenue

  

  Abingdon, Oxfordshire, UK

  

  OX14 4RX

  

  Fax: [***]

   

  If to Roche:                           F. Hoffmann-La Roche Ltd

  

  Attn: [***]

  

  Fax: [***]

   

  

  F. Hoffmann-La Roche Ltd

  

  Attention: [***]

  

  Fax: [***]

   

  16.3         Assignment. Neither Party may assign or otherwise
      transfer, in whole or in part, this Agreement without the prior written consent of the non-assigning Party, such approval not to be unreasonably withheld or delayed. Notwithstanding the foregoing, either Party may assign this Agreement to (i) an
      Affiliate or (ii) any purchaser of all or substantially all of the assets of such Party, or of all of its capital stock, or to any successor corporation or entity resulting from any merger or consolidation or re-organisation of such Party with or
      into such corporation or entity, provided that the Party to which this Agreement is assigned expressly agrees in writing to assume and be bound by all obligations of the assigning Party under this Agreement. Immunocore may also transfer the
      Immunocore Background IP and Immunocore Foreground IP to any Affiliate that controls Immunocore and provided that any transfer is explicitly subject to this Agreement. A copy of such written agreement by such assignee shall be provided to the
      non-assigning Party within [***] of execution of such written agreement, subject in each case to any confidentiality restrictions. Subject to the foregoing, this Agreement will benefit and bind the Parties’ successors and assigns.

   

  16.4          Non-solicit. Neither Party shall (except with the
      prior written consent of the other Party) knowingly solicit or entice away (or attempt to solicit or entice away) from the employment of the other Party any person employed or engaged by such other Party in the provision of its obligations under any
      Research Program during the course of any Research Program and for a further period of [***] from expiry, termination or completion of such. Research Program; provided that this Section 16.4 shall not apply to advertisements of a general nature
      placed in newspapers, trade publications or online. If either Party does breach this Section 16.4 it agrees and accepts that the other Party will suffer damage and as a minimum it agrees to pay liquidated damages equivalent

   

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  to two year’s basic salary or the annual fee that was paid by the other Party to the relevant
      employee. The liquidated damages set out in this Section does not prevent the other Party claiming damages in the ordinary course in relation to a breach of this Section 16.4.

   

  16.5         Independent Contractors. The Parties hereto are
      independent contractors and nothing contained in this Agreement shall be deemed or construed to create a partnership, joint venture, employment, franchise, agency or fiduciary relationship between the Parties.

   

  16.6          Integration. Except to the extent expressly provided
      herein, this Agreement constitutes the entire agreement between the Parties relating to the subject matter of this Agreement and supersedes all previous oral and written communications between the Parties with respect to the subject matter of this
      Agreement (including the Mutual Confidentiality Agreement by and between Immunocore and GNE of 23 February 2012 and term sheets exchanged by and between Immunocore and GNE. Nothing in this Section 16.6 shall exclude any liability for fraud or
      fraudulent misrepresentation. Both Parties confirm that save as explicitly stated in this Agreement they have not relied upon or been induced to enter into this Agreement in reliance upon any warranty or representation made by the other Party, save
      to the extent explicitly set out in this Agreement.

   

  16.7         Amendment; Waiver. Except as otherwise expressly
      provided herein, no alteration of or modification to this Agreement shall be effective unless made in writing and executed by an authorized representative of both Parties. No course of dealing or failing of either Party to strictly enforce any term,
      right or condition of this Agreement in any instance shall be construed as a general waiver or relinquishment of such term, right or condition. The observance of any provision of this Agreement may be waived (either generally or any given instance
      and either retroactively or prospectively) only with the written consent of the Party granting such waiver.

   

  16.8         Further assurance. Each Party shall and shall use all
      reasonable endeavors to procure that any necessary Third Party shall promptly execute and deliver such further documents and do such further acts as may be required for the purpose of giving full effect to this Agreement.

   

  16.9         Severability. The Parties do not intend to violate
      any public policy or statutory or common law. However, if any sentence, paragraph, section, clause or combination or part thereof of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph,
      section, clause or combination or part of the same shall be deleted and the remainder of this Agreement shall remain binding, provided that such deletion does not alter the basic purpose and structure of this Agreement.

   

  16.10       No Third Party Rights. The Parties do not intend that
      any term of this Agreement should be enforceable by any person who is not a Party.

   

  16.11      Construction. The Parties mutually acknowledge that
      they and their attorneys have participated in the negotiation and preparation of this Agreement. Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have drafted this Agreement
      or authorized the ambiguous provision.

   

  	58
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  16.12      Interpretation. The captions and headings to this
      Agreement are for convenience only, and are to be of no force or effect in construing or interpreting any of the provisions of this Agreement. Unless context otherwise clearly requires, whenever used in this Agreement: (a) the words “include” or
      “including” shall be construed as incorporating “but not limited to” or “without limitation”; (b) the words “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement, including the Exhibits; (c) the word “law” or “laws”
      means any applicable, legally binding statute, ordinance, resolution, regulation, code, guideline, rule, order, decree, judgment, injunction, mandate or other legally binding requirement of a governmental authority (including a court, tribunal,
      agency, legislative body or other instrumentality of any (i) government or country or territory, (ii) any state, province, county, city or other political subdivision thereof, or (iii) any supranational body); (d) all references to the word “will”
      are interchangeable with the word “shall” and shall be understood to be imperative or mandatory in nature; (f) the singular shall include the plural and vice versa; and (g) the word “or” has the inclusive meaning represented by the phrase “and/or”.
      All references to days, months, quarters or years are references to calendar days, calendar months, calendar quarters, or calendar years.

   

  16.13      Counterparts. This Agreement may be executed in two or
      more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. For purposes hereof, a facsimile copy, or email with attached pdf copy, of this Agreement, including the signature
      pages hereto, will be deemed to be an original. Notwithstanding the foregoing, the Parties shall deliver original execution copies of this Agreement to one another as soon as practicable following execution thereof.

   

  [Signature page follows – the rest of this page intentionally left blank.]

   

  	59
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  IN WITNESS WHEREOF. Immunocore, Roche and GNE have executed this Agreement by their
      respective officers hereunto duly authorized, on the Effective Date.

   

  	IMMUNOCORE LIMITED	 
	 	 
	By: 	/s/ James Noble

        	 
	 	 	 
	Name: 	James Noble

          	 
	 	 	 
	Title: 	CEO

        	 
	 	 	 	 

  	GENENTECH, INC.	 	Acknowledged and Accepted
	 	 	 
	By: 	/s/ Robert Andreatta

        	 	By: 	/s/ Richard Scherer
	 	 	 	 	 
	Name: 	Robert Andreatta

        	 	Name: 	Richard Scherer
	 	 	 	 	 
	Title: 	VP, Controller & CAO	 	Title: 	EVP, Genentech
	 	 	 	 	 	 	 

  	F. HOFFMANN-LA ROCHE LTD	 
	 	 
	By: 	/s/ Christophe Carissimo	 
	 	 	 
	Name: 	Christophe Carissimo	 
	 	 	 
	Title: 	Global Head Transaction Excellence	 
	 	 	 	 
	and	 
	 	 
	By: 	/s/ Stefan Arnold	 
	 	 	 
	Name: 	Stefan Arnold 

            	 
	 	 	 
	Title: 	Head Legal Pharma

          	 
	 	 	 	 

  

   

  	60
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  Exhibit A  

   

  LICENSED PATENTS

   

  	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

   

  	61
	
          Immunocore-GNE Research Collaboration and License Agreement

        

  

  
     

    
      
 

  

   

  	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

   

  	62
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

   

  	63
	
          Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

        

  

  
     

    
      
 

  

   

  Exhibit B – Nomination Notice

   

  Under the agreement executed on 14th June 2013 Genentech hereby nominates the following as an Exclusive Target.

   

  	Date Nominated:	 
	Target name:	 
	Protein identification number:	 
	Target protein sequence:	 
	Date received by Immunocore:	 

   

  Authorized for nomination on behalf of Genentech, Inc

   

  	By:	 	 
	 	 
	Name:	 	 
	 	 
	Title:	 	 
	 	 
	Date:	 	 

  

   

  Accepted as an Exclusive Target on behalf of Immunocore Limited

   

  	By:	 	 
	 	 
	Name:	 	 
	 	 
	Title:	 	 
	 	 
	Date:	 	 

   

  	64
	
          Immunocore-GNE Research Collaboration and License Agreement

        

  

  
     

    
      
 

  

   

  Exhibit C – Research Plan Template

   

  [***]

   

  	Activity	Immunocore	[***]
	[***]	 	 
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	[***]
	[***]	[***]	 
	[***]	 	[***]
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	 
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	 	[***]
	[***]	[***]	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	[***]	[***]
	[***]	[***]	 
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	 	[***]
	[***]	 	[***]

   

  [***]

  
     

    
      
 

  

   

  Exhibit D – Materials required at Effective Date

   

  [***]

   

  	66
	
          Immunocore-GNE Research Collaboration and License Agreement

        

   

  
     

    
      
 

  

   

  Exhibit E – Press Release 

   

  	67
	
          Immunocore-GNE Research Collaboration and License Agreement

        

  

  
     

    
      
 

  

   

  Exhibit F – Immunocore Sub-contractors

   

  	CRO and CMO	SERVICE
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

   

   
  	68
	
          Immunocore-GNE Research Collaboration and License Agreement

        

  

   

  
    
      

  

  
    CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS
          BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.  

    

    FIRST AMENDMENT TO THE LICENSE AGREEMENT

    ([***] MAGE-A4)

     

    This First Amendment to the License Agreement (“First Amendment”) is made and entered into, effective as of September 27, 2016 (“Amendment Effective Date”), by and between Immunocore

            Limited, having its principal place of business at 101 Park Drive, Milton Park, Abingdon, Oxon, United Kingdom OX14 4RY (“Immunocore”), on the one hand and, Genentech, Inc.,
        a Delaware corporation, having its principal place of business at 1 DNA Way, South San Francisco, California 94080 (“GNE”) and F. Hoffmann-La Roche Ltd, with its principal place of
        business at Grenzacherstrasse 124, CH 4070 Basel, Switzerland (“Roche”), on the other hand.

     

    Background

     

    WHEREAS, the Parties entered into a Research, Collaboration and License Agreement
        dated as of June 14 2013 pursuant to which Immunocore and GNE agreed to collaborate in the discovery and development of TCR technology for use in pharmaceutical products (the “Agreement”);

     

    WHEREAS, the Parties have agreed to amend the Agreement to exclude certain
        compounds and targets; and

     

    WHEREAS, the Parties also intend to enter into a separate written agreement
        regarding the rights and obligations of the Parties and the development to be undertaken by Immunocore concerning such excluded compounds and targets.

     

    NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
        which is hereby acknowledged, GNE, Roche and Immunocore agree as follows:

     

    1.             New Definitions. The following new definition are
        hereby added to the end of Article 1:

     

    1.110       “MAGE-A 4” means the protein known as
        Melanoma Associated Antigen 4 which has UNIPROT number P43358 and the gene that encodes for such protein.

     

    1.111       [***]

     

    2.             Section 1.3 Affiliate. Section 1.3 shall be
        deleted and replaced in its entirety with the following:

     

    “Affiliate” of a Party, means any company, corporation or other
        business entity that is controlled by, controlling, or under common control with such Party. For purposes of this definition, “control” of a business entity (including “controlled by,” “under common control with” or the like) means direct or
        indirect beneficial ownership of more than fifty percent (50%) interest in the voting stock (or the equivalent) of such business entity or having the right to direct, appoint or remove a majority of members of its board of directors (or their
        equivalents) or having the power to control the general management of such business entity, by law or contract. [***].

     

    
      
        
 

    

     

    3.             Section 1.30 “EU”. Section 1.30 shall be deleted
        and replaced in in its entirety with the following:

     

    ““EU” means the member states of the European Union
        from time to time, or any successor entity thereto performing similar functions together with, should it cease to be a member state of the European Union, the United Kingdom.”

     

    4.             Targets. The Targets [***] and/or MAGE-A4 shall
        cease to be considered eligible Targets under the Agreement. For the avoidance of doubt, as of the Amendment Effective Date:

     

    (a)                [***] and MAGE-A4 shall cease to be considered
        Exclusive Targets under the Agreement;

     

    (b)               GNE shall have no right to nominate [***] and/or
        MAGE-A4 as Proposed Targets, and Immunocore shall have no obligation to Accept [***] and MAGE-A4 as Exclusive Targets, pursuant to Section 4.3;

     

    (c)                GNE shall have no right to nominate [***] and/or
        MAGE-A4 as a replacement Target pursuant to Section 4.3.5; and

     

    (d)                except as provided in paragraph 7 of this First
        Amendment below, the Research Licenses and Exclusive Licenses granted by Immunocore to GNE and Roche to Compounds to [***] and/or MAGE-A4 pursuant to Sections 4.1.1 and 4.2.3 are hereby terminated. The Parties further agree, that notwithstanding
        the terms of the Agreement, any sublicenses granted by GNE and/or Roche under Section 4.2.3 to Compounds to [***] and/or MAGE-A4 are hereby also terminated.

     

    5.             Section 4.2.1 Option Grant. Section 4.2.1 is
        hereby deleted and replaced in its entirety with the following:

     

    “4.2.1 Option Grant. Immunocore hereby grants to GNE
        an option to obtain up to [***] Exclusive Licenses, on an Exclusive Target-by-Exclusive Target basis. For the avoidance of doubt, the Exclusive Licenses granted by Immunocore to GNE and Roche prior to the Amendment Effective Date shall not be
        considered as an exercise of an option by GNE pursuant to this Section 4.2.1.”

     

    6.             Section 4.6. The following is added to the end of
        Section 4.6:

     

    “For the avoidance of doubt, Immunocore and its Sublicensees shall not
        during the Term or subsequently, have any right or license under: (i) the GNE Improvement IP to make, have made, sell, offer for sale, supply, use and import ImmTACs (or products comprising ImmTACs) to MAGE-A4 or [***], and (ii) the Manufacturing
        IP to make and use a Compound incorporated in a product comprising an ImmTac to either [***] or [***]; in each case of (i) and (ii), unless and until Immunocore exercises it right of negotiation and obtains a license to such intellectual property
        pursuant to Section 4.5.”

     

    	Certain confidential information contained in this document, marked
                by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

     

    
      
        
 

    

     

    7.             Exclusive Targets Payments. The payments set out
        in Section 7.2 of the Existing Agreement shall apply to each Exclusive Target Acceptance after the Amendment Effective Date, taking into account that the MAGE-A4 and [***] Targets were the [***].

     

    8.             Research Licence. Commencing on the Amendment
        Effective Date and continuing until the date [***] from the Amendment Effective Date, Immunocore hereby grants to GNE a royalty-free, non-transferable, non-sublicenseable, non-exclusive research license under Immunocore’s rights in the Immunocore
        Background IP, the Immunocore Foreground IP, and the Joint IP solely for the purposes of completing any research related to MAGE-A4 and [***] being undertaken by GNE as at the Amendment Effective Date pursuant to the licence set out in Section
        4.1.1(a) of the Existing Agreement for the purpose of jointly publishing the results. The Alliance Managers will be responsible for jointly agreeing any research and publication to be undertaken pursuant to this licence. Section 11.6 of the
        Agreement shall apply to any publication or disclosure of papers, presentations, abstracts or other written or oral presentation regarding results of and other information generated by GNE as a result of the exercise of its rights pursuant to this
        paragraph 7 except that in the event that of any disagreement by the Parties concerning such publication, the matter shall be referred for determination by the Alliance Managers.

     

    9.             Indemnification. It is understood and agreed, that
        the indemnification obligations of the Parties pursuant to Article 13 shall continue to survive in full force and effect with respect to any acts or omissions of a Party that occurred prior to the Amendment Effective Date, including without
        limitation and acts or omissions that occurred prior to Amendment Effective Date relating to [***] and/or MAGE-A4.

     

    10.             Survival of Agreement Terms. All terms and
        conditions of the Agreement not modified by this First Amendment shall continue in full force and effect in accordance with their terms. All capitalized terms not otherwise defined herein shall have the same definition as in the Agreement. In the
        event of any conflict between the terms and conditions of this First Amendment and the Agreement, the terms and conditions set forth in this First Amendment shall control with respect to the subject matter hereof.

     

    [Signature page follows – the rest of this page intentionally left
          blank]

     

    	Certain confidential information contained in this document, marked
                by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

     

    
      
        
 

    

     

    Execution Version 

     

    IN WITNESS WHEREOF, Immunocore, Roche and GNE have executed this First Amendment by
        their respective officers hereunto duly authorized, on the Amendment Effective Date.

     

    	IMMUNOCORE LIMITED

     

    	By:	

            	 

     

    	Name: 	

            	 

     

    	Title: 	

            	 

     

    	GENENTECH, INC.

     

    	By: 	/s/ Edward Harrington	 

     

    	Name: 

            	Edward Harrington	 

    	
             

              

            Title:  

          	
             

              

            Chief Financial Officer

          	 

     

    	F. HOFFMANN-LA ROCHE LTD

     

    	By:	/s/ Melanie Wick

            	 	By:	/s/ Stefan Arnold

          

     

    	Name: 	Dr. Melanie Wick

            	 	Name: 	Stefan Arnold

          

     

    	Title: 	Authorized Signatory

            	 	Title: 	Head Legal PharmaExhibit 10.5

      

      

      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR
        CONFIDENTIAL.

      

      

      Dated June 29, 2013

       

      (1)          IMMUNOCORE LIMITED

       

      and

       

      (2)          GlaxoSmithKline Intellectual Property Development Ltd

       

      

       

      

      COLLABORATION AND LICENSE AGREEMENT

       

      

      
        

      

      

      
        
          

      

      
      THIS AGREEMENT is made and effective as of June 29, 2013 (the “Effective Date”)

       

      BETWEEN

       

      	1.	
              IMMUNOCORE LIMITED (registered number 6456207) whose registered office is at 57c Milton Park, Abingdon,
                Oxfordshire, OX14 4RX, United Kingdom (“Immunocore”); and

            

       

      	2.	
              GlaxoSmithKline Intellectual Property Development Ltd whose registered office is at 980 Great West Road, Middlesex, TW8 9GS, United Kingdom (“GSK”)

            

       

      BACKGROUND

       

      	A.	
              GSK and its Affiliates are a global pharmaceutical company with expertise in the research, development, manufacturing and commercialization of human pharmaceuticals.

            

       

      	B.	
              Immunocore has extensive experience and intellectual property rights relating to the development of specifically targeted Compounds (as defined further below).

            

       

      	C.	
              GSK and Immunocore wish to collaborate to develop further Compounds and Immunocore desires to grant to GSK exclusive options to obtain exclusive licenses to Immunocore’s intellectual property rights to
                further develop and commercialize Licensed Products (as defined below), in each case on the terms and conditions set out below.

            

       

      OPERATIVE PROVISIONS

       

      	1.	
              Definitions and Interpretation

            

       

      	1.1	
              In this Agreement
                the following words and expressions have the meaning set
                opposite:

            

       

      
        	
                Action

              	
                has the meaning set forth in Section 7.4.2;

              
	 	 
	
                Affiliate

              	
                means any company or other entity which directly or indirectly controls, is controlled by or is under common control with either Party, where ‘control’ means the ownership of more than 50% of the issued
                  share capital or other equity interest (or such lesser percentage which is the maximum allowed to be owned by an entity in a particular jurisdiction) or the legal power to direct or cause the direction of the general management and
                  policies of the relevant Party or such company or other entity; Adaptimmune shall not be considered to be an Affiliate of Immunocore for the purposes of this Agreement.

              
	 	 
	
                Alliance Manager

              	
                has the meaning set forth in Section 4.11;

              
	 	 
	
                Applicable Laws

              	
                means all laws, rules and regulations and guidelines which are in force during the term of this Agreement and in any jurisdiction in which the Collaboration Program is performed or in

              

      

      

      

      
        
          
            
              	1
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                which any Licensed Product is manufactured, sold or supplied to the extent in each case applicable to any Party to this Agreement;

              
	 	 
	
                Assignment Agreement

              	
                means the Assignment and Exclusive License between Immunocore and Adaptimmune

                    Ltd (“Adaptimmune”) dated May 20, 2013;

              
	 	 
	
                Background

              	
                means any Intellectual Property Rights existing at the Effective Date of this Agreement;

              
	 	 
	
                Biosimilar Application

              	
                has the meaning set forth in Section 7.4.1;

              
	 	 
	
                Biosimilar Product

              	
                means any product which is found in any country to be interchangeable with or biosimilar to any Licensed Product and which as a result is subject to an abbreviated marketing authorisation, or any product which contains the same active
                    ingredient as the active ingredient in the Licensed Product;

              
	 	 
	
                BPC&I Act

              	
                means the Biologics Price Competition and Innovation Act of 2009, and applicable regulations
                    promulgated thereunder, as amended from time to time;

              
	 	 
	
                Business Day

              	
                means a day on which banking
                    institutions in London, England are open for business, but excluding the nine (9) consecutive calendar days beginning on December 24th and
                    continuing through January 1st of each calendar year during the Term, and all Saturdays and Sundays;

              
	 	 
	
                CDA

              	
                has the meaning set forth in Section 10.7;

              
	 	 
	
                Claims

              	
                means all suits, demands, claims, actions, proceedings, or liabilities (whether criminal or civil and
                    whether arising under contract, tort or under statute or otherwise) made by a Third Party;

              
	 	 
	
                Clarification Agreement

              	
                means the Amendment and Clarification Agreement between Immunocore and Adaptimmune, dated May 20,
                    2013;

              
	 	 
	
                Clinical Trial

              	
                means any human clinical trial or investigation in which a pharmaceutical product is administered to a person or patient including any Phase 1 Trial, Phase 2 Trial or Phase 3 Trial;

              
	 	 
	
                Collaboration Program

              	
                means a program of research to discover, optimize and develop a Compound through

              

      

      

      

      
        
          
            
              	2
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                Completion of all Project Phases in the applicable agreed Research Plan in accordance with the terms of this Agreement. Collaboration Programs include Initial Programs;

              
	 	 
	
                Collaboration Program Option

              	
                has the meaning set forth in

                  Section 6.2;

              
	 	 
	
                Collaboration Program Option Period

              	
                has the meaning set forth in Section 6.2;

              
	 	 
	
                Commercially Reasonable Efforts

              	
                means, with respect to a Party, such efforts that are consistent with the efforts and resources normally used by such Party in the exercise of its reasonable business discretion relating to the research, development and commercialization of a pharmaceutical product owned by it or to which it has exclusive rights, with similar product characteristics (such as treating the same or a similar Indication), which is of similar market potential at a similar stage in its development or product life, taking into account issues of patent coverage, safety and efficacy, product profile, the competitiveness

                  of the marketplace, the proprietary position of the compound or product, the regulatory structure involved, the potential or actual profitability of the applicable products (including pricing and
                    reimbursement status achieved or to be achieved), and other relevant factors, including technical, legal, scientific and/or medical factors. For purposes of clarity, Commercially Reasonable Efforts would be determined on a market-by-market and Indication-by-Indication basis for a particular product and it is anticipated that the level of effort may be different for different markets and may change over time, reflecting changes in the status of the product and the market(s) involved;

              
	 	 
	
                Completion

              	
                means in relation to any Project Phase, the earlier of either completion of all activities agreed for such Project Phase or commencement of activities under the next Project
                    Phase. In relation to a Collaboration Program, “Completion” means the earlier of (i)
                    completion of all activities of the final Project Phase or (ii) either commencement
                    of a Phase 1 Trial if the Collaboration Program is not an Initial Program, or
                    commencement of a Phase 2 Trial if the Collaboration Program is an Initial Program. In relation to a Clinical Trial “Completion” means the completion of the Clinical Trial and

              

      

      

      

      
        
          
            
              	3
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                production of final report from Clinical Trial in accordance with Clinical Trial protocol;

              
	 	 
	
                Compound

              	
                means a product that comprises (a) a TCR or a portion of a TCR that comprises a TCR alpha chain variable domain and a TCR beta chain variable domain wherein the TCR or portion of the TCR binds to an HLA-presented antigen derived from a Target; and (b) an Effector;

              
	 	 
	
                Confidential Information

              	
                means (a) the Results; and (b) all technical, scientific or commercial information (in any form
                    or medium and including all copies of the same) concerning past,  pre sent,  and/ or future transactions, dealings, projects, plans, proposals, and other business affairs that (i) are disclosed directly or indirectly by one Party (the “disclosing Party”) to the other (the “receiving Party”) at any time in contemplation of or in connection
                    with this Agreement. For the avoidance of doubt Confidential Information shall include resuIts, data, databases, practices, methods, techniques,

                    specifications, formulations, formulae, protein sequences, DNA sequences, know-how, skill, test data, procedures, process information;

              
	 	 
	
                Controlled

              	
                means that any Party has the right to grant any licence in relation to any Intellectual Property Right without violating the terms of any agreement or other arrangement with any Third Party and “Control” or “Controls” shall be
                    interpreted accordingly;

              
	 	 
	
                Cover

              	
                means with respect to a
                    particular patent or patent application and with reference to a particular product or process that the use, manufacture, sale, offer to sell, supply or import of such product or process would infringe a Valid Claim of such patent or
                    patent application (or a claim of the Joint Foreground), in the absence of the licences under this Agreement;

              
	 	 
	
                CPR

              	
                has the meaning set forth in Section 15.3;

              
	 	 
	
                Data Sharing Initiative

              	
                means GSK’s policy initiative, known at the Effective Date as the “SHARE Initiative”, to provide researchers with access to Clinical Trial and study information, including anonymised patient
                    level data and as communicated to Immunocore from time to time and each case provided such initiative does not require any

              

      

      

      

      
        
          
            
              	4
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                material changes to any Immunocore
                    policies or operational practices;

              
	 	 
	
                Dataroom

              	
                means an electronic dataroom accessible by GSK and other existing or potential licensees of Immunocore which contains Confidential
                    Information in relation to Targets and in particular the following information relevant to each Target: [***];

              
	 	 
	
                Dataroom Period

              	
                has the meaning set forth in Section 5.3.1;

              
	 	 
	
                Deed

              	
                means the Deed of
                    Assignment between Immunocore and Adaptimmune dated May 20, 2013;

              
	 	 
	
                Defending Party

              	
                has the meaning set forth in Section 7.7.1;

              
	 	 
	
                Development Additional Work

              	
                has the meaning set forth in Section 3.6.1;

              
	 	 
	
                Development Candidate

              	
                means a Compound meeting the

                  Development Candidate Criteria or designated as a Development Candidate by the JSC in accordance with Section 3.6;

              
	 	 
	
                Development Candidate Criteria

              	
                means the criteria to be achieved by any Compound during Project Phase 2 of any Collaboration Program as initially set forth in Section B of Exhibit A, which criteria may be modified for each applicable Collaboration Program by the JSC.

