Exhibit 10.3


 





THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY
BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE,
REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, OR (iii) RECEIPT OF NO ACTION LETTERS FROM THE
APPROPRIATE GOVERNMENTAL AUTHORITIES REASONABLY SATISFACTORY TO THE COMPANY, AND WITHOUT OTHERWISE COMPLYING WITH THE PROVISIONS
OF SECTION 7 OF THIS WARRANT.


 


ARGOS THERAPEUTICS, INC.


 


WARRANT TO PURCHASE SHARES


 


OF COMMON STOCK


 


THIS CERTIFIES THAT, for value received, FORTRESS CREDIT OPPORTUNITIES
V CLO LIMITED and its assignees are entitled to subscribe for and purchase 30,000 shares of the fully paid and nonassessable common
stock (“Common Stock”) (as adjusted pursuant to Section 4 hereof, the “Shares”) of ARGOS THERAPEUTICS,
INC., a Delaware corporation (the “Company”), at the price of $1.30 per share (such price and such other price as shall
result, from time to time, from the adjustments specified in Section 4 hereof is herein referred to as the “Warrant Price”),
subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, (a) the term “Date
of Grant” shall mean March 3, 2017, and (b) the term “Other Warrants” shall mean any other warrants issued
by the Company in connection with the transaction with respect to which this Warrant was issued, and any warrant issued upon transfer
or partial exercise of or in lieu of this Warrant.


 


1.                 
Term. The purchase right represented by this Warrant is exercisable, in whole or in part, at any time and from time
to time from the Date of Grant through five (5) years after the Date of Grant (the “Term”).


 


2.                 
Method of Exercise; Payment; Issuance of New Warrant. Subject to Section 1 hereof, the purchase right represented
by this Warrant may be exercised by the holder hereof, in whole or in part and from time to time, at the election of the holder
hereof, by (a) the surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A-1
duly completed and executed) at the principal office of the Company and by the payment to the Company, by certified or bank check,
or by wire transfer to an account designated by the Company (a “Wire Transfer”) of an amount equal to the then applicable
Warrant Price multiplied by the number of Shares then being purchased; (b) if in connection with a registered public offering
of the Company’s Common Stock in which the holder intends to sell Shares, the surrender of this Warrant (with the notice
of exercise form attached hereto as Exhibit A-2 duly completed and executed) at the principal office of the Company together
with notice of arrangements reasonably satisfactory to the Company for payment to the Company either by certified or bank check
or by Wire Transfer from the proceeds of the sale of Shares to be sold by the holder in such public offering of an amount equal
to the then applicable Warrant Price multiplied by the number of Shares then being purchased; or (c) exercise of the “net
issuance” right provided for in Section 10.2 hereof. The person or persons in whose name(s) any certificate(s) representing
the Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall
be treated for all purposes as the record holder(s) of, the shares represented thereby (and such shares shall be deemed to have
been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised. In the event
of any exercise of the rights represented by this Warrant, certificates for the Shares so purchased shall be delivered to the holder
hereof as soon as possible and in any event within thirty (30) days after such exercise and, unless this Warrant has been fully
exercised or expired, a new Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not
then have been exercised shall also be issued to the holder hereof as soon as possible and in any event within such thirty-day
period; provided, however, if requested by the holder of this Warrant, the Company shall use reasonable efforts to
cause its transfer agent to deliver the certificate representing Shares issued upon exercise of this Warrant to a broker or other
person (as directed by the holder exercising this Warrant) within the time period required to settle any trade made by the holder
after exercise of this Warrant.


 






     

     

    

 


3.                 
Stock Fully Paid; Reservation of Shares. All Shares that may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from
all preemptive rights of stockholders of the Company under Delaware law or agreements to which the Company is a party, and taxes,
liens and charges with respect to the issue thereof to the holder of this Warrant. During the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its Common Stock to provide for the
exercise of the rights represented by this Warrant.


