Document:

Exhibit

Exhibit 10.2

Master Services Agreement

This Master Consultancy Services Agreement (“Agreement”) dated September 1, 2018 is made between:
		
	A
	WEATHERDEN LTD a company incorporated in England & Wales (registration number 09241011) whose registered office is Units 4 & 5, Swinford Farm, Eynsham, Oxford, OX29 4BL (‘the Consultancy’ or ‘Weatherden’), and

		
	B
	EVELO BIOSCIENCES, INC a company incorporated in Delaware whose registered office is 620 Memorial Drive, Suite 200 West, Cambridge, Ma, Massachusetts, 02139 (‘the Client’ or ‘Evelo’).

The Consultancy agrees to supply, and the Client agrees to engage the Consultancy’s Services on the following terms:
		
	1.
	Nature of this Agreement

		
	 1.1
	This is a Master Agreement and defines the terms under which the Consultancy will undertake such Services for the Client as may be agreed between the parties from time to time.  No changes will apply unless in writing and signed by both parties.

		
	1.2
	Entering this Agreement does not of itself oblige the Client to offer any work to the Consultancy nor for the Consultancy to provide or the Client to accept or pay for any particular consultancy services. Neither party wishes to create or imply any mutuality of obligation between themselves either in the course of or between any performance of the services or during any notice period.  

		
	1.3
	Where it is agreed between the parties that any Services are to be provided, a schedule in the form annexed to this Agreement setting out the nature of the Services, the charging basis, and any other material terms (a ‘Schedule’) will be produced by the Consultancy and provided to the Client. 

		
	1.4
	On receipt of a Schedule

		
	1.4.1
	if the Client accepts its terms, the Client will promptly sign and return one copy to the Consultancy

		
	1.4.2
	if the Client does not accept its terms, the Client will promptly advise the Consultancy.

		
	1.5
	Upon a Schedule being signed by both parties, it will become a contract binding on the parties.

		
	1.6
	A contract formed on the basis of a Schedule referencing these terms is governed only by the terms of this Agreement, and by no others, except where both parties expressly agree in writing. In particular, it is agreed that any purchase order or other such document from the Client or Consultancy is intended for the Client’s own administrative purposes only, and that notwithstanding its wording, neither a Purchase Order nor its content will have any legal effect. Save to the extent expressly provided, all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law. 

		
	1.7
	Either party may request change to the nature or scope of Services covered by a Schedule. Any such request shall be sufficiently detailed to enable the other party to assess the impact of the proposed change. No such change will become effective until agreed in writing between the parties and shall become a change order as discussed in Section 5. 

		
	1.8
	This Agreement is not exclusive; the Client acknowledges that the Consultancy enters this Agreement in the course of its business of providing services to its customers, and the Consultancy is and remains at liberty to also provide services to third parties; it is the Consultancy’s responsibility to ensure it does not enter any third-party engagement which might cause a conflict of interest to arise or violate any of the terms herein.  The Client is and remains at liberty to engage services (including similar services) from third parties. The Consultancy reserves the right to decline to provide any advice and assistance outside the scope of the Services as specified in Schedules agreed between the parties, even if the Consultancy may previously have provided such additional advice and assistance.

		
	2.
	Services

		
	2.1
	The Consultancy will provide Services as agreed from time to time in Schedules, so far as is reasonably practicable within any agreed timescale, in compliance with applicable laws and regulations, written instructions from Client, and with all proper skill and care. 

		
	2.2
	As an independent agency, 

		
	2.2.1
	the Consultancy will not require or be subject to supervision direction or control as to its daily activities or the manner of performance thereof, and itself accepts the responsibility for the proper provision of Services 

		
	2.2.2
	for the avoidance of doubt, the Client shall not (and does not have the right to) exercise supervision, direction or control as to the manner of performance of the Services 

		
	2.2.3
	it is the Consultancy’s responsibility to (and the Consultancy shall) maintain Professional Indemnity, Employer's Liability (where legally required), and Public Liability insurance reasonably sufficient to cover such liabilities and obligations of the Consultancy as may arise in connection with the provision of the Services (in each on such terms and in such amount as a reasonably prudent person would consider to be adequate).

		
	2.3
	The Consultancy is responsible for providing personnel who have sufficient qualifications and training to perform the Services herein and for maintaining reasonable continuity in personnel providing Services on its behalf, 

		
	2.3.1
	but reserves the right to make changes to those personnel providing the Services from time to time upon written approval from Client; 

		
	2.3.2
	no additional charge will be made for any handover period, and 

		
	2.3.3
	the Consultancy remains responsible 

		
	2.3.3.1
	for any supervision and direction of its personnel in the provision of the Services, and 

		
	2.3.3.2
	in any event for all Services performed on its behalf. 

		
	2.4
	Where the Consultancy’s charges are on a time and materials basis, or where any individual who will provide Services is named in a Schedule (or the Client has a reasonable expectation that the Services will primarily be provided by a specific individual), it is the Consultancy’s responsibility to ensure 

		
	2.4.1
	that the relevant skills and experience of any replacement personnel remain commensurate with the fee rates charged, and

		
	2.4.2
	that any replacement personnel have the necessary skills to perform the Services without the need for additional training by the Client.

		
	2.5
	It is the Client’s responsibility 

		
	2.5.1
	to afford the Consultancy with such reasonable access, information and staff cooperation as the Consultancy may reasonably require for the proper performance of any Services, and 

		
	2.5.2
	where the Consultancy provides the Services at the premises of the Client, to ensure that all relevant Health and Safety policies, risks, information and relevant statutory compliance measures are disclosed to the Consultancy to the extent required by applicable law.

		
	2.6
	Consultancy will not use a subcontractor to perform the Services or otherwise subcontract its obligations hereunder without the prior written consent of Client, other than team members operating through companies as individuals as listed in the Schedules, for the agreed upon amounts as listed in the Schedules. Any permitted subcontractor will be obligated to perform in accordance with this Agreement and Consultancy will be responsible for the actions and omissions of such subcontractor as if Consultancy had made such actions or omissions itself.

