Document:

Warrant to purchase shares of Common Stock - Johannes W.G. Vieweg, M.D.

 Exhibit 10.3 
 NEITHER THIS WARRANT NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE, TRANSFER OR OTHER DISPOSITION OF THIS WARRANT OR
SAID SHARES MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii) RECEIPT OF
A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED. 
 Shares
Issuable Upon Exercise: Up to 480,000 
 Warrant No. W-76 
 WARRANT TO 
 PURCHASE SHARES OF COMMON STOCK 

Expires February 5, 2013 
 THIS CERTIFIES THAT, for value received, Johannes W.G. Vieweg, M.D. (hereinafter referred to as “Initial Holder,” and, along with any other registered holder of this Warrant, as
“Holder”) is entitled to subscribe for and purchase up to Four Hundred Eighty Thousand (480,000) of the fully paid and nonassessable shares of the Common Stock, par value $0.001 per share (the “Common Stock”), of Argos
Therapeutics, Inc., a Delaware corporation (the “Company”), at a price of $0.18 per share. The shares issuable upon exercise of this Warrant, as adjusted pursuant to the provisions hereof, are referred to as the “Shares”. The
purchase price of each Share and such other price as shall result, from time to time, from adjustments specified herein is herein referred to as the “Warrant Price”, subject to the provisions and upon the terms and condition hereinafter
set forth. This Warrant is being issued pursuant to a written compensatory contract under Rule 701 promulgated under the Securities Act of 1933, as amended (“Rule 701”), and it is the intent of the Company and the Initial Holder that this
Warrant is issued under and in compliance with this Rule 701. This Warrant is issued as a replacement of Warrant W-73 for the purchase of up to 800,000 shares of common stock, which warrant W-73 is null and void. 

1. Term. (a) This Warrant shall be exercisable, subject to the vesting schedule set forth below, until February 5, 2013:

 (i) On and after March 31, 2005, this Warrant may be exercised to purchase up to 320,000 Shares; and

 (ii) With respect to the remaining 160,000 Shares, upon the first to occur of completion of a Phase I clinical
trial sponsored by the Company (as defined in the Consulting Agreement, dated March 31, 2005, by and between the Initial Holder and the Company (the “Consulting Agreement”)) or September 30, 2005. 

 Upon the completion of clause (ii) of this Section 1, this Warrant may be exercised to purchase up
to 100% of the Shares, provided, however, that all Shares shall be immediately exercisable in the event that (A) the Initial Holder terminates his consultancy pursuant to Section 6.2(a) of the Consulting Agreement or
(B) the Company terminates the Initial Holder’s consultancy pursuant to Section 6.2(c) of the Consulting Agreement. In the event that the Initial Holder terminates his consultancy pursuant to Section 6.2(c) of the Consulting
Agreement, all warrants that have not been exercised at the time of such termination shall terminate and no longer be exercisable. 
 (b) Notwithstanding the foregoing, in the event of a merger, consolidation, corporate reorganization, or any transaction in which all or substantially all of the assets or stock of the Company are sold,
leased, transferred or otherwise disposed of (other than a mere reincorporation transaction or one in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold at least a majority of the
voting power of the surviving corporation) (a “Transfer of Control”), any unexercisable portion of this warrant that will become exercisable after the Transfer of Control shall become immediately exercisable as of a date prior to the
Transfer of Control, which date shall be determined by the Board of Directors of the Company (the “Board”). The exercise of any Shares that was permissible solely by reason of this Section l(b) shall be conditioned upon the consummation of
the Transfer of Control. The Board may further elect, in its sole discretion, to provide that any Shares which are not exercised as of the date of the Transfer of Control shall terminate effective as of the date of the Transfer of Control.

 2. Method of Exercise. The purchase right represented by this Warrant may be exercised by Holder hereof, in whole or
in part, by either, at the election of Holder hereof, the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A duly executed) at the principal office of the Company, and by the payment in full to the
Company, by check, of an amount equal to the then applicable Warrant Price per share multiplied by the number of Shares then being purchased. The person or persons in whose name(s) any certificate(s) representing shares of Common Stock 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 of stock so purchased shall be delivered to the
Holder hereof as soon as possible and in any event within thirty (30) days of receipt of such notice 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, The exercise of this Warrant is expressly conditioned upon the person in whose name
any shares issuable upon the exercise hereof are to be issued becoming party to, and agreeing to be bound by the terms of, the Company’s First Amended and Restated Stockholders’ Agreement (as such agreement may be amended and/or restated
from time to time). 