 


4.      Adjustment
of Warrant Price and Number of Shares. The number and kind of securities purchasable upon the exercise of this Warrant and
the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:


 


(a)               
Reclassification or Merger. In case of any reclassification or change of securities of the class issuable upon exercise
of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as
a result of a subdivision or combination), or in case of any merger of the Company with or into another corporation (other than
a merger with another corporation in which the Company is the acquiring and the surviving corporation and which does not result
in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), the Company, or such successor
or purchasing corporation, as the case may be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form
and substance satisfactory to the holder of this Warrant), so that the holder of this Warrant shall have the right to receive upon
exercise of this Warrant, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of
this Warrant, and in lieu of the shares of Common Stock theretofore issuable upon exercise of this Warrant, the kind and amount
of shares of stock, other securities, money and property receivable upon such reclassification, change or merger by a holder of
the number of shares of Common Stock then purchasable under this Warrant. Any new Warrant shall provide for adjustments that shall
be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this Section
4(a) shall similarly apply to successive reclassifications, changes, mergers and sales.


 






     

     

    

 


(b)              
Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired
shall subdivide or combine its outstanding shares of Common Stock, the Warrant Price shall be proportionately decreased and the
number of Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall
be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination.


 


(c)               
Stock Dividends and Other Distributions. If the Company at any time while this Warrant is outstanding and unexpired
shall (i) pay a dividend with respect to its Common Stock payable in Common Stock, then the Warrant Price shall be adjusted,
from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined
by multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator
of which shall be the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and
(B) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend
or distribution; or (ii) make any other distribution with respect to Common Stock (except any distribution specifically provided
for in Sections 4(a) and 4(b)), then, in each such case, provision shall be made by the Company such that the holder of this
Warrant shall receive upon exercise of this Warrant a proportionate share of any such dividend or distribution as though it were
the holder of the Shares as of the record date fixed for the determination of the stockholders of the Company entitled to receive
such dividend or distribution.


 


(d)              
Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Shares purchasable hereunder
shall be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately
prior to such adjustment in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately prior
to such adjustment and the denominator of which shall be the Warrant Price immediately thereafter.


 


5.      Notice
of Adjustments. Whenever the Warrant Price or the number of Shares purchasable hereunder shall be adjusted pursuant to Section 4
hereof, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant Price
and the number of Shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of such certificate
to be mailed (without regard to Section 13 hereof, by first class mail, postage prepaid) to the holder of this Warrant.


 


6.      Fractional
Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder, but in lieu of such
fractional shares the Company shall make a cash payment therefor based on the fair market value of the Common Stock on the date
of exercise as reasonably determined in good faith by the Company’s Board of Directors.


 


7.      Compliance
with Securities Act; Disposition of Warrant or Shares of Common Stock.


 






     

     

    

 


(a)               
Compliance with Securities Act. The holder of this Warrant, by acceptance hereof, agrees that this Warrant, and the
Shares to be issued upon exercise hereof are being acquired for investment and that such holder will not offer, sell or otherwise
dispose of this Warrant, or any Shares except under circumstances which will not result in a violation of the Securities Act of
1933, as amended (the “Act”) or any applicable state securities laws. Upon exercise of this Warrant, unless the Shares
being acquired are registered under the Act and any applicable state securities laws or an exemption from such registration is
available, the holder hereof shall confirm in writing that the Shares so purchased are being acquired for investment and not with
a view toward distribution or resale in violation of the Act and shall confirm such other matters related thereto as may be reasonably
requested by the Company. This Warrant and all Shares issued upon exercise of this Warrant (unless registered under the Act and
any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form:


 


“THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION
STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATIONS ARE NOT REQUIRED, AND WITHOUT OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER
WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.”


 


Said legend shall be removed by the Company, upon the request of
a holder, at such time as the restrictions on the transfer of the applicable security shall have terminated. In addition, in connection
with the issuance of this Warrant, the holder specifically represents to the Company by acceptance of this Warrant as follows:


 


(1)      The holder is aware of the Company’s business affairs and financial condition, and has acquired information about
the Company sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The holder is acquiring this Warrant
for its own account for investment purposes only and not with a view to, or for the resale in connection with, any “distribution”
thereof in violation of the Act.


 


(2)      The holder understands that this Warrant and the Shares have not been registered under the Act in reliance upon a specific
exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the holder’s investment intent
as expressed herein.