    
		
	3.
	Confidentiality

		
	3.1
	Unless the parties have signed a separate agreement containing more specific provisions in relation to confidentiality (in which case the provisions of such agreement will continue to apply in lieu of this clause), each party 

		
	3.1.1
	will keep any confidential information disclosed by the other secret, and 

		
	3.1.2
	on termination (or sooner if required) will at the option of the owner thereof return or destroy such confidential information of the owner, however that the party may retain one (1) copy in its confidential files solely for purposes of exercising the party’s rights hereunder, satisfying its obligations hereunder or complying with any legal proceeding or requirement with respect thereto and further, provided, that the party shall not be required to erase electronic files created in the ordinary course of business during automatic system back-up procedures pursuant to its electronic record retention and destruction practices that apply to its own general electronic files. Such retained copies of confidential information shall remain subject to the confidentiality and non-use obligations herein.

		
	3.1.3
	shall only share confidential information with its employees and agents who are bound by confidentiality agreements with terms at least as restrictive as those herein and provided that the disclosing partner shall be responsible for any breach of this section by its employees and agents.

		
	3.1.4
	Neither anything contained in this Agreement, nor any delivery of any confidential information to the other Party will be deemed to grant to the Receiving Party any rights or licenses under any intellectual property rights (including, without limitation, patent applications, patents, extensions, trade secrets, trademarks, copyrights and/or rights in non-public information) of the disclosing party, except as necessary for Consultancy to perform the Services or for Client to make use of the Services, Data, Deliverables and/or any intellectual property rights.

		
	3.1.5
	For clarity, Client’s confidential information will further include the Data, and Materials, both as further defined herein.  

		
	3.2
	Neither party may use or take advantage of any such confidential information of the other party without the discloser’s consent, even after the end of this Agreement. 

		
	3.3
	This obligation does not apply to 

		
	3.3.1
	information known to the party subject to the obligation of confidentiality before disclosure by the other party, and free of any obligation of confidentiality, or 

		
	3.3.2
	information independently developed or acquired by the party subject to the obligation of confidentiality, without reference or access to the other party’s confidential information, and free of any obligation of confidentiality, or 

		
	3.3.3
	information which becomes public knowledge without fault on the part of the party subject to the obligation of confidentiality. 

		
	3.4
	The provisions of clause 3.1 shall not prevent a party disclosing confidential information of the other party if and to the extent such disclosure is required pursuant to any legal or regulatory requirement applicable provided advance written notice is provided to the other party where reasonably possible to allow the other party to seek a protective order or otherwise attempt to limit. 

		
	4.
	Copyright and Intellectual Property Rights

		
	4.1
	‘Deliverable’ means a work produced by the Consultancy in the course of Services for delivery to the Client. 

		
	4.1.1
	Where Consultancy’s pre-existing works are with the knowledge and written consent of the Client incorporated in any Deliverable, Consultancy hereby grants to Client a non-exclusive, irrevocable, world-wide, royalty free licence to use, modify and distribute such pre-existing works, but only as part of the Deliverable; all other rights in the pre-existing works are reserved. 

		
	4.1.2
	Subject thereto, all rights in any Deliverable pass to the Client upon payment of all fees not in dispute due to the Consultancy which relate to that Deliverable, and the Consultancy hereby assigns and such rights, and if necessary, will execute a formal assignment thereof on request by the Client.

		
	4.1.3
	Further, Consultancy agrees that, as between Consultancy and Client, Client owns all rights, title, and interest in any data generated from the Services ("Data"), Deliverables, and/or rights (including, without limitation, intellectual property rights such as patent applications, patents, extensions, trade secrets, trademarks, copyrights and/or rights in non-public information) related to the (a) Material or its uses, (b) Data, (c) Deliverables and/or (d) improvements, developments, discoveries, and designs which are conceived, recorded, and/or reduced to practice by Consultancy, alone or jointly with others, (1) in connection with the Services  or (2) which are related to the Material or its uses or (3) are developed using the Material or the Confidential Information (collectively with the rights in 4.1.2, "Inventions"). Consultancy hereby assigns to Client all of Consultancy’s rights to and interest in any Inventions. If any of Client’s ownership rights contemplated under this section is not perfected, fails to arise, reverts or terminates by operation of law, then Consultancy hereby grants to Client an exclusive (even to Consultancy), irrevocable, perpetual, fully paid-up, royalty-free, transferable, sub-licensable (through multiple layers of sub-licensees), worldwide license to all rights, title and interest in the Inventions.  Consultancy will act as necessary to perfect, maintain, and/or enforce (to “Protect”) Client’s rights in the Inventions, including, without limitation, reviewing, executing and delivering all requested supporting documents. Client will reimburse Consultancy’s reasonable out-of-pocket costs for such assistance.

		
	4.2
	The Consultancy will indemnify the Client against infringement of third party rights by a Deliverable, provided that the Client notifies the Consultancy of any relevant third-party rights promptly on such rights becoming known to or reasonably suspected by the Client. 

		
	4.3
	Nothing shall prevent the Consultancy from using techniques, ideas, and other know-how gained during the performance of Services under this Agreement in the furtherance of its own business, provide that such techniques, ideas and other know-how do not contain or rely upon any Client Confidential Information and only to the extent that such does not result in disclosure or abuse of confidential information in breach hereof, or any infringement of any Intellectual Property Rights of the Client.

		
	4.4
	Consultancy acknowledges that, as between Consultancy and Client, Client owns any reagents, compounds, biological material, devices or other technology provided to Consultancy in connection with the Services, and any modifications, improvements, fragments, analogs or homologs thereof and/or derivatives of the foregoing (“Materials”). Consultancy will not provide or offer to provide any Material to any third-party or person not performing Services hereunder, without the prior written consent of Client. The Materials are to be used by Consultancy solely for completing the Services. Furthermore, upon Client’s request or completion of Services, any unused Material will be, at Client’s discretion and instruction, either destroyed or returned to Client.

