Document:

EX-10.6

 Exhibit 10.6 

*Portions of this exhibit have been excluded because it both (i) is not material and (ii)

would be competitively harmful if publicly disclosed. 

FRAMEWORK 
 ASSIGNMENT AGREEMENT 

BETWEEN 
 HERLEV HOSPITAL 

AND 
 IO BIOTECH ApS 

 On ______________ 2016, the following parties 

Herlev Hospital  
 [***] 

(hereinafter referred to as “Hospital”) 
 and

 IO Biotech ApS  
 [***] 

(hereinafter referred to as the “Company”) 

have entered into a framework assignment agreement regarding the potential assignment from the Hospital to the Company of intellectual property rights and
title in and to certain inventions which may be made by the Hospital or any of its employees on the terms and conditions set out in this framework assignment agreement. 

RECITALS 
  

	(A)	 WHEREAS the Hospital is a hospital owned and operated by the Capital Region of Denmark (in Danish:
Hovedstadsregionen) performing research and providing medical treatment of patients within various medical fields; 

  

	(B)	 WHEREAS the Hospital inter alia employs researchers, scientists, doctors and other personnel within the
medical field who, during and related to their employment at the Hospital, may make inventions within their field of expertise; 

  

	(C)	 WHEREAS the Hospital is entitled, but not obligated, to acquire ownership of such inventions pursuant to
the Danish Act on Inventions at Public Research Institutions; 

  

	(D)	 WHEREAS the Company is a limited liability company incorporated under Danish law performing research and
experimental development within the field of therapies aiming at activating or boosting T cells that react towards regulatory immune cells for the treatment and prevention of cancer, and/or related activities as per board discretion;

  

	(E)	 WHEREAS the Parties have already entered into an option assignment agreement dated 2 January 2015
regarding the grant by the Hospital to the Company of an option to acquire certain intellectual property rights in and to an invention referred to as Indoleamine 2, 3-dioxygenase based immunotherapy which
option the Company subsequently has exercised; 

  

	(F)	 WHEREAS the Company has expressed the desire to acquire similar inventions in order to perform research
and development within the field of therapies aiming at activating or boosting T cells that react towards regulatory immune cells for the treatment and prevention of cancer; 

 

	(G)	 WHEREAS such acquisition will be to the benefit of both the development of the invention already
assigned to the Company, of the research to be performed within the medical field to which the inventions pertain and of the development of future inventions covered by this framework agreement; and 

  
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	(H)	 WHEREAS the Parties wish to enter into a framework assignment agreement regarding the potential
assignment by the Hospital to the Company of certain intellectual property rights to certain inventions made after the effective date of this framework agreement within the field of the business of the Company; 

NOW THEREFORE, the Parties have entered into this framework assignment agreement (hereinafter referred to as the “Framework
Agreement”) on the following terms and conditions: 
  

	1.	 DEFINITIONS 

  

	1.1.	 In this Framework Agreement, the following terms and expressions shall have the following meanings:

  

	1.1.1.	 Affiliate shall, in respect of the Hospital, mean any hospital owned and operated by the Capital Region
or the Capital Region itself and, in respect of the Company, mean any other legal entity that directly or indirectly, through one or more intermediaries, Controls, is directly or indirectly Controlled by, or is directly or indirectly under common
Control with the Company, including for this purpose each person that serves as a director or officer of the Company; 

  

	1.1.2.	 Assignment shall mean the assignment by the Hospital to the Company of any Invention and any related
Intellectual Property Rights, and any rights and title to such Invention and Intellectual Property Rights, pursuant to any Specific Assignment Agreement entered into pursuant to this Framework Agreement; 

 

	1.1.3.	 Capital Region shall mean the Capital Region of Denmark (in Danish: Region Hovedstaden), [***];

  

	1.1.4.	 Company shall mean IO Biotech ApS, [***]; 

 

	1.1.5.	 Confidential Information shall mean all information regarding a Party, an Invention and/or any
Intellectual Property Right thereto which i) the Party to which the information pertains has specifically designated as confidential, which ii) pertains to a general type of information which the Party to which the information pertains has
specifically designated as confidential or which iii) without any such specific designation as confidential by the Party to which the information pertains would otherwise reasonably be deemed as confidential; 

 

	1.1.6.	 Control (including Controlling) shall mean direct or indirect control of the entity in question
through: 

  

	1.1.6.1.	 direct or indirect control or ownership of more than 50 (fifty) % of the nominal value of the share capital of
the entity, 

  
 2 

	1.1.6.2.	 direct or indirect control or ownership of more than 50 (fifty) % of the voting rights attached to the share
capital of the entity, or 

  

	1.1.6.3.	 a right or cumulative rights by any other means to elect or appoint directors of the entity, or persons
performing similar functions, who have a majority vote; 

  

	1.1.7.	 Exhibit shall mean any appendix to this Framework Agreement or to a Separate Assignment Agreement;

  

	1.1.8.	 Exercise Period shall mean a period of 3 months starting from the Company’s receipt of the Notice;

  

	1.1.9.	 Exit shall mean (i) an initial public offering (IPO) of all or part of the Company’s shares,
or of the shares of a company Controlling the Company; (ii) transfer of Control of the Company, or of Control of a company Controlling the Company, to any person or legal entity (including transfer of a
non-controlling interest whereby any person or legal entity obtains Control of the Company or of a company Controlling the Company); (iii) a sale of all or a material part of the Intellectual Property Rights
which have been assigned or otherwise transferred to the Company pursuant to a Specific Assignment Agreement, including any licensing thereof to a person or legal entity; (iv) a sale of all or a material part of the Company’s other assets,
including any transfer or licensing of all or a material part of the Company’s other intellectual property rights to a person or legal entity, if such transaction implies that the Company ceases to operate as an active company with substantial on-going research and/or business activities; (v) liquidation of the Company, (vi) a merger or de-merger in which the Company or a company Controlling the Company is
the discontinuing entity, or (vii) any combination of the above, which can reasonably be considered equal to an Exit, including two or more of the events mentioned above which, considered alone, cannot reasonably be considered as an Exit but
which, considered together, can reasonably be considered as a coherent series of events constituting an Exit; 

  

	1.1.10.	 Field shall mean therapies aiming at activating or boosting T cells that react towards regulatory immune
cells for the treatment and prevention of cancer; 

  

	1.1.11.	 Framework Agreement shall mean this framework assignment agreement with Exhibits, if any;

  

	1.1.12.	 Intellectual Property Right shall mean any intellectual property right pertaining to any patents,
utility models and applications for patents and utility models which may have been filed by the Hospital or any of its Affiliates in respect of an Invention covered by this Framework Agreement and/or any Specific Assignment Agreement and/or the
right to file such patent and utility model applications; 

  