              
	 	 
	
                Effective Date

              	
                has the meaning set forth in the preamble;

              
	 	 
	
                Effector

              	
                means any protein or polypeptide having the ability to modulate cell function, a cytotoxic moiety or a diagnostic label, including derivatives or variants thereof;

              
	 	 
	
                EMA

              	
                means the European Medicines Agency, and any successor entity thereto;

              
	 	 
	
                Entity

              	
                has the meaning set forth in Section 5.3.1;

              
	 	 
	
                Executive Officers

              	
                has the meaning set forth in Section 4.5;

              
	 	 
	
                FDA

              	
                Means the United States Food and Drug Administration, and any successor entity thereto;

              

      

      

      

      
        
          
            
              	5
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	
                Field

              	
                means any use or purpose, including the treatment, palliation, diagnosis or prevention of any human disease;

              
	 	 
	
                First Commercial Sale

              	
                means, with respect to any Licensed Product, the first sale in any country in the Territory by GSK, its Affiliates or their sublicensees after all required Regulatory Approvals have been granted in such country;

              
	 	 
	
                Foreground

              	
                means any Intellectual Property Rights in any Results or any Intellectual Property Rights arising as a result of the performance of a Party’s
                    obligations or exercise of a Party’s rights under this Agreement;

              
	 	 
	
                FTE

              	
                means the equivalent of the work of one employee full
                  time on the Collaboration Program and performing any function directly related to the
                  conduct of the applicable Research Plan;

              
	 	 
	
                GAAP

              	
                means Generally Accepted Accounting Principles;

              
	 	 
	
                GSK

              	
                has the meaning set forth in the preamble;

              
	 	 
	
                GSK Background

              	
                means Background owned or Controlled by GSK or its Affiliates;

              
	 	 
	
                GSK Foreground

              	
                means Foreground which is solely conceived or reduced to practice by GSK, its Affiliates or their sublicensees or any of their sub-contractors;

              
	 	 
	
                GSK Indemnified Parties

              	
                has the meaning set forth in Section 11.9;

              
	 	 
	
                GSK Patent Challenge

              	
                has the meaning set forth
                    in Section 13.8;

              
	 	 
	
                HLA

              	
                means Human Leukocyte Antigen;

              
	 	 
	
                HLA Program

              	
                has the meaning set forth in
                    Section 5.2;

              
	 	 
	
                ICC

              	
                has the meaning set forth in Section 15.4;

              
	 	 
	
                IFRS

              	
                means International Financial Reporting Standards;

              
	 	 
	
                Immunocore

              	
                has the meaning set forth in the preamble;

              
	 	 
	
                Immunocore Background

              	
                means Background owned or Controlled by Immunocore, including the patents and patent applications listed on Schedule 3 but excluding any Third Party Platform Rights;

              

      

      

      

      
        
          
            
              	6
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	
                Immunocore Foreground

              	
                means Foreground solely conceived or reduced to practice by Immunocore or its sub-contractors;

              
	 	 
	
                Immunocore Indemnified Parties

              	
                has the meaning set forth in Section 11.8;

              
	 	 
	
                Immunocore Patent Challenge

              	
                has the meaning set forth in Section 13.9;

              
	 	 
	
                Indication

              	
                means a disease, treatment area or therapeutic indication in relation to which any Licensed Product has obtained Regulatory Approval. By
                    way of example a specific type or sub-type of cancer will be an Indication. For the purposes of payment of Milestone Fees an Indication will not include an extension, amendment or supplement to an existing Regulatory Approval for treatment of the same disease or different patient stratifications

                    within the same disease state;

              
	 	 
	
                Infringement

              	
                has the meaning set forth in Section 7.4.1;

              
	 	 
	
                Infringement Notice

              	
                has the meaning set forth in Section 7.4.1;

              
	 	 
	
                Initial HLA Program

              	
                has the meaning set forth in Section 5.2;

              
	 	 
	
                Initial Program Option

              	
                has the meaning set forth in Section
                  6.1;

              
	 	 
	
                Initial Program Option Period

              	
                has the meaning set forth in Section
                  6.1;

              
	 	 
	
                Initial Programs

              	
                means the Initial Target Programs and the Initial HLA Programs, collectively;

              
	 	 
	
                Initial Target

              	
                has the meaning set forth in Section 5.1;

              
	 	 
	
                Initial Target Program

              	
                has the meaning set forth in Section 5.1;

              
	 	 
	
                Initiation Fee

              	
                means the amount of either [***] per Collaboration Program, as applicable, as set forth in Schedule 2;

              
	 	 
	
                Intellectual Property Rights

              	
                means patents, rights to inventions, copyright and related rights, trademarks, trade names and domain
                    names, rights in designs, rights in computer software, database rights, rights in Confidential Information (including know-how) and any

                    other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights
                    to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of

              

      

      

      

      
        
          
            
              	7
	
                       

                    
	
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                protection which subsist or will subsist now or in the future in any part of the world;

              
	 	 
	
                Joint Foreground

              	
                means any Foreground conceived or reduced to practice jointly by any of Immunocore or its sub- contractors on the one hand and any of GSK, its Affiliates or their sublicensees or any of their sub- contractors on the other hand;

              
	 	 
	
                JPT

              	
                has the meaning set forth in Section 4.6;

              
	 	 
	
                JSC

              	
                has the meaning given in Section 4.1;

              
	 	 
	
                Lapse Notice

              	
                has the meaning given in Section 7.3.5;

              
	 	 
	
                Lead Additional Work

              	
                has the meaning set forth in
                    Section 3.5.1;

              
	 	 
	
                Lead Candidate

              	
                means any Compound resulting

                  from the performance of a Project Phase 1 and which meets or is agreed to meet the Lead Candidate Criteria or in relation to which the Parties agree to proceed to Project Phase 2;

              
	 	 
	
                Lead Candidate Criteria

              	
                means the criteria to be achieved by Compounds as set forth in Section A of
                  Exhibit A, which criteria may be modified for each Collaboration Program by the JSC;

              
	 	 
	
                Licensed GSK Foreground

              	
                has the meaning set forth in Section
                  6.13;

              
	 	 
	
                Licensed Product

              	
                means any pharmaceutical product
                  comprising or containing a Compound arising from a Collaboration Program whether or not as the sole active ingredient and in any dosage form or formulation. Licensed Product
                  excludes any pharmaceutical product in which the relevant Compound

                  when administered to any patient or individual is comprised

                  within or attached to (including via transfection) any cell;

              
	 	 
	
                Losses

              	
                means losses, damages, legal costs and other expenses arising out of or relating to a Claim;

              
	 	 
	
                Milestone Fee

              	
                means the amounts set out in Schedule 2 in relation to each milestone;

              
	 	 
	
                Net Sales

              	
                means, with respect to each Licensed Product, the amount for all sales reported (either publicly, or internally if public reporting is not applicable) by GSK, its Affiliates or their sublicensees in each of
                  their respective accounts on a calendar quarterly basis and in each case based on the

              

      

      

      

      
        
          
            
              	8
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                accounting rules applicable to production of such accounts (“Accounting Rules”). Such sales figures shall be the gross
                  amount billed by GSK, GSK’s Affiliates or its sublicensees or where not billed, received by GSK, GSK’s Affiliates or its sublicensees in relation to any
                    Licensed Product less gross to net deductions typically and consistently applied to such receipts by either GSK, GSK’s Affiliates or its sublicensees in accordance with the applicable Accounting Rules and in each case which are actually incurred, allowed, paid, accrued or specifically allocated. An illustration of the gross to net deductions applied by GSK as at the Effective Date is set out in Schedule 10. As at the Effective Date, the applicable Accounting Rules are IFRS but the Net Sales definition will be amended as appropriate to reflect changes to GSK’s, its Affiliates or Sublicensees accounting rules (for example, change from IFRS to UK GAAP) brought about by merger, take-over or law;

              
	 	 
	
                Nominated HLA

              	
                has the meaning set forth in Section 5.2;

              
	 	 
	
                Nominated Target

              	
                has the meaning set forth
                    in Section 5.1;

              
	 	 
	
                Nomination Date

              	
                means the date of receipt by GSK of the acceptance in writing by Immunocore of the Nomination Notice;

              
	 	 
	
                Nomination Notice

              	
                has the meaning given in Section 5.3.2;

              
	 	 
	
                Non-validated Target

              	
                has the meaning set forth in Section 5.3.8;

              
	 	 
	
                Option Notice

              	
                has the meaning set forth in Section 6.3;

              
	 	 
	
                Party

              	
                means either GSK or Immunocore as the context requires and “Parties” shall be construed accordingly;

              
	 	 
	
                Patent Liaisons

              	
                has the meaning set forth in Section 4.12;

              
	 	 
	
                Phase 1 Data Package

              	
                [***] of each Phase 1 Trial conducted by Immunocore in connection with the Initial Programs to allow GSK to determine whether it will exercise any Initial Program Option;

              
	 	 
	
                Phase 1 Trial

              	
                means a clinical trial of a pharmaceutical product on human subjects or patients designed with the primary purpose of determining safety, metabolism and pharmacokinetic properties and clinical pharmacology of such product as and to

              

      

      

      

      
        
          
            
              	9
	
                       

                    
	
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                the extent defined for the United States in 21 C.F.R. § 312.21(a), or its successor regulation, or
                    the equivalent regulation in any other country, including the Phase 1 part of any Clinical Trial that is a combination Phase 1 Trial and Phase 2 Trial;
                    provided, that multiple cohorts in a single Phase 1 Trial, such as multiple dose-escalation cohorts, shall constitute a single Phase 1 Trial;

              
	 	 
	
                Phase 2 Trial

              	
                means a clinical trial of a pharmaceutical product on human patients designed to determine a
                    variety of doses, dose response, and duration of effect, and to generate initial evidence of clinical safety and activity in a target patient population, as and to the extent defined for the United States in 21 C.F.R.

                  § 312.21(b), or
                    its successor regulation, or the equivalent regulation in any other country, excluding the Phase 1 part
                    of any clinical trial that is a combination Phase 1 Trial and Phase 2 Trial;

              
	 	 
	
                Phase 3 Trial

              	
                means a clinical trial of a pharmaceutical product on patients designed to (a) establish that a drug is
                  safe and efficacious for its intended use; (b) define warnings, precautions and adverse reactions that are associated with the drug in the dosage range

                  to be prescribed; and (c) support a Regulatory Approval of such drug, as and to the extent defined for the United States in 21 C.F.R. § 312.21 (c), or its successor regulation, or the equivalent regulation in any other country;

              
	 	 
	
                Pivotal Trial

              	
                means (a) any Phase 3 Trial,
                    or (b) a Phase 2 Trial; or (c) any Clinical Trial, the results of which are determined by a
                    Regulatory Authority to enable grant of Regulatory Approval or in relation to which a Regulatory
                    Authority has found that the results may be sufficient to support an application for Regulatory Approval;

              
	 	 
	
                Platform Rights

              	
                means any Intellectual Property Rights owned or Controlled by Immunocore arising outside of this Agreement (including Third Party Platform Rights) but excluding Immunocore Background. For clarity, Platform Rights do not include Foreground;

              
	 	 
	
                Project Phase

              	
                means a phase of a Collaboration Program set forth in the applicable Research Plan agreed between the Parties from time to time during the term of this Agreement;

              

      

      

      

      
        
          
            
              	10
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	
                Project Phase 1

              	
                means the first phase of any Collaboration Program to identify one or more Compounds to the Target that meet the Lead Candidate Criteria;

              
	 	 
	
                Project Phase 2

              	
                means Project Phase 2A and Project Phase 2B of any Collaboration Program in which any Compounds developed or identified during Project Phase 1 are further developed with a goal of meeting the Development Candidate Criteria;

              
	 	 
	
                Project Phase 2A

              	
                means the first part of Project Phase 2 in which any Compound from Project Phase 1 undergoes [***];

              
	 	 
	
                Project Phase 2B

              	
                means the second part of Project Phase 2 in which [***];

              
	 	 
	
                Prosecuting Party

              	
                has the meaning set forth in Section 7.3.5;

              
	 	 
	
                Regulatory Approval

              	
                means regulatory approval (including pricing
                    or [***] to the extent the applicable regulatory authorities in such country require a pricing or reimbursement approval prior to commercialization of a product in such country) required to market a Licensed Product for an Indication in accordance with the Applicable Laws and regulations
                    of a given country, or similar approvals in other foreign jurisdictions. In the United
                    States, Regulatory Approval means approval of a New Drug Application (“NDA”), Biologics License Application (“BLA”) or an

                    equivalent by the FDA, and in the European Union, Regulatory Approval means approval of a Marketing Authorization
                    Application (“MAA”) or an equivalent by the EMA. [***];

              
	 	 
	
                Regulatory Authority

              	
                means the FDA in the U.S. or any health regulatory authority in another country in the Territory that is a counterpart to the FDA and holds responsibility for granting Regulatory Approval for a product in such country, including the EMA, and any successor(s) thereto;

              
	 	 
	
                Replacement Target

              	
                has the meaning set forth in Section 5.3.4;

              
	 	 
	
                Research Plan

              	
                has the meaning set forth in Section 2.1;

              
	 	 
	
                Results

              	
                means any data, know-how, output, mutations, sequences, products, modifications, developments, assays, compounds, materials, documentation or other results arising directly from the
                    performance of a Collaboration Program

              

      

      

      

      
        
          
            
              	11
	
                       

                    
	
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	 	
                by either Party, its Affiliates or their subcontractors;

              
	 	 
	
                Royalty

              	
                means the royalty set out in Section 9.1;

              
	 	 
	
                Royalty Report

              	
                has the meaning given in Section 9.8;

              
	 	 
	
                Royalty Term

              	
                has the meaning set forth in Section 9.2;

              
	 	 
	
                Subcommittee

              	
                has the meaning set forth in Section 4.9;

              
	 	 
	
                Target

              	
                means the protein or biological molecule from which an
                  HLA-presented antigen is derived;

              
	 	 
	
                Target Program

              	
                has the meaning set forth in Section 5.1;

              
	 	 
	
                TCR

              	
                means a T-cell receptor in any form;

              
	 	 
	
                Terminated Products

              	
                has the meaning set forth
                  in Section 13.6.7;

              
	 	 
	
                Terminated Projects

              	
                has the meaning set forth in Section 13.6;

              
	 	 
	
                Territory

              	
                means worldwide;

              
	 	 
	
                Third Party

              	
                means any entity or
                    individual which is not a Party to this Agreement or an Affiliate of GSK;

              
	 	 
	
                Third Party Infringement Claim

              	
                has the meaning set forth
                    in Section 7.7.1;

              
	 	 
	
                Third Party Platform Rights

              	
                means any patents or patent applications Controlled by Immunocore and arising under an agreement between Immunocore and a Third Party, which agreement is for the development or research
                  of Compounds;

              
	 	 
	
                Valid Claim

              	
                means a claim of any issued and unexpired patent or patent application within the Immunocore Foreground, Immunocore Background or Platform Rights, to the extent that such claim in
                    any patent or patent application has not lapsed, been withdrawn or been disclaimed, denied or admitted to be invalid by any court of competent jurisdiction in a
                    non-appealable judgment or otherwise rendered invalid or unenforceable through reissue, disclaimer or otherwise through re-examination, opposition, post-grant review or inter partes review, or lost through interference proceeding, or been cancelled or abandoned or dedicated to the public;

              

      

      

      

      
        
          
            
              	12
	
                       

                    
	
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
        	
                VAT

              	
                means value added tax as provided for in the Value Added Tax Act 1994 together with legislation supplemental thereto or other tax or a similar nature in substitution for it;

              
	 	 
	
                Year

              	
                means a period of 12 calendar

                  months.

              

      

      

      

      	1.2	
              In this Agreement:

            

       

      	

            	1.2.1	
              references to Sections and Articles are to the Sections

                and Articles of this Agreement;

            

       

      	

            	1.2.2	
              headings are used for convenience only and do not affect its interpretation;

            

       

      	

            	1.2.3	
              (a) the word “including” shall be deemed to be followed by the phrase “without limitation” or like expression; (b) the singular shall include the plural and vice versa;
                  and (c) masculine, feminine and neuter pronouns and expressions shall be interchangeable; and

            

       

      	

            	1.2.4	
              references to a statutory provision include references to the statutory provision as modified or re-enacted or both from time to time and to any subordinate
                legislation made under the statutory provision.

            

       

      	2.	
              General Background

                  - Collaboration Programs

            

       

      	2.1	
              The Parties shall collaborate on a series of Collaboration Programs in accordance with the terms and conditions set forth in this Agreement, and in accordance with a research plan established by the JSC, as amended

                from time to time (each, a “Research Plan”). The Research Plan agreed to by the Parties prior to the Effective Date governing the first Initial Target Program is set forth in Schedule 1; provided, that such Research Plan shall be updated by the JSC within [***] of the
                establishment of the JSC to include additional details of specific activities and timelines required to achieve the Lead Candidate Criteria and Development Candidate Criteria. Thereafter, the Research Plan for the first Initial Target Program shall be further updated when reasonable, to include detailed Clinical Trial design and other
                matters that cannot reasonably be addressed as of the Effective Date or the [***] period referred to
                above. It is anticipated that Immunocore will be primarily responsible for the conduct of the Research
                Plans as provided further in this Agreement.

            

       

      	2.2	
              In general, each Research Plan for each Collaboration Program shall include equivalent details to those agreed in the Research Plan for the first Initial Target
                Program set forth in Schedule 1, [***]. The Research Plan for each Collaboration Program shall be developed and agreed in accordance with Section 5.3.7, and once agreed and finally approved by the JSC, the Research Plan for each Collaboration Program shall form a schedule
                  to this Agreement; provided, that with respect to the Initial Programs, each such Research Plan shall be updated by the JSC to include detailed
                  Clinical Trial design and other matters that cannot reasonably be addressed at the time the initial Research Plan is agreed.

            

       

      	3.	
              Performance and Funding of Collaboration Programs

            

       

      	3.1	
              Immunocore shall commence work under the Research Plan for the first Collaboration Program upon completion by the JSC of the updated Research Plan as set forth in Section 2.1. All other Collaboration Programs shall commence promptly after agreement of the Research Plan, in
                accordance with and subject to Section 5.3.7.

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	3.2	
              Immunocore (or its subcontractors) shall be responsible for conducting the activities set forth in each Research Plan, in accordance with the terms of such Research Plan, using Commercially Reasonable Efforts and in accordance with all Applicable Laws. In addition, Immunocore (or its subcontractors) shall perform the Collaboration Program in good scientific manner, and in
                accordance with the

                policies set forth in the attached Schedule 5 (to the
                extent such policies are applicable to the activities being conducted) and, to the extent applicable, all other requirements of GLP, GCP and GMP. All activities that are required to be performed to GLP, GCP or
                GMP shall be performed by [***].  [***] Commercially
                Reasonable Efforts to ensure the following: (i) data are being generated
                using sound scientific techniques and processes; (ii) data are being accurately

                and reasonably contemporaneously recorded in accordance with good scientific practices by personnel conducting research or development hereunder; (iii) data are being analyzed appropriately without bias in accordance with good scientific practices; and (iv) data and results are being stored securely and can be easily

                retrieved. Notwithstanding Immunocore’s responsibility to carry out the activities set forth in the Research Plans, GSK (or its subcontractors or Affiliates) may conduct certain activities as set forth in the applicable Research Plan [***]; provided that GSK will comply (and ensure its subcontractors or Affiliates comply) with Sections 3.2, 3.3 and 3.4 with respect to such conduct.

            

       

      	3.3	
              Subject to the requirements set forth above in Section 3.2, including

                the obligation to use Commercially Reasonable Efforts, Immunocore shall perform (or ensure that its subcontractors perform) the
                Collaboration Program using personnel which are suitably qualified and experienced to perform the
                activities set out in the Collaboration Program. Immunocore shall (i) within a reasonable period of
                time after agreement of the Research Plan [***].

            

       

      	3.4	
              Each Party shall provide cooperation and information as reasonably necessary to assist the other Party in performing the Collaboration Program. A Party shall not be responsible

                  for any delay or suspension of any Collaboration Program where such delay or suspension is caused by any failure of the other Party to provide any information, assistance or cooperation.

            

       

      	3.5	
              On a Collaboration Program-by-Collaboration Program basis, at any time during the conduct of Project Phase 1 of such Collaboration Program through the [***] period following Completion of Project Phase 1 of such
                Collaboration Program, Immunocore shall either (i) make a recommendation to the JSC that a Compound satisfies the applicable Lead Candidate Criteria, or (ii) advise the JSC that no Compound satisfies the applicable Lead Candidate Criteria, but that additional research is likely to result in a Lead Candidate; or (iii) advise the JSC that no Compound satisfies the applicable Lead Candidate Criteria and that in Immunocore’s reasonable discretion, it is not technically feasible to develop a Lead Candidate under the applicable Collaboration Program.

            

       

      	

            	3.5.1	
              Within [***] after recommendation by Immunocore of the potential Lead Candidate

                in accordance with Section 3.5(i), the JSC will decide on the nomination of one or more Lead Candidate(s) to progress to Project Phase 2. Upon the JSC’s determination that at least one Compound satisfies the applicable Lead Candidate Criteria, such Compound shall be deemed a Lead Candidate and shall be progressed into Project Phase 2A development. If the JSC does not select any of the proposed Lead Candidates with in [***] of submission by Immunocore, then the JSC may specify within a further [***] what additional research activities, if any, that were not included in the applicable Research Plan are required to enable at least one (1) Compound to achieve the Lead Candidate Criteria (“Lead Additional Work”). Promptly thereafter,
                the Parties will amend
                the applicable Research Plan to reflect any such Lead Additional
                Work and Immunocore shall conduct such Lead Additional Work. If no Lead Additional Work is agreed or no Lead Candidate is nominated by the JSC within [***] after Completion of such Lead Additional Work, then GSK shall terminate the Collaboration
                Program and Section 13.6 shall apply.

            

       

      
        
          
            
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            	3.5.2	
              Within [***] after
                advising the JSC that no Compound satisfies the Lead Candidate Criteria in accordance with Section 3.5(ii) or 3.5(iii), then the JSC shall either (i) specify within a further [***] what Lead Additional Work, if any, is required to enable at least one (1) Compound to achieve the Lead Candidate Criteria, or (ii) decide

                to terminate the

                applicable Collaboration Program. In the event that Section 3.5.2(i)

                occurs, the Parties will amend the applicable Research Plan to reflect any such Lead Additional Work and
                Immunocore shall conduct such Lead Additional Work. If no Lead Candidate is nominated by the JSC within [***] after Completion of the Lead Additional Work, then
                the Collaboration Program shall terminate and thereafter, or in the event Section 3.5.2(ii) occurs, Section

                13.6 shall apply.