 


(3)      The holder further understands that this Warrant and the Shares must be held indefinitely unless subsequently registered
under the Act and qualified under any applicable state securities laws, or unless exemptions from registration and qualification
are otherwise available. The holder is aware of the provisions of Rule 144, promulgated under the Act.


 


(4)      The holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated
under the Act.


 






     

     

    

 


(b)              
Disposition of Warrant or Shares. With respect to any offer, sale or other disposition of this Warrant or any Shares
acquired pursuant to the exercise of this Warrant prior to registration of such Warrant or Shares, the holder hereof agrees to
give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such
holder’s counsel, or other evidence, if reasonably satisfactory to the Company, to the effect that such offer, sale or other
disposition may be effected without registration or qualification (under the Act as then in effect or any federal or state securities
law then in effect) of this Warrant or the Shares and indicating whether or not under the Act certificates for this Warrant or
the Shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability
in order to ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence,
the Company, as promptly as practicable but no later than fifteen (15) days after receipt of the written notice, shall notify such
holder that such holder may sell or otherwise dispose of this Warrant or such Shares, all in accordance with the terms of the notice
delivered to the Company. If a determination has been made pursuant to this Section 7(b) that the opinion of counsel for the
holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder promptly with details
thereof after such determination has been made. Notwithstanding the foregoing, this Warrant or such Shares may, as to such federal
laws, be offered, sold or otherwise disposed of in accordance with Rule 144 or 144A under the Act, provided that the
Company shall have been furnished with such information as the Company may reasonably request to provide a reasonable assurance
that the provisions of Rule 144 or 144A have been satisfied. Each certificate representing this Warrant or the Shares thus
transferred (except a transfer pursuant to Rule 144 or 144A) shall bear a legend as to the applicable restrictions on transferability
in order to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required
in order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in connection
with such restrictions.


 


(c)               
Applicability of Restrictions. Neither any restrictions of any legend described in this Warrant nor the requirements
of Section 7(b) above shall apply to any transfer of, or grant of a security interest in, this Warrant (or the Shares obtainable
upon exercise thereof) or any part hereof (i) to a partner of the holder if the holder is a partnership or to a member of
the holder if the holder is a limited liability company, (ii) to a partnership of which the holder is a partner or to a limited
liability company of which the holder is a member, (iii) to any affiliate of the holder, (iv) notwithstanding the foregoing,
to any corporation, company, limited liability company, limited partnership, partnership, or other person managed or sponsored
by DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP (“Drawbridge”) or in which Drawbridge has an interest, (v) or to a lender
to the holder or any of the foregoing; provided, however, in any such transfer, the transferee shall on the Company’s
request agree in writing to be bound by the terms of this Warrant as if an original holder hereof.


 


8.                 
Rights as Stockholders; Information. No holder of this Warrant, as such, shall be entitled to vote or receive
dividends or be deemed the holder of Common Stock which may at any time be issuable upon the exercise hereof for any purpose, nor
shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been
exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. Notwithstanding
the foregoing, the Company will transmit to the holder of this Warrant such information, documents and reports as are generally
distributed to the holders of the class or series of the securities of the Company issuable upon exercise of this Warrant concurrently
with the distribution thereof to the stockholders.


 






     

     

    

 


9.                 
Registration Rights. The Company agrees that the Shares issued and issuable upon exercise or conversion of this Warrant
shall constitute Registrable Securities pursuant to and as set forth in the Company’s Fifth Amended and Restated Registration
Rights Agreement, dated as of August 9, 2013, by and among the Company and the parties named therein, pursuant to that certain
Amendment No. 1 thereto of even date herewith by and among the Company, the holder and the other parties named therein.


 


10.  Additional Rights.


 


10.1       Acquisition Transactions.
The Company shall, to the extent not prohibited by contract or applicable law, provide the holder of this Warrant with at least
twenty (20) days’ written notice prior to closing thereof of the terms and conditions of any of the following transactions
(to the extent the Company has notice thereof): (i) the sale, lease, exchange, conveyance or other disposition of all or substantially
all of the Company’s property or business, or (ii) its merger into or consolidation with any other corporation (other
than a wholly-owned subsidiary of the Company), or any transaction (including a merger or other reorganization) or series of related
transactions, in which more than 50% of the voting power of the Company is disposed of by the Company (each, an “Acquisition
Transaction”).


