Document:

Exhibit 4.2

 

AMENDMENT NO. 2 TO

FIFTH AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT

 

This Amendment
No. 2 (this “Amendment”) to the Fifth Amended and Restated Registration Rights Agreement, dated August 9, 2013
(the “Registration Rights Agreement”), by and among the Company and the Holders (as defined therein) is entered
into as of the 14th day of July, 2016 by and among Argos Therapeutics, Inc., a Delaware corporation (the “Company”),
and each of the signatories hereto. Capitalized terms not defined herein shall have the meanings given to such terms in the Registration
Rights Agreement.

 

RECITALS

 

WHEREAS, the Company
and the Requisite Holders (as defined below) desire to amend the Registration Rights Agreement to clarify certain definitions with
respect to Registrable Securities;

 

WHEREAS, the Registration
Rights Agreement may be amended pursuant to Section 16.1 thereof only with the written consent of the (a) Company and (b) the Holders
holding (i) more than 60% of the Registrable Securities and (ii) at least 70% of the Series E Registrable Securities (together,
the “Requisite Holders”); and

 

WHEREAS, the Company
and the Requisite Holders desire to amend the Registration Rights Agreement as set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and for other valuable consideration, the receipt of which is hereby acknowledged, the
parties agree as follows

 

		1.	Amendment of Section 2.1.20. Section 2.1.20 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.20 in its entirety and substituting in lieu thereof the following:

 

“2.1.20“Registrable
Securities” shall mean the Series A Registrable Securities, the Series B Registrable Securities, the Series C Registrable
Securities, the Series D Registrable Securities, the Series E Registrable Securities and the Warrant Registrable Securities; provided,
however, that securities which would otherwise be Registrable Securities shall cease to be “Registrable Securities”
when (i) such securities have been registered under the Securities Act pursuant to an effective registration statement filed thereunder
and disposed of in accordance with the registration statement covering them or (ii) the entire amount of such securities held by
any Holder may be sold in a single sale, without any limitation as to volume or manner of sale pursuant to Rule 144 promulgated
under the Securities Act. Wherever reference is made in this Agreement to a request or consent of Holders of a certain percentage
of Registrable Securities, the determination of such percentage shall include and be calculated on the basis of shares of Common
Stock issued or issuable in respect of the Preferred Stock.”

 

 

		2.	Amendment of Section 2.1.27. Section 2.1.27 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.27 in its entirety and substituting in lieu thereof the following:

 

“2.1.27“Series
A Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares
of Series A Preferred Stock and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split,
stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event.”

 

    

     

    

		3.	Amendment of Section 2.1.29. Section 2.1.29 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.29 in its entirety and substituting in lieu thereof the following:

 

“2.1.29“Series
B Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares
of Series B Preferred Stock and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split,
stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event.”

 

 

		4.	Amendment of Section 2.1.31. Section 2.1.31 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.31 in its entirety and substituting in lieu thereof the following:

 

“2.1.31“Series
C Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares
of Series C Preferred Stock and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split,
stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event.”

 

 

		5.	Amendment of Section 2.1.33. Section 2.1.33 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.33 in its entirety and substituting in lieu thereof the following:

 

“2.1.33“Series
D Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares
of Series D Preferred Stock and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split,
stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event.”

 

 

		6.	Amendment of Section 2.1.35. Section 2.1.35 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.35 in its entirety and substituting in lieu thereof the following:

 

“2.1.35“Series
E Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares
of Series E Preferred Stock and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split,
stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event.”

 

 

		7.	Amendment of Section 2.1.39. Section 2.1.39 of the Registration Rights Agreement is hereby
amended by deleting Section 2.1.39 in its entirety and substituting in lieu thereof the following:

 

“2.1.39“Warrant
Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the Venture Loan and Security
Agreement dated as of September 30, 2014 among the Company, Horizon Technology Finance Corporation and Fortress Credit Co LLC,
and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split, stock dividend, recapitalization,
reorganization, merger, consolidation, sale of assets or similar event.”

 

 

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		8.	Amendment of Section 15. Section 15 of the Registration Rights Agreement is hereby amended by deleting Section 15 and
all subsections thereof in their entirety and substituting in lieu thereof the following:

 

“15.[Reserved]”

 

		9.	Effectiveness of Amendment. Except as expressly amended hereby, all terms, conditions and provisions of the Registration
Rights Agreement shall remain in full force and effect in accordance with the Registration Rights Agreement.

 

		10.	Counterparts. This Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original and all of which shall constitute the same instrument.

 

 

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF, the parties have executed
this Amendment as of the date first written above.

 

 

	COMPANY:	REQUIRED HOLDERS:
	 	 
	Argos Therapeutics,
Inc.	COÖPERATIEVE AAC LS U.A.