            

       

      	3.6	
              On a Collaboration Program-by-Collaboration Program basis, at any time during the conduct of Project Phase 2 of such Collaboration Program through the [***] period following Completion of Project Phase 2 of such Collaboration
                Program, Immunocore shall either (i) make a recommend at ion to the JSC that a Lead Candidate satisfies the applicable Development Candidate Criteria, or (ii)
                advise the JSC that no Lead Candidate satisfies the applicable

                Development Candidate Criteria, but that in Immunocore’s reasonable discretion, additional research is likely to result in a Development Candidate; or (iii) advise the JSC that no Lead Candidate satisfies
                  the applicable Development Candidate Criteria and that in Immunocore’s reasonable discretion, there is no additional research that will result in a Development Candidate because it is not technically feasible to develop a Development Candidate under the applicable Collaboration Program.

            

       

      	

            	3.6.1	
              Within [***] after recommendation by Immunocore of the potential Development Candidate in accordance with Section 3.6(i), the JSC will decide on the nomination of one or more Development Candidate(s). Upon the JSC’s determination that at least one Lead Candidate satisfies the applicable Development Candidate Criteria, such Lead Candidate shall be deemed a Development Candidate and if the Collaboration Program
                is an Initial Program, it shall be progressed into further pre-clinical development and/or Clinical Trial development, and if the Collaboration Program is not an Initial Program, then the provisions of Section 6.2 shall apply. If the JSC does not select any of the proposed Development Candidates within [***] of submission by Immunocore, then the JSC may specify within a further [***] what additional research activities, if any, that were not included in the applicable Research Plan are required to enable at least one (1) Lead Candidate to achieve the Development Candidate Criteria (the “Development Additional Work”).
                Promptly thereafter, the Parties will amend the applicable Research Plan to reflect any such Development Additional Work and Immunocore shall conduct such Development Additional Work. If no Development Additional Work is agreed or no Development Candidate is nominated by the JSC after Completion of such Development Additional Work, then GSK shall terminate the Collaboration
                  Program and Section 13.6 shall apply.

            

       

      	

            	3.6.2	
              Within [***] after advising the JSC that no Lead Can did ate satisfies the Development Candid ate Criteria in accordance with Section 3.6(ii) or 3.6(iii), then the JSC may either (i) specify within a further [***] what

                Development Additional Work is required to enable at least one (1) Lead

                Candidate to achieve the Development Candidate Criteria, or (ii)
                decide to terminate the applicable Collaboration Program. In the event that Section 3.6.2(i) occurs, the Parties will amend the applicable Research Plan to reflect any such Development Additional Work
                and Immunocore shall conduct such Development Additional Work. If no Development Candidate is nominated by the JSC after Completion of the Development Additional Work, then the Collaboration Program shall terminate and thereafter, or in the event Section 3.6.2(ii) occurs, if the Collaboration Program is an
                Initial Target Program, Sections 8.3 and 13.6 shall apply and in all other circumstances, Section and 13.6 shall apply.

            

       

      
        
          
            
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      	3.7	
              In relation to any
                Lead Additional Work or Development Additional Work agreed by the JSC under Sections 3.5.1, 3.5.2, 3.6.1 or 3.6.2, any additional time and effort
                incurred [***] of such Collaboration Program, together with the Lead Additional Work or Development Additional Work, as applicable, [***].

            

       

      	3.8	
              Immunocore’s FTE rate as at the Effective Date is [***] per Year.

            

       

      	3.9	
              Subject to the terms of this Agreement, GSK shall have the right to engage Affiliates and both Parties shall have the right to engage Third Party subcontractors to perform certain of its obligations under the
                Collaboration Programs, and such Affiliates or subcontractors shall be assigned the applicable obligation as set forth in the agreed Research Plans; [***]. Any Affiliate or subcontractor to be engaged by a Party to perform a Party‘s obligations under a Collaboration Program shall meet the qualifications typically required by such Party for the performance of work similar in scope and complexity to the subcontracted activity and shall agree in writing to comply with the applicable terms of
                this Agreement (including confidentiality terms); provided, that

                any Party engaging an Affiliate or subcontractor hereunder
                will remain responsible

                for the actions and omissions of any subcontractor to whom it delegates its
                obligations under this Agreement including to the extent
                such actions or omissions result in a breach of the terms of this Agreement. In addition, any Party engaging a subcontractor shall in all cases retain or obtain ownership of any and
                all Intellectual Property Rights arising as a result of performance of any sub-contracted activity under the Research
                Plan and any sub-contract agreement shall state that such sub-contractor has no rights

                to use any Intellectual Property Rights owned or Controlled by the other Party save as strictly necessary for performance of the sub-contracted activities. Any sub-contractor shall not be entitled to further sub-contract its obligations under this Agreement.

            

       

      	3.10	
              Except as provided in Section 3.7, Immunocore shall be responsible for its own costs and expenses incurred in performing any Collaboration Program. If either Party believes a Research Plan for any of the Initial Programs should be amended with respect
                to the applicable Phase
                1 Trial in a manner that is reasonably expected to cause [***]. If the JSC approves such amendment to the Phase 1 Trial, then [***]. [***] or liable under this Agreement for any delay to a Collaboration Program or
                delay to the development of any Licensed Product to the extent caused by a failure of the JSC or GSK to agree to amend the applicable Research Plan as described
                in the foregoing sentence.

            

       

      	4.	
              Governance; Collaboration Program Management

            

       

      	4.1	
              Within [***] of the Effective Date, the Parties will establish a joint steering
                  committee (the “JSC”). The JSC shall be responsible for overseeing the conduct of all Collaboration
                Programs, and approving the detailed requirements and deliverables for any Collaboration Program as developed by the JPT. The JSC shall have oversight and decision-making responsibilities for activities performed for each
                Collaboration Program and shall resolve disputes at the JPT. The JPT shall keep the JSC informed of the
                progress and activities under each Collaboration Program. The JSC shall be comprised of [***] representatives (or such other number of representatives as the Parties may
                  agree) from each of GSK and Immunocore. Each Party may replace any or all of its representatives on the JSC at any time upon written notice to the other Party in accordance with Section 16.1 or by e-mail to the other Party’s Alliance
                  Manager. Each representative of a Party shall have sufficient seniority and appropriate expertise in biotechnology and pharmaceutical drug discovery and development to participate on the JSC. Each Party may, subject to the other Party’s prior approval, invite non-member representatives of such Party to attend meetings of the JSC as non-voting participants, subject to the confidentiality obligations of Article 10. The Alliance Managers shall also participate as non-voting members in JSC meetings.

            

       

      
        
          
            
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      	4.2	
              In addition to the responsibilities set forth in Section 4.1, the JSC shall perform the following functions, subject to the final decision-making authority of the respective Parties as set forth in Section
                4.5:

            

       

      	

            	4.2.1	
              review and approve a Research Plan for each Collaboration Program in accordance with the timelines set forth in Article 5;

            

       

      	

            	4.2.2	
              review and approve any changes required to the Research Plan for any Collaboration Program in accordance with Section
                4.7;

            

       

      	

            	4.2.3	
              review and monitor progress of each Collaboration Program with input from the JPT;

            

       

      	

            	4.2.4	
              confirm whether the Lead Candidate Criteria have been
                achieved by a Compound;

            

       

      	

            	4.2.5	
              review and approve changes to the Lead Candidate Criteria for each Collaboration Program;

            

       

      	

            	4.2.6	
              confirm whether the

                Development Candid ate Criteria have been met by a Compound;

            

       

      	

            	4.2.7	
              review and approve changes to the Development

                  Candidate Criteria for each Collaboration Program;

            

       

      	

            	4.2.8	
              review and discuss data arising from the Phase I Trials conducted under the Initial Programs;

            

       

      	

            	4.2.9	
              generally serve as a forum for exchange of information and to facilitate discussions regarding the conduct of the Collaboration Programs hereunder;

            

       

      	

            	4.2.10	
              resolve disputes referred from the JPT;

            

       

      	

            	4.2.11	
              review and determine the requirement for any additional
                  documentation under Section 6.11 below;

            

       

      	

            	4.2.12	
              review and determine the amount of initial training and technical assistance required from Immunocore to GSK under Section 6.11 together with the time for provision of such initial training
                and technical assistance; and

            

       

      	

            	4.2.13	
              such other responsibilities as may be assigned to the JSC pursuant to this Agreement or as may be mutually agreed by the Parties from time to time.

            

       

      	4.3	
              Save as provided under Section 4.7, the JSC shall meet quarterly

                and chairing of the meetings shall be alternated between each Party’s designated representative, unless otherwise agreed. The meetings shall be held at the
                  premises of the Party chairing the meeting unless otherwise agreed. The Parties may also agree to hold such meeting by telephone or video conference or webinar although at least [***] in any Year shall be in person to the extent possible.
                  The first meeting shall be chaired by [***] and shall be held within [***] of the Effective Date. The Alliance Manager for the Party chairing each meeting shall be responsible for [***] to comment on and add items to the agenda and re-circulate the agenda at least [***] ahead of the agreed date of the meeting. The Parties shall each be responsible for their own costs and expenses incurred in participating and attending
                  JSC meetings. Copies of data and proposals to be discussed shall be circulated by each Party at least [***] prior to each JSC meeting where reasonably possible.

            

       

      
        
          
            
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      	4.4	
              The Alliance Manager from the Party that is not the chairing Party shall be responsible for preparing and
                circulating minutes, within [***] of each meeting of the JSC,
                setting forth, inter alia, an overview of the discussions at the meeting and a list of any actions and decisions approved by the JSC and a
                list of any issues to be resolved by the Executive Officers pursuant to Section 4.5. Such minutes shall be effective only after approved by both Parties in writing. With the sole exception of specific items of the meeting minutes to which the members cannot agree

                and that are escalated to the Executive Officers as provided
                in Section 4.5, definitive minutes of all JSC meetings shall be finalized no later than [***] after the meeting to which
                the minutes pertain. If, at any time during the preparation and finalization of the JSC minutes, the Parties do not agree on any issue with respect to the minutes, such issue shall be resolved by the escalation process set forth in Section 4.5. The decision resulting from the escalation process shall be recorded by the Alliance Manager in amended finalized minutes for such meeting.

            

       

      	4.5	
              Decisions of the

                JSC shall be made on a unanimous basis with each Party having one vote on the JSC. In the event of any inability to reach a decision at a JSC meeting, the
                [***] (the “Executive Officers”). Where resolution is still not possible
                within [***] of referral to the Executive Officers, GSK shall have the final decision-making authority
                save that GSK shall not be entitled to resolve any dispute
                in a way which would (a) require amendment of this Agreement; or (b) materially increase or change the scope of work, cost
                or expenses of Immunocore under any agreed Research Plan for any Collaboration Program or result in a material delay to the Collaboration Program; or
                (c) result in Immunocore losing any ownership interest in any Foreground; or (d) place patients at excessive risk or which might be reasonably considered to place patient health and safety at risk in a Clinical Trial conducted by Immunocore in accordance with a
                Research Plan. For the avoidance of doubt, a “material delay” shall mean an additional period of time added to any Program Phase of at [***] of the timelines set forth in the Research Plan. By way of example, if Project Phase 1 is scheduled to take [***] for Completion, then a material delay in that case shall be a suspension of work under Project Phase 1 for a period of [***]. Solely in the case
                where Immunocore reasonably believes GSK’s final decision will have one or more of the consequences set forth in (a) - (d) above, Immunocore may refer the matter to the dispute resolution process set forth in Article 15.

            

       

      	4.6	
              Joint Project Team. As soon as possible after the Effective Date, the Parties shall establish a joint project team (the “JPT”) which shall be
                initially responsible for the day-to-day operations of the Initial Target Program. The JPT shall also be responsible for the day-to-day operations of all other Collaboration Programs when they become effective; provided, that if multiple
                JPTs are needed due to different Targets or disease areas, then the Parties may establish separate JPTs for
                different Collaboration Programs. The JPT shall be comprised of representatives from each of GSK and Immunocore with the appropriate scientific
                expertise with respect to the conduct of the Research Plans (and such representatives may vary depending on the relevant

                Project Phase) and shall meet on a [***] basis (or more or less frequently as agreed by the Parties) at Immunocore’s facilities or via teleconference at such times as may be agreed by the Parties during the Research Term. The JPT will report to the JSC and will be responsible for the day-to-day management
                of the conduct of the Research Plans including overseeing the conduct of experiments and reviewing data resulting from such experiments as set forth in the Research Plans, proposing amendments to the Research Plans, proposing new Research Plans
                to the JSC for new Collaboration Programs for JSC approval, discussing potential Lead Candidates and Development Candidates

                for proposal to the JSC. All decisions of the JPT on matters for

                which it has responsibility shall be made unanimously. In the event

                that the JPT is unable to reach a unanimous decision within [***] after it has met and attempted to reach such decision, then either Party may, by written notice to the other,
                have such issue submitted to the JSC for resolution in accordance
                with Section 4.5. Each Party will bear all expenses it
                incurs in regard to participating in all meetings of the JPT,
                including all travel and living expenses.

            

       

      
        
          
            
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      	4.7	
              Where any Party wants to amend the serv ices or tasks allocated under any Research Plan it shall notify the JSC of such desire to amend. The notification shall include details of the changes being requested and the impact such changes will have on the remainder of the Research Plan including any impact on timescales. Unless the request needs to be determined ahead of the next JSC meeting, any amendment to the Research Plan will be discussed at the next JSC meeting and the request for change will be added to the agenda for the next meeting. Where a request needs to be determined more quickly, the JSC may call a special meeting to resolve the matter ahead of the next scheduled JSC meeting. The chair of
                  such special meeting shall be the same chair as for the next JSC meeting. Minutes of the special meeting will be circulated and prepared in accordance with Section 4.4.

            

       

      	4.8	
              The JSC shall not have any authority to amend the terms of this Agreement or to add Collaboration Programs in excess of the [***] Collaboration Programs permitted under this Agreement. The foregoing provisions of this Article 4 notwithstanding, neither Party shall have the right to exercise its final
                decision-making authority to unilaterally: (a) determine that it has fulfilled any obligations under this Agreement or that the other Party has breached any obligation under this Agreement; (b) make a decision that is expressly stated to require the mutual agreement of the Parties; or (c) otherwise expand its rights or reduce its obligations under this Agreement.

            

       

      	4.9	
              From time to time, the JSC may establish subcommittees to oversee particular projects or activities, as it deems necessary or advisable (each, a “Subcommittee”). Each
                  Subcommittee shall consist of such number of members as the JSC determines is appropriate from time to time. Such members shall be
                individuals with expertise and responsibilities in the relevant areas over which such Subcommittee shall have oversight and/or decision-making authority.

            

       

      	4.10	
              The JSC shall automatically cease to exist on completion of all Collaboration Programs. The JSC’s involvement in relation to any particular Collaboration Program shall cease on the earlier of
                termination of such Collaboration Program in accordance with Article 13 or Completion of such Collaboration Program.

            

       

      	4.11	
              Promptly after the Effective Date, each Party shall appoint an individual to act as alliance manager
                for such Party (each, an “Alliance Manager”). Each
                Alliance Manager shall thereafter be permitted to attend meetings

                of the JSC as a non-voting observer, subject to the confidentiality provisions of Article 10. The Alliance Managers shall be the primary point of contact for the Parties regarding the collaboration activities contemplated by this Agreement or other reporting obligations under this Agreement and shall facilitate all such activities hereunder.

                The Alliance Managers shall also be responsible for assisting the JSC in performing its oversight responsibilities with respect to the activities of the JPT, as well as by preparing and finalizing the minutes from meetings of the JSC. The name and contact information for such
                Alliance Managers, as well as any replacement(s) chosen by Immunocore or GSK, in their sole discretion,

                from time to time, shall be promptly provided to the other Party
                in accordance with Section 16.1 of this Agreement.

            

       

      	4.12	
              Within [***] after the Effective Date, the Parties shall each

                designate representative(s) to consult with the other Party’s representative(s) with respect to patent prosecution, defense and enforcement
                matters (the “Patent Liaisons”) as more fully described in this Section 4.1 2. The Patent Liaisons shall discuss, at such times, places and frequencies as either Patent Liaison determines is necessary, material issues and provide input to each other regarding the prosecution,

                maintenance, enforcement or defense of Platform Rights (to the extent Immunocore has such rights with respect to Third Party Platform Rights), Immunocore Background, Immunocore Foreground, Joint Foreground and the Licensed GSK Foreground and in each case in accordance with the rights granted under Article 7. The Patent

                Liaisons shall be responsible for coordinating the implementation of each Party’s strategies for the protection of the foregoing Intellectual Property Rights in accordance with the terms of this Agreement. All final decisions related to the prosecution,

            

       

      
        
          
            
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      maintenance, enforcement
        or defense of any Immunocore Background, Platform Rights, Joint
        Foreground, Immunocore Foreground and Licensed GSK Foreground shall be made by the Prosecuting Party.

       

      	5.	
              Collaboration Programs - Research Plans; Target Nomination

            

       

      	5.1	
              Target Programs. GSK has the right to nominate up to four (4) Targets (each, a “Nominated Target”) to be the subject of Collaboration Programs as set forth below (each Collaboration Program directed to a Nominated Target, being a “Target Program”).
                Each such Target Program shall relate to a different
                Nominated Target. The Nominated Target and its HLA allele for the first Target Program are specified in
                Schedule 1 to this Agreement (the “Initial Target”). GSK has the right to nominate the second Nominated Target no later than [***] after the Effective Date of the Agreement, and thereafter shall have the right to
                nominate the third and fourth Nominated Targets no later than the [***] of the Effective Date, except as otherwise provided in this Agreement. The first two (2) Target Programs are referred to herein as the “Initial Target Programs.”

            

       

      	5.2	
              HLA Programs. Each Target Program under Section 5.1 above shall be specific to a designated HLA allele. GSK also has the right to nominate up to [***] HLA alleles (each, a “Nominated HLA”) to be the subject of further Collaboration Programs as set
                forth in this Section 5.2 (each Collaboration Program direct ed to a Nominated HLA, an “HLA Program”). Each Nominated HLA shall be associated with a Nominated
                  Target; provided, that GSK may nominate any number of Nominated HLAs related to a specific Nominated Target at GSK’s discretion subject to the overall maximum of [***]. GSK may exercise its right to nominate a Nominated HLA associated
                  with a Nominated Target at any time beginning on the date of commencement of the applicable Target Program for such Nominated Target and expiring on the [***] anniversary of Completion of the Phase I Trial conducted with respect to the Compound

                  arising from such Target Program, whether such Phase 1 Trial is conducted by Immunocore or GSK. The first [***] HLA Programs are referred to herein as the “Initial HLA Programs.”

            

       

      	5.3	
              Nomination Process.

            

       

      	

            	5.3.1	
              The Dataroom shall be available to GSK for a period of [***] from the Effective Date, except as may be extended as provided
                in this Agreement (the “Dataroom Period”). The same information as provided in the

                Dataroom shall also be available to all partners, licensees and potential licensees of Immunocore. Immunocore warrants that, as of the Effective Date the same information has been, and for the Dataroom Period will be, provided to GSK in the Dataroom in relation to Targets as has been or will be provided

                to other potential licensees and partners of Immunocore (each an “Entity”) who have been granted access or will be granted access to the Dataroom as of the Effective Date or during the Dataroom Period (excluding any information relating to Targets which have
                been exclusively licensed to any 5.3.4). Immunocore may add further Targets to the Dataroom in its absolute discretion.

            

       

      	

            	5.3.2	
              Except for the Initial Target, GSK shall nominate a Target or HLA by providing notice in writing in the form set out in Schedule 8 to Immunocore (the “Nomination Notice”). The Nomination Notice shall specify either (a) the Target being nominated together with the HLA allele to which any Compound direct ed at the Target should first be developed; or (b) the new HLA allele to which any Compound should be directed for a Nominated Target that is the subject of a pre-existing Target Program. Immunocore shall have [***] from receipt of
                Nomination Notice to accept or reject the Nomination Notice by signing and returning a completed
                Nomination Notice to GSK; provided that a Nomination Notice may only be rejected in accordance with Section 5.3.4 below and shall be accepted by Immunocore under all other circumstances. The Nomination Date for the

            

       

      
        
          
            
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      first Target and HLA type specified in Schedule 1 shall be the Effective Date. Date of acceptance of a Nomination Notice by Immunocore under this Section 5.3.2 shall constitute the
        Nomination Date in relation to all other Targets and HLAs notified under this Section 5.3.2. Where the Target is not a Target provided in the Dataroom, then prior to any nomination of such Target the provisions of Section 5.3.8 shall apply and GSK shall not be entitled to nominate a Target which is not provided in the Dataroom unless the steps set
        out in Section 5.3.8 have been taken. GSK understands and accepts that prior to nomination of a Non-validated Target (as defined in Section 5.3.8), GSK has no exclusive option under Section 6.1 or 6.2 and that Immunocore will still be entitled to reject any Nomination Notice naming a Non-validated

        Target for the reasons
        given in Section 5.3.4.

       

      	

            	5.3.3	
              Upon the Nomination Date, Immunocore shall immediately remove the Nominated Target from the Dataroom, and thereafter, Immunocore shall not (a) work on or further develop any Compound to the Nominated Target, including any HLA alleles associated with such
                  Nominated Target except as provided in this Agreement; (b) license or collaborate with any Third Party in relation to the development of any Compound to the Nominated Target; or (c) otherwise make available such Nominated Target to any Third Party for development of a Compound to such Nominated Target. Immunocore warrants that all information regarding the Initial Target has been
                  removed from the Dataroom on or before the Effective Date, and the Parties agree that the foregoing sentence applies to the Initial Target as of the Effective Date.

            

       

      	

            	5.3.4	
              Immunocore may remove Targets from the Dataroom in its sole discretion at any time prior to receipt of a Nomination Notice, and may reject a Nomination Notice [***] Nomination Notice rejected by Immunocore in accordance with this Section 5.3.4 shall be deemed an “Invalid Target”. Immunocore shall not be liable for any claim by GSK arising out of removal of a Target from the Dataroom by Immunocore prior to receipt of a Nomination Notice. Any Nomination Notice received in
                  relation to an Invalid Target shall be deemed rejected and Immunocore shall remove the Invalid Target from the Database if not previously removed. GSK shall have the
                  right to nominate a replacement Target (each, a “Replacement Target”) in lieu of the Invalid Target in the same manner as described in Section 5.3.2 until the later of either the [***] anniversary

                  of the Effective Date or [***] from GSK’s receipt of notice that a Nominated Target is an Invalid Target. For clarity, GSK may continue to nominate Replacement Targets under the terms of this Agreement when and if previously nominated Replacement Targets are deemed Invalid Targets and subject to the maximum of four (4) Target Programs under Section 5.1.

            

       

      	

            	5.3.5	
              With respect to any Invalid Target, Immunocore agrees not
                  to (a) work on or further develop any Compound to the Invalid Target, including any of its HLA alleles associated with such Invalid Target; or (b) licence or collaborate with any Third Party in relation to
                  the development of any Compound to the Invalid Target, including any HLA alleles associated with such Invalid Target, in each case, for a period commencing on the date that the Nomination Notice specifying such Invalid Target was deemed invalid (or as
                  relevant the date a Target is removed from the Dataroom),

                  and ending on the latest to occur of either (i) [***] from such date; or (ii) the [***] anniversary of the Effective Date, in each case subject to Section
                  5.3.6 below.

            

       

      	

            	5.3.6	
              Where any Invalid Target, with respect to which Immunocore rejected a Nomination Notice from GSK, subsequently becomes available for licence [***].

            

       

      
        
          
            
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            	5.3.7	
              Where any Nominated Target is accepted by Immunocore, the JSC shall have [***] (or such other reasonable period as may be necessary) after the Nomination Date to develop and approve the Research Plan for the applicable Target Program or HLA Program, and promptly thereafter Immunocore shall commence the
                work set forth in the Research Plan; provided, that Immunocore shall

                have no obligation to commence work under an agreed
                Research Plan until the earlier of (a) the expiry of a
                period of [***] after commencement of work under a Research Plan for the most
                  recently agreed and active Collaboration Program; or (b) the date on which [***] to commence work under the applicable Research Plan. For clarity, with respect to the Initial Programs, each such Research Plan shall be updated by the JSC to include detailed Clinical Trial design and other matters that cannot reasonably be addressed at the time the initial Research Plan is agreed.

