Document:

2003 EXECUTIVE INCENTIVE PLAN

 EXHIBIT 10.34 
 ANTIGENICS, INC 
 2003 EXECUTIVE INCENTIVE PLAN 
 PURPOSE OF PLAN 
 To provide
additional incentive for key executives to contribute to the success of the Company. The Plan provides significant and competitive incentive awards which relate directly to the achievement of corporate objectives and individual performance goals.
This, in turn, promotes and protects the interests of stockholders and enhances the Company’s ability to attract, retain, motivate and compensate our employees. 
 Senior Management shall interpret and administer the Plan and its rules and regulations as outlined below. 
 AWARD FUND 
 The total bonus award fund for the plan year will be approved by the Compensation Committee of the Board
of Directors on the recommendation of the Chief Executive Officer. 
 The recommendations will reflect an assessment of the company’s performance
against key milestones/objectives agreed to for the plan year. 
 ELIGIBILITY FOR PARTICIPATION 
 Executives in good standing who are not eligible to participate in any other annual incentive plan. 
 Eligibility and the criteria for eligibility for participation in the Plan are not automatic from one year to the next, but are subject to an annual review by senior management. Exclusion of an otherwise eligible
employee must have the approval of the Chief Executive Officer. 
 INDIVIDUAL PERFORMANCE OBJECTIVES 
 Incentive awards will be based upon the achievement of corporate objectives and individual performance goals. It is the responsibility of each functional head to set and
communicate strategic goals, develop budgets, and formulate action plans in concurrence with their senior management. Based on plans, managers and employees are responsible for documenting agreed upon goals, targets and priorities using the
performance management system, forms and timetables. 
 All performance objectives are pre-approved by senior management. 
 TARGETED INCENTIVE AWARD OPPORTUNITY 
 A significant and competitive targeted incentive award opportunity is assigned to each position. Target awards will typically range from 20% to 50%. The targeted award is expressed as a percentage of a participant’s base salary. Actual
awards will equal, exceed or fall below targeted incentive levels based on the extent to which performance objectives are achieved. 

 Targeted incentive award levels are subject to review each year by the Compensation Committee of the Board of Directors
to ensure they remain competitive and consistent with Plan objectives. 
 DETERMINATION OF ACTUAL INCENTIVE EARNINGS

 Awards will be funded from 0% to 150% based on the extent to which Antigenics’ corporate objectives/milestones are achieved. At the recommendation
of the President and with the approval of the Chief Executive Officer, awards may be adjusted plus or minus 25% to recognize individual goal attainment and performance that contributed to the achievement of corporate objectives/milestones.

 TIMING OF INCENTIVE AWARD PAYMENTS 
 All incentive award payments will be paid on or about February 15th. 
 TAX
TREATMENT OF AWARDS 
 Appropriate Federal, State and Local taxes will be deducted from all incentive award payments. 
 EFFECTIVE DATE OF SALARY 
 Incentive
award payments will be calculated based on salary in effect on January 1st. 
 HIRES, PROMOTIONS, DEATHS &
LAST WORKDAY PRECEDING RETIREMENT 
 Incentive awards for the above actions may be pro-rated throughout the Plan year based upon the number of months that
the action is effective, including partial months at the discretion of senior management. 
 For example: 
 Hire - An employee hired on 7/15 will receive 5 months of incentive. 
 Death - An incentive award based on four months of earnings will be paid to the estate of an employee who dies on 4/20. 
 TERMINATIONS 
 Employees who are
terminated by the Company (other than for reasons of death, disability, or retirement) or who voluntarily resign from the Company must be active on February 15th to receive the award payment. 
 LEAVES OF ABSENCE 
 The Company may,
in its sole discretion, and consistent with applicable law, reduce awards in the event that an employee is on a leave of absence in excess of 30 working days. 
 Individuals who are receiving long-term disability benefits are no longer active employees, and therefore, are not eligible to participate in the incentive plan. 

 WITHHOLDING PAYMENTS 
 Participants do not have any enforceable right to receive any award made with respect to a fiscal year or to retain any payment made with respect thereto if for any
reason during such entire fiscal year they have not performed their duties to the satisfaction of the Company. In cases where management deems it appropriate to withhold all or a part of a payment for performance related reasons, the performance
issues must be documented and the affected employee must receive explicit notice that his/her payment under the Plan will be withheld if the performance issues are not addressed. 
 MISCELLANEOUS 
 Senior management
shall review the operation of the Plan. If at any time continuation of the Plan or any of its provisions becomes inappropriate or inadvisable, the Plan or its provisions shall be revised, modified, suspended or withdrawn. The Company reserves the
right to interpret this Plan in its sole discretion. 
 Participants do not have any right or interest, whether vested or otherwise, in the Plan or in any
award unless and until all of the terms, conditions and provisions of the Plan and the conditions have been complied with. Nothing contained in the Plan or in the guidelines shall require the Company to segregate or earmark any cash, shares of stock
or other property. Neither the adoption of the Plan nor its operation shall in any way affect the rights and power of the Company or of any Subsidiary to dismiss and/or discharge any employee at any time. 
 These guidelines are a summary intended to assist in the administration of the Plan. In cases where the summary conflicts with the actual Plan or the rules and
regulations adopted by the Board and its designated Committee, those shall be followed.Indenture, dated 6/1/95

 Exhibit 4.2 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR
BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 TYSON FOODS, INC. 
  