 


10.2       Right to Convert
Warrant into Stock: Net Issuance.


 


(a)               
Right to Convert. In addition to and without limiting the rights of the holder under the terms of this Warrant, the
holder shall have the right to convert this Warrant or any portion thereof (the “Conversion Right”) into shares of
Common Stock as provided in this Section 10.2 at any time or from time to time during the term of this Warrant. Upon exercise of
the Conversion Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”),
the Company shall deliver to the holder (without payment by the holder of any exercise price or any cash or other consideration)
that number of shares of fully paid and nonassessable Common Stock as is determined according to the following formula:


 


X = B - A 


  Y


 





	Where	X =	the number of shares of Common Stock that
shall be issued to holder


 


		Y =	the fair market value of one share of Common Stock



 


		A =	the aggregate Warrant Price of the specified number of Converted Warrant Shares immediately prior to the exercise of the Conversion
Right (i.e., the number of Converted Warrant Shares multiplied by the Warrant Price)



 






     

     

    

 


		B =	the aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the number of Converted Warrant
Shares multiplied by the fair market value of one Converted Warrant Share)



 


No fractional shares shall be issuable upon exercise of the Conversion
Right, and, if the number of shares to be issued determined in accordance with the foregoing formula is other than a whole number,
the Company shall pay to the holder an amount in cash equal to the fair market value of the resulting fractional share on the Conversion
Date (as hereinafter defined). For purposes of Section 10 of this Warrant, shares issued pursuant to the Conversion Right
shall be treated as if they were issued upon the exercise of this Warrant.


 


(b)              
Method of Exercise. The Conversion Right may be exercised by the holder by the surrender of this Warrant at the principal
office of the Company together with a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2 hereto)
specifying that the holder thereby intends to exercise the Conversion Right and indicating the number of shares subject to this
Warrant which are being surrendered (referred to in Section 10.2(a) hereof as the Converted Warrant Shares) in exercise of
the Conversion Right. Such conversion shall be effective upon receipt by the Company of this Warrant together with the aforesaid
written statement, or on such later date as is specified therein (the “Conversion Date”), and, at the election of the
holder hereof, may be made contingent upon the closing of the sale of the Company’s Common Stock to the public in a public
offering pursuant to a Registration Statement under the Act (a “Public Offering”). Certificates for the shares issuable
upon exercise of the Conversion Right and, if applicable, a new warrant evidencing the balance of the shares remaining subject
to this Warrant, shall be issued as of the Conversion Date and shall be delivered to the holder within thirty (30) days following
the Conversion Date; provided, however, if requested by the holder of this Warrant, the Company shall use reasonable
efforts to cause its transfer agent to deliver the certificate representing Shares issued upon exercise of this Warrant to a broker
or other person (as directed by the holder exercising this Warrant) within the time period required to settle any trade made by
the holder after exercise of this Warrant..


 


(c)               
Determination of Fair Market Value. For purposes of this Section 10.2, “fair market value” of a
share of Common Stock as of a particular date (the “Determination Date”) shall mean:


 


(i)           
If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the Company’s
Registration Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the
Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect
to such offering.


 


(ii)           
If the Conversion Right is not exercised in connection with and contingent upon a Public Offering, then as follows:


 






     

     

    

 


(A)       If traded on a securities
exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock
on such exchange over the five trading days immediately prior to the Determination Date;


 


(B)       If traded on the NASDAQ
Stock Market or other over-the-counter system, the fair market value of the Common Stock shall be deemed to be the average of the
closing prices of the Common Stock over the five trading days immediately prior to the Determination Date; and


 


(C)       If there is no public market for the Common Stock, then fair market value shall be determined by the Board of Directors
of the Company in good faith.


 


If closing prices or closing bid prices are no longer reported by a securities exchange
or other trading system, the closing price or closing bid price shall be that which is reported by such securities exchange or
other trading system at 4:00 p.m. New York City time on the applicable trading day.