	1.1.13.	 Invention shall mean any invention made within the Field by one or more Inventors during such
Inventor’s employment with the Hospital to which the Hospital has taken over all the Intellectual Property Rights in accordance with the Danish Act on Inventions at Public Research Institutions; for the avoidance of doubt, notwithstanding
anything to the contrary in this Agreement, any invention made pursuant to a cooperation, whether formalized through written contract or not, with a third party shall not be encompassed by this definition; 

  
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	1.1.14.	 Inventor shall mean any of the following persons who are employed with the Hospital at the time of the
execution of this Framework Agreement: [***] and [***]; 

  

	1.1.15.	 Notice shall mean a written notice forwarded by the Hospital to the Company which sets out i) that the
Hospital has taken over one or more specific Inventions from the Inventors, ii) a description of the specific Inventions and iii) that the Company shall inform the Hospital of its decision within the Exercise Period whether or not to enter into
negotiations with the Hospital regarding the Company’s potential acquisition of the Intellectual Property Rights to the Invention; 

  

	1.1.16.	 Option shall mean the Company’s option to decide, within the Exercise Period, whether or not the
Hospital shall enter into negotiations with the Company in respect of the Company’s potential acquisition of Intellectual Property Rights to a specific Invention, such potential acquisition by the Company being conditioned upon the Parties
entering into a Specific Assignment Agreement in respect of such specific Invention; 

  

	1.1.17.	 Party shall mean either the Hospital or the Company; 

 

	1.1.18.	 Revenue shall mean any payments generated by the Company based on an Invention and/or the assignment of
Intellectual Property Rights to the Company pursuant to a Specific Assignment Agreement, including but not limited to license fees (or sublicense fees, if applicable), down payments, milestone or exit payments, royalties and/or other fees and any
other payments generated from the development and/or commercialization of the Invention or the assignment or other type of transfer to a third party of any Intellectual Property Right; 

 

	1.1.19.	 Separate Invention shall mean an invention made by one or more of the Inventors which is not within the
Field; and 

  

	1.1.20.	 Specific Assignment Agreement shall mean such specific assignment agreement with Exhibits, if any,
entered into pursuant to this Framework Agreement by which the Hospital assigns an Invention and Intellectual Property Rights to the Company. 

  

	1.2.	 The singular shall, where the context does not exclude it, include the plural and vice-versa.

  

	1.3.	 The definitions set out above shall also apply to any Specific Assignment Agreement entered into pursuant to
this Framework Agreement without any further, specific incorporation thereof. 

  

	2.	 AGREEMENT STRUCTURE 

 

	2.1.	 The overall rights and obligations of the Parties in respect of any Assignment are set out in this Framework
Agreement. Further and more specific provisions regulating the specific assignment of any Invention and Intellectual Property Rights and the consideration to be paid in that regard shall be set out in one or more Specific Assignment Agreements to be
negotiated in good faith and entered into by the Parties pursuant to this Framework Agreement. 

  
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	2.2.	 Specific Assignment Agreements shall not come into force and be legally binding on the Parties before they have
been duly executed by authorized representatives of both Parties. 

  

	2.3.	 In the event of discrepancies or inconsistencies between the provisions of this Framework Agreement and
provisions of one or more Specific Assignment Agreements, the provisions of this Framework Agreement shall prevail. 

  

	3.	 MAKING OF INVENTIONS 

 

	3.1.	 The Company understands and acknowledges that when an invention is made by an employee of the Hospital,
including Inventions made by the Inventors within the Field, the inventors thereof are obligated to inform the Hospital of the making of the invention. The Company further understands and acknowledges that, pursuant to the Danish Act on Inventions
at Public Research Institutions, the Hospital is entitled to, in its own discretion, either take over the intellectual property rights and title in and to such invention or to let such intellectual property rights and title remain with the
inventors, in which case such intellectual property rights shall not be encompassed by this Framework Agreement. The Hospital’s decision whether or not to take over such intellectual property rights and title is based on an assessment of the
commercial potential of the invention in question. 

  

	3.2.	 In the event that the Hospital decides to not take over such rights to an Invention, all intellectual property
rights and title in and to the specific invention will vest with the inventors. 

  

	4.	 GRANT AND EXERCISE OF OPTION 

 

	4.1.	 The Hospital hereby grants the Company the Option on the terms and conditions set out herein.

  

	4.2.	 In the event that the Hospital decides to take over the Intellectual Property Rights to an Invention, the
Hospital shall inform the Company thereof in writing by issuing a Notice. The Company shall then be entitled to exercise the Option in respect of the specific Invention in question within the relevant Exercise Period. 

 

	4.3.	 In the event that the Company exercises the Option within the Exercise Period, the Parties shall enter into
negotiations in good faith regarding the terms and conditions of the Company’s potential acquisition of the Invention In question and the Intellectual Property Rights to such Invention. 

 

	4.4.	 In the event that the Parties agree on the terms and conditions of the Company’s acquisition of the
Invention in question and the Intellectual Property Rights to such Invention, such terms and conditions shall be set out in a Specific Assignment Agreement which shall come into force upon the Parties’ due execution thereof.

  
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	4.5.	 In the event that the Parties have not executed a Specific Assignment Agreement in respect of the Intellectual
Property Rights to the Invention in question no later than 6 months after the Company has exercised the Option, the Hospital shall not be obligated to continue the negotiations with the Company. 

 

	5.	 CONSIDERATION 

 

	5.1.	 Each Specific Assignment Agreement shall set out the consideration to be paid by the Company for the transfer
of Intellectual Property Rights pursuant to such Specific Assignment Agreement. 

  

	5.2.	 Any assignment of Inventions and Intellectual Property Rights by the Hospital pursuant to a Specific Assignment
Agreement shall be subject to the payment of the applicable consideration set out in the Specific Assignment Agreement. Material nonpayment of the applicable consideration shall be construed as a material breach of the Specific Assignment Agreement
and, in the event of such non-payment, the Invention and the Intellectual Property Rights for which the Company did not pay the applicable consideration shall automatically be
re-assigned to the Hospital without payment of consideration by the Hospital to the Company. All other terms of payment of the applicable consideration under a Specific Assignment Agreement shall set out in
such Specific Assignment Agreement. 

  

	6.	 DEVELOPMENT OF INVENTIONS 

 

	6.1.	 The Parties agree that the Company shall employ its commercially reasonable efforts to develop and
commercialize any Invention to which Intellectual Property Rights have been assigned to the Company pursuant to a Specific Assignment Agreement which shall set out further details on the Company’s obligation to develop and commercialize such
Invention. 

  

	6.2.	 [***], the Company shall provide the Hospital with an overview of the Company’s current plans for and the
progress of the development and commercialization of such Inventions. Furthermore, the Company shall keep the Hospital apprised of the progress of pending negotiations with a third party, if any, which could reasonably result in an Exit, however
only to the reasonable extent that the Company is not bound by confidentiality obligations towards such third party in respect of the negotiations in question. 