	By: /s/ Jeffrey D. Abbey	
         

         

        By:
	/s/ M.A. van Osch
	Name: Jeffrey D. Abbey	Name:	M.A. van Osch
	Title: Chief Executive Officer

         
	Its:	
        Director of Forbion I Management B.V.

        its director

	 	
         

         

        By:
	/s/ S.J.H van Deventer
	 	Name:	S.J.H van Deventer
	 	Its:	
        Director of Forbion I Management B.V.

        its director

 

 

	 	FORBION CO-INVESTMENT II COÖPERATIEF U.A.

	 	
         

         

        By:
	/s/ M.A. van Osch
	 	Name:	M.A. van Osch
	 	Its:	Director of Forbion I Co II Management B.V. its director
	 	
         

         

        By:
	/s/ S.J.H van Deventer
	 	Name:	S.J.H van Deventer
	 	Its:	Director of Forbion I Co II Management B.V. its director

 

	 	
         

        

PHARMSTANDARD INTERNATIONAL
S.A.

         

         

	 	By:	/s/ Eriks Martinovskis
	 	Name:	Eriks MARTINOVSKIS
	 	Its:	DirectorExhibit 10.1

 

 

 

 

ARGOS THERAPEUTICS, INC.

4233 TECHNOLOGY DRIVE

DURHAM, NC 27704

 

 

June 10, 2016

 

VIA email

 

Joan C. Winterbottom

6986 Phillips Mill Road

New Hope, PA 18938

 

Re: Amended and Restated Offer Letter

 

Dear Joan:

 

This letter agreement (the “Agreement”) shall
serve to amend and restate the terms and conditions of the employment offer letter dated February 3, 2015 (the “Offer
Letter”) between you and Argos Therapeutics, Inc. (“Argos Therapeutics” or the “Company”)
in its entirety, and shall become effective as of May 16, 2016 (the “Effective Date”).

 

The details of this Agreement are as follows:

 

		1.	Position and Duties. During the Term, and any period of continued employment thereafter,
you shall serve on a full-time basis as the Company’s Vice President and Chief Human Resources Officer reporting to the Company’s
Chief Executive Officer. You agree to perform the duties of your position and such other duties as reasonably may be assigned to
you from time to time. You also agree that, while employed by the Company, you will continue to devote your full business time
and your best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the
Company and to the discharge of your duties and responsibilities for it.

 

			For the purposes of this Amendment,
“Term” shall refer to period of time commencing on the Effective Date and continuing until May 15, 2017, or
such earlier date as your employment terminates for any reason.

 

		2.	Compensation and Benefits.  During your employment, as compensation for all services
performed by you for the Company and subject to your performance of your duties and responsibilities for the Company, the Company
will provide you the following pay and benefits:

 

		(a)	Compensation. You shall receive total base compensation in the amount of $294,000 for your
employment during the Term, paid to you as follows: (i) $20,000 per month ($240,000 per year) shall be paid as your base salary
for each month of service during the Term, which shall be less applicable taxes and withholdings and shall be paid in accordance
with the regular payroll practices of the Company, and (ii) as soon as practicable and no later than thirty (30) days after the
Effective Date, you will receive a grant of shares of the Company’s common stock with a value equal to $54,000 (as measured
by the closing share price on the date of grant) (the “Restricted Stock”). The Company shall have a right of
repurchase which will lapse in 12 equal installments on the last date of each month during the Term until all shares have been
released from the right of repurchase. If your employment is terminated without Cause by the Company or if you terminate your employment
for Good Reason during the Term, the Company shall accelerate vesting on the Restricted Stock so that all shares will be fully
vested on the date your employment terminates. At the end of the Term, your annual base salary will return to $290,000, payable
in cash, less applicable taxes and deductions, in this position.

 

		(b)	Bonus Compensation. During your employment and subject to the approval of the Company’s
Board of Directors (the “Board”) or its Compensation Committee, you will be eligible for an annual performance
bonus of up to $101,500 for the year 2016 and up to $101,500 or 35% of your total annual base compensation, whichever is higher,
for 2017, and for up to 35% of your annualized base salary in future years (the “Target Bonus”), based upon
your personal performance and the Company’s performance during the applicable calendar year, as determined by the Company
in its sole discretion. Any bonus due to you hereunder will be paid in cash, stock or a combination thereof not later than the
15th of March following the year to which the bonus relates, subject to your continuous employment through the date
the bonus is paid.  The foregoing shall be construed and applied so that any bonus payable to you is paid to you so as to
qualify as a “short-term deferral” under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
(Section 409A of the Code, together with the regulations thereunder, “Section 409A”).

