M.I.T. License Agreement

On August 23, 2017, Enumeral Biomedical Holdings, Inc. (the “Company”) received written notification from the Massachusetts Institute of Technology (“M.I.T.”), pursuant to which M.I.T. terminated, effective immediately, that certain Exclusive Patent License Agreement, dated as of April 15, 2011, between M.I.T. and Enumeral Biomedical Corp., a wholly-owned subsidiary of the Company (as amended, the “License Agreement”). Pursuant to the License Agreement, the Company had exclusively licensed its proprietary microwell array platform technology, which enabled the Company’s research and development team to detect secreted molecules (such as antibodies and cytokines) and cell surface markers at the level of single live cells, and also enabled recovery of single live cells of interest.

M.I.T terminated the License Agreement pursuant to section 12.2 thereof, noting that the Company had ceased to carry on business related to the License Agreement. As the Company previously announced in June 2017, the Company has reduced headcount, eliminated its research and development function, and sold all of the equipment related to its research and development activities. The Company is currently in the process of winding down its operations, disposing of its remaining assets, and resolving its outstanding debts.

Pursuant to the terms thereof, certain provisions survive the termination of the License Agreement. M.I.T.’s termination letter noted that the termination does not release the Company from any obligations accrued prior to the date of termination.

Facility Lease

On August 23, 2017, the Company received a letter (the “Termination Letter”) on behalf of PPF OFF 200 Cambridge Park Drive, LLC (the “Landlord”) terminating that certain Indenture of Lease (the “Lease”), dated as of November 7, 2014, between King 200 CPD LLC (the predecessor entity as landlord) and the Company. The Termination Letter stated that the Landlord has terminated the Lease effective immediately, pursuant to Section 20.2 thereof.

Under the terms of the Lease, the Company leased 16,825 square feet of laboratory and office space at 200 CambridgePark Drive in Cambridge, Massachusetts, which is the Company’s only facility. The term of the Lease is for five years, with initial base rent of $42.50 per square foot, or approximately $715,062 on an annual basis. The base rent increases incrementally over the term of the Lease, reaching approximately $804,739 on an annual basis in the fifth year of the term. In addition, the Lease provides that the Company is obligated to pay a proportionate share of the operating expenses and applicable taxes associated with the premises, as calculated pursuant to the terms of the Lease. The Lease also required that the Company post a security deposit in the amount of $529,699, either in the form of cash or an irrevocable letter of credit.

The Termination Letter noted that the Company had failed to pay certain items of rent and other charges due on August 1, 2017, and that such failure had continued through the applicable cure period following initial notice delivered to the Company, which constitutes an Event of Default (as defined in the Lease). The Termination Letter stated that the Company is directed to immediately quit, surrender and deliver up the premises that are the subject of the Lease. The Termination Letter also noted that the Landlord reserves the right to avail itself of all rights and remedies under the Lease, at law and/or in equity.