Document:

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                                                                    EXHIBIT 10.7

                       MASTER LOAN AND SECURITY AGREEMENT

           Master Loan and Security Agreement No. S7020, dated November 19, 1998

FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA") is willing to make a
loan (the "Loan") to ANTIGENICS, LLC ("you" or "Borrower") under the terms and
conditions contained in this Master Loan and Security Agreement (this "Master
Agreement"). The Loan will be secured by the Collateral described in any
schedule to this Agreement (a "Schedule"). The Collateral also includes any
replacement parts, additions and accessories that you may add to the Collateral,
as well as any proceeds of sale, lease or rental of the Collateral. We may treat
any Schedule as a separate loan and security agreement containing all of the
provisions of this Loan and Security Agreement.

1.         THE CREDIT

We may make the Loan in more than one advance (an "Advance", each of which shall
be evidenced by a "Schedule"). All of the Schedules, taken together, will make
up the Loan. We will only make the Loan to you if all the conditions in this
Master Agreement have been met to our satisfaction. We will rely on your
representations and warranties, contained in this Master Agreement, in making
the Loan. The terms of this Agreement will each apply to the Loan.

-     USE OF PROCEEDS. You will use the proceeds of the Loan to pay for the
      Collateral. We may pay the Supplier (whom you have chosen) of the
      Collateral directly from the Loan proceeds. The Supplier will deliver the
      Collateral to you at your expense. You will properly install the
      Collateral at your expense at the location(s) indicated in the Schedule.
      If you have already paid for the Collateral, we will pay the Loan proceeds
      to you or to another person that you may designate in writing.

-     NOTES. Your obligation to repay the Loan and to pay interest on the Loan
      will be evidenced by Notes. Each Note will be dated the date of the
      Schedule to which the Advance evidenced by the Note is related.

-     TERM. The Term of each Schedule (and the related Advance) begins upon the
      date that we make payment for the Collateral covered under each Schedule
      (the "Closing Date"). The Term continues until you fully perform all of
      your obligations under this Agreement and each Schedule and the related
      Note(s) If the Collateral is not delivered, installed and accepted by you
      by the date indicated in the Schedule, we may terminate this Agreement and
      the Schedule as to the Collateral that was not delivered, installed and
      accepted by giving you 10 days written notice of termination.

-     LOAN ACCOUNT. We will keep a loan account on our books and records (which
      are computerized) for the Loan. We will record all payments of principal
      and interest in the loan account. Unless the entries in the loan account
      are clearly in error, the loan account will definitively indicate the
      outstanding principal balance and accrued interest on the Loan. We may
      send you loan account statements from time to time or upon your request.

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-     PAYMENTS. The scheduled loan payments (the "Payments") are indicated on
      the Schedule. The Payments are payable periodically as specified on the
      Schedule from time to time (for example, monthly). The Schedule also
      indicates whether the Payments are payable "in advance" or "in arrears."
      You agree that you owe us the total of all of these Payments over the Term
      of the Schedule.

-     FIRST PAYMENT. The first Payment is due at the beginning of the Term or at
      a later date that we agree to in writing. Subsequent Payments are due on
      the thirtieth day of each successive period (except the next following
      period if Payments are payable in arrears) until you pay us in full all of
      the Payments and any other charges or expenses you owe us.

-     INTEREST. Prior to maturity of a Schedule, you will pay us interest on
      each Schedule at the Interest Rate indicated in the Schedule. "Maturity"
      means the scheduled maturity or any earlier date on which we accelerate
      the Loan. The Payment amount indicated in the Schedule includes interest
      at this Interest Rate. Interest is calculated in advance using a year of
      360 days with twelve months of 30 days.

-     DEFAULT INTEREST RATE. After Maturity of the Loan you will pay us interest
      at a rate of four (4%) percent per year above the Interest Rate. This is
      referred to as the "Default Rate."