 

	7.	 INTELLECTUAL PROPERTY RIGHTS 

 

	7.1.	 All Intellectual Property Rights and title in and to the Inventions covered by this Framework Agreement and/or
any Specific Assignment Agreement shall vest in the Hospital at the time upon which the Hospital takes over the Intellectual Property Rights to such Inventions from the Inventors. 

 

	7.2.	 Pursuant to the provisions of this Framework Agreement, the Parties may agree in a Specific Assignment
Agreement that the Company shall acquire a specific Invention and Intellectual Property Rights to such specific Invention by way of an Assignment. In lack of such a Specific Assignment Agreement, all Intellectual Property Rights to all the
Inventions shall vest with the Hospital. 

  

	7.3.	 The Specific Assignment Agreement in question shall set out the Invention and the type and scope of the
Intellectual Property Rights which shall be assigned or otherwise transferred to the Company pursuant to the Specific Assignment Agreement. 

  
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	8.	 SEPARATE INVENTIONS 

 

	8.1.	 In the event that one or more of the Inventors develop an invention which classify as a Separate Invention,
such Separate Invention shall not be deemed to be encompassed by this Framework Agreement or any Specific Assignment Agreement which the Parties may have entered into at the time of the making of the invention in question unless the Parties agree
otherwise in writing. 

  

	9.	 PATENT PROSECUTION AND ENFORCEMENT 

 

	9.1.	 The Company agrees and acknowledges that it shall use all commercially reasonable efforts to obtain the best
possible protection of the Intellectual Property Rights assigned to it pursuant to any Specific Assignment Agreement, including by filing, prosecuting and maintaining all relevant patent applications, in those countries and territories where the
Company reasonably deems it commercially relevant for the Company to obtain protection of such Intellectual Property Rights. 

  

	9.2.	 In the event that it comes to the Company’s attention that a third party has clearly infringed or is
clearly infringing any Intellectual Property Right assigned to the Company pursuant to a specific Assignment Agreement, the Company shall be obligated to inform the Hospital about the infringement and shall take all commercially reasonable measures
to stop the infringement, provided that the Company reasonably deems such measures to be commercially necessary for the protection of the Intellectual Property Rights assigned to the Company. 

 

	9.3.	 The Company does not have the right to reach a settlement with an infringing or potentially infringing third
party without the consent of the Hospital if such settlement could have a material adverse effect on the potential Revenue. 

  

	10.	 CONFIDENTIALITY 

 

	10.1.	 The Parties may not in any way disclose Confidential Information to any third party, excluding legal counsel
and similar advisors who are bound by standard confidentiality obligations for such advisors, and shall use the same standards of care in keeping the Confidential Information confidential as they would use in respect of their own confidential
information. Notwithstanding the foregoing, in no event shall the Parties be entitled to use a lower standard or care than a reasonable person would to protect its own confidential information. 

 

	10.2.	 Notwithstanding anything in the foregoing to the contrary, the confidentiality obligations set out in section
10.1 shall not apply to Confidential Information which (1) was known by the receiving Party prior to receiving the Confidential Information; (2) becomes rightfully known to the receiving Party from a third-party source not under an
obligation to maintain confidentiality; (3) ls or becomes publicly available through no fault of or failure to act by the receiving Party in breach of this Agreement; or (4) is or has been independently developed by employees, consultants
or agents of the receiving Party without violation of the terms of this Agreement or reference or access to any Confidential Information. 

  
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	10.3.	 To the extent that a Party discloses Confidential Information pursuant to binding resolutions or decisions made
by competent legal authorities, pursuant to applicable laws and regulations requiring such disclosure of Confidential Information or to any patent authorities, courts or arbitration panels solely in order to prosecute, maintain or enforce
Intellectual Property Rights, the Party disclosing such Confidential Information shall not be deemed to be in breach of its confidentiality obligations under this Agreement. Information disclosed pursuant to this section 10.3 shall, however, remain
Confidential Information for the purposes of this Framework Agreement. 

  

	10.4.	 In the event that a Party breaches its confidentiality obligations pursuant to this section 10, the Party shall
be liable to pay damages (excluding punitive damages) to the other Party in accordance with Danish law. 

  

	11.	 PUBLICATION 

  

	11.1.	 Neither Party may publicize any information regarding any of the Inventions covered by a Specific Assignment
Agreement without the other Party’s prior written consent. 

  

	11.2.	 Notwithstanding the above or anything to the contrary in this Framework Agreement, including section 11.3
below, and/or a Specific Assignment Agreement, either Party may publicize information about an Invention covered by a Specific Assignment Agreement when a patent application has been filed in respect of such Invention or upon the expiration and/or
termination of the Specific Assignment Agreement in question. 

  

	11.3.	 The above restrictions on publication shall not in any way limit any rights to publicize any information
explicitly conferred by law upon employees of a Party which the Party is not legally entitled to restrict. The Parties agree, however, that no invention or any information relating to an invention shall be published [***], reference is made to
section 3.1. Further, the Parties agree that they shall use best efforts to avoid publication of any information about an Invention covered by a Specific Assignment Agreement for as long as a patent application has not been filed in respect of such
Invention to the extent that they are legally entitled to do so. 

  

	12.	 REPRESENTATIONS AND WARRANTIES 

 

	12.1.	 Any representations and warranties issued by the Parties in connection with the assignment of any Intellectual
Property Rights under any Specific Assignment Agreement shall be set out in the relevant Specific Assignment Agreement in order for them to be binding upon the Parties. 

  
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	13.	 LIABILITY AND INDEMNIFICATION 

 

	13.1.	 The Parties shall be liable for damages in accordance with Danish law. 

 

	13.2.	 [***]. 

  

	13.3.	 [***]. 

  

	14.	 TERM AND TERMINATION 

 

	14.1.	 This Framework Agreement shall come into force and be legally binding upon the Parties at the time of the
execution hereof by duly authorized representatives of each Party. This Framework Agreement shall have no set expiration date but may be terminated by either Party in accordance with the provisions thereon set out in this Framework Agreement.

  

	14.2.	 A Specific Assignment Agreement shall come into force and be legally binding upon the Parties at the time of
the execution thereof by duly authorized representatives of each Party and shall expire upon the expiration or termination thereof in accordance with the provisions thereon in such Specific Assignment Agreement. 

 

	14.3.	 Either Party may terminate this Framework Agreement without cause with a six (6) months written notice to
the other Party. 

  

	14.4.	 In the event of a material breach of this Framework Agreement, the Framework Agreement may be terminated by the
non-breaching Party by issuing a written notice to the breaching Party stating the non-breaching Party’s wish to terminate the Framework Agreement, and the grounds
for such wish. Unless the breach is of such a nature that it may not be remedied, the non-breaching Party shall have [***] from the receipt of the notice to remedy the breach. In the event that the breach is
not remedied within such period of time or if the breach is of such a nature that it may not be remedied, this Framework Agreement shall automatically terminate. 