		
	5.
	Charges and Payment

		
	 5.1
	All sums due shall be invoiced and paid as specified in the applicable Schedule. 

		
	5.2
	The Client will pay the Consultancy’s invoices within 30 days of receipt of invoice, plus VAT where applicable. 

		
	5.3
	Unless otherwise specified, where payment is on a time and materials basis, the Consultancy may invoice monthly. 

		
	5.4
	If any of the Consultancy’s invoices becomes overdue and are not in dispute and Consultant has notified Client in writing, 

		
	5.4.1
	the Consultancy may suspend provision of Services, and any agreed timescale will be automatically extended; 

		
	5.4.2
	the Consultancy may also terminate this Agreement and any current Schedule for material breach whilst any payment is more than 14 business days overdue.

		
	5.5
	Unless noted otherwise in the Schedule, all invoices will be in GB Pounds Sterling and must contain an itemized breakdown of all fees and expenses (and be accompanied by relevant supporting documentation), All invoices must reference a valid Client Purchase Order Number in order for payment to be processed. All other payment terms will be included in the Schedule but under no circumstances will the total payments prior to the initiation of service exceed 20% of the total payments provided in the Schedule.

		
	5.6
	Prior to the first payment, Consultancy will submit a completed W-8 or W-9 to Client.  Invoices should be sent to Client as specified in the corresponding Schedule. If the Schedule does not specify where invoices should be sent to Client, invoices should be sent to:

Evelo Biosciences, Inc.
620 Memorial Drive
Cambridge, MA 02139
United States of America
Attention: Accounts Payable

and to the email address: finance@evelobio.com

Client will pay a sum equal to the full GBP invoiced value. Both parties are responsible for their own wire transfer charges by electronic transfer to the following account:
IBAN - [XXXXXXXXXXXXXXXXXXXXXX]
BIC  - [XXXXXXXXXXX]
Account Number - [XXXXXXXX]
Sort code - [XXXXXX]

		
	5.7
	If Client requests any changes in the nature, scope, or cost of the Services or if pricing herein is dependent on incorrect information provided by the Client, or if any specified dependencies / facilities are not available on time not due to any fault of Consultancy, or if any equipment required to be provided by the Client fails to operate correctly (save where the engagement itself is for the repair thereof), the parties will agree on a change order. Consultancy will first notify Client in writing of the cost of such changes and will not proceed without Client’s prior written consent. Any such approved changes to Services will be considered an amendment to the applicable Schedule and governed by this Agreement and must be accompanied by a separate PO number and referenced when billing.

		
	5.8
	If while performing Services Consultancy will compensate any health care providers for their support of the Services, Consultancy will follow Client’s requirements for determining the fair market value for such health care provider support and will reasonably report such compensation and other transfers of value to health care providers to Client in a format and frequency to enable Client to comply with applicable laws and regulations.

		
	6.
	Liability

		
	6.1
	Neither party excludes liability for death, personal injury, fraud, or otherwise where it is not lawful to do so.  Subject thereto, and except for any breach of the confidentiality section or intellectual property sections herein,

		
	6.1.1
	each party expressly excludes liability for economic, consequential or indirect loss or damage of any kind, or for loss of profit, business, revenue, goodwill or anticipated savings. 

		
	6.1.2
	Except for the indemnity or for claims due to its gross negligence, neither party shall be liable for any loss or damage in excess of three times the total sums payable under a Schedule, except where it may not lawfully exclude or limit liability 

		
	6.2
	Consultancy shall indemnify, defend and hold harmless Client, and its respective officers, directors, employees and agents (collectively, the “Client Indemnitees”) against any third party claims, to the extent arising out of or relating to: (i) Consultancy or any of its employees or agents’ negligence or wilful misconduct in performing obligations under this Agreement; or (iii) Consultancy’s breach of this Agreement.

		
	7.
	Termination

		
	7.1
	Either party may terminate this Agreement at any time when there is no current Schedule, by immediate written notice.

		
	7.2
	Client may terminate any Schedule upon thirty days’ written notice with or without cause.

		
	7.3
	Either party may terminate this Agreement and any current Schedule at any time if the other is in material breach or if the other becomes insolvent, by immediate written notice.

		
	7.4
	Any provision of this agreement which expressly or by implication is intended to come into or continue in force on or after termination of this agreement shall remain in full force and effect.

		
	8.
	Force Majeure

If either party is obstructed in performing any of its obligations under a Schedule by an event outside its reasonable control, then performance to the extent obstructed is suspended for so long as the obstruction continues. Whilst performance is suspended and has been so for more than 7 days, either party may terminate that Schedule by immediate written notice.
		
	9.
	Staff obligations and third-party rights

		
	9.1
	The Client is a client of a business undertaking carried on by the Consultancy, and it is not the intention of either to create or allow to arise any employee/employer relationship between the Client and any individual providing Services on behalf of the Consultancy.  

		
	9.2
	Each party solely retains all the responsibilities and rights of an employer towards and in relation to its own employees. Neither party seconds its employees or any of them to the other. No person providing Services is expected or required to integrate into the Client’s business organisation or employed workforce.  

		
	9.3
	With the exception of agreed subcontractors where it is mutually agreed that Company shall pay the subcontractor directly, the Consultancy will ensure that all remuneration it pays any personnel engaged on the Services is paid and taxed as employment income, within the meaning of the Income Tax (Earnings and Pensions) Act 2003 as amended. Consultancy shall be responsible for the payment of all taxes, for all employment, insurance and other similar taxes with respect to any compensation provided by the Client to Consultancy.  Consultant will indemnify Client against any claims brought by or in relation to its own employees, whether such claims relate to employment, tax, national insurance, or otherwise

		
	9.4
	Where applicable, the Consultancy is solely responsible for complying with the requirements of the Working Time Regulations 1998 (as amended) and any other legislation relating to workers, in relation to any individual providing Services on its behalf. 

		
	9.5
	Other than by general advertisement for such position or in response to an initiative by an employee responding to such general advertisement, neither party will employ, engage, or otherwise solicit any person who during the previous 6 months was an officer, employee or sub‐contractor of the other and with whom such party had material contact in connection with Services performed under any Schedule, until 6 months after that Schedule has terminated.