-     INTERIM PAYMENT. If an Advance is made on a day other than the thirtieth
      or thirty-first day of a period, you will also pay us an interim Payment
      on the first Payment date. The interim Payment will be for the period from
      the beginning of the Term until the twenty-ninth day of the period in
      which the Advance is made, unless the Advance is made on the thirty-first
      day of a period. If the Advance is made on the thirty-first day of a
      period, the interim Payment will be for the period from the beginning of
      the Term through and including the twenty-ninth day of the next following
      period. The Interim Payment will be calculated the same way as the regular
      Payments but pro rata on a daily basis for the number of days for which
      the interim Payment is due.

-     USURY. You and we intend to obey the law. If the Interest Rate charged
      would exceed the maximum legal rate, you will only have to pay the maximum
      legal rate. You do not have to pay any excess interest over and above the
      maximum legal rate of interest. However, if it later becomes legal for you
      to pay all or part of any excess interest, you will then pay it to us upon
      our request.

-     PAYMENT DETAILS. You will make all payments due under this Master
      Agreement by 12:00 P.M., Connecticut time, on the day they are due. You
      will make all payments in US Dollars (US$) in immediately available funds.
      We do not have to make or give "presentment, demand, protest or notice" to
      get paid. You waive "presentment, demand, protest and notice."

-     APPLICATION OF PAYMENTS. Each payment under this Master Agreement is to be
      applied in the following order: first, to any fees, costs, expenses and
      charges you may owe us; second, to any interest due; and third to the
      principal balance.

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-     PREPAYMENT. You may not prepay the Loan, in whole or in part, unless this
      is specifically permitted by Exhibit A to this Agreement. If prepayment is
      permitted by Exhibit A to this Master Agreement, you will give us at least
      30 days advance written notice of prepayment. You will pay us the
      prepayment premium indicated in the Schedule(s). You will also pay us all
      accrued and unpaid interest through the date of prepayment, as well as all
      outstanding fees, costs, expenses and charges then due. Of course, you
      will also pay the entire outstanding principal balance of the Loan. Once
      you give us a notice of prepayment, that notice is final and irrevocable.
      If we accelerate the Loan following an Event of Default, you will also owe
      us a prepayment premium calculated as if the Loan were prepaid on the date
      of acceleration. If no prepayment is permitted, the premium due upon
      acceleration will be five (5%) percent of the outstanding principal
      balance.

-     YOUR OBLIGATION TO PAY US ALL PAYMENTS IS ABSOLUTE AND UNCONDITIONAL. YOU
      ARE NOT EXCUSED FROM MAKING THE PAYMENTS, IN FULL, FOR ANY REASON. YOU
      AGREE THAT YOU HAVE NO DEFENSE FOR FAILURE TO MAKE THE PAYMENTS AND YOU
      WILL NOT MAKE ANY COUNTERCLAIMS OR SETOFFS TO AVOID MAKING THE PAYMENTS.

2.         SECURITY INTEREST

-     You grant us a security interest in the Collateral. The Collateral secures
      the full and timely payment and performance of all of your obligations to
      us and to FINOVA Capital Corporation under this Master Agreement and any
      other agreement, loan or lease that you may have with us or FINOVA Capital
      Corporation (the "Obligations"). You also grant us a security interest in
      any additional collateral identified in any Schedule. Any additional
      collateral is considered to be "Collateral" and it secures all of the
      Obligations.

-     If we request, you will put labels supplied by us stating "PROPERTY OF
      FINOVA" on the Collateral where they are clearly visible.

-     You give us permission to add to this Master Agreement or any Schedule the
      serial numbers and other information about the Collateral.

-     You give us permission to file this Master Agreement or a Uniform
      Commercial Code financing statement, at your expense, in order to perfect
      our security interest in the Collateral. You also give us permission to
      sign your name on the Uniform Commercial Code financing statements where
      this is permitted by law.

-     You will pay our cost to do searches for other filings or judgments
      against you or your affiliates. You will also pay any filing, recording or
      stamp fees or taxes resulting from filing this Agreement or a Uniform
      Commercial Code financing statement. You will also pay our fees in effect
      from time to time for documentation, administration and Termination of
      this Master Agreement.