  
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 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, be fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issue thereof. During the period within which the rights represented by the
Warrant may be exercised, the Company will at all times have authorized and reserved for the purpose of issuance upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its stock to provide for the exercise
of the right represented by this Warrant. 
 4. Adjustment of Warrant Price and Number of Shares. The number and kind of
securities purchasable upon the exercise of the 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, change or conversion 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 a continuing corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or in case of
any sale of all or substantially all of the assets of the Company, the Company, or such successor or purchasing corporation, as the case may be, shall execute a new Warrant providing that the holder of this Warrant shall have the right to exercise
such new Warrant and upon such exercise to receive, in lieu of each share of 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 one share of stock issuable upon the exercise hereof. Such new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Paragraph 4. The provisions of this subparagraph (a) shall similarly apply to successive reclassifications, changes, mergers and transfers. In lieu of the foregoing, in the event of (i) any consolidation or merger of the Company with or
into any other corporation, or (ii) any sale of all or substantially all of the assets of the Company, in either case in which the Company shall not be the continuing surviving entity and which results in a reclassification or change of
outstanding securities issuable upon exercise of this Warrant, then the Company shall have the option to purchase this Warrant on the closing date of such event for cash or freely-tradable, unrestricted securities in an amount per share equal to the
excess (if any) of the Market Value (as defined herein) of the Shares over the Warrant Price. The “Market Value” of each Share shall be defined as the amount determined by dividing the total consideration to be received by the Company or
its stockholders in connection with such event by the number of shares of common stock then outstanding, assuming that all convertible securities of the Company have been converted into common stock. Any securities to be delivered to the Company or
its security holders shall be valued as follows: Fair market value of the securities shall mean the average of the closing bid and asked prices of the securities quoted in the Over-The-Counter Market Summary or the closing price quoted on any
exchange on which the securities are listed, whichever is applicable, as published in the Eastern Edition of The Wall Street Journal for the ten (10) trading days prior to the date of determination of fair market value or if not so
registered, then the fair market value as mutually agreed to by the Holder and the Board (or if they are unable to agree, as determined by a mutually agreed independent third party appraisal, whose fees shall be paid by the Company). 

  
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 (b) Subdivisions or Combination of Shares. If the Company at any time while this
Warrant remains outstanding and unexpired shall subdivide or combine its stock, the Warrant Price and the number of Shares issuable upon exercise hereof shall be proportionately adjusted. 

(c) Stock Dividends. If the Company at any time while this Warrant is outstanding and unexpired shall pay a dividend payable in
shares of stock (except any distribution specifically provided for in the foregoing subparagraphs (a) and (b)), 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, assuming that all convertible securities of the Company have been converted into common stock and (b) the denominator of which shall be the total number of shares of common stock outstanding
immediately after such dividend or distribution, assuming that all convertible securities of the Company have been converted into common stock, and the number of Shares subject to this Warrant shall be proportionately adjusted. 

(d) No Impairment. The Company will not, by amendment of its Certificate of Incorporation or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by
the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Paragraph 4 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. 
 (e) Notices of Record Date. In the event of any taking by the Company of a record of its
stockholders for the purpose of determining stockholders who are entitled to receive payment of any dividend (other than a cash dividend) or other distribution, any right to subscribe for, purchase or otherwise acquire any share of any class or any
other securities or property, or to receive any other right, or for the purpose of determining stockholders who are entitled to vote in connection with any proposed merger or consolidation of the Company with or into any other corporation, or any
proposed sale, lease or conveyance of all or substantially all of the assets of the Company, or any proposed liquidation, dissolution or winding up of the Company, the Company shall mail to the holder of the Warrant, at least twenty (20) days
prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right. 

5. Notice of Adjustments. Whenever the Warrant Price shall be adjusted pursuant to the provisions hereof, the Company shall within
thirty (30) days of such adjustment deliver a certificate signed by its chief financial officer to the registered holder(s) hereof 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 after giving effect to such adjustment. 

  
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 6. Fractional Share. No fractional shares of 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 upon the basis of the then fair market value of the stock to be issued upon the exercise hereof. 

