Document:

Exhibit 10.18

   

  AMENDED AND RESTATED EMPLOYMENT AGREEMENT

   

  This Amended and Restated Employment Agreement (the “Agreement”) is entered into by and between Bahija Jallal (“Executive”) and Immunocore, LLC, a Delaware limited liability company and an indirect
      wholly owned subsidiary of Immunocore Holdings Limited, a company incorporated under the laws of England and Wales to be renamed as Immunocore Holdings plc after its re-registration as a public limited company (hereinafter referred to together as the
      “Company”) and is effective as of, and contingent upon, the occurrence of the “IPO Date” (as defined in the Immunocore Holdings plc 2021 Equity Incentive Plan (the “Plan”)) (the “Effective Date”).

   

  Executive is employed by the
      Company as its Chief Executive Officer pursuant to an Employment Agreement with the Company executed on January 2, 2019 (the “Prior Agreement”), which is superseded by this Agreement;

   

  The Company desires to continue to
      employ Executive and, in connection therewith, to compensate Executive for Executive’s personal services to the Company from and after the Effective Date; and

   

  Executive wishes to continue to be
      employed by the Company and provide personal services to the Company in return for certain compensation.

   

  Accordingly, in consideration of
      the mutual promises and covenants contained herein, the parties agree to the following:

   

  1.             Employment by the Company.

   

  1.1          At-Will
          Employment. Executive shall be employed by the Company on an “at-will” basis, meaning either the Company or Executive may terminate Executive’s employment at any time, with or without Cause (as defined in Section 6.2(e) below), Good
      Reason (as defined in Section 6.2(d) below), or advance notice. Any contrary representations that may have been made to Executive shall be superseded by this Agreement. This Agreement shall constitute the full and complete agreement between Executive
      and the Company on the “at-will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement signed by Executive and the Board of Directors (the “Board”) of Immunocore Holdings Limited
      (incorporated in England and Wales with company number 13119746) which intends to convert from a private limited company by re-registering as a public limited company and changing its name to Immunocore Holdings plc in the near future (the “Parent”)

      (or committee thereof). Executive’s rights to any compensation following a termination shall be only as set forth in Section 6 or under any applicable benefit or equity plan.

   

  1.2           Position; Board
          Role. Subject to the terms set forth herein, the Company agrees to continue to employ Executive and Executive hereby accepts such continued employment. In addition, Executive shall continue to serve as Chief Executive Officer. During the
      term of Executive’s employment with the Company, and excluding periods of vacation and sick leave to which Executive is entitled, Executive shall devote all business time and attention to the affairs of the Company necessary to discharge the
      responsibilities assigned hereunder, and shall use commercially reasonable efforts to perform faithfully and efficiently such responsibilities. The parties anticipate that Executive will, prior to the Effective Date, be appointed a Director of the
      Parent, subject to the Parent’s articles of association and/or necessary approvals, as applicable (the “UK Director Role”). Upon termination of the employment hereunder Executive shall immediately resign from the UK Director Role. For
      the avoidance of doubt, no additional remuneration shall be payable to Executive in connection with the UK Director Role or the termination thereof.

   

  
     

    
        

  

  
   

  1.3           Duties.
      Executive will report to the Board and will render such business and professional services in the performance of Executive’s duties, consistent with Executive’s position as Chief Executive Officer, as shall reasonably be assigned to Executive,
      subject to the oversight and direction of the Board. Executive shall be expected to continue to comply with all applicable laws, regulations, rules, directives and other legal requirements of federal, state and other governmental and regulatory
      bodies having jurisdiction over the Company and of the professional bodies of which the Company is a member. During Executive’s employment with the Company, Executive continues to be required to maintain in good standing any licenses and
      certifications necessary for the performance of Executive’s duties for the Company. 

   

  1.4           Location.
      Executive shall perform Executive’s duties under this Agreement principally from the Company’s office in Rockville, Maryland, or such other location as assigned. In addition, Executive is expected to engage in frequent business trips, to such places
      as may be reasonably necessary or advisable for the efficient operations of the Company.

   

  1.5           Company
          Policies and Benefits. The employment relationship between the parties shall continue to be subject to the Company’s written personnel policies and procedures as they may be adopted, revised, or deleted from time to time in the Company’s
      sole discretion, including any clawback and malus policy that may be adopted. Executive will continue to be eligible to participate on the same basis as similarly-situated employees in the Company’s benefit plans in effect from time to time during
      Executive’s employment in accordance with the terms of such benefit plans. Subject to the preceding sentence, the Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. All matters of eligibility for
      coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general
      employment policies or practices, this Agreement shall control.

   

  1.6           Vacation.
      Executive will accrue four (4) weeks (20 business days) of paid vacation on a pro-rata basis each calendar year in accordance with the Company’s vacation policy, as may be amended from time to time in the discretion of the Company, and all public
      holidays observed by the Company. Vacation days are to be taken during the calendar year they are earned, but up to five (5) days may be carried over to the following calendar year. These carryover days must be taken by the end of March in the
      following calendar year. Upon termination of employment, Executive will be paid for accrued, unused vacation time.

   

  1.7           Retirement Plan.
      Executive shall be eligible to participate in the Company’s 401(k) retirement plans and receive, if enrolled, the Company’s match consistent with what is provided to other similarly situated employees enrolled in the 401(k) plan, subject to the terms
      of the 401(k) retirement plan and applicable law.

   

  
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  1.8           Insurance.
      While this Agreement is in effect, for actions within the scope of Executive’s employment, the Company will include Executive as an insured at a level comparable to similarly-situated employees of the Company in its Directors and Officers Liability
      insurance policy in effect from time to time. Such policy shall include reasonable, market terms, including tail coverage. In addition, the Company agrees to indemnify Executive to the maximum extent allowable under the terms and conditions of its
      Articles of Association and under applicable law and under the Indemnification Agreement that the Company is providing to Executive in connection herewith.

   

  		2.	Compensation.

   

  2.1           Salary.
      Commencing on the Effective Date, Executive shall receive an annualized base salary payable at a rate of $700,000 USD, subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and
      state payroll withholding requirements in accordance with the Company’s standard payroll practices (the “Base Salary”).