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-     At your expense, you will defend our first priority security interest in
      the Collateral against, and keep the Collateral free of, any legal
      process, liens, other security interests, attachments, levies and
      executions. You will give us immediate written notice of any legal
      process, liens, attachments, levies or executions, and you will indemnify
      us against any loss that results to us from these causes.

-     You will notify us at least 15 days before you change the address of your
      principal executive office.

-     You will promptly sign and return additional documents that we may request
      in order to protect our first priority security interest in the
      Collateral.

-     The Collateral is personal property and will remain personal property. You
      will not incorporate it into real estate and will not do anything that
      will cause the Collateral to become part of real estate or a fixture.

3.         CONDITIONS OF LENDING

-     See our Commitment Letter to you dated November 16, 1998, which you and we
      consider to be a part of this Master Agreement. The terms and conditions
      of the Commitment Letter continued following the making of the first
      Advance. However, if there is a conflict between the terms and conditions
      of this Master Agreement, any schedule or any Note and the terms and
      conditions of the Commitment Letter, then you and we agree that the terms
      and conditions of this Agreement, the Schedules and the Notes control over
      the Commitment Letter terms and conditions.

-     Before we disburse any proceeds of any Advance, we also require the
      following:

*     That no payment is past due to us under any other agreement, loan or lease
      that you or any guarantor have with us or with FINOVA Capital Corporation.

*     That we have received all the documents we requested, including the signed
      Schedule, Note and Delivery and Acceptance Certificate.

*     that there has been no material adverse change in your financial
      condition, business, operations or prospects, or that of any guarantor,
      from the financial condition that you disclosed to us in your application
      for credit.

4.         REPRESENTATIONS AND WARRANTIES

You represent and warrant to us as follows:

-     All financial information and other information that you or any guarantor
      have given us is true and complete. You or any guarantor have not failed
      to tell us anything that would make the financial information misleading.
      There has been no material adverse change in your financial condition,
      business, operations or prospects, or the financial condition of any
      guarantor, or the financial condition of any guarantor, from the financial
      condition that you disclosed to us in your application for credit.

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-     You have supplied us with information about the Collateral. You promise to
      us that the amount of our Advance as to each item of Collateral is no more
      than the fair and usual price for this kind of Collateral, taking into
      account any discounts, rebates and allowances that you or any affiliate of
      yours may have given for the Collateral.

-     You have complied with all "environmental laws" and will continue to
      comply with all "environmental laws." No "hazardous substances" are used,
      generated, treated, stored or disposed of by you or at your properties
      except in compliance with all environmental laws. "Environmental laws"
      mean all federal, state or local environmental laws and regulations,
      including the following laws: CERCLA, RCRA, Hazardous Materials Transport
      Act and The Federal Water Pollution Control Act. "Hazardous substances"
      means all hazardous or toxic wastes, materials or substances, as defined
      in the environmental laws, as well as oil, flammable substances, asbestos
      that is or could become friable, urea formaldehyde insulation,
      polychlorinated biphenyls and radon gas.

-     You have taken all action necessary including but not limited to due
      inquiry and due diligence to assure that there will be no material adverse
      change to your business by reason of the advent of the year 2000,
      including without limitation that all computer-based systems, embedded
      microchips and other processing capabilities effectively recognize and
      process dates after April 1, 1999.

5.         COVENANTS

You agree to do the following things (or not to do the following things if so
stated) until full payment of all amounts due to us under this Agreement, the
Schedules and the Notes:

CARE, USE, LOCATION AND ALTERATION OF THE COLLATERAL

-     You will make sure that the Collateral is maintained in good operating
      condition, and that it is serviced, repaired and overhauled when this is
      necessary to keep the Collateral in good operating condition. All
      maintenance must be done according to the Supplier's or Manufacturer's
      requirements or recommendations. All maintenance must also comply with any
      legal or regulatory requirements.

-     You will maintain service logs for the Collateral and permit us to inspect
      the Collateral, the service logs and service reports. You give us
      permission to make copies of the service logs and service reports.