            

       

      	

            	5.3.8	
              At any time commencing

                on the Effective Date

                and ending [***] from the Effective Date, and as long as GSK has at least one (1) target nomination available, GSK may notify Immunocore in writing up to [***] during such period,
                that it wishes to evaluate a Target other than those set out in the Dataroom (“Non-validated Target”). The
                notification from GSK shall include the following [***] shall be discussed at the next meeting of the JSC (or as otherwise provided by the JSC). If the JSC determines that further investigation of a Non-validated

                Target is required in order to determine its technical feasibility as a tractable Target, [***]
                Immunocore of [***] in which GSK is interested. The JSC shall agree [***], but as of the Effective
                Date, it is anticipated that Immunocore shall require
                [***]. Immunocore shall then as soon as reasonably possible and

                in any event only once it has resources available (as determined by Immunocore in its sole discretion), attempt to identify [***] from the
                Non-validated [***]. The validation work shall not extend beyond validation work typically carried out by Immunocore for Targets within the Dataroom. Immunocore shall report to the JSC on the progress of
                  the validation work and on completion shall notify the JSC either that (a) in its view, the validation work suggests that it would be possible or technically feasible to identify a Compound to the Non-validated Target; or (b) in its view, the validation work does not suggest that it would be possible
                  or technically feasible to identify a Compound to the Non-validated Target. Following completion of the
                  validation work and notification to the JSC as to the technical feasibility of identifying the Compound to the Non-validated Target, GSK shall be entitled to nominate the Non-validated Target in accordance with Section 5.3.2 and such Non-validated Target shall be thereafter treated in the
                  same way as any Nominated Target from the Dataroom.

            

       

      	

            	5.3.9	
              Should GSK wish to assess any additional Non-validated
                Targets other than in accordance with Section 5.3.8, then the
                Parties shall discuss the assessment of such Non-validated Targets. Where the Parties agree to proceed with such assessment, the Parties will negotiate in
                good faith the terms

                which would apply to such assessment including responsibilities of each Party and time, cost and resource allocations required of each Party.

            

       

      	5.4	
              Research Licence. Commencing on each Nomination Date

                for each Collaboration Program, and solely to the extent that it is agreed in any Collaboration Program that GSK should conduct work under the applicable Research Plan, Immunocore shall grant and hereby grants to GSK a non-exclusive licence in the Territory under the Immunocore Background, Immunocore Foreground, Joint Foreground and Platform Rights to the extent necessary for GSK’s performance of the Collaboration Program. The
                licence under this Section 5.4 shall expire on the earlier of
                (a) the date on which Immunocore rejects a Nomination
                Notice in accordance with

                Section 5.3.2; or (b) an exclusive licence being granted following exercise of the Initial Program Option or Collaboration Program Option, as
                applicable; or (c) expiration of the applicable Initial
                Program Option Period or

            

       

      
        
          
            
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      Collaboration Option Period without exercise of the Initial Program Option or Collaboration Program
        Option, as applicable; or (d) Completion of the Collaboration Program. The licence under this Section 5.4 shall

        be sublicenseable to GSK’s Affiliates

        to the extent such Affiliates are performing any obligations under any Collaboration Program.

       

      	6.	
              Options; Licences

            

       

      	6.1	
              On an Initial Program-by-Initial Program basis, Immunocore shall grant and hereby grants to GSK, an exclusive option to obtain the exclusive licences on the terms set out in Section 6.7 (each, an “Initial Program Option”). With respect to the first Initial Target Program

                described on Schedule 1, the Initial Program Option shall commence on the Effective Date

                  [***]. With respect to the additional Initial Programs, the Initial Program Option shall commence on the Nomination Date, and each Initial Program Option shall expire on an Initial
                Program-by-Initial Program basis on the earlier of either (i) the date that is [***]
                  following receipt by GSK of the applicable Phase 1 Data Package; or (ii) termination of the applicable Collaboration Program in accordance with Sections 3.5.1, 3.5.2,

                3.6.1 and 3.6.2, including if such termination occurs after Completion of any Lead Additional Work or Development Additional Work without nomination of a Lead Candidate or Development Candidate, respectively (the “Initial Program Option Period”).

            

       

      	6.2	
              With respect to all Collaboration Programs other than as provided in Section 6.1, on a Collaboration Program-by-Collaboration Program basis, Immunocore shall grant and hereby grants to GSK, an exclusive option to obtain the exclusive licenses on the terms set out in Section 6.8 (each, a “Collaboration Program Option”). Each such [***] Collaboration Program-by-Collaboration Program basis on the earlier of either (i) the date that is [***] following determination by the JSC that at least one Lead Candidate from
                  such Collaboration Program satisfies the applicable Development Candidate Criteria and is deemed a Development Candidate; or (ii) termination of the applicable Collaboration Program in accordance with
                  Sections 3.5.1, 3.5.2, 3.6.1 and 3.6.2,
                  including if such termination occurs after Completion of any Lead Additional Work or Development Additional Work without nomination of a Lead Candidate or Development
                  Candidate, respectively (the “Collaboration Program Option Period”).

            

       

      	6.3	
              GSK may exercise an Initial Program Option or
                Collaboration Program Option at any time during the Initial Program Option Period or Collaboration Program Option Period, respectively, by provision of written notice to

                Immunocore specifying the Initial Program or Collaboration Program in relation to which the Initial Program Option or Collaboration Program Option is being exercised (“Option Notice”). On receipt of the Option Notice by Immunocore, Immunocore shall grant, and hereby grants, to GSK
                the exclusive licence on the terms set out in Section 6.7 with
                respect to such Initial Program Option or Collaboration Program Option.

            

       

      	6.4	
              On a Collaboration Program-by-Collaboration Program basis and
                Target-by-Target basis and during the Initial Program Option Period or Collaboration Program Option Period, as applicable, Immunocore shall not (a) independently or with, or on behalf of, a Third Party, conduct any research, development or commercialisation activities on any Licensed Product; or (b) licence any Third Party under
                its rights in the Immunocore Foreground, Immunocore Background, Joint Foreground or Platform Rights to manufacture,
                use, sell or supply any Licensed Product. There shall be no breach of this [***] (ii) Immunocore licenses its Intellectual Property Rights to a Third Party in relation to the development of Compounds or TCRs to Targets
                other than the Nominated Target; or (iii) Immunocore licenses its Intellectual Property Rights to a Third Party to enable such Third Party to carry out specific research projects intended to improve or enhance the Immunocore Background and which are not specific to any Target. For clarity any research or development licence agreement with a Third
                Party under Section 6.4(iii) shall not include any licence under

                Immunocore Background, Platform Rights or Immunocore Foreground to manufacture, sell, supply, use, import or commercialise any Licensed Product.

            

       

      
        
          
            
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      	6.5	
              For the avoidance of any doubt and save as explicitly otherwise provided in Section 6.7, no licence is granted under this Agreement
                  (including under any exercise of an Initial Program Option, Collaboration Program Option or the
                  licenses granted under Section 6.7) to GSK under Immunocore Background, Immunocore Foreground or Platform Rights in relation to any product that contains cells that are transfected with genes encoding TCRs or modified TCRs including any product containing cells that may also be transfected with one
                or more additional other molecules (whether or not transfected

                at the same time or by the same means as the genes encoding TCRs or modified TCRs).

            

       

      	6.6	
              During the term of this Agreement, Immunocore shall inform GSK where it reasonably [***] within the timescales agreed in the relevant Research Plan
                that were to be conducted in the next [***]. Such determination shall [***]. In particular, Immunocore’s Alliance Manager shall report to the JSC at
                each JSC meeting as to whether, [***]. Following disclosure of such concerns, GSK may request a meeting [***]. Any meeting
                [***] shall be held promptly and Immunocore will answer any reasonable questions raised in such meeting. Nothing

                in this Section 6.6 shall be construed to require Immunocore to breach any regulatory requirements or rules of any relevant stock exchange on which Immunocore may at any time be

                listed.

            

       

      	6.7	
              Licence Terms.

            

       

      	

            	6.7.1	
              Commencing upon GSK’s exercise of an Initial Program
                Option as described in Section 6.1 or a Collaboration Program Option as described in Section 6.2, Immunocore shall grant and hereby grants to GSK the following licenses:

            

       

      	

            	(a)	
              an exclusive license under Immunocore rights in the
                Immunocore Foreground and Joint Foreground to make, have made, import, use, offer for sale, and sell Licensed Products arising from the applicable
                Collaboration Program in the Field in the Territory. Each such license shall continue for the applicable Royalty

                Term, unless earlier terminated pursuant to Article 13;

            

       

      	

            	(b)	
              an exclusive license under the Immunocore Background and
                  Platform Rights, in each case, solely to the extent it is necessary for GSK to make, have made, import, use, offer for sale, and sell Licensed Products arising from the applicable Collaboration Program in the Field in the Territory. Each such license shall continue until the earlier to
                occur of (i) the date on which such license is no longer necessary for GSK to make, have made, import, use, offer for sale, and sell such Licensed Products in the Field in the Territory; (ii) the expiration of the applicable Royalty Term; or (iii) termination of the applicable license or the Agreement in its entirety pursuant to Article 13;

            

       

      	

            	6.7.2	
              Each licence granted in accordance with Section 6.7 is separate and independent from any other exclusive licence granted in accordance with this Agreement.

            

       

      	6.8	
              The licences under Section 6.7 include the right to sub-licence with the prior written consent of Immunocore, such consent not to be unreasonably withheld, except, that consent shall not be
                required as follows:

            

       

      	

            	6.8.1	
              GSK may use contract research organizations to perform portions of the development of the Licensed Products to the extent consistent with its normal business practices and in all cases consistent with
                  Section 3.8 above;

            

       

      
        
          
            
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            	6.8.2	
              GSK may engage reasonably qualified third parties to assist with the distribution and sales of the Licensed Products to the extent such arrangements are commercially reasonable throughout the Territory
                and in all cases consistent with Section 3.8 above;

            

       

      	

            	6.8.3	
              GSK may use Third Parties, including contract manufacturers, to manufacture, label and package the Licensed Products provided such use is in all cases consistent with Section 3.8 above;

            

       

      	

            	6.8.4	
              GSK may sub-license any of its rights to Affiliates.

            

       

      GSK shall notify Immunocore within [***] of execution of any sub-licence agreement and, except with respect to sub licenses to Affiliates, shall provide a redacted copy (in which commercial terms or terms not relevant to compliance with the terms of this Agreement shall be redacted) of such sub-licence agreement to
        Immunocore. Where any Affiliate is sub-licensed by GSK, GSK shall procure that such Affiliate agrees to comply with the applicable terms of this Agreement including Sections 6.8, 6.9, 13.6.5 and 13.8

        and Articles 7, 9, 10, and 14. GSK shall remain responsible for
        any acts or omissions of its sublicensees and shall be liable for any breach of the terms of this Agreement as a result of any act or omission by its sublicensees.

       

      	6.9	
              GSK will include binding provisions in all sub-licenses granted in accordance with Section 6.8 providing that if the sublicensee or any of sublicensees’ Affiliates undertakes a
                Patent Challenge with respect to any patent or patent application to which the sublicensee is granted a license, GSK will be permitted, subject to Applicable Laws, to terminate such sublicense agreement. If a sublicensee of GSK or
                any Affiliate of such sublicensee undertakes a Patent
                Challenge of any such patent or patent application, then upon receipt

                of notice from Immunocore of such Patent Challenge, GSK will either cause the sublicensee to cease involvement in such Patent Challenge within [***] of receipt
                of notice, terminate the applicable sublicense agreement within [***] of receipt of notice if permitted by Applicable Laws, or Section 13.8 shall apply with respect to such patent or patent application on expiry of
                  [***] from receipt of notice.

            

       

      	6.10	
              Post-Option Exercise Responsibilities.

            

       

      	

            	6.10.1	
              Following commencement of each licence as provided in Section 6.7, GSK shall use all Commercially
                Reasonable Efforts to further develop, manufacture, sell and supply Licensed Products within the
                Territory with a view to obtaining Regulatory Approval for at least one Licensed Product from each Collaboration Program as soon as reasonably possible. GSK shall comply with all Applicable Laws
                including requirements of GMP and GCP in relation to any manufacture, development, sale or supply of Licensed Products. GSK shall be solely responsible for all activities relating to the
                manufacture, development, sale and supply of Licensed Products and shall have sole and final decision-making authority with respect thereto.

            

       

      	

            	6.10.2	
              GSK will submit reports to Immunocore on a [***], commencing [***] after GSK exercises the first Initial Program Option or Collaboration Program Option, as applicable, to update Immunocore, in reasonable detail, on the current progress and status of the conduct of material development activities with respect to the Licensed Products. All such reports will be considered Confidential Information of GSK. Nothing in this Section 6.10.2
                  will obligate GSK to disclose confidential information to Immunocore regarding a proprietary compound or product of GSK or a Third Party. Immunocore may ask clarification questions following receipt of reports and GSK (via its Alliance Manager or otherwise) will
                  provide answers within reasonable timescales to such clarification questions.

            

       

      
        
          
            
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      	6.11	
              Within a period of [***] after GSK exercises an Initial Program Option or Collaboration Program
                Option, Immunocore shall transfer and deliver (or provide access) to GSK all ResuIts arising out of such Collaboration Program to the extent GSK does not already have access to such Results and to the extent such Results are in a
                tangible form, together with all materials set forth on Schedule 7 in a manner that allows for the orderly transition of Licensed Products to GSK. Immunocore shall use Commercially Reasonable Efforts to transfer the Results and
                materials on Schedule 7 in a format that is compliant with Applicable Laws; provided,

                that if such format is not compliant with Applicable Laws, then GSK shall inform Immunocore of such insufficiency and Immunocore shall use Commercially Reasonable Efforts to correct such
                insufficiency reasonably promptly thereafter. The details of any additional materials or documentation that may be reasonably required
                by GSK to further develop, manufacture, register or sell Licensed Products, shall be determined by the JSC including as relevant the

                timing of provision of any such additional documentation. The JSC shall also
                determine the amount of reasonable technical assistance and training initially required from Immunocore to GSK’s personnel with respect to Results and the materials set forth

                in Schedule 7 to enable GSK to comply with its diligence obligations under Section 6.10.1. Such initial assistance and training shall be provided as and when reasonably required
                and determined by the JSC and in any event subject to Immunocore having available resources to provide such technical assistance and training. Thereafter, GSK may request up to [***] meetings per year (which may be held by teleconference or video conference) and [***] with [***] documentation supporting the amount [***].

            

       

      	6.12	
              On a Collaboration Program-by-Collaboration Program basis, commencing on the date such Collaboration Program commences and expiring upon the earlier of termination of the Collaboration

                Program, Completion of the Collaboration Program, or termination of this Agreement, GSK hereby grants to Immunocore a non-exclusive, royalty-free license in the Territory, with the right to grant sublicenses (subject to Section 3.7), under (a) GSK Background that GSK
                determines in its sole discretion is necessary for the conduct
                of the Collaboration Program, and (b) GSK Foreground and GSK’s interest in the Joint Foreground, in each case of (a) and (b) solely to permit
                Immunocore to conduct its activities with respect to such Collaboration Program as contemplated under the applicable Research Plans in accordance with the terms of

                this Agreement.

            

       

      	6.13	
              In addition to the licence under Section 6.12, GSK hereby
                  grants to Immunocore a non-exclusive, worldwide, fully paid-up license under its rights in (i) GSK’s interest in Joint Foreground and (ii) the GSK Foreground,
                  solely to the extent such GSK Foreground or Joint Foreground [***] (the GSK Foreground included in this license grant is referred to as “Licensed GSK Foreground”). Such license shall be freely sublicenseable through multiple tiers by Immunocore without the need to [***] Agreement”); [***] (i) the date on which such license is no longer necessary for Immunocore or its Third Party sublicensees to make, have made, import, use, offer for sale,
                  and sell Compounds other than Licensed Products; or
                (ii) in the case of Third Party sublicensees, the
                  date of termination of the applicable sublicense or agreement granting such sublicense to such Third Party.

            

       

      	6.14	
              Where Immunocore becomes aware of any Licensed GSK Foreground which is [***] legal department and only accessed by such legal department or external legal advisors. As soon as reasonably possible after the date on which

                Immunocore [***] to Immunocore within a period of [***] stating whether it [***] has agreed to keep the notification confidential and that such
                notification will be held by the Third Party’s legal department and only accessed by such legal
                department or external legal advisors.

            

       

      	7.	
              Intellectual Property Ownership and Prosecution

            

       

      	7.1	
              Immunocore shall retain

                all of its right, title and interest in and to the Immunocore Background and Platform Rights, and GSK shall retain all of its rights, title and interest in and to the GSK Background, except to the
                extent that any such rights are expressly licensed by one Party to the other Party under this Agreement. Immunocore’s Patent Liaison shall promptly disclose to GSK’s

            

       

      
        
          
            
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      Patent Liaison, any Immunocore Foreground made by it solely (or jointly with a Third Party) or by a Third

        Party on its behalf. Immunocore shall be the sole owner of Immunocore Foreground and shall retain all of
        its right, title and interest thereto, except to the extent that any rights or licenses are expressly granted hereunder by Immunocore to GSK. GSK shall be the sole owner of GSK Foreground and shall retain all of

        its right, title and interest thereto, except to the extent that any rights or licenses are expressly granted hereunder by GSK to Immunocore.

       

      	7.2	
              Notwithstanding anything to the contrary contained herein or under Applicable Laws, and subject to the rights and licenses granted under Sections
                6.7, 6.12 and 6.13, the Parties hereby agree that each Party will be entitled to practice and sublicense Joint Foreground without restriction or
                consent of the other or an obligation to account to the
                other Party, and each Party hereby waives any right it may
                have under the laws of any jurisdiction to require any such consent or accounting.

            

       

      	7.3	
              Prosecution.

            

       

      	

            	7.3.1	
              Background; Platform Rights. Immunocore will retain control of filing, prosecution and maintenance of all Immunocore Background and Platform Rights (to the extent it has such control in the case of Third Party Platform Rights) at Immunocore’s sole cost during the Term. To
                the extent in each case that any Immunocore Background or Platform Rights (excluding Third Party Platform Rights) Covers
                any Licensed Product or

                Nominated Target or Nominated HLA, Immunocore shall promptly provide GSK via the Patent Liaisons with copies of all material communications from any patent authority regarding the Immunocore Background and Platform Rights (excluding in relation to Third Party Platform Rights), and drafts of any material filings or responses in relation to
                any Immunocore Background or Platform Rights (excluding Third

                Party Platform Rights) to be made to such patent
                authorities, where reasonably possible at least [***] in advance of submitting such filings or responses to allow GSK the opportunity to review and [***] such prosecution.

            

       

      	

            	7.3.2	
              Foreground. Prior to exercise of an Initial Program Option or Collaboration Program Option, Immunocore shall file, maintain and prosecute any patent applications
                and patents comprising Immunocore Foreground or Joint Foreground arising from such Collaboration Program, at its sole cost. Immunocore shall promptly provide GSK via the Patent Liaisons with copies of all draft patent applications, material communications from any patent authority regarding Immunocore Foreground and Joint Foreground, and drafts of any
                material filings or responses to be made to such patent authorities where reasonably possible at least [***] in advance of submitting such filings or responses to allow GSK the opportunity to review
                and [***] prosecution of Immunocore Foreground and Joint
                Foreground. Unless otherwise agreed by the Patent Liaisons, Immunocore Foreground and Joint Foreground shall initially be filed, at a minimum, as an international
                application under the Patent Cooperation Treaty designating all available countries. Thereafter on national phase entry and where the relevant Initial Program Option or Collaboration Program Option has expired without exercise, Immunocore shall have sole discretion as to any final decision on which countries any national patent applications [***] shall discuss with GSK and agree with GSK what patent
                  application filing [***].

            

       

      	

            	7.3.3	
              Following exercise of an Initial Program Option or Collaboration Program Option, GSK shall assume responsibility for and have the first right to file,
                maintain and prosecute any patent applications and patents comprising the Immunocore Foreground or Joint Foreground arising from the Collaboration Program in relation to which such Initial Program Option or Collaboration Program Option was exercised and in each case that Covers the Licensed Product or any part of the Licensed Product or any use of
                or

            

       

      
        
          
            
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      process for manufacture of the Licensed Product arising from such Collaboration Program. GSK shall promptly provide Immunocore via the Patent Liaisons with copies of all draft patent applications, material communications from any patent authority regarding Immunocore
        Foreground and Joint Foreground, and drafts of any material filings or responses to be made to such patent authorities where
        reasonably possible at least [***] in advance of submitting such filings or responses to allow Immunocore the opportunity to review and comment. GSK shall [***] any reasonable comments provided by Immunocore in connection with the prosecution of Immunocore Foreground and Joint
        Foreground. The Immunocore Foreground shall continue to be filed in the name of Immunocore.

       

      	

            	7.3.4	
              GSK shall have the first right to file, maintain and prosecute any patent applications and patents comprising the GSK Foreground. GSK shall promptly provide Immunocore via the Patent Liaisons
                with copies of all draft patent applications, material communications from any patent authority
                regarding Licensed GSK Foreground, and drafts of any material filings or responses to be made to such patent authorities where reasonably possible at least [***] in

                advance of submitting such filings or responses to allow [***] provided by Immunocore in connection with the prosecution of Licensed GSK Foreground.

            

       

      	

            	7.3.5	
              Prior to permitting any patent application or patent relating to any Immunocore Foreground, Licensed GSK Foreground or Joint Foreground to lapse, the Party that is first responsible for prosecution under this Section 7.3 (the “Prosecuting Party”) will provide [***] written notice to the non-Prosecuting Party (“Lapse Notice”).

                The non-Prosecuting Party shall be entitled to take over the filing, maintenance and prosecution of such notified patent or patent

                application on providing written notice to the Prosecuting
                Party within a period of [***] from receipt of Lapse Notice, at
                the non-Prosecuting Party’s sole discretion; for the avoidance of doubt,

                the cooperation and review provisions of Section 7.3.2 or 7.3.3 will no longer apply to the filing,
                maintenance and prosecution of the applicable patents and patent applications. Where such notice is provided, the Prosecuting Party shall provide all reasonable assistance as soon as possible following
                  receipt of notice from the non-Prosecuting Party to transition the filing, maintenance and prosecution of such notified patent or patent application to the non-Prosecuting Party. If GSK delivers a Lapse Notice to Immunocore with respect to Immunocore Foreground, then, on the date of receipt of notice from [***] non-Prosecuting Party indicates it does not wish to take over the filing, maintenance or prosecution of any notified patent or patent application or fails to respond within a period of [***] from receipt of Lapse Notice, the Prosecuting Party shall be entitled to permit the patent or patent application to lapse. For the avoidance of doubt, the foregoing right to assume responsibility for filing, maintenance and prosecution of any notified patent or patent application in a Lapse Notice includes the right for GSK to assume
                  responsibility for filing, maintenance and prosecution of Immunocore Foreground and Joint Foreground prior to GSK’s exercise the applicable Initial Program Option or Collaboration Program Option.

            

       

      	

            	7.3.6	
              Each Party agrees to reasonably cooperate with the other Party, via the Patent Liaisons, to execute all lawful papers and instruments, including obtaining and executing necessary powers of attorney and
                assignments by the named inventors, to make all rightful oaths and declarations, and to provide consultation and assistance as may be reasonably necessary in the filing, prosecution, and maintenance

                of all Immunocore Foreground, GSK Foreground, and Joint Foreground

                undertaken in a manner consistent with this Section 7.3.

            

       

      
        
          
            
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      	7.4	
              Enforcement.

            

       

      	

            	7.4.1	
              If either Party learns of (a) any infringement or threatened infringement, or misappropriation or threatened misappropriation, of any Foreground, Immunocore Background, or Plat form Rights by a Third Party in the Territory, (b) (b) any
                  claim made by any Third Party that any patent or patent application comprising the Foreground, Immunocore Background or
                  Platform Rights is invalid or should be revoked, or (c) the submission by any Third Party of an application to the FDA, whether or not in accordance with the BPC&I Act, for approval

                  of a Biosimilar Product (a “Biosimilar Application”), then that Party shall promptly notify the other Party via the Patent Liaisons and provide it with all details
                  of such activities (each, an “Infringement”) of which it is aware (each, an “Infringement Notice”). The Patent Liaisons shall discuss such Infringement and
                  appropriate steps to be taken with regard to such Infringement, subject to the provisions set forth in this Section 7.4 below. The Party responsible for bringing an Action (as defined below) against such
                  Infringement shall keep the other Party informed of the progress thereof via the Patent Liaisons.

            

       

      	

            	7.4.2	
              GSK shall have the first right, but not the obligation, to address Infringement with respect to Foreground in relation to which it is the Prosecuting

                Party, and Immunocore Background or Platform Rights (only including Third Party Platform Rights to the extent that Immunocore is able to enforce such rights and grant such right of enforcement to GSK in
                  accordance with this Section 7.4.2) solely in the event that patents contained within such Immunocore Background or Platform Rights [***]. GSK shall address such Infringement by taking reasonable steps, which may include the exchange of patent listing information

                  and negotiations regarding such patent lists with a Third Party filing a Biosimilar Application as required by the
                  BPC&I Act, institution of legal proceedings, or other actions (an “Action”), and to compromise or sett le such Action; provided, that: (i) GSK shall keep
                  Immunocore fully informed about such Action; (ii) GSK shall not take any position with respect to such Action in any way that is reasonably likely to directly and adversely affect the scope, validity or
                  enforceability of the Foreground, Immunocore Background or Platform Rights or
                  compromise or settle any such Action, without the prior consent of Immunocore, which consent shall not be un reasonably withheld; and (iii) if GSK does not intend to prosecute or defend an Action, or ceases to diligently pursue such an Action, it shall promptly inform Immunocore in such a manner that such Action will not be prejudiced and Section 7.4.4 shall apply solely in the event that the Infringement is related to a Licensed Product.