 

	14.5.	 Each Specific Assignment Agreement shall set out the termination provisions applicable to such Specific
Assignment Agreement, including provisions regulating the consequences of termination. Termination of this Framework Agreement for whatever reason shall not affect the binding effect of any Specific Assignment Agreement executed prior to the
effective date of termination of this Framework Agreement. 

  

	15.	 MISCELLANEOUS 

 

	15.1.	 This Framework Agreement constitutes the entire understanding between the Parties and supersedes any and all
prior or contemporaneous understandings and agreements, whether oral or written, between the Parties with respect to the subject matter hereof. This Framework Agreement can only be modified by a written amendment signed by both Parties.

  

	15.2.	 Neither Party shall be entitled to transfer any of its rights and/ or obligations under this Framework
Agreement or any Specific Assignment Agreement. For the avoidance of doubt, the Company shall be entitled to transfer Intellectual Property Rights to a third party by granting a license to use such Intellectual Property Rights without the other
Party’s prior written consent. 

  
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	15.3.	 In the event that a provision of this Framework Agreement or a Specific Assignment Agreement is found by a
court of competent jurisdiction to be unenforceable, such provision shall be modified, rewritten or interpreted to include as much of its nature and scope as will render it enforceable. If it cannot be so modified, rewritten or interpreted to be
enforceable in any respect, it shall not be given effect, and the remainder of this Framework Agreement or the relevant Specific Assignment Agreement shall be enforced as if such provision was not included. 

 

	15.4.	 Any failure by either Party to enforce the other Party’s strict performance of any provision of this
Framework Agreement or a Specific Assignment Agreement shall not constitute a waiver of the former Party’s right to subsequently enforce such provision or any other provision of this Framework Agreement or the Specific Assignment Agreement.

  

	15.5.	 Any notices required or permitted to be given under this Agreement shall be given in writing by electronic mail
(email). Such notices shall be deemed delivered on the date upon which the email was sent. Notices shall be sent to the following addresses or to such other addresses as may be designated by the receiving Party: 

If to the Hospital: 

Herlev Hospital 
 [***] 

with an electronic copy to 
 [***]

 If to IO Biotech ApS: 

IO Biotech ApS 
 [***] 

 

	16.	 GOVERNING LAW AND VENUE 

 

	16.1.	 This Framework Agreement and all Specific Assignment Agreements entered into pursuant to this Framework
Agreement shall be governed by and construed in accordance with the laws of Denmark, excluding, however, choice of law provisions to the extent that such provisions would otherwise lead to the application of any other law than Danish law.

  

	16.2.	 In the event of a dispute between the Parties related to this Framework Agreement or any Specific Assignment
Agreement entered into pursuant to this framework Agreement, hereunder but not limited to the existence, validity, interpretation, and performance of any provision of this Framework Agreement or a Specific Assignment Agreement, the Parties shall
seek to settle the dispute by negotiations in good faith. Such negotiations shall be commenced by a Party submitting a written request to the other Party requesting such negotiations to commence. 

  
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	16.3.	 In the event that such negotiations do not lead to a settlement of the dispute within 4 weeks from the
commencement thereof, and only then, either Party shall be entitled to submit the dispute to the city court of Copenhagen in the first instance to resolve any dispute between them. Any decision or verdict rendered by such court shall be subject to
appeal in accordance with applicable law. 

---000--- 

(signature page follows) 

  
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	SIGNATURES
	
	For and on behalf of Herlev Hospital
	
	 Date: 5/2/2016

	
	 /s/ Steen Werner Hansen

	 Name: Steen Werner Hansen

Title: Deputy Chief Executive

 For and on behalf of IO Biotech ApS 
  

	
	 Date: 4/5/2016
  

	 /s/ Mai-Britt
Zocca

	 Name: Mai-Britt Zocca

Title: CEO

  
 12EX-10.7

 Exhibit 10.7 

*Portions of this exhibit have been excluded because it both (i) is not material and (ii) 

would be competitively harmful if publicly disclosed. 
  

 ASSIGNMENT AGREEMENT 

BETWEEN 
 HERLEV AND GENTOFTE HOSPITAL 

AND 
 IO BIOTECH ApS 

 On ______________ 2016, the following parties 

Herlev and Gentofte Hospital  
 [***] 

(hereinafter referred to as “Hospital”) 
 and

 IO Biotech ApS 
 [***] 

(hereinafter referred to as the “Company”) 

(hereinafter collectively referred to as the “Parties” and individually as a “Party”) 

have entered into this assignment agreement regarding the assignment by the Hospital to the Company of certain intellectual property rights on the terms and
conditions set out in the following. 
 RECITALS 
  

	(A)	 WHEREAS the Hospital is a hospital owned and operated by the Capital Region of Denmark (in Danish:
Hovedstadsregionen) performing research and providing medical treatment of patients within various medical fields; 

  

	(B)	 WHEREAS the Hospital inter alia employs researchers, scientists, doctors and other personnel within the
medical field who, during and related to their employment at the Hospital, may make inventions within their field of expertise; 

  

	(C)	 WHEREAS [***] has made certain inventions in respect of PD-L1
based immunotherapy; 

  

	(D)	 WHEREAS the Hospital has acquired and taken over the intellectual property rights and title in and to
said inventions pursuant to the Danish Act on Inventions at Public Research Institutions; 

  

	(E)	 WHEREAS the Hospital thereafter holds all of the intellectual property rights and title in and to said
inventions; 

  

	(F)	 WHEREAS the Company is a limited liability company incorporated under Danish law performing research and
experimental development within the field of biotechnology whose purpose is to develop a vaccine targeting immune inhibiting cells for the purpose of prevention and/or treatment of cancer, and/or to pursue related activities as per board discretion;

  

	(G)	 WHEREAS the Parties have already entered into an Option Assignment Agreement dated 2 January 2015
regarding the grant by the Hospital to the Company of an option to acquire certain intellectual property rights, including an invention referred to as Indoleamine 2,3-dioxygenase based immunotherapy which option the Company subsequently has
exercised; 

  
 1 

	(H)	 WHEREAS the Company, pursuant to the Company’s exercise of such option, has expressed its desire to
also acquire the inventions covered by this assignment agreement; 

  

	(I)	 WHEREAS such acquisition will be to the benefit of the development of the inventions covered by this
assignment agreement and of the research to be performed within the medical field to which such inventions pertain; and 

  

	(J)	 WHEREAS the Company therefore desires to acquire from the Hospital and the Hospital desires to assign to
the Company the Hospital’s intellectual property rights and title in and to the inventions and the intellectual property rights covered by this assignment agreement on the terms and conditions set out in this assignment agreement;

 NOW THEREFORE, the Parties have entered into this assignment agreement on the following terms and conditions: 

 

	1.	 DEFINITIONS 

  

	1.1.	 In this assignment agreement, the following expressions and words shall have the following meanings:

  

	1.1.1.	 Agreement shall mean this assignment agreement with Exhibits, if any. 

 

	1.1.2.	 Affiliate shall mean any legal entity directly or indirectly Controlling, Controlled by, or under common
Control with the entity in question, for as long as such Control lasts. 