 

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		(c)	Equity. You have previously been granted stock options to purchase 65,000 shares of Argos
Therapeutics common stock in accordance with the terms and conditions of the Company’s 2014 Stock Incentive Plan and your
Incentive Stock Option Agreement. You will be eligible for additional equity grants from time to time at the sole discretion of
the Company, subject to the approval of the Board of Directors or the Compensation Committee. If base salary is a factor considered
by the Company in making additional equity grants during the Term, the amount of your total annual base compensation shall be considered
in any such determination.

 

		(d)	Participation in Employee Benefit Plans.  You will continue to be entitled to participate
in all employee benefit plans from time to time in effect for employees of the Company generally, except to the extent such plans
are duplicative of benefits otherwise provided to you under this Agreement (e.g., severance pay) or under any other agreement. 
Your participation will be subject to eligibility and the terms of the applicable plan documents and applicable Company policies.
Argos Therapeutics provides the following benefits to regular, full-time employees includes the following:
	 	 	 

		·	Medical Insurance

		·	Dental Insurance

		·	Vision Insurance

		·	Life and AD&D Insurance

		·	Short Term Disability

		·	Long Term Disability

		·	Long Term Care

		·	Eleven paid holidays per year

		·	401(k) Savings and Investment Plan

		·	Flexible Spending Account

		·	Paid Time Off (PTO) eligibility based on service with the Company and initially prorated at 16.67
hours per month (equivalent to 25 days per year)

 

Notes:

		o	If your employment terminates for any reason whatsoever, you may not be entitled to receive any
cash payment for unused paid time off accrued to the date of your termination.

 

Argos Therapeutics will regularly review all its benefit
plans and reserves the right to change or terminate such plans at any time at its sole discretion, with or without prior notice
to you.

 

You acknowledge and agree that the payment of a portion
of your compensation during the Term in the form of Restricted Stock may reduce the level of benefits available to you under the
Company-sponsored plans and that the increase in base compensation during the Term from $240,000 to $244,000 constitutes adequate,
bargained-for consideration for the loss of benefits for which you would be eligible were your base compensation payable entirely
in cash.

 

		(e)	Relocation Expenses. During the Term, the Company will provide you with a fixed monthly
allowance, to be used for temporary living expenses, as set forth in more detail in the Second Relocation Expense Letter Agreement
(the “Relocation Agreement”) provided to you concurrently herewith. Additionally, if you relocate from Pennsylvania
to the Raleigh-Durham area of North Carolina during the Term, Argos Therapeutics has agreed to provide you with reimbursement for
certain moving expenses as set forth in the Relocation Agreement. By signing this Agreement and the enclosed Relocation Agreement,
you acknowledge and agree that if you voluntarily terminate your employment with the Company, without Good Reason (defined below),
prior to the one-year anniversary of the day in which you secure permanent housing in the Raleigh-Durham area of North Carolina,
you will be required to reimburse the Company for the full amount of any moving expenses for which the Company has reimbursed you
pursuant to the terms and conditions of the Relocation Agreement.

 

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		(f)	Business Expenses.  The Company will pay or reimburse you for all reasonable business
expenses incurred or paid by you in the performance of your duties and responsibilities for the Company, subject to any maximum
annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation
as the Company may specify from time to time.  Any reimbursement that constitutes nonqualified deferred compensation subject
to Section 409A shall be subject to the following additional rules: (i) no reimbursement of any such expense shall affect
your right to reimbursement of any other such expense in any other taxable year; (ii) reimbursement of the expense shall be
made, if at all, not later than the end of the calendar year following the calendar year in which the expense was incurred; and
(iii) the right to reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

		3.	Severance. The Company will provide you with the following severance payments as a condition
of your employment:

 

		(a)	Termination Without Cause or for Good Reason. If your employment is terminated by
the Company Without Cause or by you for Good Reason, then (subject to your executing and not revoking the Separation Agreement
and Release of All Claims (the “Release,” attached hereto as Exhibit A), the Company will: (i)
pay you an amount equal to 9 months of your then-current total base compensation, less standard employment-related withholdings
and deductions, with such payments to be made in equal semi-monthly installments in accordance with the Company’s usual payroll
practices beginning on the first regular pay date following the Effective Date (as that term is defined in the Release); (ii)
if you timely and properly elect COBRA continuation of coverage under the Company’s group medical, dental and vision plans,
the Company shall make payment to you in the amount equal to the Company’s share of the cost of COBRA continuation of coverage
under the medical, dental and vision plans, less all applicable taxes and deductions, for the period of 9 months, which amount
shall be paid to you on regularly scheduled payroll dates of the Company with the first payment to be processed after the later
of the Effective Date or such election; provided, however, that at the conclusion of the 9 month period, you shall be responsible
for payment of the entire amount of the COBRA premium for the remainder of the applicable COBRA continuation period; and (iii)
the Company shall accelerate vesting of the restricted stock awarded to you as your 2015 Executive Bonus pursuant to the
terms of that certain agreement between the Parties (the “Restricted Stock Agreement”), so that you shall vest
in, and the Company’s right of repurchase shall lapse, as to all 32,709 shares of restricted stock.