-     We will give you prior notice if we, or our agent, want to inspect the
      Collateral or the service logs or service reports. We may inspect it
      during regular business hours. You will pay our travel, meals and lodging
      costs to inspect the Collateral, but only for one inspection ear. If we
      find during an inspection that you are not complying with this Master
      Agreement, you will pay our travel, meals and lodging costs, our salary
      costs, and the costs and fees of our agents for reinspection. You will
      promptly cure any problems with the Collateral that are discovered during
      our inspection.

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-     You will use the Collateral only for business purposes. You will obey all
      legal and regulatory requirements in your use of the Collateral.

-     You will make all additions, modifications and improvements to the
      Collateral that are required by law or government regulation. Otherwise,
      you will not alter the Collateral without our written permission. You will
      replace all worn, lost, stolen or destroyed parts of the Collateral with
      replacement parts that are as good or better than the original parts. The
      new parts will become subject to our security interest upon replacement.

-     You will not remove the Collateral from the location indicated in the
      Schedule without our written permission.

YEAR 2000 COMPLIANT

-     You shall take all action necessary including but not limited to due
      inquiry and due diligence with critical business partners to assure that
      there will be no material adverse change to your business by reason of the
      advent of the year 2000, including without limitation that all
      computer-based systems, embedded microchips and other processing
      capabilities effectively recognize and process dates after April 1, 1999.
      At our request, you shall provide to us assurance reasonably acceptable to
      us that your computer-based systems, embedded microchips and other
      processing capabilities are year 2000 compatible.

RISK OF LOSS

-     You have the complete risk of loss or damage to the Collateral. Loss or
      damage to the Collateral will not relieve you of your obligation to make
      the Payments.

-     If any Collateral is lost or damaged, you have two choices (although if
      you are in default under this Master Agreement, we and not you will have
      the two choices). The choices are:

(1)   Repair or replace the damaged or lost Collateral so that, once again, the
      Collateral is in good operating condition and we have a perfected first
      priority security interest in it.

(2)   Pay us the present value (as of the date of payment) of the remaining
      Payments. We will calculate the present value using a discount rate of
      five (5%) percent per year. Once you have paid us this amount and any
      other amount that you may owe us, we will release our security interest in
      the damaged or lost Collateral and you (or your insurer) may keep the
      Collateral for salvage purposes, on an "AS IS WHERE IS" basis.

INSURANCE

-     Until you have made all Payments to us under this Master Agreement, the
      Schedules and the Notes, you will keep the Collateral insured. The amount
      of insurance, the coverage, and the insurance company must be acceptable
      to us.

-     If you do not provide us with written evidence of insurance that is
      acceptable to us, we may buy the insurance ourselves, at your expense. You
      will promptly pay us the cost of this

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      insurance. We have no obligation to purchase any insurance. Any insurance
      that we purchase will be our insurance, and not yours.

-     Insurance proceeds may be used to repair or replace damaged or lost
      Collateral or to pay us the present value of the Payments, as provided
      above.

-     You appoint us as your "attorney-in-fact" to make claims under the
      insurance policies, to receive payments under the insurance policies, and
      to endorse your name on all documents, checks or drafts relating to
      insurance claims for Collateral.

TAXES

-     You will pay all sales, use, excise, stamp, documentary and ad valorum
      taxes, license, recording and registration fees, assessments, fines,
      penalties and similar charges imposed on the ownership, possession, use,
      lease or rental of the equipment or on the Loan.

-     You will pay all taxes (other than our federal or state net income taxes)
      imposed on your or on us regarding the Payments.

-     You will reimburse us for any of these taxes that we pay or advance.

-     You will file and pay for any personal property taxes on the Collateral.

FINANCIAL STATEMENTS

-     During the Term you will promptly give copies of any filings you make with
      the Securities and Exchange Commission (SEC). You and any guarantor will
      also provide us with the following financial statements:

*     Quarterly balance sheet and statements of earnings and cash flow - within
      45 days after the end of your first three fiscal quarters in each fiscal
      year. These will be certified by the chief financial officer. You will
      also deliver to us, together with your quarterly financial statements, a
      certificate executed by your chief financial officer, to the effect that
      since the date of the previous certificate delivered to us, there has been
      no default under this Master Agreement or, if the same cannot be so
      certified, the reasons surrounding the same.

