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Item 1.01.
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Entry into a Material Definitive Agreement.
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New Headquarters Lease
On February 8, 2021, Iovance Biotherapeutics,
Inc. (the “Company”) entered into a lease agreement with ARE-San Francisco No. 63, LLC (the “New Headquarters
Lease”) for laboratories and offices to be constructed in Suite 400 of an existing building located at 825 Industrial Road,
San Carlos, California (the “Building”), commonly known as The District. Under the New Headquarters Lease, the Company
will lease approximately 49,918 rentable square feet of space in the Building (the “Premises”). The New Headquarters
Lease is for a term of 120 months, commencing one (1) business day after the mutual execution and delivery of the Lease, which
is February 9, 2021 (the “Commencement Date”). The “Rent Commencement Date” shall be the earlier to occur
of (i) the date that is 12 months after the Commencement Date, which is February 9, 2022, or (ii) the date that the Tenant Improvements
are substantially completed; provided, however, that the Rent Commencement Date shall be delayed 1 day for each day after the Commencement
Date that (a) to the extent that, after the Commencement Date, any governmental authority having jurisdiction, as a result of the
COVID-19 outbreak in the United States, declares or implements any order or mandate that restricts construction activities in San
Mateo County, California (any such order or mandate, a “Government Mandate”), to the extent that such Government Mandate
precludes the construction of tenant improvements, or (b) a landlord delay occurs. Construction of the Company’s offices
is expected to extend through 2021. The New Headquarters Lease includes an option to extend the term of the lease for 60 months,
exercisable under certain conditions and at a market rate as described in the New Headquarters Lease.
Commencing 210 days after the Rent Commencement
Date as the result of a rent abatement, the Company’s monthly base rent under the New Headquarters Lease will be $279,540.80,
subject to an annual increase of 3%. Beginning in 2022, the Company will also be responsible for paying operating expenses.
The New Headquarters Lease contains customary
events of default, representations, warranties and covenants.
The preceding summary of the New Headquarters
Lease does not purport to be complete and is qualified in its entirety by the full text of the New Headquarters Lease, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Extension of Existing Headquarters Leases
On February 8, 2021, the Company entered
into two amendments (the “Suite 150 Second Amendment” and the “Suite 100 and Suite 125 First Amendment”)
to its previously disclosed lease agreements with Hudson Skyway Landing, LLC, for space located on the first floor of the building
located at 999 Skyway Road, San Carlos, California, commonly known as Skyway Landing II.
Under the Suite 100 and Suite 125 Second
Amendment, the Company will extend its previously disclosed amended lease of approximately 20,432 rentable square feet of space,
which would have expired on April 30, 2021, to December 31, 2021. The Company’s monthly base rent under the Suite 100 and
Suite 125 Second Amendment will be $103,181.60. The Company is also responsible for paying its portion of operating expenses and
real estate taxes. The Company has an option to extend the expiration of the Suite 100 and Suite 125 Second Amendment for one month
or six months, at its discretion, by providing notice as specified in the Suite 100 and Suite 125 Second Amendment.
Under the Suite 150 First Amendment, the
Company will extend its previously disclosed lease of approximately 8,733 rentable square feet of space, which also would have
expired on April 30, 2021, to December 31, 2021. The Company’s monthly base rent under the Suite 150 First Amendment will
be $44,101.65. The Company is also responsible for paying its portion of operating expenses and real estate taxes. The Company
has an option to extend the expiration of the Suite 150 First Amendment for one month or six months, at its discretion, by providing
notice as specified in the Suite 150 First Amendment.
The preceding summary does not purport to
be complete and is qualified in its entirety by reference to the Suite 100 and Suite 125 Second Amendment, which is filed as Exhibit
10.2 hereto and incorporated herein by reference, and the Suite 150 First Amendment, which is filed as Exhibit 10.3 hereto and
incorporated herein by reference.