 

		(b)	Termination Without Cause or for Good Reason Following a Change in Control. Notwithstanding
the foregoing, if your employment is terminated by the Company or its successor in interest Without Cause or by you for Good Reason
within ninety (90) days before or within six months after a Change in Control Event (as defined in the Company’s 2014 Stock
Incentive Plan) that also qualifies as a “change in control event” within the meaning of Treasury Regulation Section
1.409A-3(i)(5)(i) (a “Company Change in Control”), then (subject to your executing and not revoking the Release)
the Company will (i) pay you an amount equal to 9 months of your then-current total base compensation, less standard employment-related
withholdings and deductions, with such payments to be made in equal semi-monthly installments in accordance with the Company’s
usual payroll practices beginning on the first regular pay date following the Effective Date; (ii) pay you an amount equal to 9
months of the Target Bonus, less standard employment-related withholdings and deductions, with such payments to be made in equal
semi-monthly installments in accordance with the Company’s usual payroll practices beginning on the first regular pay date
following the Effective date and continuing until such time as the amount has been paid in full; (iii) if
you timely and properly elect COBRA continuation of coverage under the Company’s group medical, dental and vision plans,
the Company shall make payment to you in the amount equal to the Company’s share of the cost of COBRA continuation of coverage
under the medical, dental and vision plans, less all applicable taxes and deductions, for the period of 9 months, which amount
shall be paid to you on regularly scheduled payroll dates of the Company with the first payment to be processed after the later
of the Effective Date or such election; provided, however, that at the conclusion of the 9 month period, you shall be responsible
for payment of the entire amount of the COBRA premium for the remainder of the applicable COBRA continuation period; and (iv) the
Company shall accelerate vesting of the restricted stock awarded to you as your 2015 Executive Bonus pursuant to the terms
of the Restricted Stock Agreement so that you shall vest in, and the Company’s right of repurchase shall lapse, as to all
32,709 shares of restricted stock.

 

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		(c)	Definition of “Cause.” For purposes hereof, “Cause” shall
mean that: (i) you failed to attempt in good faith, refused or willfully neglected to perform and discharge your material
duties and responsibilities; (ii) you have been convicted of, or pled nolo contendere to, a felony or other crime
involving fraud or moral turpitude; (iii) you breached your fiduciary duty or loyalty to the Company, or acted fraudulently
or with material dishonesty in discharging your duties to the Company; (iv) you undertook an intentional act or omission of
misconduct that materially harmed or was reasonably likely to materially harm the business, interests, or reputation of the Company;
(v) you materially breached any material provision hereof; or (vi) you materially breached any material provision of
any Company code of conduct or ethics policy. Notwithstanding the foregoing, “Cause” shall not be deemed to have occurred
unless: (A) the Company provides you with written notice that it intends to terminate your employment hereunder for one of
the grounds set forth in subsections (i), (v) or (vi) within sixty (60) days of such reason(s) occurring, (B) if
such ground is capable of being cured, you have failed to cure such ground within a period of thirty (30) days from the date
of such written notice, and (C) the Company terminates your employment within six (6) months from the date that Cause
first occurs.

 

		(d)	Definition of “Good Reason.” For purposes hereof, “Good Reason”
shall mean, without your written consent: (i) any change in your position, title or reporting relationship with the Company
that diminishes in any material respect your authority, duties or responsibilities; provided, however,
that a change in your authority, duties or responsibilities solely due to the Company becoming a division, subsidiary or other
similar part of a larger organization, shall not by itself constitute Good Reason; (ii) any material reduction in your base
compensation; (iii) a material change in the geographic location at which services are to be performed by you; or (iv) a
material breach of any provision hereof by the Company or any successor or assign. Notwithstanding the foregoing, “Good Reason”
shall not be deemed to have occurred unless: (A) you provide the Company with written notice that you intend to terminate
your employment hereunder for one of the grounds set forth in subsections (i), (ii), (iii) or (iv) within sixty (60) days
of such reason(s) occurring, (B) if such ground is capable of being cured, the Company has failed to cure such ground within
a period of thirty (30) days from the date of such written notice, and (C) you terminate your employment within six (6) months
from the date that Good Reason first occurs. For purposes of clarification, the above-listed conditions shall apply separately
to each occurrence of Good Reason and failure to adhere to such conditions in the event of Good Reason shall not disqualify you
from asserting Good Reason for any subsequent occurrence of Good Reason.