   

  2.2           Bonus.

   

  (a)            During
          Employment. Executive shall be eligible to receive an annual performance bonus (the “Annual Bonus”) with an annual target of 75% (the “Target Percentage”) of Executive’s then-current Base Salary (the “Target

          Bonus”). The Annual Bonus will be based upon the assessment of the Board (or a committee thereof) of Executive’s performance and the Company’s attainment of targeted goals (as established by the Board or a committee thereof in its sole
      discretion) over the applicable calendar year.  The Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings.  No amount of any Annual Bonus is guaranteed at any time, and, except as otherwise stated in Sections
      6.3(a)(iii), Executive must be an employee in good standing through December 31 of the year to which the bonus is attributable to be eligible to receive an Annual Bonus and no partial or prorated bonuses will be provided.  Unless otherwise stated in
      Section 6, any Annual Bonus, if awarded, will be paid at the same time annual bonuses are generally paid to other similarly-situated employees of the Company, but no later than March 15 of the year following the year to which such bonus relates, and
      will be paid in cash or in Parent securities, as determined by the Board (or committee thereof).  Any Annual Bonus will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing
      standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law and any clawback policy
      that the Company otherwise adopts, to the extent applicable and permissible under applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to Good Reason (as defined in Section 6.2(d)).

   

  (b)            Upon
          Termination. Except as otherwise stated in Section 6, in the event Executive leaves the employ of the Company for any reason prior to the date the Annual Bonus is paid, Executive is not eligible to earn such Annual Bonus, prorated or
      otherwise.

   

  
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  2.3           Tax
          Equalization. The Company acknowledges that Executive is a tax resident of the State of Maryland, U.S.A. for state and local tax purposes and of the United States for federal tax purposes (the combined U.S. and Maryland jurisdictions
      referred to herein as the “Home Jurisdictions”). If Executive becomes subject to tax in any tax jurisdiction outside of the United States solely as a result of having performed services for the Company or its Affiliates (as defined
      below) in any such jurisdiction and only if Executive’s presence in any such jurisdiction was required by the Company, then Company shall pay additional amounts to Executive as necessary so that Executive receives after-tax compensation approximately
      equal to the after-tax compensation Executive would have received if Executive was subject to tax only in the Home Jurisdictions. If payments are due pursuant to this Section for any tax year, Company shall, at its expense, hire a “Big 4” accounting
      firm to prepare Executive’s Home-Jurisdictions tax returns, prepare all other applicable tax returns of Executive, and determine the amounts payable pursuant to this Section. All amounts payable pursuant to this Section shall be paid to executive
      within seventy-five (75) days after the applicable taxable year. For the avoidance of doubt, no amounts shall be payable to Executive pursuant to this Section if Executive becomes subject to tax outside the Home Jurisdictions as a result of
      Executive’s voluntary actions, including for example, a change in residence or personal decision to provide services from any jurisdiction outside the Home Jurisdictions that was not required by the Company. The rights and obligations contained in
      this Section 2.3 will survive any termination of this Agreement through any applicable statute of limitations for any taxes to which Executive becomes subject outside of the Home Jurisdictions.

   

  2.4           IPO Equity
          Award. Subject to approval of the Board (or committee thereof), upon the IPO Date, Executive will be granted an option (the “Option”) to purchase a number of ordinary shares of Parent approximately equal to the amount
      necessary to result in Executive’s Prior Equity (as defined below) and the Option equaling a total of 8.60% of Parent’s Post-IPO Shares. “Post-IPO Shares” means Parent’s outstanding share capital (including all outstanding shares,
      including shares underlying ADSs offered in the Parent’s initial public offering of ADSs (the “IPO”), and outstanding allocated and unallocated options, but excluding, for purposes of this calculation, the new 12% share pool reserve
      established under the Plan) expected to be outstanding immediately after the IPO. The Board (or committee thereof) will determine, in its sole discretion, the number of ordinary shares subject to the Option that equates, as closely as is possible, to
      the amount necessary to result in Executive’s Prior Equity and the Option representing the percentage in the preceding sentence, which determination will be based on the Post-IPO Shares and assuming the underwriters exercise in full their option to
      purchase additional ADSs in the IPO, and such determination shall be binding and final.

   

  “Prior Equity” means
      the aggregate amount of all ordinary shares (including in the form of ADSs) and options to purchase Parent’s ordinary shares (including in the form of ADSs) previously granted to Executive.

   

  The Option shall be granted pursuant
      and subject to the Plan and other documents issued in connection with the grant (the “Option Documents”), at an exercise price per share equal to the price per ADS at which the Parent’s ADSs are first sold to the public in the IPO, as
      specified in the final prospectus for the IPO, in accordance with the terms of the Plan.

   

  The Option will vest and become
      exercisable as to 1⁄4 of the shares under Option on the first anniversary of the IPO Date and as to 1/12th of the remaining shares under Option quarterly thereafter,
      subject to Executive’s continued employment; the specific terms and conditions of the Option will be as set forth in the Plan and Option Documents and other applicable documents, which Executive may be required to sign, and the Option shall be
      subject to all of the terms and conditions of the Plan and the relevant Option Documents.

   

  
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  2.5           Expense
          Reimbursement.

   

  (a)            General.
      The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s standard expense reimbursement policy, subject to any applicable payroll withholdings and deductions (if any).

   

  (b)            Travel.
      Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business and travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder in accordance with the Company’s expense
      reimbursement policies and procedures, subject to any applicable payroll withholdings and deductions (if any).

   

  (c)            Section 409A.
      For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder
      (the “Code”): (a) to be eligible to obtain reimbursement for such expenses Executive must submit expense reports within forty-five (45) days after the expense is incurred, (b) any such reimbursements will be paid no later than December
      31 of the year following the year in which the expense was incurred, (c) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (d) the right to reimbursement under this
      Agreement will not be subject to liquidation or exchange for another benefit.

   

  2.6           Directors’
          Remuneration Policy. Executive understands and agrees that Executive’s remuneration shall be subject to the terms of the Directors’ Remuneration Policy as may be adopted by the Parent in accordance with applicable law from time to time.