7. Requirements for Transfer. 
 (a) 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 to be issued upon exercise hereof unless either (i) they first shall have been registered under the Securities Act of 1933, as amended (the “Act”), or (ii) the Company first
shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer is exempt from the registration requirements of the Act. 

(b) [omitted] 

(c) This Warrant and all Shares issued upon exercise of this Warrant (unless registered under the Act) shall be stamped or imprinted with
a legend in substantially the following form: 
 “The securities represented by this certificate have not been registered
under the Securities Act of 1933, as amended, and may not be offered, sold or otherwise transferred, pledged or hypothecated unless and until such securities are registered under such Act or an opinion of counsel satisfactory to the Company is
obtained to the effect that such registration is not required.” 
 The foregoing legend may be removed from the certificates representing
any Shares issued upon exercise hereof, at the request of the holder thereof, at such time as they become eligible for resale pursuant to Rule 144(k) under the Act. All Shares issued upon exercise of this Warrant (unless registered under the Act)
shall also be imprinted with any legend required by the Company’s First Amended and Restated Stockholders’ Agreement (as such agreement may be amended and/or restated from time to time). 

8. Rights as Stockholders. No holder of the Warrant, as such, shall be entitled to vote or receive dividends or be deemed the
holder of Common Stock or any other securities of the Company which may at any time be issuable on the exercise thereof 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. 

  
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 9. Modification and Waiver. This Warrant and any provisions 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. 
 10. Notices. Any notice, request or other document required or permitted to be given or delivered to the holder hereof or the Company shall be personally 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 therefore on the signature page of this Warrant. 

11. Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger,
consolidation or acquisition of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to the Shares issuable upon the exercise of this Warrant shall survive the exercise 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. 
 12. 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 agreement 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. 

13. Descriptive Headings. The descriptive headings of the several paragraphs of this Warrant are inserted for convenience only and
do not constitute apart of this Warrant. 
 14. Exchange of Warrants. Upon the surrender by Holder of any Warrant or
Warrants, properly endorsed, to the Company at the principal office of the Company, the Company will, subject to the provisions of Paragraph 7 hereof, issue and deliver to or upon the order of such Holder, at the Company’s expense, a new
Warrant or Warrants of like tenor, in the name of such Holder or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of stock called
for on the face or faces of the Warrant or Warrants so surrendered. 
 15. Transfers, etc. 

(a) The Company will maintain a register containing the names and addresses of the Holders of this Warrant. Any Holder may change its or
his address as shown on the warrant register by written notice to the Company requesting such change. 
 (b) Subject to the
provisions of Paragraph 7 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant with a properly executed assignment (in the form of Exhibit B attached hereto) at the principal
office of the Company. 

  
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 (c) Until any transfer of the Warrant is made in the warrant register, the Company may treat
the registered Holder of this Warrant as the absolute owner hereof for all purposes; provided, however, that if and when this Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer
hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 
 16. 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 DELAWARE. 

 

			
	 Argos Therapeutics, Inc.
 4233 Technology Drive
 Durham, NC 27704

		
	By:	 	 

		 	 Clint G. Dederick, Jr.

President and Chief Executive Officer

 Date: March 31, 2005 

  
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 EXHIBIT A 

Notice of Exercise 
 To:

 1. The undersigned hereby elects to purchase              shares
of the Common Stock of Argos Therapeutics, Inc. pursuant to the terms of the attached Warrant (Warrant No. W-76), and tenders herewith payment of the purchase price of such shares in full. 

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

									
	 Name
	 	  	 	  	 	 Address
	 	  
			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

			
		 		 	  

		 		 	(Signature)	 	
					
	  
	 		 		 		 	
	 (Date)
	 		 		 		 	

  
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 EXHIBIT B 

Assignment Form 

FOR VALUE RECEIVED,
                     hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant (Warrant No. W-76) with
respect to the number of shares of stock covered thereby set forth below, unto: 
  

					
	Name of Assignee	    	Address	    	No. of Shares
			
	  
	    	  
	    	  

			
	  
	    	  
	    	  

			
	  
	    	  
	    	  

  

					
			
	  
	 		 	  

	(Date)	 		 	(Signature)
			
	  
	 		 	  

	(Date)	 		 	(Signature)