 

		(e)	Release of Claims. The Company shall not be obligated to pay you the severance payments
provided for herein unless you have timely executed (and not revoked) a separation agreement in substantially the form of the Release
attached hereto as Exhibit A. Such Release or separation agreement must be executed and become binding and enforceable
within sixty (60) calendar days after the effective date of your termination of employment (such 60th day, the
“Payment Commencement Date,”). Subject to the preceding sentence, payment of any severance payments due hereunder
shall commence on the Payment Commencement Date.

 

		4.	Parachute Payment. 

 

		(a)	In the event of a consummation of a change in ownership or control (within the meaning of Section
280G of the Code and the regulations thereunder (“Section 280G”) (a “280G Change in Control”)
(as defined herein) payments and benefits under this Agreement, together with other payments and benefits provided to you by the
Company (including, without limitation, any accelerated vesting of stock options, shares of restricted stock or other equity-based
awards) (the “Total Payments”), shall be made with regard to whether the deductibility of the Total Payments
would be limited or precluded by Section 280G and without regard to whether the Total Payments would subject you to the federal
excise tax levied on certain “excess parachute payments” under Section 4999 of the Code (the “Excise Tax”).
If any portion of the Total Payments constitutes an “excess parachute payment” within the meaning of Section 280G (the
aggregate of such payments (or portions thereof) being hereinafter referred to as the “Excess Parachute Payments”),
You will be entitled to receive: (i) an amount limited so that no portion thereof shall fail to be tax deductible under Section
280G of the Code (the “Limited Amount”), or (ii) if the amount otherwise payable hereunder or otherwise (without regarding
to clause (i)) reduced by all taxes applicable thereto (including, for the avoidance of doubt, the Excise Tax) would be greater
than the Limited Amount reduced by all taxes applicable thereto, the amount otherwise payable hereunder.

 

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		(b)	The determination as to whether the Total Payments include Excess Parachute Payments and, if so,
the amount of such Excess Parachute Payments, the amount of any Excise Tax with respect thereto, the amount of any Gross-up Payment,
if applicable, and the amount of any reduction in Total Payments shall be made at the Company’s expense by the independent
public accounting firm most recently serving as the Company’s outside auditors or such other accounting or benefits consulting
group or firm as the Company may designate (the “Accountants”). In the event that any payments under this Agreement
or otherwise are required to be reduced as described in Section 4(b), the adjustment will be made, first, by reducing the amount
of base salary and bonus payable pursuant to Sections 3(a)(i) or the amount of base salary and bonus payable pursuant to
Section 3(b)(i)-(ii), as applicable; second, if additional reductions are necessary, by reducing the payment of or reimbursement
for COBRA premiums due to you pursuant to Section 3(a)(ii) or Section 3(b)(iii), as applicable; and third,
if additional reductions are still necessary, by eliminating the accelerated vesting of time-based equity-based awards or the vesting
of performance-based equity-based awards, if any, starting with those awards for which the amount required to be taken into account
under Section 280G is the greatest.

 

		(c)	In the event that there has been an underpayment or overpayment under this Agreement or otherwise
as determined by the Accountants, the amount of such underpayment or overpayment shall forthwith be paid to you or refunded to
the Company, as the case may be, with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.

 

		5.	Prohibited Competition and Solicitation. You acknowledge the competitive and proprietary
aspects of the business of Company and are aware that the Company furnishes, discloses and makes available to you confidential
and Proprietary Information (as defined in the Confidentiality Agreement referenced in Section 8 below) related to Company’s
business and that Company may provide you with unique and specialized knowledge and training. You also acknowledge that the Confidential
Information and specialized knowledge and training have been developed and will be developed by Company through the expenditure
of substantial time, effort and money and that the Confidential Information could be used by you to compete with Company. A business
will be deemed to be “Competitive” with the Company if it performs research, development or commercialization of personalized
immunotherapy products for the treatment of metastatic renal cell carcinoma, HIV or another indication in which the Company has
conducted a clinical trial within twelve months before the end of your employment with the Company. Because of the competitive
and proprietary aspects of the business of the Company, you agree as follows:

 