 


10.3       Exercise Prior to
Expiration.  To the extent this Warrant is not previously exercised as to all of the Shares subject hereto, and if the fair
market value of one share of the Common Stock is greater than the Warrant Price then in effect, this Warrant shall be deemed automatically
exercised pursuant to Section 10.2 above (even if not surrendered) immediately before its expiration. For purposes of such
automatic exercise, the fair market value of one share of the Common Stock upon such expiration shall be determined pursuant to
Section 10.2(c). To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 10.3,
the Company agrees to promptly notify the holder hereof of the number of Shares, if any, the holder hereof is to receive by reason
of such automatic exercise.


 


11.             
Representations and Warranties. The Company represents and warrants to the holder of this Warrant on the date hereof,
and on each date of exercise or conversion of all or any portion of this Warrant (except to the extent that any such representation
or warranty is made as of a specific date, in which case such representation or warranty shall continue to be made as of such date),
as follows:


 


(a)               
The execution and delivery of this Warrant has been duly authorized by all necessary action on the part of Company. No authorization,
consent, approval, license or exemption of, and no registration, qualification, designation, declaration or filing with, or notice
to, any Person is, except for those which have been made or obtained, was or will be necessary to (a) the valid execution and issuance
of this Warrant or (b) the performance of Company’s obligations hereunder. This Warrant has been duly executed and delivered
and constitutes a legal, valid and binding obligation of Company, enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement
of creditors’ rights or by general principles of equity.


 


(b)              
The Shares have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms
hereof, will be validly issued, fully paid and nonassessable and free from all preemptive rights of stockholders of the Company
under Delaware law or agreements to which the Company is a party.


 






     

     

    

 


(c)               
A true and correct copy of the Company’s Certificate of Incorporation, as amended through the Date of Grant has been
provided to Holder (the “Charter”).


 


(d)              
Neither the execution and delivery of this Warrant nor the issuance of the Shares upon exercise of this Warrant in accordance
with the terms hereof will conflict with or result in a breach of any of the terms, conditions or provisions of the certificate
of incorporation, the by-laws, or any other organizational documents of the Company or violate in any material respect any law
or any regulation, order, writ, injunction or decree of any court or Governmental Authority by which the Company or any Subsidiary
or any of their respective property or assets may be bound or affected or any material agreement or instrument to which the Company
is a party or by which it or any of its Property is bound or to which it or any of its Property is subject, or constitute a default
thereunder.


 


(e)               
There are no actions or proceedings pending by or against the Company or any Subsidiary before any court, arbitral tribunal,
regulatory organization, administrative agency or similar body in which there is a reasonable likelihood of an adverse decision
that would reasonably be expected to have a material adverse effect on the ability of the Company to perform its obligations under
this Warrant. As used herein, (i) “Governmental Authority” means (A) any federal, state, county, municipal
or foreign government, or political subdivision thereof, (B) any governmental or quasi-governmental agency, authority, board,
bureau, commission, department, instrumentality or public body, (C) any court or administrative tribunal, or (D) with
respect to any person or entity, any arbitration tribunal or other non-governmental authority to whose jurisdiction such person
or entity has consented and (ii) “Subsidiary” means any corporation or other entity of which a majority of the
outstanding equity securities entitled to vote for the election of directors or other governing body (otherwise than as the result
of a default) is owned by the Company directly or indirectly.


 


12.  Modification and
Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.


 


13.  Notices. Any
notice, request, communication or other document required or permitted to be given or delivered to the holder hereof or the Company
shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to each such holder at its address as shown
on the books of the Company or to the Company at the address indicated therefor on the signature page of this Warrant.


 


14.   Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger
or consolidation, and all of the obligations of the Company relating to the Shares issuable upon the exercise or conversion of
this Warrant shall survive the exercise, conversion and termination of this Warrant and all of the covenants and agreements of
the Company shall inure to the benefit of the successors and assigns of the holder hereof.


 


15.  Lost Warrants or
Stock Certificates. The Company covenants to the holder hereof that, upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case of any such loss,
theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation
upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.


 






     

     

    

 


16.  Descriptive Headings.
The descriptive headings of the various Sections of this Warrant are inserted for convenience only and do not constitute a part
of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted this
Warrant.