   

  3.            Confidential Information, Inventions, Non-Solicitation and Non-Competition Obligations. In connection with Executive’s continued employment with the Company, Executive will continue to receive and continue to have access to the Company’s confidential information and trade secrets. Accordingly, and in
      consideration of the benefits that Executive is eligible to receive under this Agreement, Executive agrees to sign the Company’s Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (the “Confidential
          Information Agreement”), attached as Exhibit A, which contains certain confidentiality, non-disclosure, non-solicitation and non-competition obligations, among other obligations. The Confidential Information Agreement
      contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement and will supersede, prospectively only, any agreement that Executive previously signed relating to the same subject matter.

   

  4.             Outside Activities. Except with the prior written consent of
      the Board, Executive will not, while employed by the Company, undertake or engage in any other employment, occupation, or business enterprise except for (i) reasonable time devoted to volunteer services for or on behalf of such religious,
      educational, non-profit, and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s position with the Company, and (iii) such
      other activities, including serving on other boards of directors, as may be specifically approved by the Board, in the cases of (i)-(iii), so long as such activities do not interfere in any material way or conflict with the performance of Executive’s
      duties and responsibilities under this Agreement. Notwithstanding the foregoing, the Company acknowledges that Executive currently serves as a member of the board for Anthem Inc., Johns Hopkins University and Guardant Health and will continue to do
      so without the need for prior approval by the Board. This Section 4 shall not preclude Executive from (x) owning less than one percent (1%) of the total outstanding shares of a publicly-traded company, or (y) employment or service in any capacity
      with Affiliates of the Company. As used in this Agreement, “Affiliates” means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act of 1933, as amended.
      The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.

   

  
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  5.             No Conflict with Existing Obligations. Executive represents that Executive’s performance of all the terms of this Agreement and continued service as an employee of the Company do not and will not breach any agreement or obligation of any
      kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has not entered into, and Executive agrees that
      Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith or with Executive’s duties to the Company.

   

  6.             Termination Of Employment. The parties acknowledge that Executive’s employment relationship with the Company continues to be at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without
      Cause (as defined below) or advance notice. The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this at-will status.

   

  6.1           Termination by
          Virtue of Death or Disability of Executive.

   

  (a)            In the
      event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder and Executive’s employment shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies and
      applicable law, pay to Executive’s legal representatives the Accrued Obligations (as defined in Section 6.2(c) below) due to Executive, but neither Executive nor Executive’s legal representatives will receive the Non-CIC Severance Benefits (as
      defined below), the CIC Severance Benefits (as defined below), or any other severance compensation or benefit from the Company. Notwithstanding the foregoing, nothing in this Section or in this Agreement shall preclude Executive from remaining
      eligible to receive any payments or benefits pursuant to any life insurance or disability insurance policy under which Executive participates, subject to and in accordance with the terms of such policy and applicable law.

   

  (b)            Subject to
      applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to terminate this Agreement based on Executive’s Disability (as defined below). Termination by the Company of Executive’s employment
      based on “Disability” shall mean termination because Executive is unable due to a physical or mental condition to perform the essential functions of Executive’s position with or without reasonable accommodation for six (6) months in the
      aggregate during any twelve (12) month period or based on the written certification by two qualified licensed physicians (one of which shall be selected by Executive or Executive’s guardian) of the likely continuation of such condition for such
      period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s
      Disability, Executive will be entitled to the Accrued Obligations due to Executive, but Executive will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit from the Company.
      Notwithstanding the foregoing, nothing in this Section or in this Agreement shall preclude Executive from remaining eligible to receive any payments or benefits pursuant to any life insurance or disability insurance policy under which Executive
      participates, subject to and in accordance with the terms of such policy and applicable law.

   

  
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  6.2           Termination by
          the Company or Resignation by Executive (not in connection with a Change in Control).

   

  (a)            The Company
      shall have the right to terminate Executive’s employment pursuant to this Section 6.2 at any time (subject to any applicable cure period stated in Section 6.2(e)) with or without Cause or advance notice, by giving notice as described in Section 7.1
      of this Agreement. Likewise, Executive can resign from employment with or without Good Reason, by giving notice as described in Section 7.1 of this Agreement. Executive hereby agrees to comply with the additional notice requirements set forth in
      Section 6.2(d) below for any resignation for Good Reason. If Executive is terminated by the Company (with or without Cause) or resigns from employment with the Company (with or without Good Reason), then Executive shall be entitled to the Accrued
      Obligations (as defined below). In addition, if Executive is terminated without Cause or resigns for Good Reason, in either case, outside of the Change in Control Measurement Period (as defined below), and provided that such termination constitutes a
      “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), and further provided that Executive timely executes and allows
      to become effective a separation agreement that includes, among other terms, a general release of claims in favor of the Company (subject to standard carveouts preserving Executive’s rights to accrued benefits, equity, and indemnification), the
      Parent, and each’s Affiliates and representatives, as well as mutual non-disparagement provisions, in the form presented by the Company (the “Separation Agreement”), and subject to Section 6.2(b) (the date that the general release of
      claims in the Separation Agreement becomes effective and may no longer be revoked by Executive is referred to as the “Release Date”), then Executive shall be eligible to receive the following severance benefits (collectively the “Non-CIC

          Severance Benefits”):

   

  (i)              The
      Company will pay Executive severance pay in the form of continuation of Executive’s then-current Base Salary (ignoring any decrease that forms the basis for Executive’s resignation for Good Reason, if applicable) for eighteen (18) months following
      Executive’s Separation from Service (such period of time, the “Non-CIC Severance Period”, and such aggregate Base Salary amount payable, the “Non-CIC Severance”). The Non-CIC Severance will be paid in substantially equal
      installments on the Company’s regular payroll schedule over the Non-CIC Severance Period, subject to standard deductions and withholdings; provided, however that no portion of the Non-CIC Severance will be paid prior to the sixtieth (60th) day following Executive’s Separation from Service. Subject to Section 6.6, on the sixtieth (60th)
      day following Executive’s Separation from Service, the Company will pay Executive in a lump sum the Non-CIC Severance payments that Executive would have received on or prior to such date under the schedule outlined above but for the delay while
      waiting for the sixtieth (60th) day and the Release Date, with the balance of Non-CIC Severance payments being paid as originally scheduled; and

   