		
	9.6
	Other than by general advertisement for such position or in response to an initiative by an employee responding to such general advertisement neither party will solicit any person who during the previous 6 months was a client of the other and with whom such party had material contact in connection with Services performed under any Schedule, until 6 months after that Schedule has terminated, unless a fee is mutually agreed by the Consultancy and the Client, typically to be equal 33% of the remuneration of the person hired

		
	9.7
	No third-party rights are intended to be conferred or created by this Agreement or any Schedule.

		
	9.8
	In this term, ‘employees’ includes, so far as the context permits:

		
	9.8.1
	in the case of an LLP or partnership, its partners and employees

		
	9.8.2
	in the case of a company, its officers and employees.

		
	10.
	Data Protection

		
	10.1
	The parties mutually acknowledge their respective responsibilities (a) to comply with the applicable provisions of the Data Protection Act 1998, General Data Protection Regulation 2016/679/EC  and any applicable data protection laws ("(“Data Protection Laws”) with respect to Personal Data, as defined in the Data Protection Laws, and (b) to use Personal Data provided by the other so far as necessary for the proper performance of this Agreement or any Schedule hereto, but not further or otherwise.

		
	10.2
	Consultancy shall assist and cooperate as is reasonably necessary or reasonably requested by Client to ensure Client complies with the Data Protection Laws. For Personal Data disclosed to Consultancy in connection with this Agreement (and whether disclosed by Client, data subjects or otherwise), Consultancy will only process such Personal Data as permitted by the Data Protections Laws and for purposes requested by Client and for which Consultancy has appropriate measures (including, without limitation, communicating appropriate policies to employees, managing ongoing compliance, and implementing effective information security) for the Personal Data to prevent (1) unauthorised or unlawful processing of the Personal Data and (2) accidental loss or destruction of, or damage to, the Personal Data.

		
	10.3
	Consultancy will not disclose to any third-party or provide to Client any personal data unless the individual to whom such personal data pertains has granted his or her informed written consent to such disclosure. This includes unambiguous and explicit written consent to the potential transfer of personal data outside such person’s country of residence to another jurisdiction, including, without limitation, the United States of America where different data protection rules apply. Consultancy will take all steps required and communicated in writing to Consultancy by Client that Client reasonably considers are necessary to comply with Client’s own obligations under Data Protection Laws.

		
	10.4
	Consultancy will ensure that all employees, independent contractors or agents involved in providing Services under this Agreement have granted their written consent to the processing of their personal data by Client for the purposes of this Agreement and to the possible transfer of this data outside their country of residence to another jurisdiction, including, without limitation, the United States of America where different data protection rules apply.

		
	10.5
	If either party becomes aware of any unauthorised, unlawful or dishonest conduct or activities, or any breach of the terms of this Agreement relating to Personal Data, such Party will promptly notify the other Party in writing thereof and the Parties will take such action as such party may deem reasonably necessary to prevent any further unauthorised, unlawful or dishonest conduct or activities or breach of the terms of this Agreement relating to Personal Data.

		
	10.6
	Appendix 1 shall apply if Consultancy is processing Personal Data on behalf of Client. The Schedules shall include any Personal Data being processed. 

		
	11.
	Bribery and Corruption

		
	11.1
	The parties shall each comply with all applicable legal requirements relating to bribery and corruption.

		
	11.2
	The Consultancy shall comply with any Client policies relating to bribery and corruption that may be disclosed to the Consultancy, as though such policies applied to and had been adopted by the Consultancy.

		
	12.
	Notices

Any notice to be given by either party to the other shall be in writing and may be sent by recorded delivery to the address of the other and shall be deemed to be served 2 days following the date of posting. If to Client, a courtesy copy shall be provided to the email address: legal@evelobio.com

		
	13.
	Electronic signatures 

13.1    This Agreement and any Schedule may be signed by electronic signature (whatever the form the electronic
signature takes), and that such method of signature shall be equally conclusive of the intention of each party to be bound by its terms and conditions as if signed with manuscript signatures.
13.2    Notwithstanding that this Agreement and/or a Schedule may have been signed by a form of electronic signature,
no addition, amendment to, or modification or discharge of, this Agreement and/or a Schedule shall be effective
otherwise than in writing on paper and signed with the manuscript signature of each party.
		
	14.
	Representations and Warranties

14.1    Consultancy represents and warrants that:
(a) it is authorized to enter into this Agreement and will make every effort to supply the Services with reasonable care and skill and in compliance with all applicable laws and regulations, including but not limited to any anti-bribery laws such as the U.K. Bribery Act of 2010, as amended, and the US Foreign Corrupt Practices Act of 1977, as amended.
(b) conduct and provision of Services will not knowingly violate any patent, trade secret or other proprietary or intellectual property right of a third party. 
(c)Consultancy is under no contractual or other obligation or restriction which is inconsistent with Consultancy’s obligations under this Agreement, during the term of this Agreement, Consultancy will not enter into any agreement, either written or oral, in conflict with Consultancy’s obligations under this Agreement or under any Schedule;
		
	(a)
	neither it, nor any of its management or any other employees or independent contractors or agents who will have any involvement in the Services supplied under this Agreement, have (i) been excluded, debarred, suspended or otherwise made ineligible to exercise their profession and activities; or (ii) engaged in any act that would be grounds for such exclusion, debarment or suspension.  Upon learning or acquiring knowledge of any facts or circumstances that may lead to actions relating to the representations above (including, without limitation, criminal actions), Consultancy will immediately disclose such facts or circumstances to Client; and Client may immediate terminate the Agreement.

		
	15.
	Records, Reports and Audits. 

15.1     Records and Reports. Consultancy will maintain complete and accurate written records of Consultancy’s
 performance of the Services for the longer of (a) three (3) years or (b) as required by applicable laws. As provided
 in a Schedule or at Client’s request, Consultancy will report to Client in a written format acceptable to Client
 on the progress and results of the Services. Upon completion or termination of the Services, Consultancy will
 deliver to Client all Data and a final report on the Services.

15.2     Audits. Client may, during regular business hours and upon reasonable prior notice, conduct quality assurance
audits and inspections of testing, quality control, documentation, record keeping, and standard and general
operating procedures used by Consultancy about Services to monitor Consultancy’s compliance with its
obligations hereunder. Consultancy will cooperate fully in any inspections and audits conducted by Client under
this Section.  Consultancy agrees to take any reasonable actions requested by Client to cure any deficiencies
noted during any such audit or inspection.  