  

	1.1.3.	 Assignee shall mean a Third Party to whom the Company by any means transfers Intellectual Property
Rights (however, not including by way of the grant of a license in Intellectual Property Rights). 

  

	1.1.4.	 Capital Region shall mean the Capital Region of Denmark (in Danish: “Region Hovedstaden”),
[***]. 

  

	1.1.5.	 Clinical Data shall mean the data specifically generated in connection with or leading up to and used in
the studies and research connected with the making or the development of one or more of the Inventions either prior to or after the Execution Date, which studies and research are set out in Exhibit 1. 

 

	1.1.6.	 Confidential Information shall mean all information which i) a Party has specifically designated as
confidential, which ii) pertains to a general type of information which a Party has specifically designated as confidential or which iii) would otherwise reasonably be deemed as confidential. 

 

	1.1.7.	 Control (including Controlling and Controlled) shall mean direct or indirect control of
the entity in question through: 

  

	1.1.7.1.	 direct or indirect control or ownership of more than fifty (50) % of the nominal value of the equity capital of
the entity, or 

  
 2 

	1.1.7.2.	 direct or indirect control or ownership of more than fifty (50) % of the voting rights of the equity capital of
the entity. 

  

	1.1.8.	 Covenant shall mean any of the obligations of the Company towards the Hospital set out in
Section 8.1. 

  

	1.1.9.	 Execution Date shall mean the date of the last signature to this Agreement. 

 

	1.1.10.	 Exhibit shall mean any exhibit to this Agreement. 

 

	1.1.11.	 Exit shall mean one of the following events taking place after the Execution Date: (i) an initial
public offering (IPO), whether directly or through holding or other ownership structures, of all or part of the Company’s Shares, or of all or part of the shares of a company Controlling the Company; (ii) transfer of Control of the
Company, or of Control of a company Controlling the Company, whether directly or through holding or other ownership structures, to any person or legal entity (including transfer of a noncontrolling interest whereby any person or legal entity obtains
Control of the Company or of a company Controlling the Company); (iii) a transfer to a Third Party, whether by sale, the grant of a license or by any other means, of all or a material part of the Company’s other assets if such transaction
implies that the Company ceases to operate as an active company with substantial on-going research and/or business activities; (iv) solvent liquidation or winding up of the Company, (v) a merger or
demerger in which the Company or a company Controlling the Company is the discontinuing entity, or (vi) any combination of the above, which can reasonably be considered equal to an Exit, including two or more of the events mentioned above
which, considered alone, cannot reasonably be considered as an Exit but which, considered together, can reasonably be considered as a coherent series of events constituting an Exit. 

 

	1.1.12.	 Final Payment shall mean the payment to be made at the discretion of the Company to the Hospital in
accordance with Section 5.4. 

  

	1.1.13.	 IDO shall mean the invention referred to as “Indoleamine
2,3-dioxygenase based immunotherapy” described in patent application [***] in respect of which the Parties entered into an option assignment agreement dated 2 January 2015. 

 

	1.1.14.	 Intellectual Property Rights shall mean all of the Hospital’s intellectual property rights and
title in and to the Patent Applications and any patent issued or to be issued deriving priority from the Patent Applications, including any provisionals, nonprovisionals, divisions, revisions, extensions, continuations, continuations-in-part and substitutions derived from the Patent Applications or from any such patent issued or to be issued and any reissues of such patents and all
intellectual property rights in any patent applications to be filed pursuant to this Agreement. 

  

	1.1.15.	 Inventions shall mean the inventions referred to as “PD-Ll
based immunotherapy” and “PD-Ll Peptides for use in cancer vaccines”, respectively, and described in the Patent Applications. 

 

	1.1.16.	 Key Country shall mean any of the countries and territories listed in Exhibit 3. 

  
 3 

	1.1.17.	 License shall mean a non-exclusive license to access and use
Clinical Data in accordance with the terms and conditions set out in this Agreement. 

  

	1.1.18.	 Licensee shall mean a Third Party to whom the Company grants a license to use and/or distribute in any
way any of the Inventions and/or any Intellectual Property Right. 

  

	1.1.19.	 Milestone Payment shall mean the payment of an amount of [***]. 

 

	1.1.20.	 Patent Applications shall mean the patent applications set out in Exhibit 2. 

 

	1.1.21.	 Product shall mean any product which is within the scope of the Intellectual Property Rights and any
product which is developed on the basis of any one or a combination of the Inventions and/or any Intellectual Property Right and which is sold by the Company, any Licensee or any Assignee. 

 

	1.1.22.	 Related Party shall have the meaning ascribed to the term “nærstående” in section
2 of the Danish Bankruptcy Act. 

  

	1.1.23.	 Representations and Warranties shall mean the representations and warranties issued by the Hospital in
accordance with Section 7.1. 

  

	1.1.24.	 Revenues shall mean the aggregate amount of (i) any payment (excluding value added tax and any
other applicable taxes and duties) paid to the Company and any of its Affiliates and Related Parties and (ii) the value of any non-monetary receipt obtained by the Company and any of its Affiliates and
Related Parties, and derived from the use of or based on any one or both of the Inventions, including if used in combination with any other invention or pharmaceutical or any combination of one or both of the Inventions and TDO and/or IDO, or in
relation to or based on any Intellectual Property Right. Revenues include without limitation license fees (or sublicense fees, if applicable), option fees, down payments, milestone payments, royalties, service fees and other fees and similar types
of payments and any other payments generated from the development and/or commercialization of one or both of the Inventions (also if used in combination with TDO and/or IDO) and/or any Intellectual Property Right or from the assignment or other type
of transfer to a Third Party of one or both of the Inventions and/or any Intellectual Property Right. For clarity, it is expressly understood that Revenues shall not include any Sales. 

 

	1.1.25.	 Royalty Payment shall mean any payment to be made by the Company to the Hospital pursuant to
Section 5.3. 

  

	1.1.26.	 Sales shall mean the invoiced price of Products sold by and paid to the Company and any of its
Affiliates and Related Parties in arm’s length transactions exclusively for money or, where the sale is not at arm’s length or not exclusively for money, the price that would have been so invoiced if it had been at arm’s length
exclusively for money, after deduction of all documented: 

  

	(a)	 normal trade discounts which are actually granted and any credits actually given for rejected or returned
Products to the extent that such discounts and credits are reasonable and customary in the applicable market; 

  
 4 

	(b)	 costs of packaging, insurance, carriage, and freight, provided in each case that the amounts are separately
charged on the relevant invoice and only to the extent that such costs are reasonable and customary in the applicable market; 

  

	(c)	 mandatory value added tax or other applicable and mandatory sales tax; and 

 

	(d)	 mandatory import duties or similar applicable mandatory government levies. 