  
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  (ii)            Provided

      Executive or Executive’s covered dependents, as the case may be, timely elects continued coverage under COBRA, or state law continuation coverage (as applicable), under the Company’s group health plans following such termination, the Company will pay
      the COBRA, or state continuation coverage, premiums to continue Executive’s (and Executive’s covered dependents, as applicable) health insurance coverage in effect on the date of Separation from Service until the earliest of: (1) the close of the
      Non-CIC Severance Period; (2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA or state law
      continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “Non-CIC COBRA Payment Period”)). Notwithstanding the foregoing, if at any time the Company
      determines that its payment of COBRA, or state continuation coverage, premiums on Executive’s behalf would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or other applicable law or regulation (including, but not
      limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums pursuant to this Section, the Company shall pay Executive on the last day of
      each remaining month of the Non-CIC COBRA Payment Period, a fully taxable cash payment equal to the COBRA or state continuation coverage premium for such month, subject to applicable tax withholding, for the remainder of the Non-CIC COBRA Payment
      Period (the “Non-CIC Special Severance Payment”). On the sixtieth (60th) day following Executive’s Separation from Service, the Company will make the first
      payment under this Section 6.2(a)(ii) (and, in the case of the Non-CIC Special Severance Payment, such payment will be to Executive, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such
      payments commenced on the Separation from Service through such sixtieth (60th) day, with the balance of the payments paid thereafter on the schedule described above.
      Nothing in this Agreement shall deprive Executive of Executive’s rights under COBRA or ERISA for benefits under plans and policies arising under Executive’s employment by the Company.

   

  (b)            Executive
      shall not receive the Non-CIC Severance Benefits pursuant to Section 6.2(a) or the CIC Severance Benefits pursuant to Section 6.3(a), as applicable, unless Executive executes the Separation Agreement within the consideration period specified therein,
      which shall in no event be more than forty-five (45) days, and until the Separation Agreement becomes effective and can no longer be revoked by Executive under its terms, which shall in no event be longer than sixty (60) days following Executive’s
      Separation from Service. Executive’s ability to receive the Non-CIC Severance Benefits pursuant to Section 6.2(a) or the CIC Severance Benefits pursuant to Section 6.3(a), as applicable, is further conditioned upon Executive: (i) returning all
      Company property; (ii) complying with Executive’s post-termination obligations under this Agreement and the Confidential Information Agreement; (iii) complying with the Separation Agreement, including without limitation any non-disparagement and
      confidentiality provisions contained therein; and (iv) resignation from any other positions Executive holds with the Company or the Parent, including a position on the Board, effective no later than Executive’s date of termination (or such other date
      as requested by the Board).

   

  
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  (c)             For
      purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s
      standard expense reimbursement policies, (iii) any earned but unpaid Annual Bonus for the year immediately preceding the year in which Executive’s employment terminates, and (iv) benefits owed to Executive under any qualified retirement plan or
      health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

   

  (d)            For
      purposes of this Agreement, “Good Reason” means any of the following actions taken by the Company without Executive’s express written consent: (i) a material reduction by the Company of Executive’s Base Salary (other than in a broad
      based reduction similarly affecting all other members of the Company’s executive management); (ii) the relocation of Executive’s principal place of employment, without Executive’s consent, in a manner that lengthens Executive’s one-way commute
      distance by fifty (50) or more miles from Executive’s then-current principal place of employment immediately prior to such relocation; (iii) a material reduction in Executive’s duties, authority, or responsibilities for the Company relative to
      Executive’s duties, authority, or responsibilities in effect immediately prior to such material reduction (provided that termination or modification of the UK Director Roles shall not constitute Good Reason); or (iv) a material breach of this
      Agreement by the Company (or its successor) provided further, that, any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Board written notice of Executive’s intent to terminate
      for Good Reason within thirty (30) days following the first occurrence of the condition(s) that Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within
      thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from Executive, already informed Executive that Executive’s employment with the Company is being
      terminated; and (4) Executive voluntarily terminates Executive’s employment within thirty (30) days following the end of the Cure Period.

   

  (e)             For
      purposes of this Agreement, “Cause” for termination shall mean that Executive has engaged in any of the following: (i) Executive’s failure to comply with applicable laws, rules, or regulations; (ii) Executive’s insubordination or
      willful and repeated failure to comply with the lawful directions of the Board provided that, if such failure to comply is amenable to cure in the Board’s sole discretion (reasonably exercised), Executive receives written notice of such failure to
      comply and thirty (30) days to cure such failure to the Board’s reasonable satisfaction in its sole discretion; (iii) Executive’s committing any act which constitutes a breach of fiduciary duty owed by Executive to the Company or the Parent; (iv)
      Executive’s material failure to perform satisfactorily the material duties of Executive’s position, or incompetence in the performance of such duties, provided that Executive receives written notice of such failure and thirty (30) days to cure such
      failure to Board’s reasonable satisfaction in its sole discretion; (v) Executive’s material breach of any provision of this Agreement, any other written agreement between Executive and the Company or the Parent, provided that, if such breach is
      amenable to cure in the Board’s sole discretion, Executive receives written notice of such breach and thirty (30) days to cure such breach to Board’s reasonable satisfaction in its sole discretion; (vi) Executive’s material breach of any internally
      published policies of the Company or the Parent, provided that, if such breach is amenable to cure in the Board’s sole discretion, Executive receives written notice of such breach and thirty (30) days to cure such breach to Board’s reasonable
      satisfaction in its sole discretion; (vii) Executive’s acts or omissions constituting gross negligence, recklessness, willful misconduct, illegal conduct, fraud, embezzlement, or misappropriation; (viii) any conduct which constitutes a felony or
      crime of moral turpitude under applicable law, provided that there is credible evidence or documentary support of such conduct; or (ix) Executive’s commission of any act listed in Paragraph 1.5 of the Letter of Appointment executed by Executive in
      connection with Executive’s appointment to the Board of Directors of the Parent.

   

  
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  (f)             The
      Non-CIC Severance Benefits provided to Executive pursuant to this Section 6.2 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy, or program. For avoidance of
      doubt, Executive shall not be eligible to receive both CIC Severance Benefits (as defined below) and Non-CIC Severance Benefits.