 


17.  Governing Law.
This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of
the State of New York.


 


18.  Survival of Representations,
Warranties and Agreements. All representations and warranties of the Company and the holder hereof contained herein shall survive
the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or expiration of rights hereunder.
All agreements of the Company and the holder hereof contained herein shall survive indefinitely until, by their respective terms,
they are no longer operative.


 


19.  Remedies. In
case any one or more of the covenants and agreements contained in this Warrant shall have been breached, the holders hereof (in
the case of a breach by the Company), or the Company (in the case of a breach by a holder), may proceed to protect and enforce
their or its rights either by suit in equity and/or by action at law, including, but not limited to, an action for damages as a
result of any such breach and/or an action for specific performance of any such covenant or agreement contained in this Warrant.


 


20.  No Impairment of
Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this
Warrant against impairment.


 


21.  Severability.
The invalidity or unenforceability of any provision of this Warrant in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and
effect.


 


22.   
Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant,
or because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant,
the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred
in that action or proceeding, in addition to any other relief to which it or they may be entitled.


 


23.   Entire Agreement; Modification. This Warrant constitutes the entire agreement between the parties pertaining to the
subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the
parties, whether oral or written, with respect to such subject matter.


 


 






     

     

    




The Company and the holder have caused this Warrant to be duly executed
and delivered as of the Date of Grant specified above.


 





	 	ARGOS THERAPEUTICS, INC.
	 	 
	 	 
	 	By: /s/ Jeff Abbey
	 	Name: Jeff Abbey
	 	Title: President and Chief Executive Officer
	 	Address: 4233 Technology Drive
	 	Durham, NC 27703
	 	 
	 	 
	 	FORTRESS CREDIT OPPORTUNITIES V CLO LIMITED By: FCO V CLO CM LLC, its collateral manager
	 	 
	 	 
	 	By: /s/ Jason Meyer
	 	Name: Jason Meyer
	 	Title: Authorized Signatory
	 	Address: 1345 Avenue of the Americas
	 	46th Floor
	 	New York, NY 10105







 


 


 


 


 





[SIGNATURE PAGE TO WARRANT (3-2017)(FORTRESS)]






     

     

    

 


EXHIBIT A-1


 


NOTICE OF EXERCISE


 


To:     ARGOS THERAPEUTICS, INC. (the “Company”)


 


1.       The undersigned hereby:


 


		[_]	elects to purchase________ shares of Common Stock of the Company pursuant to the terms of the attached Warrant, and tenders
herewith payment of the purchase price of such shares in full, or



 


		[_]	elects to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to________shares
of Common Stock.



 


2.       Please issue a certificate
or certificates representing ________ shares in the name of the undersigned or in such other name or names as are specified below:


 


	 	 	 
	 	(Name)	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 





 


3.       The undersigned represents
that the aforesaid shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale
in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such
shares, all except as in compliance with applicable securities laws.


 





 


	 	 	 
	 	(Signature)	 






 


 


	 	 
	(Date)	 






 



 






     

     

    

 


EXHIBIT A-2


 


NOTICE OF EXERCISE


 


To:   ARGOS THERAPEUTICS, INC. (the “Company”)


 


1.       Contingent upon and effective
immediately prior to the closing (the “Closing”) of the Company’s public offering contemplated by the Registration
Statement on Form S___, filed________, 20__, the undersigned hereby:


 


[_]       elects to purchase________shares
of Common Stock of the Company (or such lesser number of shares as may be sold on behalf of the undersigned at the Closing) pursuant
to the terms of the attached Warrant, or


 


[_]       elects to exercise its
net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to________shares of Common Stock.


 


2.       Please deliver to the
custodian for the selling stockholders a stock certificate representing such________shares.


 


3.       The undersigned has instructed
the custodian for the selling stockholders to deliver to the Company $________or, if less, the net proceeds due the undersigned
from the sale of shares in the aforesaid public offering. If such net proceeds are less than the purchase price for such shares,
the undersigned agrees to deliver the difference to the Company prior to the Closing.


 





 


	 	 	 
	 	(Signature)	 






 


 


	 	 
	(Date)