  
 91999 Stock Option Plan

 Exhibit 10.4 
 ARGOS THERAPEUTICS, INC. 
 STOCK OPTION PLAN 

 

	1.	Purpose. The Argos Therapeutics, Inc. Stock Option Plan (the “Plan”) is established to create an additional incentive for key employees, directors and
consultants or advisors of Argos Therapeutics, Inc. and any successor corporations thereto (collectively referred to as the “Company”), and any present or future parent and/or subsidiary corporations of such corporation (all of whom along
with the Company being individually referred to as a “Participating Company” and collectively referred to as the “Participating Company Group”), to promote the financial success and progress of the Participating Company Group.
For purposes of the Plan, a parent corporation and a subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). 

 

	2.	Administration. The Plan shall be administered by the Board of Directors of the Company (the “Board”) and/or by a duly appointed committee of the Board
having such powers as shall be specified by the Board. Any subsequent references herein to the Board shall also mean the committee if such committee has been appointed and, unless the powers of the committee have been specifically limited, the
committee shall have all of the powers of the Board granted herein, other than power to terminate or amend the Plan as provided in Paragraph 12 hereof, subject to the terms of the Plan and any applicable limitations imposed by law. All questions of
interpretation of the Plan or of any option granted under the Plan (an “Option”) shall be determined by the Board, and such determinations shall be final and binding upon all persons having an interest in the Plan and/or any Option.
Options may be either incentive stock options as defined in Section 422 of the Code (“Incentive Stock Options”) or nonqualified stock options. Any officer of a Participating Company shall have the authority to act on behalf of the
Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the officer has apparent authority with respect to such matter, right, obligation, or election.

  

	3.	Eligibility. The Options may be granted only to employees (including officers) and directors of the Participating Company Group or to individuals who are
rendering services as consultants, advisors or other independent contractors to the Participating Company Group. The Board, in its sole discretion, shall determine which persons shall be granted Options (an “Optionee”). A director of the
Company shall be eligible to be granted only a nonqualified stock option unless the director is also an employee of the Company. An individual who is rendering services as a consultant, advisor, or other independent contractor shall be eligible to
be granted only a nonqualified stock option. An Optionee may, if otherwise eligible, be granted additional Options. 

	4.	Shares Subject to Option. Options shall be options for the purchase of the authorized but unissued common stock of the Company (the “Stock”), subject
to adjustment as provided in Paragraph 10 below. The maximum number of shares of Stock which may be issued under the Plan shall be two Million three Hundred seventy-one thousand (2,371,219) shares. In the event that any outstanding Option for any
reason expires or is terminated or cancelled and/or shares of Stock subject to repurchase are repurchased by the Company, the shares allocable to the unexercised portion of such Option, or such repurchased shares, may again be subject to an Option
grant. It is intended that the Plan shall constitute a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act of 1933, as amended (“Rule 701”) and that the Plan shall otherwise be administered
in compliance with the requirements of Rule 701. To ensure such compliance, the Board shall maintain a record of shares subject to outstanding Options under the Plan and the exercise price of such Options, plus a record of all shares of Common Stock
issued upon the exercise of such Options and the exercise price of such Options. 

  

	5.	Time for Granting Options. All Options shall be granted, if at all, within ten (10) years from the earlier of the date the Plan is adopted by the Board or
the date the Plan is duly approved by the shareholders of the Company. 

  

	6.	Terms, Conditions and Form of Options. Subject to the provisions of the Plan, the Board shall determine for each Option (which need not be identical) the number
of shares of Stock for which the Option is granted, whether the Option is to be treated as an Incentive Stock Option or as a nonqualified stock option and all other terms and conditions of the Option not inconsistent with the Plan. Options granted
pursuant to the Plan shall comply with and be subject to the following terms and conditions: 

  