*     Annual balance sheet and statements of earnings and cash flow - within 90
      days after the end of each fiscal year. These will be audited by
      independent auditors acceptable to FINOVA. Their audit report must be
      unqualified.

These financial statements will be prepared according to generally accepted
accounting principles, consistently applied.

All financial statements and Sec filings that you or any guarantor provide us
will be true and complete. They will not fail to tell us anything that would
make them misleading.

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6.         DEFAULTS

You are in default if any of the following happens:

-     You do not pay us, when it is due or within seven (7) days thereafter, any
      payment or other payment that you owe us under this Master Agreement, any
      Schedule, Note or that you owe us under this Master Agreement, any
      Schedule, Note or that you owe under any other agreement, loan or lease
      that you have with us or with FINOVA Capital Corporation.

-     Any of the financial information that you give us is not true and complete
      in all material respects, or you fail to tell us anything that would make
      the financial information misleading in any material respect.

-     You do something you are not permitted to do, or you fail to do anything
      that is required of you, under this Master Agreement, any schedule or nay
      other lease, loan or other financial arrangement that you have with us.

-     An event or default occurs for any other lease, loan or obligation of
      yours (or any guarantor) that exceeds $50,000.

-     You or any guarantor file bankruptcy, or involuntary bankruptcy is filed
      against you or any guarantor.

-     You or any guarantor are subject to any other insolvency proceeding other
      than bankruptcy (for example, a receivership action or an assignment for
      the benefit of creditors).

-     Without our permission, you or any guarantor sell all or a substantial
      part of its assets, merge or consolidate, or a majority of your voting
      stock or interests (or any guarantor's voting stock or interests) is
      transferred.

-     There is a material adverse change in your financial condition, business
      or operations, or that of any guarantor, from the condition that you
      disclosed to us in your application for credit.

REMEDIES, DEFAULT INTEREST, LATE FEES

If you are in default we may exercise one or more of our "remedies." Each of our
remedies is independent. We may exercise any of our remedies, all of our
remedies or none of our remedies. We may exercise them in any order we choose.
Our exercise of any remedy will not prevent us from exercising any other remedy
or be an "election of remedies." If we do not exercise a remedy, or if we delay
in exercising a remedy, this does not mean that we are forgiving your default or
that we are giving up our right to exercise the remedy. Our remedies allow us to
do one or more of the following:

-     "Accelerate" this Loan balance under any or all Notes. This means that we
      may require you to immediately pay us all Payments for the entire Term for
      any or all Schedules.

-     Require you to immediately pay us all amounts that you are required to pay
      us for the entire Term of any other agreements, loans or leases that you
      have with us.

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-     Sue you for all Payments and other amounts you owe us plus the Prepayment
      Premium (see Section 1 above).

-     Require you at your expense to assemble the Collateral at a location we
      request in the Untied States of America.

Remove and repossess the Collateral from where it is located, without demand or
notice, or make the Collateral inoperable. We have your permission to remove any
physical obstructions to removal of the Collateral. We may also disconnect and
separate all Collateral from other property. No court order, court hearing or
"legal process" will be required for us to repossess the Collateral. You will
not be entitled to any damages resulting form removal or repossession of the
Collateral. We may use, ship, store, repair or lease any Collateral that we
repossess. We may sell any repossessed Collateral at private or public sale. You
give us permission to show the Collateral to buyers at your location free of
charge during normal business hours. If we do this, we do not have to remove the
Collateral from your location. If we repossess the Collateral and sell it we
will give you credit for the net sale price, after subtracting our costs of
repossessing and selling the Collateral. If we rent the Collateral to somebody
else, we will give you credit for the net rent received, after subtracting our
costs of repossessing and renting the Collateral, but the credit will be
discounted to present value using a discount rate equal to the Default Rate. The
credit will be applied against what you owe us under this Master Agreement, the
Schedules, the Notes and any other agreements, loans or leases that you have
with us. If the credit exceeds the amount you owe under this Master Agreement,
the Schedule, the Notes and any other agreements, loans or leases that you have
with us, we will refund the amount of the excess to you.