15.3     Government Inspections. Consultancy will notify Client (and when possible in advance) of any inspection of
Consultancy’s facilities by any regulatory authority which inspection or facilities may relate to the Services, the
Material or Data and will allow Client to attend the inspection. Consultancy will promptly share with Client the inspection results and/or reports.  Client will have the right to review and comment upon any draft correspondence by Consultancy to the regulatory authority generated because of such inspection prior to submission by Consultancy. If a regulatory authority inspects Client relating to the Services, Client will notify Consultancy and Consultancy will reasonably cooperate with Client in responding to requests from such regulatory authorities and making records available within one (1) business day of Client’s request. 

		
	16.
	Publicity/Publication.

Neither Party will disclose the existence or substance of this Agreement, except as required by applicable laws or regulations. Neither Party will use the name of the other Party or of any of its employees without such Party’s prior written consent. Consultancy will not publish information (including, without limitation, by any written, oral, or electronic communication, manuscript, abstract, poster, presentation, or other publication) relating to the Services, Confidential Information, Material, Data or Inventions, in whole or in part, without the prior written consent of Client. Notwithstanding anything to the contrary in this Agreement, this Agreement may be filed by Client with the Securities 

and Exchange Commission, and Client may include in any such filing descriptions of the existence and terms thereof. Client shall reasonably consider Consultancy’s timely proposed redactions before such filing.

		
	17.
	 Law.

These terms and any non-contractual disputes or claims between the parties are governed by the laws of the defending party, whose courts shall have sole jurisdiction in relation to all matters arising.

		
	18.
	Entire Agreement. This Agreement, together with any Schedule, constitutes the entire agreement between the Parties and supersedes and supplants all prior and contemporaneous representations, agreements, and understandings, whether oral, written or otherwise, between the Parties.

----Signature Page to Follow----

Signed by the parties’ authorised representatives as follows:

On behalf of the Consultancy by Houman Ashrafian
(Authorised Signature)

/s/Houman Ashrafian
		
	Title:
	Chairman

		
	Date:
	14 September 2018

On behalf of the Client by Jennifer Glennon
(Authorised Signature)

/s/Jennifer Glennon
		
	Title: 
	VP, Finance and Operations

		
	Date:
	14 September 2018

Appendix 1

Processing of Personal Data

1. Capitalized words used in this section that are defined in the GDPR shall have the meanings as defined in the GDPR.  The Parties agree to further amend the Agreement if and as necessary to comply with the Data Protection Laws, as may be amended over time.
2. As part of the Services, Consultancy processes Personal Data on behalf of the Client as a Data Processor. Any Schedules which includes the Processing of Personal Data shall include a Description of subject-matter and duration of the processing, the nature and purpose of the processing, the type of Personal Data and categories of Data Subjects. As the Data Processor, Consultancy represents and warrants that it shall:
(i)  Implement and maintain appropriate technical and organisational measures to comply with the Data Protection Laws to ensure the protection of the rights of Data Subjects.
(ii) Implement and maintain appropriate measures to ensure the security of Data Processing and implement appropriate technical and organisational measures to ensure a level of security appropriate to the risk (including but not limited to, appropriate policies, management and review of ongoing compliance and effective security measures) to prevent any unauthorized or unlawful Processing of Personal Data and to guard against accidental loss or destruction of, or damage to or breach of Personal Data as required by Art. 32 (1) GDPR. These measures will include:
(a) the pseudonymization and encryption of the Personal Data;
(b) the ability to ensure the ongoing confidentiality, integrity, availability and resilience of processing systems and Research Project;
(c) the ability to restore the availability and access to Personal Data in a timely manner in the event of a physical or technical incident;
(d) a process for regularly testing, assessing and evaluating the effectiveness of technical and organizational measures for ensuring the security of the processing.
(iii) Not engage another Data Processor without prior written authorization of Client, and if approved by Client, Consultancy shall ensure that the same data protection obligations as between the Client and Consultancy are imposed on that other Processor by way of a contract, in particular providing sufficient guarantees to implement appropriate technical and organisational measures in such a manner that the processing will meet the requirements of the Data Protection Laws. Under each Schedule, Consultancy will provide Client with a written list of subcontractors providing Processing Services.
		
	 
	(iv) Process the Personal Data only on documented instructions from Client, including with regard to transfers of Personal Data to a third country or an international organization; unless required to do so by law; in such a case, Consultancy shall inform the Client of such legal requirement before processing. If Consultancy is required to use the Personal Data for another purpose by EU or Member State law to which the Consultancy is subject, Consultancy will, unless prohibited by applicable law, promptly (and in no event more than twenty-four (24) hours after receipt of such information) notify Client in writing of that legal requirement before Processing such Personal Data; and to the extent permitted by applicable EU or Member State law, Consultancy will comply with the written directions of Client, limit the nature and scope of the requested disclosure, and disclose the minimum Personal Data necessary;

(v) Ensure that all persons authorized to process the Personal Data have committed themselves to confidentiality or are under an appropriate statutory obligation of confidentiality.

(vi) Assist Client with complying with the obligations in Article 32-36 of the GDPR specifically, including responding to requests from Data Subjects to access their data or exercising any of their rights in a timely manner as required by the GDPR, as well as responding to and notifying Data Subjects of any Personal Data Breach and conducting a data protection impact assessment.

(vii) Notify Client within 24 hours of any Personal Data Breach and as part of such notification describe the nature of the incident and, where possible, the categories and approximate number of Data Subjects concerned and the categories and approximate number of Personal Data records concerned, and provide information regarding the possible effects of such Personal Data Breach upon Client and the applicable Data Subjects. In no case will Consultancy delay notification because of insufficient information but instead, Consultancy will provide and supplement notifications as information becomes available;

(viii) In cooperation with Client and with the written consent and approval of Client, use diligent efforts to promptly investigate (1) any Personal Data Breach and take all necessary and appropriate corrective action (as approved by Client in writing) to remediate such breach and prevent a recurrence of such breach; (2) any request for information from or complaint by a data protection authority/Supervisory Authority in relation to Personal Data that Consultancy Processes for the purpose of providing the Services.