   

  (g)            Any damages
      caused by the termination of Executive’s employment without Cause not in connection with a Change in Control (as defined in the Plan) would be difficult to ascertain; therefore, the Non-CIC Severance Benefits for which Executive is eligible pursuant
      to Section 6.2(a) above in exchange for the Separation Agreement is agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

   

  (h)            If the
      Company terminates Executive’s employment for Cause, or Executive resigns from employment with the Company without Good Reason, regardless of whether or not such termination is in connection with a Change in Control, then Executive shall be entitled
      to the Accrued Obligations, but Executive will not be eligible for the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit. from the Company. Notwithstanding the foregoing, nothing in this Section or
      in this Agreement shall preclude Executive from remaining eligible to receive any payments or benefits pursuant to any life insurance or disability insurance policy under which Executive participates, subject to and in accordance with the terms of
      such policy and applicable law.

   

  6.3           Termination by
          the Company without Cause or Resignation by Executive for Good Reason (in connection with a Change in Control).

   

  (a)            In the
      event that the Company terminates Executive’s employment without Cause or Executive resigns for Good Reason, in either case, upon or within eighteen (18) months following the effective date of a Change in Control (as defined in the Plan, and such
      period, the “Change in Control Measurement Period”) then Executive shall be entitled to the Accrued Obligations and, subject to Executive’s full compliance with Section 6.2(b) above, Executive shall be eligible to receive the following
      severance benefits (collectively the “CIC Severance Benefits”):

   

  (i)              The
      Company will pay Executive severance pay in the form of continuation of Executive’s then-current Base Salary (ignoring any decrease that forms the basis for Executive’s resignation for Good Reason, if applicable) for twenty-four (24) months following
      Executive’s Separation from Service (such period of time, the “CIC Severance Period”, and such aggregate Base Salary amount payable, (the “CIC Severance”). The CIC Severance will be paid in substantially equal installments
      on the Company’s regular payroll schedule over the CIC Severance Period, subject to standard deductions and withholdings; provided, however that no portion of the CIC Severance will be paid prior to the sixtieth (60th) day following Executive’s Separation from Service. On the sixtieth (60th) day following Executive’s Separation
      from Service, the Company will pay Executive in a lump sum the CIC Severance payments that Executive would have received on or prior to such date under the schedule outlined above but for the delay while waiting for the sixtieth (60th) day and the Release Date, with the balance of CIC Severance payments being paid as originally scheduled;

   

  
    10

    
        

  

   

  (ii)            Provided

      Executive or Executive’s covered dependents, as the case may be, timely elects continued coverage under COBRA, or state law continuation coverage (as applicable), under the Company’s group health plans following such termination, the Company will pay
      the COBRA, or state continuation coverage, premiums to continue Executive’s (and Executive’s covered dependents, as applicable) health insurance coverage in effect on the termination date until the earliest of: (1) the close of the CIC Severance
      Period; (2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA or state law continuation
      coverage for any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “CIC COBRA Payment Period”)). For purposes of clause (3) in the preceding sentence but subject to the
      approval of the insurance company, if any, that is providing the particular health insurance coverage at the time of Executive’s termination, it shall be assumed that the maximum duration  of COBRA and state law continuation coverage, in the
      aggregate, is equal to the CIC Severance Period, notwithstanding that COBRA and state law may provide for a maximum aggregate duration of such coverage of less than the CIC Severance Period, and that the conditions set forth in COBRA and state law
      under which Executive may cease to be eligible for such coverage, other than the maximum aggregate duration of such coverage, shall  continue to apply. Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA, or
      state continuation coverage, premiums on Executive’s behalf would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or other applicable law or regulation (including, but not limited to, the 2010 Patient Protection
      and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the CIC COBRA
      Payment Period, a fully taxable cash payment equal to the COBRA or state continuation coverage premium for such month, subject to applicable tax withholding, for the remainder of the CIC COBRA Payment Period (the “CIC Special Severance Payment”).

      On the sixtieth (60th) day following Executive’s Separation from Service, the Company will make the first payment under this section 6.3(a)(ii) (and, in the case of the
      CIC Special Severance Payment, such payment will be to Executive, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service through such
      sixtieth (60th) day, with the balance of the payments paid thereafter on the schedule described above. Nothing in this Agreement shall deprive Executive of Executive’s
      rights under COBRA or ERISA for benefits under plans and policies arising under Executive’s employment by the Company;

   

  
    11

    
        

  

   

  (iii)          The
      Company will make a lump sum cash payment to Executive in an amount equal to two (2) times the Target Bonus for the year in which the termination occurs, subject to standard deductions and withholdings, which will be paid in a lump sum on the 60th day following Executive’s date of Separation from Service;

   

  (iv)           The
      Company will pay Executive an amount equal to the prorated portion of the Annual Bonus for the calendar year in which Executive’s termination occurs (calculated using the Target Percentage for the number of days in the calendar year that have passed
      prior to Executive’s termination) (the “Pro-Rated Bonus”). The Pro-Rated Bonus will be subject to standard deductions and withholdings and will be paid in a lump sum on the 60th day following Executive’s date of Separation from Service; and

   

  (v)             Effective

      as of Executive’s termination date, the vesting and exercisability of all outstanding equity awards covering Parent’s ordinary shares that are held by Executive immediately prior to the termination date (if any) shall be accelerated in full.

   

  (b)            The CIC
      Severance Benefits provided to Executive pursuant to this Section 6.3 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy, or program.

   

  (c)             Any
      damages caused by the termination of Executive’s employment without Cause during the Change in Control Measurement Period would be difficult to ascertain; therefore, the CIC Severance Benefits for which Executive is eligible pursuant to Section
      6.3(a) above in exchange for the Release are agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

   

  6.4           Cooperation
          With the Company After Termination of Employment. Following termination of Executive’s employment for any reason, Executive shall reasonably cooperate with the Company, upon reasonable advance notice, in all matters relating to the
      winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other executives as may be designated by the Company. The Company will
      reimburse Executive for reasonable expenses incurred in connection with such cooperation, including travel expenses and reasonable legal expenses in connection with any required written or oral testimony.

   

  6.5           Effect of
          Termination. Executive agrees that should Executive’s employment be terminated for any reason, Executive shall be deemed to have resigned from any and all positions with the Company, including, but not limited to, all positions with any
      and all subsidiaries and Affiliates of the Company.