            

       

      	

            	7.4.3	
              Immunocore (or as relevant any Third Party having control over Third Party Platform Rights) shall have the first right, but

                not the obligation, to prosecute an Action to address Infringement with respect to any
                Foregound for which it is the Prosecuting Party, Immunocore Background and

                Platform Rights (subject to GSK’s rights in Section 7.4.2)

                and: (i) Immunocore shall keep GSK fully informed about such Action; (ii) Immunocore shall not take any position with respect to such Act
                ion in any way that is reasonably likely to directly and adversely affect the validity or enforceability of the Immunocore Background or Platform Rights (excluding Third Party Platform Rights) that Cover Licensed Products, or compromise or sett le any

                such Action as it relates to Immunocore Background or Plat form Rights (excluding

                Third Party Platform Rights) that Cover Licensed Products, without the prior consent of GSK, which consent shall not be unreasonably withheld; and (iii) if Immunocore does not intend to prosecute or defend an Action, or ceases to diligently pursue such an Action, to the extent not
                in conflict with any Third Party agreement, it shall promptly inform GSK in such a manner that such
                Action will not be prejudiced and Section 7.4.4 shall apply.

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	

            	7.4.4	
              In the event of an Infringement, if (i) the Party with
                the first right to prosecute an Act ion (the “Enforcing Party”) informs the non-Enforcing Party that it does not intend to prosecute a particular Action, (ii) within [***] after

                notice of Infringement the Enforcing Party has not commenced any such Action, or (iii) if the Enforcing Party thereafter

                ceases diligently to pursue such Action, then the non-Enforcing Party shall have the right, at its own expense, upon notice to the Enforcing Party to take appropriate action to address such Infringement, including by initiating its own

                Act ion or taking over prosecution of any Action initiated
                by the Enforcing Party. In such event, the non-Enforcing
                Party shall keep the Enforcing Party fully informed about such Act ion. The non-Enforcing Party shall
                not take any position with respect to such Action in any way that is reasonably likely to directly and adversely affect the scope, validity or enforceability of the Intellectual

                Property Rights that are the subject of such Action, or compromise
                  or settle such Action, without the Enforcing
                Party’s prior written consent, which consent shall not be unreasonably

                withheld. The non-Enforcing Party’s right to enforcement as described

                  in this Section 7.4.4 with respect to an Infringement described in Section 7.4.1(c) is applicable solely to the extent permitted by Applicable Law. In the event that the Enforcing Party has informed the non-Enforcing Party that it is not proceeding with an Action on the advice of competent counsel, and the non-Enforcing Party opts to proceed with such Action, then the non-Enforcing Party will, at the Enforcing Party’s request, execute an agreement confirming that the decision to sue was made despite the Enforcing Party’s objection and the non-Enforcing Party shall indemnify, defend and hold harmless the Enforcing Party and its Affiliates for all Losses arising

                  out of Claims suffered by the Enforcing Party as a result of
                  such suit. This Section 7.4.4 shall not apply to (a)
                any Third Party Platform Rights or Platform Rights where Immunocore has in place any agreement with a Third Party
                which would conflict or which would not perm it transfer of an Action in accordance with this Section 7.4.4 or (b) GSK Foreground.

            

       

      	

            	7.4.5	
              Any recovery obtained by GSK in connection with or as a result of an Action, [***] the relevant court proceedings or enforcement has been finally decided between GSK and

                the relevant third Party. Any recovery obtained by Immunocore in connection with or as a result of an Action, whether by [***] apportionment shall only occur once the

                relevant court proceedings or enforcement has been finally decided between Immunocore and the relevant Third Party.

            

       

      	7.5	
              The Party responsible for any Action under Sections 7.4.2 and 7.4.3 shall also be entitled to defend any counterclaim proceedings for invalidity or
                revocation of the relevant patent in any Action. The other Party shall be entitled to its own legal representation in relation to such Action and
                any counterclaim and the Party responsible for the Act ion shall where possible take into account reasonable comments or requests made by the other Party in relation to the
                defence of any counterclaim for invalidity or revocation.

            

       

      	7.6	
              The Parties shall cooperate and provide all reasonable assistance, subject to
                the payment of all reasonable expenses and costs, to each other
                with respect to any Action described in Section 7.4 above. Upon the reasonable request of the Party instituting such Action, the other Party shall join such Action and shall be represented using counsel

                of its own choice, at the requesting Party’s expense; provided, that if GSK or Immunocore has informed the other Party that it would not
                proceed with such Action on the opinion of competent counsel, as provided in Sections 7.4.2 and 7.4.3, the

                other Party may not require GSK or Immunocore to join such Action unless legally required to do so. The provision of assistance under this Section 7.6 shall include reasonable assistance as may be
                  required by either Party to determine which patent applications or patents should be used in any Action or should be submitted to a Third Party that files a Biosimilar Application as required by the BPC&I Act. Once any patent
                  application or patent has been identified

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      or agreed to be litigated with the Third Party filing the Biosimilar Application, the Prosecuting Party for such patent
          application or patent shall provide all reasonable assistance (including access to its internal files such as prosecution files and laboratory notebooks) as may be required to ensure that such patent application or patent is valid, has been filed in accordance with the rules and
          regulations of the relevant patent office and that there is no reason which might suggest that any identified patent or patent application could not or should not be used in any Action. Access to internal Immunocore files shall only be provided to external counsel of GSK and nothing in this Section 7.6 shall require Immunocore to breach any obligation it has to any Third Party.

       

      	7.7	
              Defense of Infringement Claims.

            

       

      	

            	7.7.1	
              Each Party shall promptly notify the other Party in writing of any allegation by a Third Party in
                the Territory that the making, having made, using, selling or offering for sale or importing of any Licensed Product, or the conduct of any activities under this
                Agreement infringe or misappropriate or may infringe or misappropriate the Intellectual Property Rights of such Third Party (a “Third Party Infringement Claim”). The Patent Liaisons shall discuss which Party shall defend the Third Party Infringement Claim, and absent mutual agreement otherwise, each Party shall have the right to control the defense of any such Third Party Infringement Claim brought against it in the Territory, by counsel of its own choice. If a Third Party Infringement Claim is brought against one Party (the “Defending Party”) but not the other Party, the non-Defending Party shall have the right, at its own expense, to be represented in such Third Party Infringement Claim by counsel of its own choice, at its own expense.

            

       

      	

            	7.7.2	
              The Patent Liaison for the Defending Party shall keep
                the Patent Liaison for the other Party reasonably informed
                of all material developments in connection with any Third Party Infringement Claim. Each Defending
                Party agrees to provide the other Party ‘s Patent Liaison with copies of all pleadings filed in any suit or proceeding

                relating to such Third Party Infringement Claim. The Defending Party may enter into a settlement or
                compromise of any Third Party Infringement Claim; provided, that if such settlement or compromise would admit liability on the part of the non-Defending Party
                or any of its Affiliates or would otherwise have a material adverse effect on the rights or interests of the
                non-Defending Party or its Affiliates, the Defending Party shall not enter into such settlement or compromise without the prior written consent of the non-Defending Party. In the event a proposed settlement involves obtaining a license under Third Party Intellectual Property Rights, the provisions of Section 9.6 shall apply. Notwithstanding the foregoing, as between the Parties, solely to the extent permitted under Section 7.4 and 7.5 above, the Parties shall have the right to
                determine whether to assert any counterclaim under any patent applications or patents comprising Joint Foreground or Immunocore Foreground and to control any such counterclaim, and to control
                the defence of any matters involving the validity or enforceability of any such patent applications or patents, including the right to make substantive and procedural decisions relating to any such
                  counterclaim or defence and settle, compromise or dispose of any such counterclaim or defence.

            

       

      	7.8	
              GSK will retain control and all decision-making regarding filing, prosecution and maintenance of all GSK Background and GSK Foreground, at GSK’s sole cost during the Term. GSK shall have sole discretion in relation to any Action against an Infringement of GSK Background or GSK Foreground by a Third Party.

            

       

      	7.9	
              Nothing in this Agreement shall assign any Immunocore Background or Platform Rights to GSK. Nothing in this Agreement shall assign any GSK Background or GSK Foreground to Immunocore.

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	7.10	
              CREATE Act. It is the intention of the Parties that this Agreement is a “joint research agreement” as that phrase is defined in Public Law 108-53 (the “Create Act”). In the event that either Party to this Agreement intends to overcome a reject ion of a claimed
                invention within the Immunocore Background (to the extent relevant

                to any Collaboration Program or Licensed Product), the Foreground, Plat form

                Rights (to the extent relevant to any Collaboration Program or Licensed Product) and/or Joint
                Foreground pursuant to the provisions of the Create Act, such Party shall first obtain the prior written consent of the other Party and the Parties shall work together in good faith to agree how any rejection should be overcome. To
                the extent that the Parties agree that, in order to overcome a rejection of a claimed invention within the Immunocore
                Background (to the extent relevant to any Collaboration Program or Licensed Product), the Foreground, Platform Rights (to the extent relevant to any Collaboration Program or Licensed Product) and/ or Joint Foreground pursuant to the

                provisions of the Create Act, the filing of a terminal disclaimer is required or advisable, the Parties shall first agree on terms and conditions under which the patent application subject to such terminal
                disclaimer and the patent or application over which such application is disclaimed shall be jointly enforced, to the extent that the Parties have not previously agreed to such terms and conditions. To the extent that this Section applies to Immunocore Background or Platform Rights, any obligation under this Section will be subject to any Third Party agreements entered into with Immunocore prior to the Effective Date or after the Effective Date relating to the prosecution or maintenance of such
                Immunocore Background or Plat form Rights and any co-operation
                or consultation by Immunocore under this Section shall be subject to

                such Third Party agreements.

            

       

      	8.	
              Consideration

            

       

      	8.1	
              In partial consideration for the rights granted to GSK
                under this Agreement, GSK shall pay to Immunocore a non-refundable,
                non-creditable upfront payment of £4,000,000.00 (four million pounds sterling). Such payment shall be payable by wire transfer of immediately available funds in
                  accordance with wire transfer instructions of Immunocore provided
                  in writing to GSK on or prior to the Effective Date. Such payment shall be made within [***] after GSK’s receipt of an invoice from Immunocore provided on or after the Effective Date, which invoice shall be sent in accordance with the instructions on Schedule 6.

            

       

      	8.2	
              GSK shall pay to Immunocore a non-refundable, non-creditable Initiation Fee in the amounts and on the terms provided in Schedule 2. Each
                Initiation Fee shall be due within [***] after GSK’s receipt of an invoice from Immunocore, which will be provided
                on or after the applicable Nomination Date. Immunocore shall have

                no obligation to start any work on a Collaboration Program until it has received the relevant Initiation Fee.

            

       

      	8.3	
              Subject to the terms and conditions set forth in Schedule 2 and this Section 8.3, GSK shall pay to Immunocore the Milestone Fees. Such Milestone Fees shall be payable by GSK whether the relevant milestone is achieved by GSK, GSK’s Affiliates or GSK’s or its Affiliates’ sublicensees. GSK shall procure it has adequate reporting obligations in place between Affiliates and sublicensees to ensure compliance with this Section 8.3.

                A Party achieving a milestone as set forth in Schedule 2 shall notify the other Party in writing promptly, but in no event later than [***] after each achievement of each milestone that triggers a
                payment. Each Milestone Fee payable for an achieved
                Milestone as set forth in Schedule 2 will be due within [***] from
                the date of receipt of an invoice from Immunocore, which invoice shall be provided on or after the date that GSK notifies Immunocore, in writing, of such achievement or Immunocore otherwise becomes aware of such achievement and such achievement is not

                disputed by GSK. If an Initial Target Program is terminated in accordance with Section 3.6.2(ii), then the level of Milestone Fees pay able in relation to the first Target
                Program and first Initial HLA Program that commenced or will commence subsequent to the terminated Initial Target Program shall be adjusted in accordance with
                Schedule

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      2. In relation to the [***] Milestone Fees [***], there shall be no obligation on Immunocore to proceed to the next Project Phase until it has
        received payment of the relevant Milestone Fee.

       

      	8.4	
              Subject to the terms and conditions set forth in Schedule 2 and

                  this Section 8.4, GSK shall pay to Immunocore the Sales Milestone Fees (as defined in Schedule 2). Such Sales Milestone Fees shall be payable by GSK based on the aggregate Net Sales made by GSK, GSK’s Affiliates or GSK’s or its Affiliates’ sublicensees and GSK shall procure that it has reporting obligations in place

                bet ween Affiliates and sublicensees (including
                Affiliates’ sublicensees) to ensure compliance with this Section 8.4. Each Sales Milestone Fee payable for an achieved Sales Milestone as set forth in Schedule 2 will be due within [***] days from the date of

                receipt of an invoice from Immunocore, which invoice shall be provided on or after the date that GSK notifies Immunocore, in writing, of such achievement or Immunocore otherwise becomes aware of such achievement and such achievement is

                not in dispute by GSK.

            

       

      	8.5	
              Subject to the terms and conditions set forth in Article 9, GSK shall pay to Immunocore the Royalty on Net Sales of Licensed Products.

            

       

      	8.6	
              Any tax paid or required to be withheld by GSK for the benefit of Immunocore on account of any Royalty or other payments payable to Immunocore under this Agreement shall be deducted from the amount of Royalty or other payments otherwise due. GSK shall secure and send to Immunocore
                proof of any such taxes withheld and paid by GSK for the benefit

                of Immunocore, and shall, at Immunocore’s request, provide reasonable and prompt assistance to Immunocore in recovering
                such taxes.

            

       

      	8.7	
              If any payment due by GSK to Immunocore pursuant to this Agreement is overdue then [***] pro-rated for the number of days from the date upon which payment of such sum became due until payment thereof in full
                together with such interest; provided, that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit Immunocore from exercising any
                other rights it may have as a consequence of the lateness of any payment. Where the late payment is caused by Immunocore, including for reasons such as
                  failure to communicate in a timely manner changes to bank details, or failure to respond to communications from GSK regarding the interpretation or dispute of the terms of such payment, then no interest will be payable by GSK.

            

       

      	8.8	
              All payments to be made by GSK to Immunocore under this Agreement shall be paid by bank wire transfer of immediately available funds in accordance with the wire transfer instructions set forth on Schedule 6. Immunocore shall issue any invoices under this Agreement in accordance with the instructions set out in Schedule 6.

            

       

      	9.	
              Notification and Royalty Payments

            

       

      	9.1	
              As further consideration for the rights granted to GSK under
                  this Agreement, GSK shall pay Immunocore the Royalty set forth below on a calendar quarterly basis during the Royalty Term, and otherwise in accordance with the provisions of this Article 9:

            

      

      

      	 	
              Cumulative Annual Net Sales

               

                

            	 	
              Amount of Royalty 

              payable (% of Net 

              Sales)

               

                

            
	 	
              On annual aggregate Net Sales up to and 

              including [***]

               

                

            	 	
              [***]

            

      

      

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	 	
              On annual aggregate Net Sales > [***] up to and 

              including [***]

               

                

            	 	
              [***]

               

              

            
	 	
              On annual aggregate Net Sales > [***] up to and

                   including [***]

               

                

            	 	
              [***]

               

              

            
	 	
              On annual aggregate Net Sales > [***] up to and

                   including [***]

               

                

            	 	
              [***]

               

              

            
	 	
              On annual aggregate Net Sales >

              [***]

               

              

            	 	
              [***]

               

              

            

      

      

      For clarity, three examples are outlined below:

       

      
        	
                Royalties

              	
                Annual worldwide Net 

                Sales of [***]

              	
                Annual worldwide Net 

                Sales of [***]

              	
                Annual worldwide Net 

                Sales of [***]

              
	
                [***]

              	
                [***]

              	
                [***]

              	
                [***]

              
	
                [***]

              	
                [***]

              	
                [***]

              	
                [***]

              
	
                [***]

              	
                [***]

              	
                [***]

              	
                [***]

              
	
                [***]

              	
                [***]

              	
                [***]

              	
                [***]

              
	
                [***]

              	
                [***]

              	
                [***]

              	
                [***]

              
	
                [***]

              	
                [***]

              	
                [***]

              	
                [***]

              

      

      

      

      	9.2	
              Royalty Term.

            

       

      	

            	9.2.1	
              Subject to the provisions of this Article 9, GSK’s obligation to pay the Royalty shall be calculated on a country-by-country and Licensed Product-by-Licensed Product basis, in those countries of the Territory in which there is a Valid Claim that, but for the licenses gran ted to GSK, would be infringed [***] Royalty with respect to any Licensed Product shall commence upon the First Commercial Sale of such Licensed Product in a
                country, and shall expire on [***] Commercial Sale of such Licensed Product in such country (the “Royalty Term”). To the extent that any Licensed Product is sold in any country prior to First Commercial Sale, Net Sales from such sales shall be accrued as from the time of sale and Royalties on such Net Sales shall become due in the quarter after First
                Commercial Sale.

            

       

      	

            	9.2.2	
              If, on a country-by-country and Licensed Product -by-Licensed

                Product basis, the only Valid Claim Covering a Licensed Product is a claim of any pending patent application within the Immunocore Foreground,

                Immunocore Background or Plat form Rights covering the composition of matter, or the use of a process to manufacture, or method of use of such Licensed Product (a “Pending Claim”, then the following shall

                apply with respect to payment of the Royalty on Net Sales of such Licensed Product :

            

       

      	

            	(a)	
              If GSK is the Party controlling prosecution
                of the Pending Claim, then GSK will pay [***] of the applicable Royalty that would otherwise be due under Section 9.1 to Immunocore for so long as there is a Pending Claim [***] Immunocore shall revert to

                  the full Royalty as set out in Section 9.1 with effect from the date of issue of the Pending Claim until the end of the applicable Royalty Term, subject to any reductions as set forth in Sections 9.3, 9.5 or 9.6, as applicable during such Royalty Term. In addition,

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      GSK will pay to Immunocore within [***] of receipt of an invoice from Immunocore following the date of issue of the Pending Claim an amount equal to the additional [***] of the Royalty that would have been payable in respect of Net Sales made before the issue of the
          Pending Claim as if the Pending Claim had been issued on the date of the First Commercial Sale.

       

      	

            	(b)	
              If Immunocore is the Party controlling prosecution of the
                  Pending Claim, then the terms of Section 9.2(a) shall apply, except that if the Pending
                  Claim does not issue during the period of [***] from the filing date of the first PCT patent application that supports such Pending Claim, then GSK shall be
                  entitled to continue to pay the Royalty at the rate that is [***] of what would otherwise be due under Section 9.1 during the remainder of the Royalty Term, even if such Pending Claim issues after
                  such [***] period during the Royalty Term, subject to any reductions as set forth in Section 9.5 and 9.6 as applicable during such Royalty Term.

            

       

      	9.3	
              On a country-by-country and Licensed Product - by- Licensed Product basis, if, at any time during the Royalty Term, either no Valid Claim exists or all Valid Claims Covering the composition of matter or the use of a process to manufacture or approved method of use have expired, and Immunocore has maintained, at the time of sale of the applicable Licensed Product, Confidential Information as documented in written records that covers the composition of matter, or the use of a process to manufacture or approved method of use of the Licensed Product, then
                GSK shall pay Immunocore a Royalty on Net Sales of such Licensed Product at a rate that is [***] of the applicable Royalty rates set forth in Section 9.1.

            

       

      	9.4	
              Upon expiration of the applicable Royalty Ter m, the licenses granted to GSK under Section 6.7 shall become fully paid-up,
                royalty-free,
                perpetual licenses to make, have made, use, sell, offer for sale and import the applicable Licensed Product in the Field in the applicable country of the Territory.

            

       

      	9.5	
              The Royalty (as adjusted in accordance with Section 9.3) payable in relation to any Licensed Product on a country-by-country basis shall also be reduced by a [***] where any Biosimilar Product is sold in the relevant country and where entry of such Biosimilar Product has reduced GSK’s market share [***] Section 9.5 shall only apply whilst such Biosimilar Product continues to be sold in the [***].

            

       

      	9.6	
              GSK shall be entitled to credit against any milestones or Royalty owed by GSK to Immunocore in relation to any Licensed Product, [***] of any and all payments made to Third Parties where

                such payments are made to such Third Parties in accordance with a licence to
                a patent that covers the Licensed Product (and where such
                Licensed Product would be infringing such Third Party right in the absence of such licence) and is owned or Controlled by such Third Party; provided, that the Royalty payable to Immunocore would never be less than [***] of the amount otherwise due in accordance
                with Section 9.1, as adjusted by Sections 9.3 and 9.5 in any particular calendar quarter. If the amount to be credited exceeds [***] of the amount otherwise due to Immunocore in any calendar quarter, then GSK shall be entitled to carry forward the excess to offset
                against milestones or Royalty paid in relation to the relevant Licensed Product in future calendar
                quarters but in each case in compliance with this Section
                9.6.

            

       

      	9.7	
              With respect to sales of the Licensed Product invoiced
                in pounds sterling, the Net Sales and the amounts due hereunder will be expressed in pounds sterling. With respect to sales of the Licensed Product invoiced in a currency

                other than pounds sterling, the Net Sales and amounts due hereunder will be reported in pounds sterling, calculated

                using the average exchange rates as calculated and utilized by GSK’s group reporting system on a customary basis and published accounts for its own purposes.
                  As of the Effective Date, the method utilized by GSK’s group

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      reporting system uses spot exchange rates sourced from Reuters/Bloomberg. Such conversion shall be made as part of the quarterly reporting of Net Sales in the relevant
          accounts of GSK, GSK’s Affiliates or their sublicensees.

       

      	9.8	
              Until the expiration of all applicable Royalty Terms, GSK will provide a report to Immunocore within
                [***] after each calendar quarter (“Royalty Report”), with the first report due within [***] after the expiry of the calendar quarter in which the First Commercial Sale of any Licensed Product by GSK or its Affiliates or their sublicensees
                occurs. The Royalty Report shall include reasonable detail as available including: (i) the total Net Sales for each Licensed Product on a country-by-country basis; and (ii) a calculation of the amount of Royalty due on such

                Net Sales for each Licensed Product on a country-by-country basis. Concurrent
                with the delivery of each such Royalty Report, GSK shall make the Royalty payment due to Immunocore for the
                calendar quarter covered by such Royalty Report.

            

       

      	9.9	
              GSK or its Affiliates and their sublicensees shall keep and maintain
                for [***] (or such longer period allowed by GSK’s record retention policies, not to exceed [***]) complete and accurate records

                of sales of Licensed Products in sufficient detail to allow Immunocore to confirm the accuracy of Royalties and
                Sales Milestones (as defined in Schedule 2) paid hereunder. Immunocore shall have the right during such [***] period to appoint an independent auditor reasonably acceptable to GSK to audit the records of GSK and/ or any Affiliates and/ or their sublicensees for the purpose of verifying Royalty Reports provided by GSK. Such audit right shall

                not be exercised by Immunocore more than once in any calendar year

                and the records for a [***] period may not be audited more than once. GSK shall make its records available for audit by such independent auditor during regular business hours at such place or places where such records are customarily kept, upon [***] written notice from Immunocore. All records made available for audit

                shall be deemed to be Confidential Information of GSK. The results of each audit, if

                any, shall be binding on both Parties absent manifest error or fraud.

                GSK shall use reasonable efforts to require its Affiliates and any sublicensees of Affiliates or GSK that sell the Licensed Products to permit Immunocore’s audit or access to records of such
                Affiliates and sublicensees at the same time and place as any audit of GSK records under this Section 9.9. GSK shall pay any underpayment of
                Royalty identified by the auditor following an audit under this Section 9.9 within [***] after receipt
                of an invoice from Immunocore for such underpaid amount.

            

       

      	9.10	
              Immunocore shall bear the costs of an audit performed under Section 9.9, except where the audit report identifies an underpayment of Royalty of more than [***], in which case, all documented and reasonable audit fees shall be paid by GSK.

            

       

      	9.11	
              In the event that non-monetary consideration or no ascertainable consideration
                is received for any Licensed Product, Net Sales will be calculated based on the average price charged for such Licensed

                Product during the preceding royalty period, or in the absence of such sales, the fair market value of the Licensed Product, as determined by the Parties in good faith. Where

                the relevant monetary consideration cannot be agreed between the Parties,

                either Party shall be entitled to refer the determination to an independent expert located in [***] and appointed by mutual agreement between the Parties or in the absence of any agreement within [***] of written request for
                  referral, by [***]. The independent expert shall act as an expert and not an arbitrator, and reach a decision as quickly as possible and in any event within [***] of appointment. The expert’s decision shall be final and binding on the
                  Parties in the absence of any manifest error and the Parties shall share equally in the costs of the expert.