					
	        % NOTES DUE 20        	 	
			
	 No.                 
	 	CUSIP No.:	 	                    
		 	ISIN:	 	                    
		 	$	 	                    

 TYSON FOODS, INC., a Delaware corporation (the “Company”, which term includes any
successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, at the office or agency of the Company in The City of New York, New York, the principal sum
of                      Dollars ($            ) on
                    , 20        , in the coin or currency of the United States, and to pay
interest, on                      of each year, commencing
                    , on said principal sum at said office or agency, in like coin or currency, at the rate per annum specified in the title
of this Note, from the                      next preceding the date of this Note to which interest has been paid or duly provided for, unless
the date hereof is a date to which interest has been paid or duly provided for, in which case from the date of this Note, or unless no interest has been paid or duly provided for on this Note, in which case from
                    , until payment of said principal sum has been made or duly provided for; provided, that payment of interest may be
made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security Register of the Company or by wire transfer as provided in the Indenture. [If applicable, insert and revise
as appropriate – Notwithstanding the foregoing, if the date hereof is after the 15th day of                     , and before the
following                     , this Note shall bear interest from such
                    ; provided, that if the Company shall default in the payment of interest due on such
                    , then this Note shall bear interest from the next preceding
                     to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for on these
Notes, from                     . The interest so payable on any
                     will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in
whose name this Note is registered at the close of business on the                      next preceding such
                    , whether or not such day is a Business Day.] 
 Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, TYSON FOODS, INC. has caused this instrument to be signed manually or by facsimile by
its duly authorized officers. 
 Dated:                     , 20
  

			
	TYSON FOODS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:
		
	By:	 	  

	Name:	 	
	Title:	 	

 (FORM OF CERTIFICATE OF AUTHENTICATION) 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture. 
  

					
	Dated:                     , 20	 	JPMORGAN CHASE BANK, N.A.,
		 		 	    as Trustee
			
		 	By:	 	  

		 		 	Authorized Officer

 (FORM OF REVERSE OF NOTE) 
 This Note is one of a duly authorized series of debentures, notes, bonds or other evidences of indebtedness of the Company (hereinafter referred to as the “Securities”), specified in the Indenture,
all issued or to be issued in one or more series under and pursuant to an Indenture (the “Indenture”) dated as of June 1, 1995, duly executed and delivered by the Company to JPMorgan Chase Bank, N.A. (as successor to The Chase
Manhattan Bank), as Trustee (the “Trustee”), to which Indenture and all Indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Company and the Holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any)
at different rates, may be subject to different redemption provisions (if any) may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as in the Indenture provided. This Note is one of a series designated as
the     % Notes due                          of the Company, initially limited in aggregate
principal amount to $             (the “Note”). 
 Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal and, to the extent lawful, on overdue installments of interest at the rate per annum borne by this
Note. If a payment date is not a Business Day as defined in the Indenture at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period.

 [If applicable, insert – This Note shall not be redeemable at the option of the Company before the maturity date stated herein.]

 [If applicable, insert and revise as appropriate to conform to the redemption provisions – The Company shall have the right to redeem
this Note at the option of the Company, without premium or penalty, in whole or in part (an “Optional Redemption”), at a redemption price (the “Optional Redemption Price”) equal to the greater of: 
 (i) 100% of the principal amount plus accrued and unpaid interest to the Redemption Date; or 
 (ii) the sum of the remaining scheduled payments of principal of and interest on the Notes being redeemed (exclusive of interest accrued
as of the Redemption Date) discounted to its present value as of the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, as determined by the Quotation Agent, plus
                 basis points plus accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

 Any redemption pursuant to the preceding paragraph will be made upon not less than 30 nor more than 60
days prior notice before the Redemption Date to the Holders, at the Optional Redemption Price. If this Note is only partially redeemed by the Company pursuant to an Optional Redemption, this Note will be redeemed pro rata or by lot or by any other
method utilized by the Trustee; provided that if at the time of redemption this Note is registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount held by each Holder of this Note to
be redeemed. 
 In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof
shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 As used in this Note, the following terms have the meanings
set forth below: 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage amount) equal to the Comparable Treasury Price for such Redemption Date. The Adjusted Treasury
Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if
the Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations. 
 “Quotation
Agent” means the Reference Treasury Dealer appointed by the Company. 
 “Redemption Date” means the date fixed for
the redemption of any Notes. 
 “Reference Treasury Dealer” means (i) each of
                                 and
                                 and their successors and two other nationally
recognized investment banking firms that are primary U.S. Government securities dealers in 