 

	1.1.27.	 Section shall mean a provision of this Agreement (excluding the Exhibits) defined by a number.

  

	1.1.28.	 Shareholder shall mean any physical person and any legal entity holding Shares in the Company.

  

	1.1.29.	 Shares shall mean shares issued by the Company and other financial instruments (e.g. warrants,
convertible loans and other instruments which comprise a right to acquire new or existing shares in the Company, which right may be conditional) issued by the Company. 

 

	1.1.30.	 Sublicensee shall mean a Third Party to whom the Company grants a license to access, use and/or
distribute in any way any of the Clinical Data. 

  

	1.1.31.	 TDO shall mean the invention referred to as “[***]” described in patent application [***].

  

	1.1.32.	 Third Party shall mean any person or entity other than the Parties. 

 

	1.1.33.	 Valid Claim shall mean (a) in the case of an issued and unexpired patent under the Intellectual
Property Rights, a claim that has not been held permanently revoked, unenforceable 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 abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise; or (b) in the case of a pending patent application, a pending claim that has not been cancelled, withdrawn,
abandoned or finally disallowed without the possibility of appeal or refiling of such application. 

  

	1.2.	 The singular shall, where the context does not exclude it, include the plural and vice versa.

  

	2.	 ASSIGNMENT AND GRANT 

 

	2.1.	 Subject to the terms and conditions set out in this Agreement and with effect as of the Execution Date, the
Hospital i) assigns its full and complete title and ownership in and to all of the Intellectual Property Rights and the Patent Applications to the Company and ii) grants the License to the Company. 

 

	2.2.	 The consideration to be paid by the Company to the Hospital for i) the assignment of the Intellectual Property
Rights and the Patent Applications to the Company and ii) the grant of the License is set out in Section 5. 

  
 5 

	3.	 THE INTELLECTUAL PROPERTY RIGHTS 

 

	3.1.	 The Company shall only be entitled to transfer Intellectual Property Rights to an Assignee in the event that i)
the Company has made the Milestone Payment, including accrued interests, cf. Section 5.2.1, and ii) the Assignee in question assumes the Company’s obligations towards the Hospital pursuant to this Agreement to make Royalty Payments and to
prosecute and enforce the Intellectual Property Rights. 

  

	3.2.	 In the event that the Company transfers Intellectual Property Rights to an Assignee pursuant to the above and
the Company and/or a Company Affiliate and/or a Related Party later acquires such Intellectual Property Rights from the same Assignee or another Third Party, the Company shall re-assume the payment obligations
towards the Hospital pursuant to this Agreement and the obligations to prosecute and enforce such Intellectual Property Rights. 

  

	3.3.	 The Hospital shall make itself available to sign any documents regarding the registration by patent authorities
of the assignment of the Intellectual Property Rights and the Patent Applications and other similar documents which may be reasonably necessary to effectuate the assignment by the Hospital to the Company of the Intellectual Property Rights pursuant
to this Agreement. Notwithstanding the above, the content and provisions of such documents shall not in any way conflict with the terms and conditions in this Agreement. All direct costs related thereto shall be held by the Company.

  

	4.	 THE LICENSE 

  

	4.1.	 The License shall be irrevocable, non-exclusive, worldwide, perpetual
and fully paid-up. The License shall include access and unrestricted use rights, within the scope of the terms and conditions of this Agreement, for the Company to any Clinical Data generated prior to the
Execution Date. The Company acknowledges and agrees that the Hospital shall be entitled to keep one or more copies of the Clinical Data and to access and use any Clinical Data in any way it sees fit; however, solely for noncommercial research
purposes. 

  

	4.2.	 The Company shall only be entitled to access and use Clinical Data for the sole purpose of developing and
commercializing the Inventions and/or the Intellectual Property Rights. 

  

	5.	 CONSIDERATION 

 

	5.1.	 The consideration to be paid by the Company to the Hospital for the rights granted to the Company pursuant to
this Agreement shall consist of the payments to be made in accordance with this Section 5. [***] and shall be considered to be adequate consideration for the rights conferred upon the Company pursuant to this Agreement, both in respect of i)
the assignment of Intellectual Property Rights and ii) the grant of the License. 

  

	5.2.	 Milestone Payment  

 

	5.2.1.	 In addition to any other payment to be made by the Company to the Hospital pursuant to this Agreement, the
Company shall make the Milestone Payment [***] on any outstanding amount under the Milestone Payment calculated from the Effective Date until payment thereof. The payment of the Milestone Payment including accrued interests shall fall due as
follows: 

  
 6 

	5.2.1.1.	 [***]. 

  

	5.2.1.2.	 [***] due upon submission by the Company of any CTA (Clinical Trial Application) or any IND (Investigational
New Drug) application to any regulatory authority regarding a medicinal product which is within the scope of the Intellectual Property Rights and/or which is developed on the basis of any one or a combination of the Inventions and/or any
Intellectual Property Right. 

  

	5.2.1.3.	 [***] due upon achievement (as defined per industry standards) of the primary endpoint in a phase 2 clinical
trial regarding a medicinal product which is within the scope of the Intellectual Property Rights and/or which is developed on the basis of any one or a combination of the Inventions and/or any Intellectual Property Right. 

 

	5.2.1.4.	 [***]. 

  

	5.2.1.5.	 Notwithstanding the above, any outstanding amount under the Milestone Payment including accrued interests shall
be payable, in the discretion of the Company, at any time prior to any of the due dates mentioned above. 

  

	5.3.	 Royalty Payments 

 

	5.3.1.	 Furthermore, the Company shall [***] pay a Royalty Payment in cash corresponding to [***] of the Revenues and
Sales generated in the preceding year. 

  

	5.3.2.	 Subject to the due and complete fulfilment of the Company’s obligations to manage, maintain, prosecute and
enforce the Patent Applications in the Key Countries pursuant to Section 6.1, Royalty Payments under Section 5.3.1 shall only be payable for Revenues and Sales derived from a country or territory in which one or more Valid Claims exist.
For clarity, in respect of Sales, the obligation to pay Royalty Payments shall be imposed only once per sale of a specific Product regardless of how many Valid Claims cover sales of such specific Product. 

 

	5.3.3.	 The Company shall, upon the Hospital’s request and at the Company’s cost, provide the Hospital with
all such documentation, materials and information as the Hospital may reasonably request in respect of the documentation for the Company’s and/or any of its Affiliates’ or Related Parties’ receipt of Revenues and Sales.