		(a)	Covenant Not to Compete
                                         or Solicit. During your employment with the Company and for one (1) year after
                                         the termination of your employment with Company for any reason, you will not, directly
                                         or indirectly, on your behalf or on behalf of another person, entity or third party anywhere
                                         in North America, engage in the following conduct without the prior written consent of
                                         Company: (i) as officer, director, principal, agent, stockholder, employee, consultant,
                                         representative or in any other capacity, own, manage, operate or control, or be employed
                                         by, provide services to, or engage in or have a financial interest in any business which
                                         is Competitive with Company (other than as specifically permitted by the Company in writing
                                         upon written request); (ii) solicit, divert or appropriate or attempt to solicit, divert
                                         or appropriate, the business or patronage of any customers, business partners, or patrons
                                         of Company, or any prospective customers, business partners, or patrons to whom the Company
                                         has made a sales presentation (or similar offering of services or business) within the
                                         one (1) year period preceding the date of your termination of employment with Company;
                                         (iii) solicit, entice or persuade or attempt to solicit, entice or persuade any employees
                                         of or consultants to Company or any present or future parent, subsidiary or affiliate
                                         of Company to terminate their employment or other engagement with Company or any such
                                         parent, subsidiary or affiliate for any reason; or (iv) interfere with, or attempt to
                                         interfere with, the relations between Company and any customer, vendor or supplier to
                                         Company.

 

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		(b)	Reasonableness of Restrictions.
You acknowledges that: (i) the types of employment which are prohibited by this Section 5 are narrow and reasonable in relation
to the skills which represent your principal salable asset both to Company and other prospective employers; and (ii) the temporal
and geographical scope of Section 5 is reasonable, legitimate and fair to you in light of Company’s need to market its services
and sell its products in order to have a sufficient customer base to make Company’s business profitable and in light of the
limited restrictions on the type of employment prohibited herein compared to the types of employment for which you are qualified
to earn your livelihood.

 

		6.	Section 409A.

 

		(a)	You and the Company agree that this Agreement shall be interpreted to comply with or be exempt
from Section 409A, and the regulations and guidance promulgated thereunder to the extent applicable, and all provisions of
this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.

 

		(b)	A termination of employment shall not be deemed to have occurred for purposes of any provision
of this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation”
under Section 409A upon or following a termination of employment unless such termination is also a “separation from
service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to
a “termination,” “termination of employment” or like terms shall mean “separation from service.” 
If you are deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B),
then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Section 409A
payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which
is the earlier of (a) the expiration of the six-month period measured from the date of such “separation from service,”
and (b) the date of your death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments
and benefits delayed pursuant to this Section 11(b) (whether they would have otherwise been payable in a single sum or
in installments in the absence of such delay) shall be paid or reimbursed on the first business day following the expiration of
the Delay Period to you in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided
in accordance with the normal payment dates specified for them herein.

 

		(c)	For purposes of Section 409A, your right to receive any installment payments pursuant to this
Agreement shall be treated as a right to receive a series of separate and distinct payments.

 

		(d)	In no event shall the Company or any of its affiliates have any liability relating to the failure
or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A

 

		7.	At Will Employment. This Agreement is not intended to, nor does it, create any employment
contract for any specified term or duration between you and the Company. In accordance with the laws of the State of North Carolina,
your employment with the Company is considered “at will.” This means that, just as you may resign your employment at
any time, Argos Therapeutics may, in its sole discretion, with or without cause, terminate your employment at any time for any
reason.

 

		8.	Contingencies. Your continued employment is conditioned upon your compliance with the Employee
Handbook, the Confidentiality, Inventions and Non-Solicitation Agreement (the “Confidentiality Agreement”),
the Argos Therapeutics Company’s Code of Ethics, the Argos Therapeutics Certification Regarding Insider Trading and the Public
Disclosure Policies. It is understood and agreed that breach by you of the Confidentiality Agreement shall constitute a material
breach of this Agreement

 

		9.	No Conflicting Agreements. You represent and warrant that you are not bound by any employment
contract, restrictive covenant or other restriction preventing you from continuing employment with or carrying out your responsibilities
for the Company. You agree that you will not disclose or use on behalf of the Company any proprietary information of any third
party without that party’s consent.

 

    	A-6

     

    

 

		10.	General.

 

		(a)	Notices.  Any notices provided for in this Agreement shall be in writing and shall
be effective when delivered in person, consigned to a reputable national courier service for overnight delivery or deposited in
the United States mail, postage prepaid, and addressed to you at your last known address on the books of the Company or, in the
case of the Company, to it by notice to the Chairman of the Board of Directors, c/o Argos Therapeutics, Inc., at its principal
place of business, or to such other address(es) as either party may specify by notice to the other actually received.

 

		(b)	Entire Agreement. This Agreement, together with the Confidentiality Agreement, the Relocation
Agreement, the Restricted Stock Agreement and other agreements specifically referred to herein, sets forth the entire agreement
between you and the Company and replaces all prior communications, agreements and understandings, whether oral or written, with
respect to your and understandings relating to your employment with the Company, including, but not limited to, the Offer Letter.
The terms and conditions of this Agreement may only be modified or amended by a written agreement executed by and the Company.