 (ix) Retain Personal Data for the longer of the time period necessary to perform the Processing Services or as required by applicable law. Consultancy will, consistent with Client’s written instructions, upon expiration or termination of the applicable Schedule, return or safely destroy all Personal Data that Consultancy obtained in connection with performing the Services, including all originals and copies of such Personal Data in any medium, and any materials derived from or incorporating such Personal Data. Consultancy will promptly notify Client in writing once all such information has been returned or destroyed (as applicable in accordance with Client’s written instructions). Where continued storage is required by EU or Member State law, Consultancy will inform Client of those requirements. 

(x)  Assist Client in meeting its GDPR obligations in relation to the security of Processing and conducting any data protection impact assessments.
(xi) Provide Client with the necessary information to assist Client in meeting its obligations under the Data Protection Laws. 
(xii)  Inform Client immediately if an instruction infringes the Data Protection Laws.
(xiii) Cooperate with any supervisory authorities as required by the Data Protection Laws.

(xiv) Maintain records of its processing activities as required by the Data Protection Laws.
(xv) Employ a Data Protection Officer if required by the Data Protection Laws.
(xvi) Make available to the Client or its agents upon request any information necessary for Consultancy or Client to demonstrate compliance with the Data Protection Laws and allow for and contribute to audits, including inspections, conducted by the Client or its agents.
 (xvii) ensure that transfers of Personal Data outside of the European Economic Area are made only (i) to a jurisdiction deemed by the European Commission to have an adequate level of protection; (ii) subject to contractual provisions approved by the European Commission; or (c) pursuant to a framework deemed adequate and approved by the European Commission.Exhibit 4.1

INLAND REAL ESTATE INCOME TRUST, INC.

SECOND AMENDED AND RESTATED SHARE
REPURCHASE PROGRAM

The Board of Directors
(the “Board”) of Inland Real Estate Income Trust, Inc., a Maryland corporation (the “Company”),
has adopted this Second Amended and Restated Share Repurchase Program (this “Repurchase Program”) to permit
and authorize the Company to repurchase shares of its common stock, par value $0.001 per share (the “Shares”),
subject to the terms, conditions and limitations set forth herein. The terms on which the Company may repurchase Shares may differ
between repurchases upon the death or “Qualifying Disability” (as hereinafter defined) of a beneficial owner of Shares
(“Exceptional Repurchases”) and all other repurchases (“Ordinary Repurchases”).

The effective date
of this Repurchase Program is March 21, 2019.

		1.	Repurchase Price.

		(a)	In the case of Ordinary Repurchases, the Company is authorized to
repurchase Shares from a Requesting Party (as hereinafter defined) at a repurchase price per Share equal to 80.0% of the Share
Price (as defined below).

		(b)	In the case of Exceptional Repurchases, the Company is authorized
to repurchase Shares from a Requesting Party at a repurchase price per Share equal to 100.0% of the Share Price.

		(c)	As used herein “Share Price” shall mean the lesser
of:

		(i)	the offering price of the Shares in the Company’s initial “best
efforts” offering, as adjusted for the 1-for-2.5 reverse stock split the Company effected on January 16, 2018 and any subsequent
stock split or other combination (collectively, “Stock Splits,” and the offering price after adjusting for Stock
Splits, the “Offering Price”); provided, however, that if the Company has sold properties or other assets and
has made one or more special distributions to stockholders, designated as such by the Board, of all or a portion of the net proceeds
from the sales, the Share Price shall be equal to the Offering Price less the amount of net sale proceeds per Share, that constitute
a return of capital, as designated by the Board, distributed to stockholders; provided, further, that in the event the Requesting
Party purchased his, her or its Shares from the Company at a price that was less than the Offering Price, including at a discounted
price through the DRP, as defined below (the “Reduced Shares”), the Share Price applicable to the Reduced Shares
shall be equal to the per Share price paid by the Requesting Party for the Reduced Shares requested to be repurchased (adjusted
for Stock Splits); and

		(ii)	the most recently disclosed estimated value per Share, as determined
by the Board, the Company’s business manager or another firm that the Company has chosen for that purpose (the “Estimated
Value Per Share”).

    1 

     

    

		2.	Terms for Ordinary Repurchases. The Company may repurchase
Shares, including fractional Shares, as Ordinary Repurchases only if the Requesting Party: (i) has beneficially owned the Shares
for which repurchase is sought continuously for at least one (1) year (the “Holding Period”); and (ii) acquired
the applicable Shares directly from the Company or received the Shares through a non-cash transaction.  Subject to Section
6 hereof, a Requesting Party may elect to participate in this Repurchase Program with respect to all or a designated portion
of the Requesting Party’s Shares.  In the event that a Requesting Party is requesting the repurchase of all of his,
her or its Shares, the Company may waive the Holding Period for Shares purchased under the Company’s Distribution Reinvestment
Plan, as may be amended from time to time (the “DRP”).

		3.	Terms for Exceptional Repurchases.

		(a)	Exceptional Repurchase Upon Death. The Company may repurchase
Shares, including fractional Shares, as Exceptional Repurchases upon the death of a beneficial owner of Shares (an “Owner”),
provided that the Owner: (i) was a natural person, including Shares held by the Owner through a trust, or an IRA or other retirement
or profit-sharing plan; and (ii) acquired the Shares directly from the Company or received the Shares through a non-cash transaction. 
The Company must receive a written request for an Exceptional Repurchase upon death pursuant to Section 8(a) from: (A) the
estate of the Owner; (B) the recipient of the Shares through bequest or inheritance, even where the recipient subsequently registered
the Shares in his, her or its own name; or (C) in the case of the death of an Owner who purchased Shares and held those Shares
through a trust, the beneficiary of the trust, even where the beneficiary subsequently registered the Shares in his, her or its
own name, or, with respect to a revocable grantor trust, the trustee of that trust. The Company must, however, receive the written
request within one year after the death of the Owner.  Any request not received within the one-year period will not be eligible
to be treated as an Exceptional Repurchase, but instead will be treated as an Ordinary Repurchase.  If persons are joint registered
holders of Shares, the request to repurchase the Shares may be made if either of the registered holders dies.  For the avoidance
of doubt, if the Owner was not a natural person, such as a partnership, corporation or other similar entity, the right to an Exceptional
Repurchase upon death does not apply.