  

	5.4.	 Final Payment 

 

	5.4.1.	 At any time after the execution of this Agreement, the Company may settle any and all of the Hospital’s
rights to receive consideration pursuant to this Agreement by way of the effective payment to the Hospital of an amount of DKK 20,000,000 (say Danish Kroner twenty million 0/00) in the aggregate. If the Company exercises its right under this
Section 5.4.1, the Final Payment to be paid by the Company shall be calculated as DKK 20,000,000 (say Danish Kroner twenty million 0/00) minus the aggregate Royalty Payments that have already been paid to the Hospital prior to the
Company’s exercise of its right under this Section 5.4.1. 

  
 7 

	5.4.2.	 In the event that the Company makes the Final Payment pursuant to the above, the Hospital shall no longer be
entitled to request the payment of any consideration pursuant to this Agreement, and all of the Company’s obligations towards the Hospital pursuant to Sections 3.1, 5, and 6 shall automatically terminate. 

 

	6.	 PATENT PROSECUTION AND ENFORCEMENT 

 

	6.1.	 The Company shall use its best reasonable efforts to file all relevant patent applications in respect of the
Intellectual Property Rights in i) all Key Countries and in ii) such other countries and territories where it would reasonably be deemed relevant and commercially viable to do so. The Company shall also use its best reasonable efforts to manage,
maintain, prosecute and enforce the Intellectual Property Rights, including the Patent Applications, in all Key Countries and such other countries and the Company shall reasonably consult with the Hospital on a regular basis in relation to the
management, maintenance, prosecution and enforcement of the Intellectual Property Rights, including the Patent Applications, and any patents issued on the basis thereof. The Company shall not abandon any patent application or patent included in or
derived from the Intellectual Property Rights, including any of the Patent Applications, in any Key Country without the prior written consent of the Hospital, unless such patent or patent application does not contain any Valid Claim, or unless the
Company reasonably demonstrates that the patent or patent application will be revoked or held unenforceable or invalid, or will be disallowed. Consent from the Hospital shall not be unreasonably withheld. 

 

	6.2.	 At the request of the Company after the Execution Date, the Hospital shall provide the Company with access to
any files and documents which are directly related to the Intellectual Property Rights and in the possession of the Hospital or, if reasonably possible, in the possession of the Hospital’s external patent advisors. The Company shall pay any
direct costs related to the above mentioned access. 

  

	6.3.	 The Company shall provide the Hospital with all such information, documentation and materials which the
Hospital may reasonably request after the Execution Date in respect of the Company’s fulfilment of the Company’s obligations pursuant to this Section 6. 

 

	7.	 REPRESENTATIONS AND WARRANTIES 

 

	7.1.	 The Hospital represents and warrants: 

 

	7.1.1.	 That the Intellectual Property Rights are free and clear of any and all valid claims of ownership,
liens, mortgages and encumbrances, including without limitation any valid claim of ownership from any inventor, Hospital employee or other Third Party under applicable law or internal Hospital regulations; and 

 

	7.1.2.	 That no license or option rights regarding the Intellectual Property Rights are or have been granted to
any Third Party by the Hospital. 

  
 8 

	7.1.3.	 That, to the knowledge of the Hospital, as of the Execution Date there are no pending administrative or
judicial proceedings contesting the inventorship, ownership, validity, or enforceability of any element of the Intellectual Property Rights. 

  

	7.2.	 The Hospital gives no other representations or warranties than explicitly stated under Section 7 .1 with
respect of any of the Intellectual Property Rights or any of the Inventions and nothing in this Agreement shall be construed either explicitly or implicitly: 

  

	7.2.1.	 As a representation or warranty by the Hospital that any of the Intellectual Property Rights will
proceed to grant; 

  

	7.2.2.	 As a representation or warranty by the Hospital that utilizing and/or commercializing any part of any of
the Inventions or any of the Intellectual Property Rights will not infringe the patents or other intellectual property rights of Third Parties or that the Company will not need to obtain or take out one or more licenses for any other rights from one
or more Third Parties in order to utilize and/or commercialize one or more of the Inventions; 

  

	7.2.3.	 As a representation or warranty by the Hospital that upon the Execution Date there are no administrative
or judicial proceedings contesting the inventorship, ownership, validity, or enforceability of any element of the Intellectual Property Rights or that any such proceeding will not be initiated thereafter; 

 

	7.2.4.	 As a representation or warranty by the Hospital that any of the Intellectual Property Rights or any of
the Inventions or the use of the Clinical Data will lead to the development of any product; or 

  

	7.2.5.	 As a representation or warranty by the Hospital as to the patentability, validity, scope,
merchantability or usefulness of any of the Inventions and/or any of the Intellectual Property Rights and/or any Clinical Data. 

  

	8.	 COVENANTS 

  

	8.1.	 After the Execution Date and until the complete and due fulfilment of the Company’s payment obligations
pursuant to this Agreement, which entail the effective payment of all amounts which the Company is or shall be obligated to pay to the Hospital pursuant to this Agreement, and without prejudice to any of the other obligations imposed upon the
Company under this Agreement, the Company undertakes to fully comply with the following obligations: 

  

	8.1.1.	 That all of the Company’s transactions with its Shareholders and their Affiliates and Related
Parties shall be carried out on arm’s length terms and conditions; 

  

	8.1.2.	 That the Company shall [***], at its own cost provide the Hospital with the documentation and
information that the Hospital may reasonably request in respect of documentation for the Company’s and/or any of its Affiliates’ or Related Parties’ receipt of Revenues and Sales; 

  
 9 

	8.1.3.	 That the Company shall use all efforts required under Section 6 hereof to, at its own cost, manage,
maintain, prosecute and enforce the Intellectual Property Rights pending or in force at any time; and 

  

	8.1.4.	 That the Company shall not abandon any of the Patent Applications without first obtaining the consent of
the Hospital. 

  

	9.	 LIABILITY 

  

	9.1.	 Each Party shall be liable in accordance with Danish law for damages, losses, costs or expenses sustained by
the other Party as a result of, arising from or in connection with the first Party’s breach of this Agreement. [***]. 

  

	9.2.	 [***]. 

  

	10.	 INDEMNIFICATION 

 

	10.1.	 [***]. 

  

	11.	 TERM AND TERMINATION 

 

	11.1.	 This Agreement shall come into force on the Execution Date and shall be
non-terminable. 

  

	12.	 CONFIDENTIALITY 

 

	12.1.	 The Parties shall not in any way disclose Confidential Information to any Third Party. 

 

	12.2.	 The Parties shall use the same standards of care in keeping the other Party’s Confidential Information
confidential as they would use in respect of their own Confidential Information. Notwithstanding the foregoing, in no event shall the Parties be entitled to use a lower standard of care than a reasonable person would to protect its own confidential
information. 