   

  6.6           Application of
          Section 409A.

   

  (a)            It is
      intended that all of the severance benefits and other payments under this Agreement satisfy, to the greatest extent possible, one or more exemptions from the application of Section 409A of the Code and the regulations and other guidance thereunder
      and any state law of similar effect (collectively, “Section 409A”) to the maximum extent that such an exemption is available and any ambiguities herein shall be interpreted accordingly; provided, however, that to the extent such
      exemption is not available, the severance benefits and other payments under this Agreement are intended to comply with the requirements of Section 409A to the extent necessary to avoid adverse personal tax consequences , and this Agreement will be
      construed in a manner consistent with such intention, incorporating by reference all required definitions and payment terms.

   

  
    12

    
        

  

   

  (b)            No
      severance payments will be made under this Agreement unless Executive’s termination of employment constitutes a Separation from Service. It is intended that (i) each installment of any benefits payable under
        this Agreement to Executive be regarded as a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), (ii) all payments of any such benefits under this Agreement satisfy, to the greatest extent possible, the exemptions
        from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9)(iii), and (iii) any such benefits consisting of COBRA premiums also satisfy, to the greatest extent possible, the
        exemption from the application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(9)(v). 

   

  (c)            To the
      extent that any severance payments are deferred compensation under Section 409A, and are not otherwise exempt from the application of Section 409A, then, to the extent required to comply with Section 409A, if the period during which Separation
      Agreement could become effective spans two calendar years, then, regardless of when the Separation Agreement is returned to the Company and becomes effective, the Separation Agreement will not be deemed effective (solely for purposes of the timing of
      payment of severance benefits under this Agreement) any earlier than the latest permitted effective date, and all severance payments shall accordingly occur in the second calendar year. If the Company determines that the severance benefits provided
      under this Agreement constitutes “deferred compensation” under Section 409A and if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from Service,
      then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the severance will be delayed as follows: on the earlier to occur of (a) the date that is six months and one day
      after Executive’s Separation from Service, and (b) the date of Executive’s death, the Company will: (i) pay to Executive a lump sum amount equal to the sum of the severance benefits that Executive would otherwise have received if the commencement of
      the payment of the severance benefits had not been delayed pursuant to this Section 6.6(c); and (ii) commence paying the balance of the severance benefits in accordance with the applicable payment schedule set forth in Sections 6.2 and 6.3. No
      interest shall be due on any amounts deferred pursuant to this Section 6.6(c).

   

  (d)            The Company
      makes no representation that compensation paid pursuant to the terms of this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.

   

  6.7           Excise Tax
          Adjustment.

   

  (a)            If any
      payment or benefit Executive will or may receive from the Company or otherwise (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this Section, be subject to
      the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment provided pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount”
      shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount
      (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state, foreign and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate),
      results in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding
      sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Executive. If more than
      one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

   

  
    13

    
        

  

   

  (b)            Notwithstanding

      any provision of this Section 6.7 to the contrary, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes
      pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification
      shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause),
      shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that
      are not deferred compensation within the meaning of Section 409A.

   

  (c)           Unless
      Executive and the Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the Change in Control transaction shall perform
      the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity, or group effecting the Change in Control transaction, the Company shall appoint a nationally-recognized
      accounting or law firm to make the determinations required by this Section 6.7. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to be made hereunder. The Company shall use commercially
      reasonable efforts to cause the accounting or law firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15) calendar days after the
      date on which Executive’s right to a 280G Payment becomes reasonably likely to occur (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company.

   

  (d)            If
      Executive receives a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 6.7(a) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive agrees
      (after any appeals related to the IRS’s determination have been exhausted) to promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 6.7(a)) so that no portion of the remaining Payment is
      subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section 6.7(a), Executive shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

   

  
    14

    
        

  

   

  7.            General Provisions.

   

  7.1           Notices.
      Any notices required hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the
      recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally-recognized overnight
      courier, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll or (if notice is
      given prior to Executive’s termination of employment) to Executive’s Company-issued email address, or at such other address as the Company or Executive may designate by ten (10) days’ advance written notice to the other.

   

  7.2           Severability.
      Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any
      applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such
      invalid, illegal, or unenforceable provisions had never been contained herein.

   

  7.3           Waiver.
      If either party should waive any breach of any provisions of this Agreement, Executive or the Company shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

   

  7.4           Complete
          Agreement. This Agreement (including Exhibit A), the Plan and Option Documents, and any other separate agreement relating to equity awards constitute the entire agreement between Executive and the Company with regard to the subject matter
      hereof and supersede any prior oral discussions or written communications and agreements, including the Prior Agreement. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and
      it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered into or may enter into separate agreements related to equity awards. These separate agreements govern other
      aspects of the relationship between the parties, have or may have provisions that survive termination of Executive’s employment under this Agreement, may be amended or superseded by the parties without regard to this Agreement and are enforceable
      according to their terms without regard to the enforcement provision of this Agreement.

   

  7.5           Counterparts.
      This Agreement may be executed by electronic transmission and in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.

   

  7.6           Headings.
      The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.

   

  
    15

    
        

  

   

  7.7           Successors and
          Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company
      may transfer all or substantially all of its assets, if in any such case said company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party
      hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder, other than to Executive’s estate upon Executive’s death. In the
      event of Executive’s death after a Separation from Service but prior to the completion by the Company of all payments due to Executive under this Agreement, the Company shall continue such payments to Executive’s beneficiary designated in writing to
      the Company prior to Executive’s death (or to Executive’s estate, if Executive fails to make such designation).

   

  7.8           Choice of Law.
      All questions concerning the construction, validity, and interpretation of this Agreement will be governed by the laws of the State of Maryland.