		(b)	Exceptional Repurchase Upon Qualifying Disability.  The
Company may repurchase Shares, including fractional Shares, as Exceptional Repurchases upon the Qualifying Disability of a Requesting
Party, provided that the Requesting Party: (i) is a natural person, including Shares held by the stockholder through a trust, or
an IRA or other retirement or profit-sharing plan; and (ii) acquired his, her or its Shares directly from the Company or received
the Shares through a non-cash transaction.  The Company must receive a written request for an Exceptional Repurchase upon
Qualifying Disability within one year after the determination of disability.  Any request not received within the one-year
period will not be eligible to be treated as an Exceptional Repurchase, but instead will be treated as an Ordinary Repurchase. 
If persons are joint registered holders of Shares, the request to repurchase the Shares may be made if either of the registered
holders has a Qualifying Disability.  For the avoidance of doubt, if the Requesting Party is not a natural person, such as
a partnership, corporation or other similar entity, the right to an Exceptional Repurchase upon Qualifying Disability does not
apply.

    2 

     

    

		(c)	Definitions.

		(i)	As used herein, “Qualifying Disability” shall
have the following meaning: the receipt by the Requesting Party of disability benefits from an Applicable Governmental Agency following
a determination of the Requesting Party’s disability, arising after the date that the Requesting Party acquired the Shares
to be repurchased, made by the Applicable Governmental Agency.  Any determination of disability made by, or any receipt of
disability benefits from, a governmental agency other than an Applicable Governmental Agency shall not constitute a Qualifying
Disability.

		(ii)	As used herein, “Applicable Governmental Agency”
shall have the following meaning:

		(A)	in the case of a Requesting Party who paid Social Security taxes
and, therefore, could be eligible to receive Social Security disability benefits, the Social Security Administration or the agency
charged with responsibility for administering Social Security disability benefits at that time if other than the Social Security
Administration;

		(B)	in the case of a Requesting Party who did not pay Social Security
taxes and, therefore, could not be eligible to receive Social Security disability benefits, but who could be eligible to receive
disability benefits under the Civil Service Retirement System (the “CSRS”), the U.S. Office of Personnel Management
or the agency charged with responsibility for administering CSRS benefits at that time if other than the U.S. Office of Personnel
Management; or

		(C)	in the case of a Requesting Party who did not pay Social Security
taxes and, therefore, could not be eligible to receive Social Security benefits but suffered a disability that resulted in the
Requesting Party’s discharge from military service under conditions that were other than dishonorable and, therefore, could
be eligible to receive military disability benefits, the Department of Veterans Affairs or the agency charged with the responsibility
for administering military benefits at that time if other than the Department of Veterans Affairs.

		4.	Funding.  The dollar amount of any repurchases by the
Company under this Repurchase Program each calendar quarter shall be limited to an amount calculated based on a percentage, which
percentage shall be determined in the sole discretion of the Board on a quarterly basis, but shall in no case be less than 50%,
of the net proceeds received by the Company from the issuance of Shares pursuant to the DRP during the applicable quarter (the
“Funding Limit”); provided that, if, during any calendar quarter, the aggregate amount of net proceeds from
the DRP calculated based on the applicable percentage exceeds the aggregate dollar amount of repurchase requests accepted by the
Company, including any repurchases under Section 6 hereof, the Company may, but shall not be obligated to, carry over the
excess amount to a subsequent calendar quarter or quarters, in which case the Funding Limit for the applicable calendar quarter
or quarters shall be increased by the amount of funds carried over. 

    3 

     

    

		5.	Repurchase Limitations.  Notwithstanding anything to
the contrary herein, the Company may not at any time repurchase a number of Shares that exceeds five percent (5.0%) of the number
of Shares outstanding on December 31 of the previous calendar year as adjusted for Stock Splits (the “5% Limit”).
The 5% Limit and the Funding Limit collectively constitute the “Repurchase Limitations”.

		6.	Minimum Account Holding. After giving effect to any repurchase
by the Company hereunder, a Requesting Party must own Shares having an aggregate Share Price of at least $500 (the “Minimum
Balance”). If the Requesting Party would fail to maintain the Minimum Balance after giving effect to any repurchase by
the Company, the Company may, in its discretion, repurchase the Requesting Party’s remaining balance of Shares which is less
than $500 (the “Remaining Balance”), subject to the 5% Limitation. The Company’s repurchase of the Remaining
Balance shall not be subject to the Funding Limit. If repurchasing any Remaining Balance in a particular quarter would cause the
Company to exceed the 5% Limit, the Company will not repurchase any Remaining Balance but may carry over the applicable Shares
in accordance with Section 7. 

		7.	Pro Rata Repurchases.  If either or both of the Repurchase
Limitations would prevent the Company from repurchasing all of the Shares submitted for repurchase during a calendar quarter, the
Company shall repurchase Shares, on a pro rata basis within each category below, in accordance with the Repurchase Limitations
in the following order: 

		(a)	first, all Exceptional Repurchases; and

		(b)	second, all Ordinary Repurchases. 

For the avoidance of doubt, the
Company shall be permitted to test the Repurchase Limitations against each category and shall repurchase Shares on a pro rata basis
only for the first category above that would otherwise cause the Company to exceed either of the Repurchase Limitations. Any Requesting
Party whose Ordinary Repurchase request has been partially accepted by the Company in a particular calendar quarter shall have
the remainder of his, her or its request included with all new Ordinary Repurchase requests received by the Company in the immediately
following calendar quarter, unless the request is withdrawn pursuant to Section 8(d).

		8.	General Terms of Repurchase.

		(a)	Repurchase Requests.  A stockholder, or, in the case
of an Exceptional Repurchase upon the death of an Owner, and any person described in Sections 3(a)(A), (B) or (C)
(each, a “Requesting Party”), may request that the Company repurchase Shares by submitting a repurchase request,
in the form provided by the Company, to the Company’s transfer agent, DST Systems, Inc., or any successor entity (“DST”),
at the address provided on the form.