		(c)	Successors and Assigns. The Company may assign its rights and obligations hereunder to any
person or entity that succeeds to all or substantially all of Company’s business or that aspect of Company’s business
in which you are principally involved. You may not assign your rights and obligations under this Agreement without the prior written
consent of Company.

 

		(d)	Severability.  If any portion or provision of this Agreement is deemed to any extent
illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement will not be affected and each
portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law

 

		(e)	Governing Law and Venue. This Agreement shall be governed
by and construed in accordance with the laws of the State of North Carolina (without reference to the conflicts of law provisions
thereof). Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any
provision of this Agreement shall be commenced only in a court in Durham County, North Carolina (or, if appropriate, a federal
court located within North Carolina). 

		(f)	Counterparts. This Agreement may be executed in two or more counterparts, each of which
will be deemed an original and all of which together shall constitute one and the same instrument. A signature by fax shall be
treated as an original.

 

By your signature below, you represent and warrant to the Company
that (i) you not, and were not when your employment at the Company commenced, subject to any employment, noncompetition or other
similar agreement that would prevent or interfere with the Company’s employment of you; and (ii) you did not and will not
bring with you to the Company, any materials or documents of a former employer which are not generally available to the public
or which did not belong to you prior to your employment with the Company, unless you obtained written authorization from the former
employer or other owner for their possession and use and provided the Company with a copy thereof.

 

If this Agreement and employment offer is satisfactory, please sign
and date the duplicate of this Agreement enclosed herewith in the space provided below and return the signed copy to me. At the
time you sign and return it, this Agreement will take effect as a binding agreement between you and the Company on the basis set
forth above. 

 

We are looking forward to continue working with you in contributing
to the growth of Argos Therapeutics.

 

 

Sincerely,

 

 

Jeffrey D. Abbey

President and CEO

 

    	A-7

     

    

Enclosures (as stated)

 

I accept the Company’s revised terms of employment for the
position of Vice President and Chief Human Resources Officer subject to the terms and conditions outlined above.

 

	Signed:	/s/ Joan C. Winterbottom	 
	 	 	 
	Printed Name:    	Joan C. Winterbottom	 
	 	 	 
	Date Signed: 	June 10, 2016	 

 

 

 

 

 

 

 

    	A-8

     

    

EXHIBIT A

 

SEPARATION AGREEMENT AND RELEASE OF CLAIMS 

 

Argos Therapeutics, Inc., formerly known as
MERIX Bioscience, Inc., a Delaware corporation (the “Company”), and John Menditto (the “Employee”)
(together, the “Parties”) accepted an offer of employment with the Company pursuant to the terms of the offer
letter dated February 3, 2015 (the “Offer Letter”), as amended and restated by the amended offer letter with
effective date of May 16, 2016 (the “Amended Offer Letter”). Any capitalized terms not defined herein shall
have the meanings ascribed to them in the Amended Offer Letter. This Separation Agreement and Release of Claims (the “Release”)
is the release by Employee of all claims against the Releasees (as defined below) arising out of the Employee’s employment
with or separation from the Company (the “Release”). The consideration for the Employee’s agreement to
this Release consists of the severance payments and benefits set forth in Section 3 of the Amended Offer Letter, which are
conditioned on, among other things, termination of the Employee’s employment by the Company without Cause or by the Employee
for Good Reason and effectiveness of this Release based on the Employee’s timely execution and non-revocation hereof.

 

1. Tender of Release. This Release
is automatically tendered to the Employee upon the termination of the Employee’s employment by the Company without Cause
or by the Employee with Good Reason.

 

2. Release of Claims. The Employee
voluntarily, fully, forever, irrevocably and unconditionally releases and discharges the Company, its affiliates, subsidiaries
and parent companies and each of their predecessors, successors, assigns, and their current and former members, partners, directors,
managers, officers, employees, representatives, attorneys, agents, and all persons acting by, through, under or in concert with
any of the foregoing (any and all of whom or which are hereinafter referred to as the “Releasees”), from any
and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of
action, suits, rights, demands, costs, losses, debts and expenses (including attorney’s fees and costs actually incurred),
of any nature whatsoever, known or unknown that the Employee now has, owns or holds, or claims to have, own, or hold, or that he
at any time had, owned, or held, or claimed to have had, owned, or held against any Releasee arising out of the Employee’s
employment with or separation from the Company (collectively, “Claims”). This release of Claims includes, without
implication of limitation, the release of all Claims:

 

	 	•	 	of breach of contract; 

 

	 	•	 	of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of age discrimination or retaliation under the Age Discrimination in Employment Act, Claims of disability discrimination or retaliation under the Americans with Disabilities Act, Claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964 and Claims of discrimination or retaliation under state law); 

 

	 	•	 	under any other federal or state statute, to the fullest extent that Claims may be released; 

 

	 	•	 	of defamation or other torts; 

 

	 	•	 	of violation of public policy; 

 

	 	•	 	for wages, salary, bonuses, vacation pay or any other compensation or benefits; and 

 

	 	•	 	for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees. 