  

	12.3.	 Notwithstanding anything to the contrary in this Agreement, the confidentiality obligations under this
Section 12 shall not apply to Confidential Information which (1) becomes rightfully known to the receiving Party from a Third Party source without such Third Party’s breach of confidentiality obligations towards the Party to whom the
Confidential Information so disclosed pertains; (2) is or becomes publicly available through no fault of or failure to act by the receiving Party in breach of this Agreement; (3) is or has been independently developed by employees,
consultants or agents of the receiving Party without violation of the terms of this Agreement or reference or access to any Confidential Information. 

  

	12.4.	 To the extent that a Party discloses Confidential Information in accordance with binding resolutions or
decisions made by competent legal authorities or in accordance with applicable laws and regulations requiring such disclosure of Confidential Information, the disclosing Party shall not be deemed to be in breach of its confidentiality obligations
under this Agreement. Information disclosed pursuant to this Section 12.4 shall, however, remain Confidential Information for the purposes of this Agreement. 

  
 10 

	12.5.	 In the event that a Party breaches its confidentiality obligations pursuant to this Section 12, such Party
shall be liable to pay damages to the other Party in accordance with Danish law and the provisions of this Agreement. 

  

	12.6.	 The restrictions on disclosure of Confidential Information shall not apply to a Party’s disclosure of
Confidential Information to its legal counsel and similar advisors who are bound by confidentiality obligations no less onerous than standard confidentiality obligations for such advisors. 

 

	13.	 PUBLICATION 

  

	13.1.	 The Company shall be entitled to publish at its discretion any information regarding the Intellectual Property
Rights and the Clinical Data in order to further the Company’s research, development and commercialization activities. 

  

	13.2.	 The Hospital shall be entitled to publish information about any of the Inventions and any Intellectual Property
Right and Clinical Data to the extent that such information is included in and covered by a patent application. 

  

	13.3.	 The Hospital shall be entitled to publish any other information regarding the Intellectual Property Rights and
the Clinical Data with the Company’s prior written consent, which consent shall not be unreasonably withheld. 

  

	13.4.	 The above restrictions on publication shall not in any way limit any rights to publish any information
conferred by law upon employees of a Party which the Party is not legally entitled to restrict. [***]. 

  

	14.	 MISCELLANEOUS 

 

	14.1.	 This Agreement constitutes the entire understanding between the Parties and supersedes any and all prior or
contemporaneous understandings and agreements, whether oral or written, between the Parties with respect to the subject matter hereof. This Agreement can only be modified by a written amendment signed by authorized representatives of both Parties.

  

	14.2.	 This Agreement shall be legally binding upon the Parties and the Parties shall enjoy the rights conferred and
be subject to the obligations imposed upon them by this Agreement only upon and after such a time when both Parties have duly executed this Agreement by their respective authorized representatives. 

 

	14.3.	 Neither Party shall be entitled to transfer any of its rights and/or obligations under this Agreement to any
Third Party without the other Party’s prior written consent. For clarity, the foregoing shall not restrict the Company from granting any license (or, with respect to the Clinical Data, any non-exclusive
sublicense) to the Intellectual Property Rights and/or the Clinical Data to any Third Party. The Company, however, acknowledges and agrees 

  
 11 

	 	
that the Hospital is owned and operated by the Capital Region, that the Capital Region owns and operates multiple hospitals and that any of the hospitals or other legal entities owned and
operated by the Capital Region (and the Capital Region itself) shall be entitled to exercise any and all of the rights conferred upon the Hospital pursuant to this Agreement. 

 

	14.4.	 Nothing in this Agreement shall be construed so as to require the commission of any act contrary to applicable
law, and wherever there is any conflict between any provision of this Agreement and any applicable law, the latter shall prevail. In the event that a provision of this Agreement is found by a court or institution of competent jurisdiction to be
invalid, illegal or unenforceable and such decision by the court or institution cannot be or is not appealed in accordance with applicable law, such provision shall be modified, rewritten or interpreted to include as much of its nature and scope as
will render it enforceable and only to the extent necessary to bring it within applicable law. If it cannot be so modified, rewritten or interpreted to be enforceable in any respect, it shall not be given effect, and the remainder of the Agreement
shall be enforced as if such provision was not included. 

  

	14.5.	 Any failure by either Party to enforce the other Party’s strict performance of any provision of this
Agreement shall not constitute a waiver of the former Party’s right to subsequently enforce such provision or any other provision of this Agreement. 

  

	14.6.	 Notices required or permitted to be given under this Agreement shall be in writing and shall be sent to the
addresses mentioned below or to such other addresses as may be designated by the receiving Party from time to time: 

  

			
	 In respect of the Hospital:

 
 Herlev and Gentofte Hospital

[***]
	  	 In respect of the Company:

 
 IO Biotech ApS

[***]

		
	 with an electronic copy to:

 
 The Capital Region

[***]
	  	 with an electronic copy to:

 
 IO Biotech ApS

[***]

  

	14.7.	 Neither Party is or shall be deemed to be an employee, agent or legal representative of the other Party due to
the execution or implementation of this Agreement, the performance of any obligations imposed or the enjoyment of any rights conferred by this Agreement. 

  

	14.8.	 Neither Party to this Agreement shall commit any act or take any action frustrating or hampering the rights of
the other Party under this Agreement. Each Party shall act in good faith and engage in fair dealing when taking any action under or related to this Agreement. 

 

	15.	 GOVERNING LAW AND VENUE 

 

	15.1.	 This Agreement shall be governed by, construed and enforced in accordance with the laws of Denmark, excluding
however Danish choice of law rules to the extent that such rules would otherwise lead to the application of any other law than Danish law. 

  
 12 

	15.2.	 In the event of a dispute between the Parties related to this Agreement, hereunder but not limited to the
existence, validity, interpretation, and/or performance of any provision of this Agreement, the Parties shall seek to settle the dispute by negotiations in good faith with an aim to resolve the dispute. Such negotiations shall be commenced by a
Party submitting a written request to the other Party requesting such negotiations to commence. 

  

	15.3.	 In the event that such negotiations do not lead to a settlement of the dispute within 4 weeks from the
commencement thereof, and only then, the Parties submit to the exclusive jurisdiction of the city court of Copenhagen in the first instance to resolve any dispute between them. Any decision made or verdict rendered by such court shall be subject to
appeal in accordance with applicable law. 

—-000-— 

(signature page follows) 

  
 13 

	
	SIGNATURES
	
	For and on behalf of Herlev and Gentofte Hospital
	
	Date: 12/28/2016
	
	/s/ Steen Werner Hansen
	Name: Steen Werner Hansen
	Title: Deputy Chief Executive

  

					
	For and on behalf of IO Biotech ApS	 		 	
			
	Date: 1/2/2017	 		 	Date: 1/2/2017
			
	/s/ Mai-Britt Zocca	 		 	/s/ Peter Hirth
	Name: Mai-Britt Zocca	 		 	Name: Peter Hirth
	Title: Managing Director	 		 	Title: Chairman

  
 14

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