   

  7.9           Resolution of
          Disputes. The parties recognize that litigation in federal or state courts or before federal or state administrative agencies of disputes arising out of Executive’s employment with the Company or out of this Agreement, or Executive’s
      termination of employment or termination of this Agreement, may not be in the best interests of either Executive or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between
      the parties arising out of or relating to the negotiation, execution, performance or termination of this Agreement or Executive’s employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil
      Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the
      Executive Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding arbitration in accordance with
      the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association; provided however, that this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves
      specify arbitration as an exclusive remedy and further shall not apply to discrimination, harassment, or retaliation claims to the extent prohibited by applicable law. For avoidance of doubt, this provision does not apply to equity based
      compensation, as any dispute regarding equity based compensation is governed by the applicable plan rules, option agreement, and related documentation. The location for the arbitration shall be the Philadelphia, Pennsylvania area. Any award made by
      such panel shall be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. To the extent applicable law prohibits mandatory
      arbitration of discrimination, harassment, and/or retaliation claims, in the event Executive intends to bring multiple claims, including a discrimination, harassment, and/or retaliation claim, the discrimination, harassment, and/or retaliation claim
      may be publicly filed with a court, while any other claims will remain subject to mandatory arbitration. The arbitrators’ fees and expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the
      Company; provided however, that at Executive’s option, Executive may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this
      Agreement and continue after the termination of the employment relationship between Executive and the Company. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy,
      and each party expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By election arbitration as the means for final settlement of all claims, the parties hereby
        waive their respective rights to, and agree not to, sue each other in any action in a federal, state or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement. The parties
        specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury.

   

  [Remainder of page intentionally left blank.]

   

  
    16

    
        

  

   

  In
        Witness Whereof, the parties have executed this Amended and Restated Employment Agreement on .

   

  

  	 	COMPANY: 	 
	 	 	 	 
	 	Immunocore Holdings Limited, to be renamed as Immunocore Holdings plc, on behalf of its indirect wholly-owned subsidiary, Immunocore, LLC	 
	 	 	 	 
	 	By:	/s/ Professor Sir John Bell 	 
	 	 	Name: Professor Sir John Bell	 
	 	 	Title: Chairman of the Board of Immunocore Holdings Limited, to be renamed as Immunocore Holdings plc	 

   

  	 	EXECUTIVE:	 
	 	 	 
	 	/s/ Bahija Jallal, Ph.D. 	 
	 	Bahija Jallal	 

   

  
    17

    
        

  

  
   

  Exhibit A

   

  Employee Confidential
        Information, Inventions, Non-Solicitation and Non-Competition Agreement

   

  
    A-1Exhibit 10.19

      

      

      DATED                                                   2021

      

      

      (1)          IMMUNOCORE LIMITED

      

      

      (2)          BILL & MELINDA GATES FOUNDATION

      

      

      
        

      DEED OF TERMINATION

      
        

      

      

      K&L Gates LLP

      One New Change London EC4M 9AF

      Tel: +44 (0)20 7648 9000

      Fax: +44 (0)20 7648 9001

      Ref: JE/2033909.40034

      
        
          

      

      CONTENTS

      

      

               

        

      

      

      	Clause 

            	 	 Page 

            
	 	 	 
	
              1.

            	
              INTERPRETATION

            	
              2

            
	 	 	 
	
              2.

            	
              TERMINATION OF NOTE PURCHASE AGREEMENT

            	
              2

            
	 	 	 
	
              3.

            	
              RELEASE OF ACCRUED RIGHTS AND CLAIMS

            	
              2

            
	 	 	 
	
              4.

            	
              GLOBAL ACCESS AGREEMENT

            	
              2

            
	 	 	 
	
              5.

            	
              TERMINATION OF THE SUBSCRIPTION AGREEMENT

            	
              3

            
	 	 	 
	
              6.

            	
              CONFIDENTIALITY

            	
              3

            
	 	 	 
	
              7.

            	
              COSTS

            	
              3

            
	 	 	 
	
              8.

            	
              ENTIRE AGREEMENT

            	
              3

            
	 	 	 
	
              9.

            	
              VARIATION

            	
              4

            
	 	 	 
	
              10.

            	
              THIRD PARTY RIGHTS

            	
              4

            
	 	 	 
	
              11.

            	
              COUNTERPARTS

            	
              4

            
	 	 	 
	
              12.

            	
              GOVERNING LAW AND JURISDICTION

            	
              4

            

      

      

      
        
          

      

      
      

      

      THIS DEED is made on                          2021

      

      

      BETWEEN:

      

      

      	(1)	
              IMMUNOCORE LIMITED, a company incorporated in England and Wales under number 06456207 whose registered office is at 92 Park Drive, Milton Park, Abingdon, Oxfordshire,
                  OX14 4RY (the "Company"); and

            

      

      

      	(2)	
              BILL & MELINDA GATES FOUNDATION of PO Box 23350, Seattle, WA, United States of America (the "Foundation").

            

      

      

      WHEREAS:

      

      

      	(A)	
              The Company and the Foundation are parties to a note purchase agreement dated 13
                  September 2017 (as amended by a deed of variation dated 2 March 2020) pursuant to which the Foundation agreed to advance certain loans to the Company on the terms set out therein to be evidenced by subordinated convertible loan notes (the
                "Note Purchase Agreement").

            

      

      

      	(B)	
              Pursuant to the terms of the Note Purchase Agreement, the Foundation agreed to loan the
                  Company US$15,000,000 (“Tranche 2”) upon completion
                  of the Safety Milestone (as defined in the Note Purchase Agreement), which loan would be converted into equity in the Company immediately after issuance.

            

      

      

      	(C)	
              Since the time the Note Purchase Agreement was executed, the Company has completed a
                  reorganization as a result of which the Company has become a wholly-owned subsidiary of Immunocore Holdings Limited (ʺParentʺ).

            

      

      

      	(E)	
              In order to further the Foundation’s charitable purposes, the Foundation, the Company and Parent desire to accelerate the timing of the Tranche 2 investment for the reasons set forth in an amendment dated on or about the date of this Deed to
                  the Amended and Restated Global Access Commitments Agreement, dated 2 March 2020, among the Foundation, the Company and Parent (which became a party to the agreement through a joinder agreement) (the “Global Access Agreement”).

            

      

      

      	(G)	
              Parent and the Company desire for the Company to remain a wholly-owned subsidiary of
                  Parent.  Therefore, rather than have the Foundation provide Tranche 2 as a loan that is immediately convertible into equity of the Company, Parent has requested that the Foundation instead subscribe US$15,000,000 for American Depositary
                  Shares, representing ordinary shares in the capital of Parent pursuant to the terms of a subscription agreement to be entered into by the Foundation and Parent on or about the date of this Deed (the "Subscription Agreement").