    4 

     

    

The repurchase request must state
the name of the person or entity who beneficially owns, or owned, the Shares and the number of Shares requested to be repurchased. 
In the case of a request for an Exceptional Repurchase upon the death of an Owner, the Requesting Party also must include, with
the repurchase request, evidence of the death of the Owner (which includes the date of death). In the case of a request for an
Exceptional Repurchase upon a Qualifying Disability, the Requesting Party must also include, with the repurchase request: (i) the
stockholder’s initial application for disability benefits; and (ii) a Social Security Administration Notice of Award, a U.S.
Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs record of disability-related
discharge or such other documentation issued by an Applicable Governmental Agency that would demonstrate an award of the disability
benefit.

To be effective in a particular
calendar quarter, DST must receive a repurchase request at least five (5) business days prior to the end of the applicable calendar
quarter.

		(b)	No Encumbrances.  All Shares requested to be repurchased
under this Repurchase Program must (i) be, or in the case of an Exceptional Repurchase upon the death of an Owner, have been, beneficially
owned by the stockholder(s) of record making the presentment, or the party presenting the Shares must be authorized to do so by
the owner(s) of record of the Shares, and (ii) fully transferable and not be subject to any liens or other encumbrances. 
In certain cases, the Company may ask the Requesting Party to provide evidence satisfactory to the Company, in its sole discretion,
that the Shares requested for repurchase are free from liens and other encumbrances.  If the Company determines that a lien
or other encumbrance exists against the Shares, the Company shall have no obligation to repurchase, and shall not repurchase, any
of the Shares subject to the lien or other encumbrance.

		(c)	Time of Repurchase.  The Company shall determine the
number of Shares the Company will repurchase, if any, and shall make repurchases of Shares the Company accepts pursuant to this
Repurchase Program within fifteen (15) calendar days following the end of each calendar quarter or any other business day that
may be established by the Board (the “Repurchase Date”).  As soon as reasonably practicable following the
Repurchase Date, the Company shall send to the applicable Requesting Party all cash proceeds resulting from repurchase.

		(d)	Withdrawal of Repurchase Request.  In the event a Requesting
Party wishes to withdraw his, her or its repurchase request to have Shares repurchased under this Repurchase Program, the Requesting
Party shall provide the Company with a written request of withdrawal and the Company will not repurchase Shares so long as the
Company receives the written request of withdrawal at least five (5) business days prior to the end of the applicable calendar
quarter; provided, however, that each Requesting Party must submit an acknowledgment annually following the publication of the
Estimated Value Per Share acknowledging the Estimated Value Per Share and asserting that the Requesting Party wishes to maintain
his, her or its repurchase request. The Requesting Party shall submit the acknowledgement pursuant to the terms of an acknowledgement
form to be provided by the Company to each applicable Requesting Party. If the Company does not receive a properly completed acknowledgement
pursuant to the terms of the acknowledgement form prior to the Repurchase Date, the Company will deem the Requesting Party to have
withdrawn his, her or its repurchase request. 

    5 

     

    

		(e)	Ineffective Withdrawal.  In the event the Company receives
a written notice of withdrawal, as described in Section 8(d), from a Requesting Party less than five (5) business days prior
to the end of the applicable calendar quarter, the notice of withdrawal shall not be effective with respect to the Shares repurchased,
but shall be effective with respect to any of the Shares not repurchased.  The Company shall provide the Requesting Party
with prompt written notice of the ineffectiveness or partial ineffectiveness of the written notice of withdrawal.

		9.	Treatment of Repurchased Shares.  All Shares repurchased
by the Company pursuant to this Repurchase Program shall be cancelled and shall have the status of authorized but unissued shares.

		10.	Termination of Repurchase Program.  This Repurchase Program
shall be suspended or terminated, as the case may be, and the Company shall not accept Shares for repurchase upon the occurrence
of any of the following:

		(a)	This Repurchase Program shall immediately terminate, without further
action by the Board or any notice to the Company’s stockholders, in the event the Shares are approved for listing on any
national securities exchange.

		(b)	Subject to Section 12(a), this Repurchase Program may be suspended
(in whole or in part) or terminated at any time by the Board, in its sole discretion.

		11.	Amendment; Rejection of Requests.  Notwithstanding anything
to the contrary herein, this Repurchase Program may be amended, in whole or in part, by the Board, in its sole discretion, at any
time or from time to time.  Further, the Board reserves the right in its sole discretion at any time and from time to time
to reject any requests for repurchase.

		12.	Miscellaneous.

		(a)	Notice.  In the event of any amendment, suspension or
termination of this Repurchase Program pursuant to Section 10(b) or Section 11 hereof, as the case may be, the Company
shall provide written notice to its stockholders at least thirty (30) days prior to the effective date of the amendment, suspension
or termination.  In addition, the Company shall disclose the amendment, suspension or termination in a report filed by the
Company with the Securities and Exchange Commission on either Form 8-K, Form 10-Q or Form 10-K, or any successor forms, as appropriate.

		(b)	Liability.  Subject to the limitations contained in the
Company’s articles of incorporation, as amended, neither the Company nor DST shall have any liability to any stockholder
for the value of the Shares presented for repurchase, the repurchase price of the Shares or for any damages resulting from the
presentation of Shares for repurchase or the repurchase of Shares under this Repurchase Program or from the Company’s determination
not to repurchase Shares under this Repurchase Program, except as a result of the Company’s or DST’s negligence, misconduct
or violation of applicable law; provided, however, that nothing contained herein shall constitute a waiver or limitation of any
rights or claims that a stockholder may have under federal or state securities laws.

    6 

     

    

		(c)	Taxes.  Stockholders shall have sole responsibility and
liability for the payment of all taxes, assessments and other applicable obligations resulting from the repurchase of Shares pursuant
to this Repurchase Program and neither the Company nor DST shall have any such responsibility or liability.

		(d)	Administration and Costs.  DST shall perform all recordkeeping
and other administrative functions involved in operating and maintaining the Repurchase Program.  The Company shall bear all
costs involved in organizing, administering and maintaining this Repurchase Program.  No fees will be paid to the Company’s
sponsor, its business manager, its directors or any of their affiliates in connection with the repurchase of Shares by the Company
pursuant to this Repurchase Program.

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