 

Notwithstanding anything to the contrary contained herein, this
Release does not apply to or affect (i) the Employee’s right to receive the severance payments set forth in Section 3
of Amended Offer Letter, (ii) the Employee’s right to be reimbursed for reasonable business expenses incurred prior
to termination of the Employee’s employment according to the terms of Section 2(f) of the Amended Offer Letter; (iii) the
Employee’s ownership of, and the Employee’s rights by virtue of his ownership of, any capital stock or other securities
of the Company, (iv) any rights of indemnification or exculpation of which the Employee is the beneficiary under any separate
contractual indemnification agreement with the Company in connection with his service as a director or officer of the Company,
the corporate charter, bylaws or other charter or organizational instruments or benefit or equity plans of the Company or any other
Releasee or at law and rights of coverage to which the Employee may be entitled under any director and officer liability insurance
policy of the Company or any other Releasee or (v) for purposes of clarity, any Claim arising out of any matters or events
occurring after the effective date of the Release.

 

    	A-9

     

    

 

4. Ongoing Obligations of the Employee;
Enforcement Rights. The Employee reaffirms his ongoing obligations as well as the Company’s enforcement rights provided
for in Sections 5, 6, 8 and 9 of the Amended Offer Letter.

 

5. No Assignment; Representation on Action.
The Employee represents that he has not assigned to any other person or entity any Claims against any Releasee. The Employee further
represents that he has not filed or reported any Claims against any Releasee with any state, federal or local agency or court.

 

6. Right to Consider and Revoke Release.
The Employee acknowledges that he has been given the opportunity to consider this Release for a period ending forty-five (45) days
after the tender of the Release. In the event the Employee executed this Release within less than forty-five (45) days after the
tender of the Release, he acknowledges that such decision was entirely voluntary and that he had the opportunity to consider this
Release until the end of the forty-five (45) day period. To accept this Release, the Employee shall deliver a signed Release
to the Company’s CEO (the “CEO”) within such forty-five (45) period. For a period of seven (7) days
from the date when the Employee executes this Release (the “Revocation Period”), he shall retain the right
to revoke this Release by written notice that is received by the CEO on or before the last day of the Revocation Period. This Release
shall take effect only if it is executed within the forty-five (45) day period as set forth above and if it is not revoked
pursuant to the preceding sentence. If those conditions are satisfied, this Release shall become effective and enforceable on the
date immediately following the last day of the Revocation Period (the “Effective Date”).

 

7. Other Terms.

 

(a) Legal Representation; Review of Release.
The Employee acknowledges that he has been advised to discuss all aspects of this Release with his attorney, that he has carefully
read and fully understands all of the provisions of this Release and that he is voluntarily entering into this Release.

 

(b) Binding Nature of Release. This
Release shall be binding upon the Employee and upon his heirs, administrators, representatives and executors.

 

(c) Modification of Release; Waiver.
This Release may be amended, only upon a written agreement executed by the Employee and the Company.

 

(d) Severability. In the event that
at any future time it is determined by an arbitrator or court of competent jurisdiction that any covenant, clause, provision or
term of this Release is illegal, invalid or unenforceable, the remaining provisions and terms of this Release shall not be affected
thereby and the illegal, invalid or unenforceable term or provision shall be severed from the remainder of this Release. In the
event of such severance, the remaining covenants shall be binding and enforceable.

 

(e) Governing Law and Venue. This Release
shall be deemed to be made and entered into in the State of North Carolina and shall in all respects be interpreted, enforced and
governed under the laws of the State of North Carolina without giving effect to the conflict of law provisions of North Carolina
law that would require the application of law of any other jurisdiction. The language of all parts of this Release shall in all
cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties.
Any action, suit or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision
hereunder shall be commenced only in a court in Durham County, North Carolina (or, if appropriate, a federal court located within
North Carolina). 

 

(f) Absence of Reliance. The Employee
acknowledges that he is not relying on any promises or representations by the Company or its agents, representatives or attorneys
of either of them regarding any subject matter addressed in this Release.

 

    	A-10

     

    

So agreed by the Employee:

 

	 	 	 	 	 
	Joan C. Winterbottom 	 	Date	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

A-11

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