            

      
        1

        
          

      

      

      

      

      

      	(H)	
              The Company and the Foundation have therefore agreed to terminate the Note Purchase Agreement in accordance with the terms of this Deed.

            

      

      

      IT IS AGREED as follows:

      

      

      	1.	
              INTERPRETATION

            

      

      

      	1.1	
              In this Deed, unless the context requires otherwise:

            

      

      

      "party" or "parties" means a party or parties to this Deed; and

      

      

      "Termination Date" means the date on which the Subscription Agreement is completed in accordance with its terms.

      

      

      	1.2	
              The headings in this Deed are included for convenience only and shall be ignored in interpreting this Deed.

            

      

      

      	2.	
              TERMINATION OF NOTE PURCHASE AGREEMENT

            

      

      

      In consideration of the Foundation entering into the Subscription Agreement and undertaking the obligations contained therein, the
        Note Purchase Agreement and all rights and obligations of the parties under the Note Purchase Agreement shall terminate with effect from the Termination Date.

      

      

      	3.	
              RELEASE OF ACCRUED RIGHTS AND CLAIMS

            

      

      

      Each party, with effect from the Termination Date, irrevocably and unconditionally releases and discharges the other party from
          all and any obligations and liabilities it may have under the Note Purchase Agreement and waives all and any rights or claims which it may have or which may accrue to it (whether or not known to it) against the other party arising under or in
          connection with the Note Purchase Agreement.

      

      

      	4.	
              GLOBAL ACCESS AGREEMENT

            

      

      

      The termination of the Note Purchase Agreement in accordance with the terms of this Deed shall in no way affect the validity of
          the Global Access Agreement, which shall continue in full force and effect, as amended from time to time in accordance with its terms.

      
        2

        
          

      

      

      

      	5.	
              TERMINATION OF THE SUBSCRIPTION AGREEMENT

            

      

      

      If closing of the Subscription Agreement does not occur and the Subscription Agreement is terminated in accordance with its
          terms, this Deed shall terminate and cease to be of any effect.

      

      

      	6.	
              CONFIDENTIALITY

            

      

      

      Each party acknowledges that the circumstances giving rise to the termination of the Note Purchase Agreement and the terms of
          this Deed are confidential to the parties and agrees that, save with the prior written consent of the other party (such consent not to be unreasonably withheld or delayed), it will not disclose any of such circumstances or terms to any person
          other than:

      

      

      	

            	(a)	
              to its professional advisers on terms which preserve confidentiality; or

            

      

      

      	

            	(b)	
              pursuant to a requirement imposed:

            

      

      

      	

            	(i)	
              by law or any court of competent jurisdiction; or

            

      

      

      	

            	(ii)	
              by any securities exchange or any regulatory or governmental body or authority to which that party is subject (whether or not the requirement has the force of
                  law),

            

      

      

      provided always that, if disclosure is required to be made pursuant to this paragraph (b), then the party required to make such
          disclosure shall, so far as reasonably practicable, consult with the other as to the form, nature and extent of the disclosure before making it.

      

      

      	7.	
              COSTS

            

      

      

      Each party shall pay its own costs and expenses in relation to the negotiation, preparation, execution and carrying into effect of
        this Deed.

      

      

      	8.	
              ENTIRE AGREEMENT

            

      

      

      	8.1	
              This Deed contains the entire and only agreement between the parties relating to the subject-matter of this Deed and supersedes all previous agreements (whether
                written or oral) between the parties relating to that subject-matter.

            

      

      

      	8.2	
              Each party acknowledges that, in entering into this Deed, it is not relying on any warranty, representation, undertaking, covenant, assurance, promise or other
                commitment of any nature whatsoever (whether or not in writing) made or given by or on behalf of the other party which is not expressly set out in this Deed.

            

      
        3

        
          

      

      

      

      	9.	
              VARIATION

            

      

      

      No variation of this Deed shall be effective unless it is in writing and signed by or on behalf of each party.

      

      

      	10.	
              THIRD PARTY RIGHTS

            

      

      

      A person who is not a party to this Deed shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any
        term of this Deed.

      

      

      	11.	
              COUNTERPARTS

            

      

      

      This Deed may be executed in any number of counterparts and by the parties to it on separate counterparts but shall not be effective
        until each party has executed at least one counterpart. Each counterpart shall constitute an original of this Deed but all the counterparts shall together constitute one and the same instrument.

      

      

      	12.	
              GOVERNING LAW AND JURISDICTION

            

      

      

      	12.1	
              This Deed (and any non-contractual obligations arising out of or in connection with this Deed) shall be governed by and construed in accordance with English law.

            

      

      

      	12.2	
              Each party irrevocably agrees that the courts of England are to have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed
                (including any dispute relating to any non-contractual obligations arising out of or in connection with this Deed or any dispute regarding the existence or validity of this Deed) and that accordingly any proceedings arising out of or in connection with this Deed shall be brought in the courts of England.

            

      

      

      	12.3	
              Each party irrevocably submits to the jurisdiction of the English courts and waives any objection to proceedings in any such court on the ground of venue or on
                  the ground that the proceedings have been brought in an inconvenient forum.

            

      

      

      IN WITNESS whereof this document has been executed
        and delivered as a deed on the date first above written.

      
        4

        
          

      

      

      

      EXECUTED AS A DEED

      by IMMUNOCORE LIMITED

      acting by:

      

      

      
        	
                 

              	
                 

              
	
                Signature of Director 

                

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                Print name of Director 

                

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                Signature of Director 

                

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                Print name of Director 

                

              	
                 

              
	
                 

              	
                 

              

      

       

      

      

      

      	
              EXECUTED AS A DEED by BILL & MELINDA GATES FOUNDATION, a charitable trust organised under the laws of the State of Washington, acting by

              and                                    who, in accordance with the laws of that territory, are acting under the authority of the charitable trust

            	 	
               

               

               

                

               

                

              Signature(s):

               

                

               

            
	 	 Authorised signatory
	 	 
	 	 
	 	 Authorised signatory

      

      

      DEED OF TERMINATION – SIGNATURE PAGE

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