	 	(a)	Option Price. The option price for each Option shall be established in the sole discretion of the Board; provided, however, that (i) the option price per
share for an Incentive Stock Option shall be not less than the fair market value of a share of Stock on the date of the granting of the Incentive Stock Option and (ii) the option price per share of an Incentive Stock Option granted to an
Optionee who at the time the Incentive Stock Option is granted owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of a Participating Company within the meaning of Section 422(b)(6)
of the Code (a “Ten Percent Owner Optionee”) shall be not less than one hundred ten percent (110%) of the fair market value of a share of Stock on the date the Option is granted. For this purpose, “fair market value” means
the value assigned to the stock for a given day by the Board, as determined pursuant to a reasonable method established by the Board that is consistent with the requirements of Sections 422 and 424 of the Code and the regulations thereunder (which
method may be changed from time to time). Notwithstanding the foregoing, an Option (whether an Incentive Stock Option or a nonqualified stock option) may be granted by the Board in its discretion with an exercise price lower than the minimum
exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in a manner qualifying with the provisions of Section 424(a) of the Code. Nothing hereinabove shall require that any such
assumption or modification will result in the Option having the same characteristics, attributes or tax treatment as the Option for which it is substituted. 

  
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	 	(b)	Exercise Period of Options. The Board shall have the power to set the time or times within which each Option shall be exercisable or the event or events upon the
occurrence of which all or a portion of each Option shall be exercisable and the term of each Option; provided, however, that (i) no Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the date such
Incentive Stock Option is granted, (ii) no Incentive Stock Option granted to a Ten Percent Owner Optionee shall be exercisable after the expiration of five (5) years after the date such Incentive Stock Option is granted and (iii) no
Incentive Stock Option shall be exercisable after the date the Optionee’s employment with the Participating Company Group is terminated for cause (as determined in the sole discretion of the Board); and provided, further, an Option shall
terminate and cease to be exercisable no later than three (3) months after the date on which the Optionee terminates employment with the Participating Company Group, unless the Optionee’s employment with the Participating Company Group
shall have terminated as a result of the Optionee’s death or disability (within the meaning of Section 22(e)(3) of the Code), in which event the Option shall terminate and cease to be exercisable no later than twelve (12) months from
the date on which the Optionee’s employment terminated. For this purpose, an Optionee’s employment shall be deemed to have terminated on account of death if the Optionee dies within three (3) months following the Optionee’s
termination of employment. 

  

	 	(c)	Payment of Option Price. Payment of the option price for the number of shares of Stock being purchased pursuant to any Option shall be made in cash, by check,
cash equivalent or in any other form as may be permitted by the Board in its discretion. 

  

	 	(d)	$100,000 Limitation. The aggregate fair market value, determined as of the date on which an Incentive Stock Option is granted, of the shares of Stock with
respect to which incentive stock options (determined without regard to this subparagraph) are first exercisable during any calendar year (under this Plan or under any other plan of the Participating Company Group) by any Optionee shall not exceed
$100,000. If such limitation would be exceeded with respect to an Optionee for a calendar year, the Incentive Stock Option shall be deemed a nonqualified stock option to the extent of such excess. 

 

	7.	Standard Form of Stock Option Agreement. All Options shall be evidenced by a written award agreement substantially in the form of the nonqualified stock option
agreement attached hereto as Exhibit A or the incentive stock option award agreement attached hereto as Exhibit B, as applicable, both of which are incorporated herein by reference (the “Standard Option Agreements”).

  
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	8.	Transfer of Control. Upon a merger, consolidation, corporate reorganization, or any transaction in which all or substantially all of the assets or stock of the
Company are sold, leased, transferred or otherwise disposed of (other than a mere reincorporation transaction or one in which the holders of capital stock of the Company immediately prior to such merger or consolidations continue to hold at least a
majority of the voting power of the surviving corporation) (a “Transfer of Control”), then any unexercisable portion of an outstanding Option shall become immediately exercisable as of a date prior to the Transfer of Control, which date
shall be determined by the Board. The exercise of any Option that was permissible solely by reason of this Paragraph 8 shall be conditioned upon the consummation of the Transfer of Control. The Board may further elect, in its sole discretion, to
provide that any Options which became exercisable solely by reason of this Paragraph 8 and which are not exercised as of the date of the Transfer of Control shall terminate effective as of the date of the Transfer of Control. Notwithstanding the
foregoing, an outstanding Option shall not so accelerate if and to the extent: (i) such Option is, in connection with a Transfer of Control, either to be assumed by the successor corporation (or parent thereof) or to be replaced with a
comparable option to purchase shares of the capital stock of the successor corporation (or parent thereof), (ii) such Option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing on the
unvested Option at the time of such Transfer of Control and provides for subsequent payout in accordance with the same vesting schedule applicable to such Option or (iii) the acceleration of such Option is subject to other limitations imposed
by the Board at the time of the grant of the Option. The determination of option comparability under clause (i) above shall be made by the Board, and its determination shall be final, binding and conclusive. 