 
New York City (“Primary Treasury Dealers”) specified from time to time by the Company; provided, however, that if the foregoing shall
cease to be Primary Treasury Dealers, the Company will substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such Redemption Date.] 
 [If applicable, insert other terms and provisions of the Notes as set
forth in any applicable supplemental indenture or resolutions of the Board of Directors.] 
 In case an Event of Default, as defined in the
Indenture, shall have occurred and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

 The Indenture contains provisions which provide that without prior notice to any Holders, the Company and the Trustee may amend the
Indenture and the Securities of any series with the written consent of the Holders of a majority in principal amount of the outstanding Securities of all series affected by such supplemental indenture (all such series voting as one class), and the
Holders of a majority in principal amount of the outstanding Securities of all series affected thereby (all such series voting as one class) by written notice to the Trustee may waive future compliance by the Company with any provision of the
Indenture or the Securities of such series; provided that without the consent of each Holder of the Securities of each series affected thereby, an amendment or waiver, including a waiver of past defaults, may not: (i) extend the stated
maturity of the principal of, or any sinking fund obligation or any installment of interest on, such Holder’s Security, or reduce the principal amount thereof or the rate of interest thereon (including any amount in respect of original issue
discount), or any premium payable with respect thereto, or adversely affect the rights of such Holder under any mandatory repurchase provision or any right of repurchase at the option of such Holder, or reduce the amount of the principal of an
Original Issue Discount Security that would be due and payable upon an acceleration of the maturity or the amount thereof provable in bankruptcy, or change any place of payment where, or the currency in which, any Security of such series or any
premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the stated maturity thereof (or, in the case of redemption, on or after the redemption date or, in the case of
mandatory repurchase, the date therefor); (ii) reduce the percentage in principal amount of outstanding Securities of such series the consent of whose Holders is required for any such supplemental indenture, for any waiver of compliance with
certain provisions of the Indenture or certain Defaults and their consequences provided 

 
for in the Indenture; (iii) waive a Default in the payment of principal of or interest on any Security of such series; (iv) cause any Security of
such series to be subordinated in right of payment to any obligation of the Company; or (v) modify any of the provisions of the Indenture governing supplemental indentures with the consent of Securityholders except to increase any such
percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Security of any series affected thereby. 
 It is also provided in the Indenture that, subject to certain conditions, the Holders of at least a majority in principal amount of the outstanding
Securities of the series affected (all such series voting as a single class), by notice to the Trustee, may waive an existing Default or Event of Default with respect to the Securities of such series and its consequences, except a Default in the
payment of principal of or interest on any Security or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Security affected. Upon any such waiver, such
Default shall cease to exist, and any Event of Default with respect to the Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto. 
 The Indenture provides that a series of Securities may include one or
more tranches (each a “tranche”) of Securities, including Securities issued in a periodic offering. The Securities of different tranches may have one or more different terms, including authentication dates and public offering
prices, but all the Securities within each such tranche shall have identical terms, including authentication date and public offering price. Notwithstanding any other provision of the Indenture, subject to certain exceptions, with respect to
sections of the Indenture concerning the execution, authentication and terms of the Securities, redemption of the Securities, Events of Default of the Securities, defeasance of the Securities and amendment of the Indenture, if any series of
Securities includes more than one tranche, all provisions of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities in the same manner as though originally designated a
series unless otherwise provided with respect to such series or tranche pursuant to a board resolution or a supplemental indenture establishing such series or tranche. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium
and interest on this Note in the manner, at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 
 The Notes are issuable initially only in registered form without coupons in denominations of $1,000 and any multiple of $1,000 at the office or agency of the 

 
Company in The City of New York, and in the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge,
Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations. 
 Upon due presentment for
registration of transfer of this Note at the office or agency of the Company in The City of New York, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange therefor,
subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 
 The Company, the Trustee and any authorized agent of the Company or the Trustee may deem and treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company or the Trustee or any authorized agent of the Company or the Trustee), for the purpose of receiving payment of, or on account of, the principal
hereof and premium, if any, and, subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Company nor the Trustee nor any authorized agent of the Company or the Trustee shall be affected by any
notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture
supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present, or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 
 Terms used
herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 
 THE INTERNAL LAWS OF THE
STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE NOTES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 

 FORM OF TRANSFER NOTICE 
  

			
	FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto
	
	Insert Taxpayer Identification No.
		
	  
	 	
	
	 Please print or typewrite name and address including zip code of assignee

		
	  
	 	
	
	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                             attorney to transfer said Note on the books of the Company with full
power of substitution in the premises.
	

  

			
	By:	 	  

		
	Date:	 	  

		 	

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 
  

									
	 Date of
 Exchange
	 	 Amount of decrease in
Principal Amount of this
Global
Note
	 	 Amount of increase in
Principal Amount of this
Global
Note
	 	 Principal Amount of this
Global Note following such
decrease or
increase
	 	 Signature of authorized
signatory of Trustee or
Securities
Custodian

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