            

       

      	9.12	
              In addition to Section 9.11, If a Licensed Product is sold as part of a multi-product sale (whether physically combined or sold or supplied together) whether by GSK, its Affiliates or their
                sublicensees, then for purposes of determining payments due hereunder, Net Sales of such Licensed Product shall

                be deemed to be an amount equal to the following:

            

       

      
        
          
            
              	36
	
                       

                    
	
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      (X divided by Y) multiplied by Z,

       

      where “X” is the average sales price during the applicable reporting period generally achieved for the relevant Licensed Product in the country in which such sale occurred when the Licensed Product is sold alone on an arms length basis (including as relevant such Licensed Product being sold at full market value rather than at reduced or low cost) and not as part of a multi-product sale;

       

      “Y” is the sum of the average sales price during the applicable reporting period generally achieved in that country (as applicable) of each product included in the multi- product when such product is sold separately for a single price;

          and

       

      “Z” is the single price at which the relevant multi-product sale was made.

       

      In the event that no separate sale of either the Licensed Product or any other product contained in a multi-product

          sale are made on an
          arms length basis (and not for example sold at zero price or a low or reduced price) during the accounting period in which the sale was made or if the price for a particular product cannot otherwise be determined for an accounting period, Net Sales allocable to the Licensed
          Product and multi-product sale shall be determined by mutual agreement reached in good faith by the Parties prior to the end of the accounting period in question based on an equitable [***] cannot be
          agreed between the Parties, either Party shall be entitled to refer the determination to an independent expert located in [***] and appointed by mutual agreement between the Parties or in the absence of any agreement within [***] reach a decision as quickly as possible and in any event [***] of appointment. The expert ‘s decision shall be final and binding on the Parties in the absence of any manifest error and the Parties shall share equally in the costs of the expert.

       

      
        	
                9.13

              	
                Sales of Licensed Product between GSK and its Affiliates or between GSK or its Affiliates and their sublicensees shall be excluded from the computation of Net Sales and no payments shall be payable on such sales except where such Affiliates or sublicensees are end users. Further, sales of Licensed Product by GSK or its Affiliates or their sublicensees that are for compassionate use or on a named patient /
                  named hospital basis shall be excluded from the computation of Net Sales and no payments shall be payable on such sales provided in each case that such supplies are at cost or for free. Where any sales for compassionate use or on a named patient/ named hospital basis are provided for consideration, such
                    sales shall be treated as Net Sales and royalties shall be payable to Immunocore on such Net Sales.

              

      

       

      	10.	
              Confidentiality

            

       

      	10.1	
              Each Party agrees to keep the Confidential Information of the disclosing Party in strict confidence and not to use, or disclose such Confidential Information to any third Party, save as explicitly permitted in this Agreement. The Party owning the Results or the Foreground in Results shall be deemed to be the disclosing Party and the other Party shall be obliged to keep such Results confidential in accordance with this Section 10.1. The foregoing obligations of confidentiality will not apply to the extent

                that it can be established by the receiving Party that such Confidential Information:

            

       

      	 	10.1.1	
              was in the lawful knowledge and possession of the receiving Party prior to the time it was disclosed to, or learned by, the receiving Party, or was otherwise developed independently by the receiving Party, as evidenced

                by written records kept in the ordinary course of business, or other documentary proof of actual knowledge by
                the receiving Party;

            

       

      	

            	10.1.2	
              was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party;

            

       

      
        
          
            
              	37
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	

            	10.1.3	
              became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; or

            

       

      	

            	10.1.4	
              was disclosed to the receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the disclosing Party not to disclose such information to others.

            

       

      	10.2	
              The Parties may provide the Confidential Information to such of its officers, employees, representatives and subcontractors

                who reasonably require access to it for the purpose of fulfilling
                the receiving Party’s obligations

                or exercising its rights under this Agreement provided
                that before any of the disclosing Party’s Confidential Information
                is disclosed to them, they are made aware of its confidential nature and that they are under a legally - binding obligation to the receiving Party to treat that Confidential Information in the strictest confidence
                in accordance with the terms of this Agreement. For clarity, such disclosures may be made in the furtherance of, inter alia, (i) the performance of its obligations or exercise of rights granted or reserved in this Agreement;
                (ii) to the extent such disclosure is reasonably necessary in filing or prosecuting patent, copyright and trademark applications, prosecuting or
                defending litigation, obtaining Regulatory Approvals, conducting pre-clinical activities or clinical trials, marketing Licensed Products, or otherwise required by Applicable Laws; provided, that if a receiving Party is required by Applicable Law to make any such disclosure of a disclosing Party’s Confidential Information it shall, except where impracticable for necessary disclosures, for example in the event of medical
                emergency, give reasonable advance notice to the disclosing
                Party of such disclosure requirement and, except to the extent inappropriate in the case of patent applications, shall use its reasonable efforts to secure confidential treatment of such Confidential Information required to be disclosed.

            

       

      	10.3	
              The Parties may disclose the Confidential Information to Affiliates, existing or prospective advisors, shareholders, investors, collaborators, sublicensees, partners or joint venturers, in each case under
                appropriate confidentiality provisions substantially [***] Confidential Information to Third Parties in connection with (i) a merger, consolidation or similar
                  transaction by such Party, (ii) the sale of all or substantially all of the assets of such Party to which this Agreement relates, or (iii) as required by rules of any stock exchange on which the securities of a Party are traded, in the case of (i) and (ii) under appropriate confidentiality provisions substantially equivalent
                  to those of this Agreement. In each of the above authorized disclosures, the Receiving Party shall remain responsible for any failure by any person who receives the Confidential Information pursuant to this Section 10.3 to treat such Confidential Information as required under this Article 10.

            

       

      	10.4	
              Both Parties shall keep the terms of this Agreement confidential and such terms shall be treated as Confidential Information in accordance with this Article 10, except that Immunocore may issue a public announcement of the execution of this Agreement in the form mutually agreed by the Parties and as set out in Schedule 9. Immunocore may also issue public announcements
                of the achievement of each Milestone for each Licensed Product as set out in Schedule 2, with the prior review of GSK. Neither Party will use the other’s name or logo
                in any press release

                or product advertising, or for any other promotional purpose, without first obtaining the other’s written consent and entering into appropriate trademark or housemark licenses, as appropriate.

                Neither Party will, without the prior written consent of the other Party, issue any public announcement or press release relating to this

                Agreement or the terms of this Agreement. Each Party shall provide

                the other with an advance copy of any such public announcement at least [***] prior to its scheduled release; provided, that

                if the Party proposing such public announcement cannot provide the reviewing Party

                with [***] notice due to extraordinary circumstances, such Party will use reasonable efforts to provide the reviewing Party with the proposed public statement for
                comment at least [***] before release. Nothing in this Section shall prevent any press release or announcement required in accordance with any regulatory requirement or stock exchange requirement.

            

       

      
        
          
            
              	38
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	10.5	
              After exercise of the applicable Initial Program Option
                or Collaboration Program Option, GSK or its Affiliates shall have the
                right to make disclosures pertaining to Licensed Products arising from the applicable Collaboration Program in scientific
                journals or other publications, and at scientific conferences in each case subject to prior written notice to Immunocore. Prior written consent from Immunocore will be required where any
                disclosure in scientific journals or other publications includes any Confidential Information comprised within
                Immunocore Background or Platform Rights and which is not specific to the Licensed Product. GSK will reasonably endeavour to provide Immunocore with no less than [***] to review the contents of any proposed disclosure. Within such [***], Immunocore may request that any such Confidential Information is removed from the proposed disclosure and GSK shall
                remove such Confidential
                Information prior to any disclosure. Immunocore shall not make disclosures pertaining to Licensed Products or Results
                arising from a Collaboration Program unless solely related to the Immunocore Background or Platform Rights in scientific journals or other publications, or
                at scientific conferences, without the prior written consent of GSK, which may be withheld in GSK’s discretion. Immunocore shall provide a copy of such proposed disclosure or presentation to GSK no less than [***]
                prior to Immunocore’s intended submission for publication. GSK shall
                respond in writing promptly and in no event later than [***] after receipt of the proposed material,
                with one or more of the following: (a) comments on the proposed material, [***], (b) a specific statement of concern, based upon the need to seek patent protection of GSK’s Confidential Information, or (c) an identification of GSK’s Confidential Information that is contained in the material reviewed. In the event of concern over patent protection,
                  Immunocore agrees not to submit such publication or to make such presentation that contains such information until GSK is given a reasonable period of time (not to exceed [***]) to seek patent protection for any of its Confidential Information in such publication or presentation which it believes is patentable. With respect to all other non-patentable Confidential Information
                  of GSK, such Confidential Information shall be deleted from the proposed publication. In the case of conference abstracts
                  and other rapid scientific communications, the Parties will complete the review process in [***] or less.

            

       

      	10.6	
              Immunocore shall have the right to make disclosures pertaining to the Plat form Rights and Immunocore Background; provided that
                such disclosure or presentation

                shall not contain any Confidential Information of GSK or any information regarding any Licensed Product, whether prior to or after exercise of the applicable Initial Program Option or Collaboration Program Option.

            

       

      	10.7	
              This Agreement supersedes the Confidential Disclosure Agreement

                executed by the Parties dated 22 April 2010 (the “CDA”). All information exchanged between the Parties under the CDA shall be deemed Confidential Information of the Party disclosing it under the CDA and shall be subject to the terms of this Article 10.

            

       

      	10.8	
              Upon termination of this Agreement, each Party hereto
                and its Affiliates shall use Commercially Reasonable Eff orts to return all Confidential Information of the
                other Party in its possession to the other Party; provided, that each Party may retain: (i) a single archival copy of the Confidential Information of the other
                Party; (ii) any portion of the Confidential Information of the other Party which is contained in senior management briefing documents, laboratory notebooks or other electronic systems, the deletion from which would not be practicable;

                in either case, solely for the purpose of determining the extent of disclosure of Confidential Information hereunder,
                assuring compliance with the surviving provisions of this Agreement, relevant document retention policies of the Party and Applicable Laws. A Party may also retain Confidential Information where necessary for the performance of any surviving licence or obligation.

            

       

      	10.9	
              GSK shall have the right at any time after exercise of an Initial Program Option or Collaboration Program Option, during and after the Term, to (i) publish the results or summaries of results of all GSK sponsored or supported clinical trials (which after exercise of the applicable Initial Program Option or Collaboration Option shall include any Phase 1 Trial results of Immunocore),

            

       

      

      
        
          
            
              	39
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      observational studies and other studies such as meta analyses, conducted with respect to a Licensed Product in any clinical trial register maintained by GSK or its Affiliates and the protocols of clinical trials relating to such Licensed Product on www.ClinicalTrials.gov and/or in each case publish the
        results, summaries and/or protocols of such Clinical Trials or
        studies on such other websites and/ or repositories and/or at scientific congresses and in a peer-reviewed journal within such timescales as required by law or GSK’s or its Affiliates’ standard operating procedures, irrespective of the outcome of such Clinical
        Trials; (ii) make information from Clinical Trials and studies conducted with respect to a Licensed Product available under its Data Sharing Initiative; and (iii) publish the status of each Licensed Product in its annual and quarterly reports and updates regarding GSK’s research and development pipeline. Each such publication or disclosure made in
        accordance with this Section 10.9 shall not be a breach of the confidentiality obligations provided in this Article 10 and GSK shall be entitled to maintain or effect such publication or disclosure even following
          any termination of GSK’s rights in respect of the relevant Licensed Product. Any disclosure made under this Section 10.9 shall not include any Confidential
          Information of Immunocore comprised within Immunocore Background or Platform Rights where such Confidential Information does not relate explicitly to the
          Licensed Product and without the prior written consent of Immunocore, unless required by Applicable Law.

       

      	11.	
              Warranties and Indemnity

            

       

      	11.1	
              Immunocore warrants to GSK that as of the Effective Date :

            

       

      	

            	11.1.1	
              it has the right to grant the licences in accordance with Section 6.7;

            

       

      	

            	11.1.2	
              it has in place contracts with its employees and other personnel

                it appoints to perform the Collaboration Program sufficient

                to ensure all Foreground is owned in accordance with Article 7 above;

            

       

      	

            	11.1.3	
              all of Immunocore’s agreements with the subcontractors set forth on Schedule 10 to the extent agreements already exist under which
                subcontractors will be conducting work under the Research Plans provide (i) that Immunocore shall, in all cases, retain or obtain
                ownership of any and all Intellectual Property arising as a result of performance of any sub-contracted activity under the Research Plan, (ii) that such sub-contractor has

                no rights to use any Intellectual Property Rights owned or Controlled by Immunocore
                save as strictly necessary for performance of the sub-contracted activities and (iii) that such sub-contractor shall not be entitled to further sub-contract its obligations as they relate to the conduct of any Collaboration Program under this Agreement.

            

       

      	

            	11.1.4	
              It has not received any written notice from any Third Party asserting or alleging that the research, development or manufacturing of Compounds infringes or misappropriates

                the intellectual property rights of such Third Party;

            

       

      	

            	11.1.5	
              Schedule 3 sets forth a complete and accurate list of the patents comprising the Immunocore Background
                  relevant to the Targets within the Dataroom as of the
                  Effective Date;

            

       

      	

            	11.1.6	
              Immunocore has provided GSK with a complete and accurate
                copy of the Assignment Agreement, Deed and Clarification Agreement, as each such agreement is in effect as of the Effective Date, and Immunocore is not aware of any current material breach of the Assignment Agreement, Deed and Clarification

                Agreement that would give Adaptimmune the right to terminate the same;

            

       

      
        
          
            
              	40
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	

            	11.1.7	
              Immunocore represents and warrants to GSK that it has not intentionally omitted to furnish GSK with any material information known to Immunocore in response to GSK’s requests for information, at the time of such response, during the due diligence and negotiation process with respect to
                this Agreement;

            

       

      	

            	11.1.8	
              the information in the Dataroom is accurate in all
                material respects; and

            

       

      	

            	11.1.9	
              the following patents and patent applications are owned by Immunocore: patents and patent applications derived from [***].

            

       

      	11.2	
              GSK warrants to Immunocore that it has in place contracts with its employees and other personnel it appoints to perform the Collaboration Program sufficient to ensure all Foreground is owned in accordance with Article 7 above.

            

       

      	11.3	
              Each Party warrants to the other that:

            

       

      	

            	11.3.1	
              As of the Effective Date, it is a company or corporation
                duly organized, validly existing, and in good standing under the Applicable Laws of the jurisdiction in which it is incorporated.

            

       

      	

            	11.3.2	
              As of the Effective Date, (i) it has the corporate power and authority

                and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate act ion on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and
                  delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms.

            

       

      	

            	11.3.3	
              Nothing contained in this Agreement shall be construed as a warranty, either express or implied,

                on the part of either Party

                that (i) any Collaboration Program will yield a Licensed Product or otherwise be successful or meet its goals, or (ii) the outcomes of the Collaboration Programs will be commercially exploitable in any respect.

            

       

      	11.4	
              In the course of the research or development of the Compounds and Licensed Products, each Party (and in the case of GSK, GSK’s Affiliates) shall not use any employee or consultant who has been debarred by any Regulatory

                Authority, or, to such Party ‘s knowledge, is the subject of debarment proceedings by a Regulatory Authority. Each Party shall notify the other Party promptly upon becoming aware that any of its employees or consultants (or employees or consultants of GSK’s Affiliates as relevant) has been debarred or is the subject of debarment proceedings by any Regulatory Authority.

            

       

      	11.5	
              Each Party shall comply in all material respects with
                all Applicable Laws in the performance of its obligations and exercise of its rights under this Agreement to the extent in each case that such Applicable Laws cover the performance of the relevant obligations or exercise of rights, including the statutes, regulations and written directives of the FDA, the

                EMA and any other applicable Regulatory Authority, and the provisions of Section 14, each as may be amended from
                time to time.

            

       

      	11.6	
              Should Immunocore propose to amend the Amendment Agreement or Deed and Clarification Agreement in a manner that would prevent or restrict the grant of any of the licences under this Agreement to GSK, or provide the right to Adaptimmune

                to prosecute any Licensed Patents that it does not have the right to prosecute as of the Effective Date, it will obtain the prior written consent of GSK. Such consent will not be unreasonably withheld and will be provided promptly.

            

       

      
        
          
            
              	41
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	11.7	
              the express undertakings and

                warranties given by the parties in this agreement are in lieu of all other warranties, conditions, terms, undertakings and obligations whether express or implied by statute, common law, custom, trade usage, course of dealing or in any other
                  way. all of these are expressly excluded from this agreement to the full extent permitted by law. no warranty is given by immunocore that any use of immunocore background will result in any commercially useful licensed products or licensed products which will successfully treat any specific indication.

            

       

      	11.8	
              GSK will indemnify, defend and hold harmless Immunocore and its directors, officers, employees and representatives (the “Immunocore Indemnified Parties”) from and against all Losses arising out of or resulting from Claims based upon:

            

       

      	

            	11.8.1	
              any negligence or wilful misconduct by any GSK Indemnified Party or GSK’s sublicensees in connection with GSK’s performance of its obligations or exercise of its rights under this Agreement;

            

       

      	

            	11.8.2	
              any non-compliance by any GSK Indemnified Party or GSK’s
                sublicensees or their sub-contractors with any Applicable Laws;

            

       

      	

            	11.8.3	
              any death or injury or product liability claim resulting from sale or supply of any Licensed Product by GSK or its Affiliates or their sublicensees;

            

       

      	

            	11.8.4	
              any death or injury or product liability claim resulting from the conduct of Clinical Trials by any GSK Indemnified Party or GSK’s sublicensees, and the storage, handling, use, manufacture, marketing, commercialization, importation or
                sale of any Compounds by GSK, its Affiliates, their subcontractors or their sublicensees; and/or

            

       

      	

            	11.8.5	
              GSK proceeding with an Act ion

                in accordance with
                  Section 7.4.4 after Immunocore informs GSK that it is not proceeding with such Action on the advice of competent counsel, and, if GSK requires Immunocore to initiate an Action, such actions taken by Immunocore as directed by GSK;

            

       

      except, to the extent such Claim arose out of or resulted from any negligence, misconduct or material breach of this Agreement by any
        Immunocore Indemnified Party. The indemnities given in Section
        11.8 are subject to the Immunocore Indemnified Parties promptly notifying GSK
        in writing with details of the Claim and not making any admission in relation to the Claim.

       

      	11.9	
              Immunocore shall indemnify, defend and hold harmless GSK and its Affiliates, and its or their respective directors,
                officers, employees and representatives (the “GSK Indemnified Parties”), from and against any and all Losses arising out of or resulting from any Claims based upon:

            

       

      	

            	11.9.1	
              Any negligence or wilful misconduct by any Immunocore Indemnified Party, in connect ion with Immunocore’s
                performance of its obligations or exercise of its rights under this Agreement;

            

       

      	

            	11.9.2	
              Any non-compliance by any Immunocore Indemnified Party or Immunocore’s sublicensees or subcontractors with any Applicable Laws;

            

       

      	

            	11.9.3	
              any death or injury or product liability claim resulting from sale or supply of any Terminated Product by Immunocore or its Affiliates or their sublicensees;

            

       

      
        
          
            
              	42
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	

            	11.9.4	
              any death or injury or product liability claim resulting from the conduct of Clinical Trials under any Research Plan by any Immunocore Indemnified Party, and the storage, handling, use, manufacture, marketing, commercialization,
                importation or sale of any Licensed Products by Immunocore, its Affiliates, or their subcontractors;

            

       

      	

            	11.9.5	
              any breach by Immunocore of the Assignment Agreement, Deed and Clarification Agreement and any claim to Immunocore Background or Foreground arising under this Agreement by Adapt immune that conflict or interfere with the rights and licenses granted
                to GSK by Immunocore under this Agreement; and/or

            

       

      	

            	11.9.6	
              Immunocore proceeding with an Act ion in accordance with Section 7.4.4 after GSK informs Immunocore that it is not proceeding with such Action on the advice of competent counsel, and, if Immunocore requires GSK to initiate

                an Action, such actions taken by GSK as directed by Immunocore;

            

       

      except, to the extent such Claim arose out of or resulted from any negligence, misconduct or material breach of this Agreement by any GSK Indemnified Party. The indemnities given in
        Section 11.9 are subject to the GSK Indemnified Parties promptly notifying Immunocore in writing with details of the claim and not making any admission in relation to the claim.

       

      	12.	
              Limitation of Liability

            

       

      	12.1	
              Subject to Section 12.3, neither Party shall be liable under

                this Agreement whether in contract, tort (including negligence) or otherwise in respect of any indirect or consequential loss
                or damage including any loss of prof it, loss of business or loss of goodwill.

            

       

      	12.2	
              Subject to Section 12.3, Immunocore’s total aggregate liability for any and all claims under this Agreement or arising in relation to this Agreement whether to GSK or its Affiliates or their sublicensees shall in no event exceed
                  [***].

            

       

      	12.3	
              nothing in this agreement limits or excludes any party’s liability for (a) death or personal injury caused by its negligence; (b) fraud; (c) any indemnity under sections 11.8.3, 11.8.4, 11.9.3 and 11.9.4; (d) gross negligence or wilful misconduct; or (e) any sort of liability that, by law, cannot be limit ed or excluded.

            

       

      	12.4	
              Immunocore shall maintain, at its cost, insurance
                against liability and other risks associated with its activities and obligations under this Agreement, including the conduct of Clinical Trials and its
                indemnification obligations hereunder, in such amounts, subject to such deductibles and on such terms as
                are customary for a company such as Immunocore for the activities to be conducted by it under this Agreement. Immunocore shall furnish to GSK evidence of
                such insurance upon request.

            

       

      	13.	
              Term and Termination

            

       

      	13.1	
              This Agreement will come into force on the Effective Date and will remain in force until the last financial obligation under this Agreement has been satisfied, unless earlier terminated in accordance
                with this Agreement.

            

       

      	13.2	
              GSK Right to Terminate. GSK may terminate (a) this Agreement; or (b) any Collaboration Program or (c) any licence granted following exercise of an Initial Program Option or Collaboration Program Option at any
                  time on provision of [***] written notice to Immunocore. The notice shall specify whether GSK is terminating the Agreement or any Collaboration Program or any licence. Where GSK terminates for convenience under this clause 13.2, GSK will
                  reimburse Immunocore for any Third Party expenses incurred or committed to by Immunocore as at time of receipt of notice of

            

       

      
        
          
            
              	43
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      termination and where such Third Party expenses cannot reasonably be cancelled by
          Immunocore using Commercially Reasonable Efforts (including costs of any Clinical Trial, sub-contractor costs, CRO costs, CMO costs and manufacturing costs).

       

      	13.3	
              Termination for Lack of Feasibility. Where either the JSC or GSK decides to terminate a Collaboration Program in accordance with Sections 3.5.1, 3.5.2, 3.6.1 or 3.6.2, then GSK shall serve [***] written notice to Immunocore terminating the relevant Collaboration Program. Where a
                Collaboration Program is terminated under Section 3.5.2(ii) or 3.6.2(ii), in addition to the provisions of Section 13.6 below, the provisions of Section 5.3.5 shall apply.

            

       

      	13.4	
              Breach.

            

       

      	

            	13.4.1	
              Either Party may (without limiting any other remedy it may have) at any time terminate this Agreement in its entirety or on a Collaboration
                Program-by-Collaboration Program or license-b y-license basis with immediate

                effect by giving written notice to the other if the other (or in the
                case of GSK, its Affiliates) is in material breach of any material provision of
                this Agreement and the breach has not been remedied within [***] after receipt of written notice specifying the breach and requiring
                its remedy (if such breach is capable of remedy). If such breach is not
                susceptible to cure within such [***] period, the breaching Party shall, within

                such [***] period, provided to the non-breaching Party a written
                plan reasonably acceptable to the non- breaching Party, that is reasonably calculated to effect a cure. Where the non-breaching Party
                has accepted any such plan in accordance with the preceding sentence, the
                non-breaching Party may terminate this Agreement
                immediately up on written notice to the breaching Party if the breaching Party subsequently fails to carry out such plan. The right of either Party to terminate this Agreement as provided in this Section 13.4 shall not be affected in any way by such Party’s waiver or failure to take action with respect to any previous default.

            

       

      	

            	13.4.2	
              Material breach shall include non-payment

                of sums due and owing from GSK. Material breach shall include failure

                of Immunocore to communicate to GSK [***].