 

	9.	Authority to Vary Terms. The Board shall have the authority from time to time to vary the terms of the Standard Option Agreements either in connection with the
grant of an individual Option or in connection with the authorization of a new standard form or forms; provided, however, that the terms and conditions of such revised or amended standard form or forms of stock option agreement shall be in
accordance with the terms of the Plan. Such authority shall include, but not by way of limitation, the authority to grant Options which are not immediately exercisable. 

 

	10.	Effect of Change in Stock Subject to Plan. The Board shall make appropriate adjustments in the number and class of shares of Stock subject to the Plan and to any
outstanding Options and in the option price of any outstanding Options in the event of a stock dividend, stock split, reverse stock split, combination, reclassification or like change in the capital structure of the Company.

  

	11.	Options Non-Transferable. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee. No Option shall be assignable or
transferable by the Optionee, except by will or by the laws of descent and distribution. 

  

	12.	Termination or Amendment of Plan. The Board may terminate or amend the Plan at any time; provided however, that without the approval of the Company’s
shareholders, there shall be (a) no increase in the total number of shares of Stock covered by the Plan (except by operation of the provisions of Paragraph 10 above), (b) no change in the class of persons eligible to receive Incentive
Stock Options, and (c) no extension of the period during which Incentive Stock Options may be granted beyond the date which is ten (10) years following the date the Plan is adopted by the Company or the date the Plan is approved by the
shareholders of the Company. In any event, no amendment may adversely affect any then outstanding Option or any unexercised portion thereof, without the consent of the Optionee, unless such amendment is required to enable an Option designated as an
Incentive Stock Option to qualify as an Incentive Stock Option. 

  
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	13.	Miscellaneous 

  

	 	(a)	Nothing in this Plan or any Option granted hereunder shall confer upon any Optionee any right to continue in the employ of the Participating Company Group, or to serve
as a director thereof, or interfere in any way with the right of a Participating Company to terminate his or her employment at any time. Unless specifically provided otherwise, no grant of an Option shall be deemed salary or compensation for the
purpose of computing benefits under any employee benefit plan or other arrangement of a Participating Company for the benefit of its employees unless the Participating Company shall determine otherwise. No Optionee shall have any claim to an Option
until it is actually granted under the Plan. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided by the Board, be no greater than the right of an
unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of
such amounts, except as otherwise provided by the Committee. 

  

	 	(b)	The Plan and the grant of Options hereunder shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any United States
government or regulatory agency as may be required. 

  

	 	(c)	The terms of the Plan shall be binding upon the Company, and its successors and assigns. 

 

	 	(d)	This Plan and all actions taken hereunder shall be governed by the laws of the State of North Carolina. 

 

	 	(e)	With respect to any payments not yet made to a Optionee by the Company, nothing contained herein shall give any such Optionee any rights that are greater than those of
a general creditor of the Company. 

  

	 	(f)	If any provision of this Plan or a Standard Option Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the
Plan or any Standard Option Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the
Board, materially altering the intent of the Plan or the Standard Option Agreement, it shall be stricken and the remainder of the Plan or the Standard Option Agreement shall remain in full force and effect. 

  
 5 

 IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies
that the foregoing Plan was duly adopted by the Board of Directors of the Company on the 7th day of December, 1999. 
  

			
	ARGOS THERAPEUTICS, INC.
		
	By:	 	 /s/ Fred D. Hutchison

		 	Fred Hutchison, Assistant Secretary

  
 6 

 FIRST AMENDMENT 

OF Argos Therapeutics, Inc. 
 STOCK OPTION PLAN 
 THIS FIRST AMENDMENT of Argos Therapeutics, Inc. Stock
Option Plan is dated as of April 10, 2001. 
 WHEREAS, the Board of Directors of Argos Therapeutics, Inc. (the
“Company”) has adopted and the stockholders of the Company have approved the Argos Therapeutics, Inc. Stock Option Plan (the “Plan”); and 
 WHEREAS, the Board of Directors deems it to be in the best interest of the Company to amend the Plan in order to increase the maximum number of shares of common stock issuable pursuant to options granted
under the Plan from 2,371,219 to 3,470,300. 
 NOW, THEREFORE, the Plan shall be amended as follows: 

1. The second sentence of Paragraph 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof:

 “The maximum number of shares of Stock which may be issued under the Plan shall be Three Million, Four Hundred Seventy
Thousand, Three Hundred (3,470,300) shares.” 
 2. Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved. 
 IN WITNESS WHEREOF, the undersigned
hereby certifies that this First Amendment was duly adopted by the Board of Directors of the Company as of the
10th day of April, 2001 and by the stockholders of the
Company on the 10th day of April, 2001. 