            

       

      	

            	13.4.3	
              If the Parties reasonably and in good faith disagree as to whether there has been a material breach, the Party which seeks to dispute that there has been a material breach may contest the allegation in accordance with Article 15. From the date that any claim of material breach is referred to the Executive
                Officers in accordance with Section 15.1 until such time
                as the dispute regarding such claimed material breach has become finally settled, the time period during which the breaching Party must cure an alleged breach that is the subject matter of the dispute shall be suspended and no termination under this Section 13.4 shall become effective.

            

       

      	13.5	
              Either Party may (without limiting any other remedy it may have) at any time terminate this Agreement or a specified Collaboration Program (which may include exercising the applicable Initial Program Option or Collaboration Program) with immediate effect if the other Party becomes insolvent, or if an order is made or a resolution is passed for its winding up (except voluntarily for the purpose of solvent

                amalgamation or reconstruction), or if an administrator, administrative receiver or receiver is appointed over
                the whole or any part of the other Party’s assets, or if the other Party makes any arrangement with its
                creditors or ceases to carry on business or does or
                suffers any similar or analogous act existing under the laws of any country.

            

       

      	13.6	
              Where GSK terminates any Collaboration Program or licence in accordance with Section 13.2, a Collaboration Program is terminated

                in accordance with Section 13.3, or Immunocore terminates a Collaboration Program or licence for GSK breach in accordance with Section 13.4 (in each case a “Terminated Project”):

            

       

      
        
          
            
              	44
	
                       

                    
	
                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      	

            	13.6.1	
              The restrictions under Section 6.4 shall cease to apply in relation to any Target or Licensed Product resulting from a Terminated Project from the date of termination of such Terminated Project;

            

       

      	

            	13.6.2	
              All sums due and owing prior to the date of termination in relation to the Terminated Project shall remain due and
                owing and Immunocore shall have no obligation to reimburse any payment previously made by GSK;

            

       

      	

            	13.6.3	
              The licences Granted to GSK as set forth in Section 6.7 shall terminate with respect to the particular Terminated Project from date of termination of the Terminated Project. This Agreement shall remain in full force and effect in
                relation to other Collaboration Programs and licences granted to GSK;

            

       

      	

            	13.6.4	
              Save as provided in Sections 13.3 and 5.3.5 above, Immunocore shall be entitled to license the Immunocore Foreground arising from the performance of the Terminated Project to Third Parties; provided that such licenses are not in breach
                of any other licenses to GSK remaining in effect under this Agreement;

            

       

      	

            	13.6.5	
              [***] as applicable (save as provided in Section 13.7
                below), with the right to grant sub- licences (through multiple tiers) solely for the further development and commercialization of the Terminated Products; provided that the foregoing [***] termination in accordance with Section 13.3;

            

       

      	

            	13.6.6	
              Prosecution of any patents or patent applications covering any Immunocore Foreground that arose out of the performance of the Terminated Project, and

                solely applicable to such Terminated Project (i.e. such Immunocore Foreground is not the subject of on-going licenses

                to GSK under the Agreement) shall revert to Immunocore and GSK shall provide all reasonable assistance
                at its cost to transition the filing, maintenance and prosecution of such Immunocore Foreground to Immunocore as soon as possible after the date of
                termination.

            

       

      	

            	13.6.7	
              The Parties shall discuss and agree a plan to either transfer responsibility for Clinical Trials of Licensed Products arising from the Terminated Project (“Terminated Products”) in which any patient has been enrolled, to Immunocore or Immunocore’s nominated Third
                Party, or permit GSK or its Affiliates to complete and/or wind down such Clinical Trials. GSK shall be responsible for such costs of completion and/or winding down unless otherwise agreed by Parties;

            

       

      	

            	13.6.8	
              GSK shall deliver to Immunocore [***] within [***] of the date of termination, or as soon as reasonably possible thereafter, all Results, data, materials, drug, submissions, regulatory documentation, clinical materials, details of Third Party sub-contractors (including manufacturers),

                process details and all other materials in its possession or control

                solely related to the applicable Terminated Product or
                Terminated Project, and in each case as reasonably necessary solely for the purpose of permitting Immunocore (or as relevant its nominated Third Party) to continue with the research and development, sale, supply and manufacture of the
                Terminated Products.

            

       

      	

            	13.6.9	
              For the avoidance of doubt, in connect ion with the termination of a Collaboration Program in accordance with Section 13.3, the foregoing provisions of this Section 13.6 that are not relevant to such termination shall not apply. By way
                of illustration only, if a Collaboration Program is terminated prior to exercise of a Collaboration Program Option, then GSK are unlikely to be prosecuting any Immunocore Foreground or conducting Clinical Trials of

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      Licensed Products at the time of termination, and therefore, Sections 13.6.6 and 13.6.7 would be irrelevant.

       

      	13.7	
              [***] commercializes the Terminated Product, Immunocore shall pay to GSK a royalty of [***] of the Net Sales of such Terminated Product. The provisions of Sections 9.4,
                9.7, 9.8, 9.9, 9.10, 9.11 and 9.12 shall apply, mutatis mutandis, to

                Immunocore ‘s obligations to pay royalties hereunder,
                with all references to “GSK” replaced by “lmmunocore,“ all references to “lmmunocore” replaced by “GSK” and all references to “Licensed Product” replaced
                with “Terminated Product.”

            

       

      	13.8	
              If (a) GSK or any of its Affiliates directly or indirectly commences any interference or opposition proceeding or challenges the validity or enforceability of, or opposes any extension of or the grant of any
                supplementary protection certificate with respect to any patent or patent application within the Immunocore Background, Immunocore Foreground or Platform Rights licensed to it under Section 6.7 (each such action a “GSK Patent Challenge”); or (b) GSK uses the Immunocore Background or Immunocore Foreground

                other than as licensed under Section 6.7.1, then Immunocore shall have the right to terminate the license to such patent granted to GSK under Section 6.7.1 to which the Patent Challenge relates or that GSK uses outside the scope of its
                licenses hereunder (and all Compounds, Targets and Licensed Products covered by such patent), upon [***] written notice to GSK; provided, that Immunocore’s right to terminate this Agreement under this Section 13.8 shall not apply to any
                Affiliate of GSK that first becomes an Affiliate of GSK after the Effective Date of this Agreement in connection with a merger or acquisition event, where such Affiliate of GSK was undertaking activities
                  in connection with a Patent Challenge prior to such merger or acquisition event and GSK ceases involvement in such Patent Challenge within [***] after such merger or acquisition event.

            

       

      	13.9	
              If (a) Immunocore or any of its Affiliates or their sublicensees (to the extent such sublicensees are
                sublicensed under the relevant GSK Background or GSK Foreground which is subject to the Immunocore
                Patent Challenge) directly or indirectly commences any interference or opposition proceeding or challenges the validity or enforceability of, or opposes any extension of or the grant of any supplementary protection certificate with respect to any patent or
                patent application within the GSK Background or GSK Foreground licensed to it under Sections 6.12 and 6.13 (each such action
                an “Immunocore Patent Challenge”); or (b) Immunocore uses the GSK Background or GSK Foreground other than as
                licensed under Sections 6.12 or 6.13, then GSK shall have the right to terminate the license to such patent gr anted to Immunocore under Sections 6.12 or 6.13 to which the Immunocore

                Patent Challenge relates or that Immunocore uses outside the scope of its licenses hereunder (and all Compounds, Targets and products comprising Compounds Cover ed

                  by such patent), upon [***]’ written notice to
                Immunocore; provided, that
                GSK’s right to terminate the licence under this Section 13.9 shall (i) not apply to any Affiliate of Immunocore that first becomes an Affiliate of Immunocore after the Effective Date
                of this Agreement in connection with a merger or acquisition event, where such Affiliate of Immunocore was undertaking activities in connection with an Immunocore Patent Challenge prior to such merger or acquisition event and Immunocore causes such Immunocore Patent Challenge to terminate within [***] after such
                merger or acquisition event; (ii) only apply in the case of sublicensees where GSK has given Immunocore notice of any Immunocore Patent Challenge and at least [***] to procure the termination of
                such Immunocore Patent Challenge. This Section 13.9 and the right to terminate any licence under this Section 13.9 shall not apply

                in relation to any pre- existing sub-licensee of Immunocore
                under the Immunocore Background and relating to Compounds as
                at the Effective Date.

            

       

      	13.10	
              Where Immunocore is in material breach of this Agreement in connection with a Collabo rat ion Program in accordance with Section 13.4, the following shall apply:

            

       

      	

            	13.10.1	
              GSK shall have the right in its sole discretion to exercise any or all of the Initial Program
                Options or Collaboration Program Options for all then on-going Collaboration Programs,

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      and GSK’s obligation to pay Immunocore the Milestone Fees associated

        with the development milestones set forth on Schedule 2 shall be modified as set forth in Schedule 2;

       

      	

            	13.10.2	
              The restrictions set forth in Section 6.4 shall continue to apply to Immunocore;

            

       

      	

            	13.10.3	
              The licences granted to Immunocore as set forth in Section 6.12 and 6.13 shall terminate with respect to the particular Collaboration Program from date of termination or exercise of the applicable Initial Program Option or Collaboration
                Program Option thereof. This Agreement shall remain in full force and effect in relation to other Collaboration Programs and licences granted to GSK;

            

       

      	

            	13.10.4	
              The Parties shall discuss and agree a plan to transfer responsibility for on-going Clinical Trials of Licensed Products arising from the terminated
                  Collaboration Program to GSK including which Party shall be responsible for costs associated with transfer, completion or winding down; and

            

       

      	

            	13.10.5	
              Immunocore shall deliver to GSK [***] within [***] of the date of termination all Results, data, materials, drug, submissions, regulatory documentation, clinical materials,
                details of Third Party sub-contractors (including manufacturers), process details and all other materials in its possession or control solely related to the applicable Licensed Product arising in the course of the
                terminated Collaboration Program, and in each case as reasonably necessary solely for the purpose of
                permitting GSK (or as relevant its Affiliates or sub-licensee) to continue with the research and development, sale,
                supply and manufacture of such Licensed Products.

            

       

      	13.11	
              Where GSK terminates this Agreement or any specified Collaboration Program under Section 13.5, the following shall apply:

            

       

      	

            	13.11.1	
              GSK shall have the right in its sole discretion to exercise any or all of the Initial Program Options or Collaboration Program Options
                for all then on-going Collaboration Programs where the Agreement is
                being terminated in its entirety or the Initial Program Options or Collaboration Program Options relevant to a particular

                Collaboration Program being terminated, and GSK’s obligation to pay Immunocore the Milestone Fees
                associated with the development milestones set fort h on Schedule 2 shall be modified as set forth in Schedule 2;

            

       

      	

            	13.11.2	
              The licences granted to Immunocore as set forth in Section 6.12 and 6.13 shall terminate with respect to the particular Collaboration Program from date of termination thereof. This Agreement shall remain in full force and effect in
                relation to other Collaboration Programs and licences granted to GSK;

            

       

      	

            	13.11.3	
              The Parties shall discuss and agree a plan to transfer responsibility for on- going Clinical Trials of Licensed Products arising from any terminated Collaboration Program to GSK. GSK shall pay for any costs or expenses associated with
                transfer, completion or winding down of such Clinical Trials;

            

       

      	

            	13.11.4	
              Immunocore shall deliver to GSK [***] within [***] of the date of termination all Results, data, materials, drug, submissions, regulatory documentation, clinical materials, details of Third Party sub-contractors (including manufacturers), process details and all other materials in its possession or control solely related to the applicable Licensed Product arising in the course of any terminated Collaboration Program, and in each case as reasonably necessary solely for the purpose of permitting

                  GSK (or as relevant its Affiliates or sub-

            

       

      
        
          
            
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                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      licensee) to continue with the research and development, sale, supply and manufacture of such Licensed Products; and

       

      	

            	13.11.5	
              To the extent that any liquidator or administrator legally disclaims any continuing obligation or surviving obligation following
                  termination in accordance with Section 13.5, Immunocore shall offer GSK a right to negotiate in good faith for (a) any continuing licences to manufacture, sell, supply, use and import the Licensed Products subject to any disclaimed licence or option right; and (b) supply of materials under Section 13.11.4.

            

       

      	13.12	
              Termination of this Agreement will not release any Party from any obligation or liability which has fallen due or
                  arisen before the effective date of termination of this Agreement. Any payments due or arising prior to the date of termination shall immediately become due and payable on termination.

            

       

      	13.13	
              Articles 1 (to the extent required), 6 (to the extent provided in Article 13), 7 (to the extent provided in Article 13), 10, 11, 12 13 (and all Sections that are required to survive termination in accordance with Article 13) and 16 will survive termination or expiry of this Agreement for whatever reason.

            

       

      	14.	
              Anti-bribery

            

       

      	14.1	
              Each Party agrees to:

            

       

      	

            	14.1.1	
              comply with all Applicable Laws relating to ant i-bribery and anti-corrupt ion including but not limited to the Bribery Act 2010 (Relevant Requirements);

            

       

      	

            	14.1.2	
              maintain in place throughout the term of this Agreement its own policies and procedures, including but not limited to adequate procedures under the Bribery Act 2010, to ensure compliance with the Relevant Requirements and will enforce them where appropriate;

            

       

      	

            	14.1.3	
              comply with any key ant i- bribery policies of the other Party which
                are communicated to it as of the Effective Date and in relation to which a Party can reasonably comply;

            

       

      	

            	14.1.4	
              promptly report to other Party any request or de mand for any undue financial or other advantage of any kind it receives in connection with the performance of this Agreement; and

            

       

      	

            	14.1.5	
              immediately notify other Party (in writing) if a foreign public official becomes an officer of its organisation or acquires a direct

                interest in it (and it warrants that it has no foreign
                public officials as officers or direct owners as of the Effective Date).

            

       

      	14.2	
              For the purpose of this Article 14, the meaning of adequate
                procedures and foreign public official and whether a person

                is associated with another person shall be determined in accordance with section 7(2) of the Bribery Act 2010 (and any guidance issued under section 9 of that Act), sections 6(5) and 6(6) and section 8 of that Act respectively.

            

       

      	14.3	
              Immunocore acknowledges receipt of GSK’s “Prevention

                  of Corruption - Third Party Guidelines” attached as Schedule 4 and agrees to comply with such as a key anti-bribery policy of GSK under Section 14.1.3.

            

       

      	15.	
              Dispute Resolution

            

       

      
        
          
            
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      	15.1	
              Either Party shall have the right to refer any dispute first to the JSC for resolution, provided the JSC is
                still in existence at time the dispute arises and has not ceased to exist in accordance with Section
                4.10.

            

       

      	15.2	
              Where any dispute cannot be resolved by the JSC within [***] of first referral to the JSC or where JSC is not in existence at date dispute arises, either Party shall have a right to refer such dispute to the respective Executive Officers (or their designees), and such Executive Officers shall
                attempt in good faith to resolve such dispute.

            

       

      	15.3	
              Where the Executive Officers are unable to resolve the dispute within [***] of referral under Section 15.2, either Party thereafter may request that the
                dispute be referred to Third Party mediation, by written notice to the other; provided, that if the subject matter of a dispute is within a Party’s
                final decision-making authority pursuant to Article 4, then such dispute shall not be submitted to mediation and may
                be finally decided by the Party having such authority. Where the Parties agree, such dispute shall be submitted to mediation in accordance with the Mediation Procedure of the International Institute for Conflict Prevention and Resolution (“CPR”). Such mediation shall be attended on behalf of each Party for at least one session by a senior executive with authority to resolve the dispute and shall be held in London, England. Unless otherwise agreed by the Parties, the Parties shall select a mediator from the CPR Panels of Distinguished Neutrals. Notwithstanding the foregoing, each Party has
                the right to pursue provisional relief from any court, such
                as attachment,
                preliminary injunction or replevin to avoid irreparable harm, maintain the status quo,
                or preserve the subject matter of the dispute, prior to the commencement of, or while the Par ties are engaged
                in, the mediation process. Any dispute that cannot be resolved

                by mediation within [***] of notice by one Party to the other Party
                of the commencement of the mediation process shall be resolved by arbitration in accordance Section 15.4.

            

       

      	15.4	
              Any dispute remaining unresolved after Third Party mediation pursuant

                to Section 15.3 of the Agreement (if applicable) will be submitted for resolution to arbitration by the International Court of Arbitration (“ICC”) in accordance with the ICC rules in force at the time of referral. The
                arbitration shall be in London, England and shall be by a [***] arbitrator who shall (i) be a lawyer of not less than [***] who is knowledgeable in the law concerning the subject matter at issue in

                the dispute, (ii) not be or have been an employee, consultant, officer, director or stockholder of either Party or any Affiliate of either Party and (iii) not
                have a conflict of interest under any applicable rules of
                ethics. The arbitrator shall be selected by mutual agreement of the Parties, provided that if the Parties cannot agree on the
                arbitrator within [***] of the relevant arbitration request, the arbitrator shall be selected by the [***]. The arbitrator may proceed to an award, notwithstanding

                the failure of either Party to participate in the proceedings. The arbitrator shall, within [***] after the conclusion of the arbitration hearing, issue

                a written award and statement of decision describing the essential findings and conclusions on which the award is based, in accordance with Applicable Laws, including the calculation of any damages awarded. The arbitrator shall be
                authorized to award compensatory damages, but shall not be authorized to award non-economic damages or punitive, special, consequential, or any other similar form of damages, or to reform, modify
                or materially change the Agreement. The arbitrator also
                shall be authorized to grant any temporary, preliminary or permanent equitable remedy or relief the arbitrator deems
                just and equitable and within the scope of this Agreement, including an injunction or order for specific performance. The award of the arbitrator shall be the sole and exclusive remedy of the Parties (except

                for those remedies set forth in this Agreement), the Parties hereby expressly agree to waive the right to appeal
                from the decisions of the arbitrator, and there shall be no appeal to any court or other authority (government or private) from the decision of the arbitrator. Judgment on the award rendered by the
                arbitrator may be enforced in any court having competent jurisdiction thereof, and the decision of the arbitrator shall be final and binding on both
                Parties in the absence of manifest error or fraud. Notwithstanding anything contained in this Section 15.4 to the contrary, each Party has the right before the arbitration is commenced, to seek and obtain from
                the appropriate court provisional

            

       

      
        
          
            
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      remedies such as attachment, preliminary injunction or replevin to avoid irreparable harm, maintain the status quo,
          or preserve the subject matter of the arbitration.

       

      	15.5	
              Each Party shall bear its own attorneys’ fees, costs, and disbursements arising out of the arbitration, and shall pay an equal share of the fees and costs of the arbitrators; provided, that
                the arbitrator shall be authorized to determine whether a Party is the prevailing Party, and if so, to award to that prevailing Party reimbursement
                for its reasonable attorneys’ fees, costs and disbursements.

            

       

      	15.6	
              All proceedings and decisions of the arbitrators shall be deemed Confidential Information of each of the Parties, and shall be subject to Article
                10.

            

       

      	15.7	
              From the date of submission of the dispute to the Executive Officers, until such time as the dispute has become finally settled by Third Party mediation or
                arbitration, the running of the time periods as to which a breaching Party must cure a breach of this Agreement becomes suspended as to any
                breach that is the subject matter of the dispute.

            

       

      	15.8	
              Unless otherwise agreed by the Parties, disputes relating to patents and patent applications and
                non-disclosure, non-use and maintenance of Confidential Information shall not be subject to arbitration, and shall be submitted to a court of competent jurisdiction.

            

       

      	16.	
              General

            

       

      	16.1	
              Notices: Any notice to be given under this Agreement must be
                in writing and may be delivered to the other Party by
                hand or courier (in which case the notice shall be deemed
                received on day of delivery). Notices for Immunocore shall be marked for the attention of the CEO of Immunocore, sent to the address provided in the preamble of this Agreement. Notices for GSK shall be sent to the following:

            

       

      Attention: [***]

      GlaxoSmithKline

      709 Swedeland Road

      P.O. Box 1539, MC UW2318

      King of Prussia, PA 19406-0939

      United States

      Telephone: [***]

       

      with a copy to:

       

      Attention: [***]

      GlaxoSmithKline

      2301 Renaissance Boulevard

      Mail Code RN0220

      King of Prussia, PA 19406

      Telephone: [***]

       

      	16.2	
              Assignment: Neither Party may assign or transfer this Agreement as a whole,
                  or any of its rights or obligations under it, without first obtaining the written consent of the other Party (which may be given or withheld at the absolute discretion of the Party from which consent
                  is sought). Both parties may assign all of its rights and obligations under this Agreement to an Affiliate or to any successor to the whole or relevant part of its business (or as relevant its Intellectual Property Rights) and the other
                  Party hereby consents to such assignment. Any assignment of Foreground or in the case of

            

       

      
        
          
            
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      Immunocore, the Immunocore Background, shall be made subject to the terms of this Agreement, including as to any rights granted on termination of this Agreement.

       

      	16.3	
              Illegal/unenforceable provisions: If the whole or any part
                of any provision of this Agreement is void or unenforceable in any jurisdiction, the other provisions of this Agreement, and the rest of the void or unenforceable provision, will continue in force in that jurisdiction,
                and the validity and enforceability of that provision in any other jurisdiction will not be affected.

            

       

      	16.4	
              Waiver of rights: If a Party fails to enforce, or delays in enforcing, an obligation of the other Party, or fails to exercise, or delays in exercising, a right under this Agreement, that failure or delay will not affect its right to enforce
                that obligation or

                constitute a waiver of that right. Any waiver of any provision of this

                Agreement will not, unless expressly stated to the contrary, constitute a waiver of that provision on a future occasion.

            

       

      	16.5	
              No agency: Nothing in this Agreement creates, implies or evidences any partnership or joint venture between the parties, or the relationship bet ween them of principal and agent. Neither Party has any authority to make any representation or commitment, or to incur any liability, on behalf of the other.

            

       

      	16.6	
              Entire agreement: This Agreement
                (incorporating all Schedules and Exhibits) constitutes the entire agreement between the parties relating to its subject matter. Each Party acknowledges that it has not entered into
                this Agreement on the basis of any warranty, representation, statement, agreement or

                undertaking except those expressly set out in this Agreement. Each Party waives any claim for breach of this Agreement, or any right to rescind this

                Agreement in respect of, any representation which is not an express provision

                of this Agreement. However, this Section 16.6 does not exclude any liability which either Party may have to the other (or
                any right which either Party may have to rescind this Agreement) in respect of any fraudulent misrepresentation or fraudulent concealment prior to the execution of this Agreement.

            

       

      	16.7	
              Formalities: Each Party will take any action and execute any document reasonably required by the other Party to give effect to any of its rights under this Agreement.

            

       

      	16.8	
              Amendments: No variation or amendment of this Agreement (including the Schedules) will be

                effective unless it is made in writing and signed by each Party’s representative.

            

       

      	16.9	
              Third parties: No one except a Party to this Agreement has any right to prevent the amendment of this Agreement or its termination, and no one except a Party to this Agreement may enforce any benefit conferred by this Agreement, unless this Agreement expressly provides otherwise. The Immunocore Indemnified Parties

                  and GSK Indemnified Parties may directly enforce the indemnities in Article 11.

            

       

      	16.10	
              Governing law: This Agreement is governed by, and is to be construed in accordance with, English law.

            

       

      	16.11	
              Counterparts: This Agreement may be signed in counterparts, each

                and every one of which shall be deemed an original, notwithstanding variations in format or file designation which may result from the electronic transmission, storage and printing of copies of this
                  Agreement from separate computers or printers. Facsimile signatures and signatures transmitted via PDF shall be treated as original signatures.

            

       

      
        
          
            
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      In Witness Whereof, the Parties have executed this Agreement by their duly authorized
        representatives as of the Effective Date.

       

      	
              SIGNED for and on behalf of 

              IMMUNOCORE LIMITED:

            	
              SIGNED for and on behalf of 

              GlaxoSmithKline Intellectual Property

               Development Ltd:

            
	 	 	 	 
	
              Name         

            	James Noble	
              Name         

            	Paul Williamson
	 	 	 	 
	
              Position      

            	CEO	
              Position      

            	
              Authorized Signatory

                

              For and on behalf of Edinburgh 

              Pharmaceutical Industries Limited 

              Corporate Director

            
	 	 	 	 
	
              Signature    

            	/s/ James Noble	
              Signature    

            	/s/ Paul Williamson

      

      

      
        
          
            
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      SCHEDULE 1

       

      RESEARCH PLAN FOR INTIAL TARGET PROGRAM

       

      [***]

       

      
        
          
            
              	1
	
                       

                    
	
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      SCHEDULE 2

       

      [***]

       

      
        
          
            
              	1
	
                       

                    
	
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      SCHEDULE 3 - IMMUNOCORE BACKGROUND PATENTS

       

      [***]

       

      
        
          
            
              	1
	
                       

                    
	
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      Schedule 4

       

      PREVENTION OF CORRUPTION - THIRD PARTY GUIDELINES

       

      The GSK Anti-Bribery and Corruption Policy (POL-GSK-007) requires compliance with the highest ethical standards and all anti-corruption laws applicable in the countries in which GSK (whether through a Third Party or otherwise) conducts business. POL- GSK-00 7 requires all GSK employees and any Third Party acting for or on behalf of GSK to ensure that all dealings with third parties, both in the private and government sectors, are carried out in compliance with all relevant laws and regulations and with the standards of integrity required for
          all GSK business. GSK values integrity and transparency and has zero tolerance for corrupt activities of any kind, whether committed by GSK employees, officers, or third-parties acting for or on behalf of the GSK.

       

      Corrupt Payments - GSK employees and any Third Party acting for or on behalf of GSK, shall not, directly or indirectly, promise,
          authorise, ratify or offer to make or make any “payments” of “anything of value” (as defined in the glossary section) to any individual (or at the request of any individual) including a “government official” (as defined in the glossary section) for the improper purpose of influencing or inducing or as a reward for any act, omission or decision to secure an improper advantage or to improperly assist the company in obtaining or retaining business.

       

      Government Officials - Although GSK’s policy prohibits payments by GSK or third parties acting for or on its behalf to any individual, private or public, as a “quid pro quo” for business, due to the existence of specific anticorruption laws in the countries where we operate, this policy is particularly applicable to “payments” of anything of value” (as defined in the glossary section), or at the request of, “government officials” (as defined in the glossary section).

       

      Facilitating Payments - For the avoidance of doubt,
        facilitating payments (otherwise known as “greasing payments” and defined as payments to an individual to secure or expedite the performance of a routine government act ion by government officials) are no exception to the general rule and therefore prohibited.

       

      GLOSSARY

       

      The terms de fined

        here in should be construed

          broadly to give effect to the letter and spirit of the ABAC Pol icy. GSK is committed to the highest ethical standards of
          business dealings and any acts that create the appearance of promising, offering, giving or
          authorizing payments prohibited by this policy will not be tolerated.

       

      Anything of Value: this term includes cash or cash equivalents, gifts,
          services, employment offers, loans, travel expenses, entertainment, political contributions, charitable donations, subsidies, per diem payments, sponsorships, honoraria or provision of any other asset, even if nominal in value.

       

      Payments: this term refers to and includes any direct or indirect offers to pay, promises to pay, authorizations of or payments of anything of value.

       

      Government Official shall mean:

       

      	

            	•	
              Any officer or employee of a government or any department, agency or instrument of a government;

            

      	

            	•	
              Any person acting in an official capacity for or on behalf of a government or any
                  department, agency, or instrument of a government;

            

      	

            	•	
              Any officer or employee of a company or business owned in whole or part by a government;

            

      	

            	•	
              Any officer or employee of a public international organization such as the World

            

      	

            	•	
              Bank or United Nations;

            

       

      
        
          
            
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            	•	
              Any officer or employee of a political party or any person acting in an official capacity on behalf of a political party; and/or

            

      	

            	•	
              Any candidate for political office.

            

       

      
        
          
            
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      Schedule 5

       

      R&D POLICY PRINCIPLES

       

      A.   Ethical Conduct Requirements Ethical Conduct

       

      The Parties are committed to the highest standards of conduct in all aspects of their respective businesses and to conduct their business with honesty and integrity, and in compliance with all applicable legal and regulatory requirements.

       

      	

            	•	
              Always act with integrity and honesty and protect the Parties’ public image and reputation in relationships with customers, competitors, suppliers, business partners and
                  staff

            

      	

            	•	
              Promptly raise any concerns about possible unethical or illegal conduct

            

      	

            	•	
              Be free from actual or potential conflicts of interest that might influence, or appear to influence their judgment or actions when performing duties on behalf of the Parties

            

      	

            	•	
              The Parties’ reputation and the respect of those who deal with the Parties must not be put at risk by acceptance of any entertainment, gifts or favors intended or perceived by others to influence their
                business judgment

            

      	

            	•	
              Communications with external audiences, i.e., Investors and the Media, should be managed through appointed company spokespersons to minimize risk to the Parties’ reputation

            

      	

            	•	
              Provide accurate and reliable information in records submitted, safeguard the Company’s confidential information, and respect the confidential information of other parties with whom the Company does business or com pet es

            

       

      Management of Human
          Safety Information

       

      The safeguarding
          of human subjects participating in clinical trials and patients who use dev ices or take investigational or licensed medicinal products, certain consumer healthcare products, vaccines, or biological products (the foregoing collectively referred to as the “Products”) is of paramount importance. Products would also include blinded, placebo, or control agents used in clinical studies. Therefore, the Parties require a framework for management of Human Safety Information. The framework includes, but is not limited to:

       

      	

            	•	
              Safety reviews of Products to evaluate emergent safety data

            

      	

            	•	
              Creation of appropriate committees and safety departments to proactively address human safety throughout Product development

            

      	

            	•	
              Reporting of Human Safety Information to safety departments in a timely fashion. This includes any information relating to human health and/ or wellbeing arising following exposure of humans to products including reports of drug abuse or overdose, reports of drug interaction, or information received as part of product complaints

            

       

      Care and Ethical Treatment of Animals in Research

       

      	

            	•	
              Animals should be used in research only when required by regulatory authorities or where there are no alternatives through adherence to the “3R” Principles--reducing the number of animals used, replacing animals with non-animal methods whenever
                  possible and refining the research techniques used. In addition, the Parties include two more R’s: Responsibility and Respect for animals involved in animal research.

            

      	

            	•	
              The Parties believe in using the highest standards for the humane care and treatment of all animals used in research, development and testing, including adherence to the principles (listed below), and all
                applicable legal and regulatory requirements, with a default to which ever is more stringent.

            

      	

            	•	
              Access to species appropriate food and water

            

       

      
        
          
            
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            	•	
              Access to species specific housing, including species appropriate

                  temperature and humidity levels

            

      	

            	•	
              Access to humane care and a program of veterinary care

            

      	

            	•	
              Animal housing that minimizes the development of abnormal behaviors and allows for normal species specific behavior,

            

      	

            	•	
              Adherence to principles of replacement, reduction and refinement in the design of in vivo studies

            

      	

            	•	
              Study design reviewed by institutional ethical review panel

            

      	

            	•	
              Commitment to minimizing pain and distress during in vivo studies

            

      	

            	•	
              Work performed by appropriately trained staff

            

      	

            	•	
              No Great Apes should be used for research

            

       

      B.   Requirements for Engaging External Experts and Healthcare Professionals

       

      Use of External Experts within R&D

       

      The Parties believe that the engagement of external experts in R&D should be done in accordance with the following principles:

       

      	

            	•	
              There must be a legitimate need for the services of the
                  expert that cannot be fulfilled in-house, and the minimum number of experts needed should be used

            

      	

            	•	
              Selection of experts should be based solely on the expert’s qualifications and expertise in the subject matter for which such expert is retained

            

      	

            	•	
              The expert’s services must be documented in a written signed agreement

            

      	

            	•	
              Compensation must be based on fair market value for the services provided

            

      	

            	•	
              Reimbursement or pre-payment for costs associated with travel, lodging, meals and hospitality (i.e. refreshments, background music at meetings) for an expert are acceptable if permitted by all law for the
                location in which the services are rendered and are modest in value

            

      	

            	•	
              Experts shall not receive any gifts of any value, especially where the expert is also a healthcare professional

            

      	

            	•	
              Gift includes anything of value, regardless of amount, given to show friendship, appreciation, or support, including meals, entertainment or recreational activities (excludes fair market value for services rendered).

            

      	

            	•	
              Healthcare Professionals includes, but is not limited to, physicians, their allied health professionals, and medical office staff. This term also applies to pharmacists and employees of pharmacy benefit managers.

            

       

      C.   Requirements for Funding for Charitable Donations and External Science/Medical Programs

       

      Charitable Donations

       

      Charitable donations to an eligible Health-Related Organization are allowed.  Charitable don at ions of either funds or in-kind support are permitted if they are for the purpose of advancing the general mission of an eligible, health-related recipient organization and if they are not tied or directed to a specific
          event or program.

       

      To be considered eligible for a donation, the health-related organization must meet all of the following:

       

      	

            	•	
              Non-profit organization

            

      	

            	•	
              The organization’s principle mission involves advancing science, medicine, or public health (collectively, a “health-related” mission)

            

       

      
        
          
            
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            	•	
              The organization does not prescribe, purchase or recommend the Parties products, unless the request for a charitable donation for such an organization is for a widely publicized fund-raising event or campaign
                in support of the health - related mission of the organization

            

      	

            	•	
              The organization, as well as its management and leadership, are independent of the control of the Parties or undue influence of any of the Parties’ employees or agents

            

      	

            	•	
              Even if the health-related organization is eligible to receive a charitable donation, the donation may not be provided if a donation is intended:

            

      	

            	•	
              As a means of rewarding the prescribing, recommending, or use of the Parties products or services, including the influencing of formulary inclusion or placement

            

      	

            	•	
              As a means of promoting the use of the Parties products or services. Return on investment (ROI) analyses are not permitted

            

      	

            	•	
              As a means of supporting political causes or candidates

            

      	

            	•	
              As a means of supporting any organization or activity without a direct and bona fide scientific, medical, or public health

                purpose

            

       

      General Requirements for US Independent Medical Education

       

      Funding for External Science/ Medic al Programs (FESMP) means financial support of specific activities intended to further the progress of science, scientific/medical education, and the public health, for which the Parties will not take any intellectual property or other proprietary interest.

       

      	

            	•	
              A recipient of FESMP must be reasonably qualified to conduct
                  high quality educational programs, research, or other activity being funded

            

      	

            	•	
              FESMP is not permitted if used as a means of rewarding the prescribing, recommending, or use of the Parties products or services, including the
                  influencing of formulary inclusion/ placement

            

      	

            	•	
              A recipient of FESMP must agree to make meaningful disclosure of any financial sponsorship from the partner

            

      	

            	•	
              FESMP may not be “expensed” or paid with the personal funds of an employee or contractor, and then reimbursed

            

      	

            	•	
              FESMP is not permitted as a means of supporting political causes or candidates

            

      	

            	•	
              FESMP is not permitted if used as a means of supporting any organization or activity without a direct and bona fide scientific, medical, or public health purpose

            

      	

            	•	
              FESMP must comply with all substantive and procedural requirements established by the law where the program or activity potentially
                  being funded will take place

            

       

      
        D.   Clinical Research Requirements

      

       

      Maintaining the Confidentiality of Protected Medical Information

       

      The Parties respect the confidential nature of protected medical information (PMI) originating from both healthy and patient volunteers involved in clinical, genetic, and other research work

       

      or from staff employed by the Parties. Therefore, a framework should be in place to safeguard PMI against inappropriate collection, retention, use and disclosure (in addition to compliance with law and regulations).

       

      Safeguards include, but are not limited to:

      	

            	•	
              Collecting PMI only for specific and lawful purposes

            

      	

            	•	
              Collecting, retaining, using, reusing, and disclosing PMI only with valid consent or as otherwise permitted by law or regulation

            

      	

            	•	
              PMI obtained from external sources is treated as a re-use and all reuse must be consistent with the original informed consent

            

       

      
        
          
            
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            	•	
              Retention of PMI only for as long as business activities or scientific research requires and retention of only the minimum amount of identifying information necessary

            

      	

            	•	
              Ensuring the physical and technological security of PMI

            

      	

            	•	
              Not using PMI in external publications

            

      	

            	•	
              Never transferring PMI from the pharmaceutical R&D division to the marketing function unless permission is obtained from the individual

            

       

      If PMI is collected that indicates the need for immediate clinical intervention, that information will be communicated to the study investigator or physician of record where such PMI relates to information collected under a Clinical Trial. Where such PMI relates to Immunocore’s internal blood donors said donor shall be inform ed and directed to see their physician in accordance with Immunocore’s blood collection policies.

       

      Personally Identifiable Information (PII) means information which identifies a specific individual including but not limited to, name, address, and national identification numbers (e.g. Social Security Number)

       

      Protected Medical Information (PMI) is PII that describes clinical and medical conditions, genetic status, treatment of conditions, health status, sexual orientation, ethnic origin, etc., and includes both encoded clinical trial data and overtly identifiable data.

       

      Standards for Collecting, Obtaining and Using Human Biological Samples in Research

       

      ARTICLE 1  The
        Parties respect the interest of donors of human biological samples used in research and require that certain standards should apply to the collection, obtaining and use of such human biological samples, as set forth below.

       

      ARTICLE 2

       

      	

            	•	
              Ensure that samples are
                collected with informed consent and ethics committee/Institutional Review Board (I RB) approval in accordance with the applicable research requirements of Good Clinical Practice (International Conference on Harmonization). Additionally, through informed consent, donors must be made aware that the research is being undertaken by a commercial entity and that, where applicable, the research involves the analysis of DNA and / or medical information.

            

      	

            	•	
              When obtaining samples from another entity that collected the samples for reasons unrelated to the Parties, confirmation that the entity complied with relevant requirements for informed consent, ethics committee/IRS approval and data privacy is required

            

      	

            	•	
              Human biological samples must be used only for purposes that are consistent with the consent obtained and in compliance with relevant laws and regulations

            

      	

            	•	
              Additional individual donor consent and ethics committee/ IRS approval should be obtained when the research use intended is inconsistent with / beyond the scope of the original consent. Additional consent should also be obtained if the original consent did not include analysis of DNA (if relevant to the research proposal) or use of any associated medical information (if relevant to the research proposal).

            

      	

            	•	
              In general, cell lines (e.g. Hela), derivatives (e.g. isolated proteins) and preparations of human biological materials (e.g. sub-cellular fractions) that are well
                  established and made available for research use, do not require re- consent and/or ethics committee/IRB approval for the
                  intended research use

            

      	

            	•	
              Proposals to collect, obtain, or use human embryonic or foetal

                  samples for research should be carefully reviewed and such research must have the potential to benefit patients

            

       

      
        
          
            
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      Conduct and Public Disclosure of Human Subject Research

       

      The Parties carry out human subject research in accordance with the ethical principles of respect for persons, beneficence, and justice. Such research conforms to high ethical, medical and scientific standards. Specific principles for different
        types of human subject research are set forth below.

       

      All Human Subject Research

       

      	

            	•	
              All human subject research must be conducted in accordance with the following principles:

            

      	

            	•	
              Human subject research is conducted in accordance with the ethical principles of respect for persons, beneficence and
                  justice

            

      	

            	•	
              Human subject research always has a legitimate scientific purpose and is not designed with the objective of rewarding healthcare professionals for using, purchasing, recommending, or prescribing the Parties’
                products

            

      	

            	•	
              Sales/marketing/commercial staff generally does not participate in the initiation or conduct of human subject research

            

      	

            	•	
              Placebo controlled studies are conducted only when there are scientifically sound methodological reasons, where the risks are minimized and reasonable in relation to the knowledge gained, and when patients
                who receive placebo will not be subject to any additional risk of harm

            

      	

            	•	
              The standard of care required by the study design is, as a minimum, consistent with local standards of care

            

      	

            	•	
              Human subject research should be publicly disclosed and ideally published in the searchable, peer reviewed, scientific literature

            

      	

            	•	
              In most circumstances, summary protocols and summary results of clinical studies are posted on publicly available registers and/ or in the scientific literature within appropriate timelines.

            

      	

            	•	
              External proposals for additional analyses of human subject research studies are assessed for scientific merit and undertaken as collaborations between in-house scientists and the proposer.

            

      	

            	•	
              Clinical studies are never terminated for solely financial reasons.

            

       

      Interventional Human Subject Research

       

      In addition to the foregoing general principles applicable to all human subject research, the following principles apply to the conduct of Interventional Human Subject Research:

       

      	

            	•	
              Interventional human subject research is conducted in accordance with the ethical principles of the Declaration of Helsinki, the principles of ICH GCP E6, ICH Ell (pediatrics)

            

      	

            	•	
              Interventional studies of medicinal and other products are conducted in countries where the products are expected to be sold in and suitable for the wider community of the country

            

      	

            	•	
              All interventional human subject research is conducted only with the approval of Institutional Review Boards or Independent Ethics Committees

            

      	

            	•	
              When interventional human subject research is conducted in developing countries, the Parties seek agreement with key interested external parties in the country on the conduct of the research, including the
                  standard of care provided during the study, the scientific rationale for interventions,
                  including placebo, the provision of healthcare for subjects after the study, and the fate
                  of any capacity built for the conduct of the study

            

      	

            	•	
              All interventional human subject research requires the informed

                consent of subjects

                  (or their legal representative) who participate in the research

            

      	

            	•	
              When nationally licensed medicinal products that are not the subject of the research study are required for the routine care of a patient during the conduct of the study, the Parties only fund these when they
                are not funded by the normal healthcare infrastructure and there is assurance that they or suitable alternatives will be available and funded after the study while the medical need exists

            

       

      
        
          
            
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            	•	
              For diseases/conditions that continue beyond the end of an interventional study, the Parties must be assured the healthcare system is able to provide, and will take responsibility for, the continued care of
                study subjects

            

      	

            	•	
              When there is a compelling medical rationale for patients who have derived measurable medical benefit from an investigational medicinal product during an interventional study to continue to receive that product after the
                  study, the Parties endeavor to provide that treatment either through additional clinical studies or through expanded access programs

            

      	

            	•	
              The Parties provide investigators with the summary results of interventional studies in which they participate, and encourages investigators to inform their
                  subjects of the results

            

       

      Meta-analyses and Pooled Analyses

       

      The following principles apply to research that uses data from more than one
          previously conducted clinical study (Meta-analyses and Pooled Analyses) :

       

      	

            	•	
              Research utilizing data from the Parties’ previous clinical studies in a manner inconsistent with, or beyond the scope of, the original informed consent requires re-
                  consent of the subjects, or if this is not practical, IRB/IEC approval. If this is not practical, the data are anonymized

            

      	

            	•	
              The Parties review, before submission for publication, any
                  proposed manuscripts, presentations or abstracts prepared by research collaborators
                  which originate from the Parties human subject research studies (including the Parties supported studies)

            

       

      Non-Interventional (observational) Human Subject Research

       

      The following principles apply to Non-interventional (observational) human subject research:

       

      	

            	•	
              For observational studies where clinical data are collected by or on behalf of the Parties specifically for the purpose of the research, the Parties abide by
                  the local legal requirements and regulations for informed consent for the use of these data and IRB/IECs approval is obtained

            

      	

            	•	
              For observational studies using healthcare databases, the Parties are assured that there is compliance with relevant legal requirements for data privacy and that patients have provided informed consent for the use of their data in research, or IRB/IEC approval has
                  been obtained for that use; or other measures to protect privacy are in place (e.g. the data are anonymized)

            

       

      
        
          
            
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      Schedule 6

       

      Invoice Instructions

       

      Immunocore shall send each invoice in pdf format, specifying the total amount payable to:

       

      [***] and [***] with a copy to the Alliance Manager.

       

      Invoices must:

      	

            	−	
              be on Immunocore company letterhead

            

      	

            	−	
              set out Immunocore’s bank details as noted below

            

      	

            	−	
              have a contact name and contact number

            

      	

            	−	
              contain an invoice date and invoice number

            

      	

            	−	
              state the contractual payment terms after receipt of invoice

            

      	

            	−	
              be addressed to:

            

       

      GlaxoSmithKline Intellectual Property Development Ltd

      Glaxo Wellcome House

      Berkeley Avenue

      Greenford,

      Middlesex,

      UB6 ONN,

      UK

       

      [***]

       

      
        
          
            
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      Schedule 7

       

      Technology Transfer

       

      [***]

       

      
        
          
            
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      Schedule 8

       

      Nomination Notice

       

      Under the Collaboration and License Agreement executed on June _, 2013 GSK hereby nominates the following as a
          Nominated Target.

       

      	
              Date Nominated :

               

              

            	 
	
              Target name:

               

              

            	 
	
              Protein identification number:

               

              

            	 
	
              Target protein sequence:

               

              

            	 
	
              Date received by Immunocore:

               

                

            	 

      

      

      Authorized for nomination on behalf

          of GSK

       

      	
              By:

            	 	 
	 	 	 
	
              Name:

            	 	 
	 	 	 
	
              Title:

            	 	 
	 	 	 
	
              Date:

            	 	 

       

        

      Accepted/ Rejected [option to be inserted on signature] on behalf of Immunocore Limited

       

      	
              By:

            	 	 
	 	 	 
	
              Name:

            	 	 
	 	 	 
	
              Title:

            	 	 
	 	 	 
	
              Date:

            	 	 

      

      

      
        
          
            
              	1
	
                       

                    
	
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      Schedule 9

       

      Agreed Press Release

       

      IMMUNOCORE SIGNS RESEARCH AND LICENSING AGREEMENT WITH GSK TO

      DISCOVER lmmTACs AGAINST NOVEL TARGETS

       

      (Oxford, UK, [X] July 2013) Immunocore Limited, the Oxford- based biotechnology company developing novel biological drugs, called ImmTACs (Immune mobilising mTCR Against Cancer), to treat cancer and viral disease today announced it has entered into a partnership with GlaxoSmithKline (GSK) for multiple novel targets not addressable using antibody-based technologies. This is Immunocore’s second major partnership this year.

       

      Under the terms of the agreement, Immunocore will receive up to a total of £142 million in preclinical
          milestone payments across the targets. In addition, for each product which reaches the market, up to £200 million is due to Immunocore in development and commercial milestone payments plus up to double digit royalties. Immunocore will be responsible for all of the preclinical development and for the initial clinical trials in patients and GSK will be responsible for the remaining development and commercialisation of the products.

       

      Immunocore has created a world- leading plat form of bi-specific biological drugs, called ImmTACs, which exploit the power of T Cell Receptors (TCRs) to recognise intracellular changes that occur during cancer or viral infection. This unique recognition ability of TCRs sets them apart from traditional antibody-based therapies that can only recognise changes on the surface of cells, and provides, for the first time, the ability
          to develop extremely potent targeted therapies for cancers that are currently poorly served. The most advanced ImmTAC drug, IMCgp100

          for the treatment of melanoma, is currently in Phase I/II clinical trials in the UK and USA.

       

      James Noble, Chief Executive Officer of Immunocore commented: “We are delighted to collaborate with GSK, our second major
          partnership signed this year. GSK is a leading pharmaceutical company with a proven track record in the development of biotherapeutics and this is an important partnership for Immunocore.”

       

      Laurent Jespers, VP and Head of Innovation BDU, Biopharm R&D of GSK said: “We are very excited about the opportunity to, together with Immunocore, develop ImmTACs. We believe
        ImmTACs offer a tremendous opportunity in treating cancer and other areas where there is a large unmet need”.

       

      
        
          
            
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      END

       

      Notes for editors

       
       

       
      About Immunocore

       
      Founded in 2008, Immunocore Ltd is a privately owned, clinical-stage, biotechnology company, developing a highly innovative platform technology that generates novel drugs called ImmTACs for the treatment of cancer and viral infection.

       
       

       
      Immunocore traces its roots to Avidex Ltd, founded in 1999 as a spin-out

          from the University of Oxford to develop novel T Cell Receptor technology invented by the founder and chief scientist, Dr Bent Jakobsen. Immunocore has over 50 staff and is located in Abingdon, Oxfordshire.

       
       

       
      Immunocore has major discovery collaborations with leading pharmaceutical companies Genentech and GSK.

       
       

       
      About ImmTACs

       
      Immunocore’s ImmTAC technology enables the immune system to recognise and kill
          cancer or viral cells. T Cell Receptors naturally recognise diseased cells and Immunocore’s competitive advantage is its ability to engineer high affinity T Cell Receptors and link them to an
          antibody fragment, anti- CD3, which can activate the immune system to kill the targeted cancer or viral cells. These bi-specific proteins, called ImmTACS, have the potential to be extremely potent anti-cancer or anti-viral agents.

       

      Immunocore has completed

          development of the ImmTAC technology, including the generation of a Good Manufacturing Practice
          (GMP) compliant, fully scalable manufacture route. The Company has also established regulatory pathways approved by the Food and Drug Administration (FDA) and Medicines
          and Healthcare products Regulatory Agency (MHRA) that will form the basis of all future ImmTAC programmes.

       

      The most advanced ImmTAC drug, IMCgp100, is currently in Phase I/II clinical trials in melanoma patients in both
          the US and UK.

       

      For additional information about Immunocore: http://www.immunocore.com

       

      
        
          
            
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      Schedule 10 - Example of Gross to net deductions

       

      [***]

       

      
        
          
            
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                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
      Schedule 11 - Illustrative Example of Milestone Fees

       

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                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      
      
      Exhibit A - Lead Candidate Criteria and Development Candidate Criteria

       

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                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

                    

            

          

        

        
          

      

      Section C - Other Relevant Criteria

       

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                      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE
                        REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

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