 

									
	 	 	 	 	 	 	ARGOS THERAPEUTICS, INC.
	[CORPORATE SEAL]	 		 		 	
		 		 		 	By:	 	 /s/ Mark T. Weedon

	ATTEST:	 		 		 	Mark T. Weedon
		 		 		 		 	President and CEO
	By:	 	 /s/ Fred D. Hutchison
	 		 		 	
		 	Fred D. Hutchison	 		 		 	
		 	Secretary	 		 		 	

 SECOND AMENDMENT 

OF Argos Therapeutics, Inc. 
 STOCK OPTION PLAN 
 THIS SECOND AMENDMENT of Argos Therapeutics, Inc. Stock
Option Plan is dated as of August 23, 2001. 
 WHEREAS, the Board of Directors of Argos Therapeutics, Inc. (the
“Company”) has adopted and the stockholders of the Company have approved the Argos Therapeutics, Inc. Stock Option Plan (the “Plan”); and 
 WHEREAS, the Board of Directors deems it to be in the best interest of the Company to amend the Plan in order to increase the maximum number of shares of common stock issuable pursuant to options granted
under the Plan from 3,470,300 to 6,773,725. 
 NOW, THEREFORE, the Plan shall be amended as follows: 

1. The second sentence of Paragraph 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof:

 “The maximum number of shares of Stock which may be issued under the Plan shall be Six Million Seven Hundred Seventy
Three Thousand Seven Hundred Twenty Five (6,773,725) shares.” 
 2. Except as herein amended, the terms and provisions
of the Plan shall remain in full force and effect as originally adopted and approved. 
 IN WITNESS WHEREOF,
the undersigned hereby certifies that this Second Amendment was duly adopted by the Board of Directors of the Company as of the 23rd day of August, 2001 and by the stockholders of the Company on the 29th day of October, 2001. 

 

							
	 	 	 	 	ARGOS THERAPEUTICS, INC.
	[CORPORATE SEAL]	 		 		 	
		 		 	By:	 	 /s/ William N. Wofford

		 		 		 	William N. Wofford
		 		 		 	Assistant Secretary

 THIRD AMENDMENT TO 

ARGOS THERAPEUTICS, INC. 
 STOCK OPTION PLAN 
 THIS THIRD AMENDMENT of Argos Therapeutics, Inc. Stock
Option Plan is dated as December 13, 2006. 
 WHEREAS, the Board of Directors of Argos Therapeutics, Inc., formerly, MERIX
Bioscience, Inc. (the “Company”) has adopted and the stockholders of the Company have approved the Argos Therapeutics, Inc. Stock Option Plan, as amended (the “Plan”); and 

WHEREAS, the Board of Directors deems it to be in the best interest of the Company to amend the Plan in order to increase the maximum
number of shares of common stock issuable pursuant to options granted under the Plan from 6,773,725 to 10,200,000 
 NOW,
THEREFORE, the Plan shall be amended as follows: 
 1. The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof: 
 “The maximum number of shares of Stock which may be issued under
the Plan shall be ten million, two hundred thousand (10,200,000) shares.” 
 2. Except as herein amended, the terms and
provisions of the Plan shall remain in full force and effect as originally adopted and approved. 
 IN
WITNESS WHEREOF, the undersigned hereby certifies that this Third Amendment was duly adopted by the Board of Directors of the Company as of the 13th day of December, 2006 and by the stockholders of the Company on the 15th day of January, 2007. 

 

							
		 		 	ARGOS THERAPEUTICS, INC.
	[CORPORATE SEAL]	 		 		 	
		 		 	By:	 	 

		 		 		 	William N. Wofford
		 		 		 	Assistant Secretary

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