-     Return conditions: Following an Event of Default, at our request you will
      return the Collateral, freight and insurance prepaid by you, to us at a
      location we request in the United States of America. It will be returned
      in good operating condition, as required by Section 5 above. The
      Collateral will not be subject to any liens when it is returned. All
      advertising insignia will be removed and the finish will be painted or
      blended so that nobody can see that advertising insignia used to be there.

*     You will pack or crate the Collateral for shipping in the original
      containers, or comparable ones. You will do this carefully and follow all
      recommendations of the Supplier and the Manufacturer as to packing or
      crating.

*     You will also return to us the plans, specifications, operating manuals,
      software documentation, discs, warranties and other documents furnished by
      the Manufacturer or Supplier. You will also return to us all service logs
      and service reports, as well as all written materials that you may have
      concerning the maintenance and operation of the Collateral.

*     At our request, you will provide us with up to 60 days free storage of the
      Collateral at your location, and will let us (or our agent) have access to
      the Collateral in order to inspect it and sell it.

*     You will pay us what it costs us to repair the Collateral if you do not
      return it in the required condition.

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You will also pay us for the following:

-     All our expenses of enforcing our remedies. This includes all our expenses
      to repossess, store, ship, repair and sell the Collateral.

-     Our reasonable attorney's fees and expenses.

-     Default interest on everything you owe us from the date of your default to
      the date on which we are paid in full at the Default Rate.

You realize that the damages we could suffer as a result of your default are
very uncertain. This is why we have agreed with you in advance on the Default
Rate to be used in calculating the payments you will owe us if you default. You
agree that, for these reasons, the payments you will owe us if you default are
"agreed" or "liquidated" damages. You understand that these payments are not
"penalties" or "forfeitures."

LATE FEES. You will pay us a late fee whenever you pay any amount that you owe
us more than ten (10) days after it is due. You will pay the late fee within one
month after the late Payment was originally due. The late fee will be five (5%)
percent of the late Payment. If this exceeds the highest legal amount we can
charge you, you will only be required to pay the highest legal amount. The late
fee is intended to reimburse us for our collection costs that are caused by late
Payment. It is charged in addition to all other amounts you are required to pay
us, including Default Interest.

7.         EXPENSES AND INDEMNITIES

PERFORMING YOUR OBLIGATIONS IF YOU DO NOT

-     If you do not perform one or more of your obligations under this Master
      Agreement or a Schedule or Note, we may perform it for you. We will notify
      you in writing at least ten (10) days before we do this. We do not have to
      perform any of your obligations for you. If we do choose to perform them,
      you will pay us all of our expenses to perform them, you will pay us all
      of our expenses to perform the obligations. You will also reimburse us for
      any money that we advance to perform your obligations, together with
      interest at the Default Rate on that amount. These will be additional
      "Payments" that you will owe us and you will pay them at the same time
      that your next Payment is due.

-     You will indemnify us, defend us and hold us harmless for any and all
      claims, expenses and attorney's fees concerning or arising from the
      Collateral, this Agreement, or any Schedule or Note, or your breach of any
      representation or warranty. It includes any claims concerning the
      manufacture, selection, delivery, possession, use, operation or return of
      the Collateral.

-     This obligation of yours to indemnify us continues even after the Term is
      over.

8.         MISCELLANEOUS

WE MAY ASSIGN OR GRANT A SECURITY INTEREST IN THIS AGREEMENT, ANY SCHEDULE, ANY
NOTE OR ANY PAYMENTS WITHOUT YOUR PERMISSION. THE

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PERSON TO WHOM WE ASSIGN IS CALLED THE "ASSIGNEE." THE ASSIGNEE WILL NOT HAVE
ANY OF OUR OBLIGATIONS UNDER THIS MASTER AGREEMENT. YOU WILL NOT BE ABLE TO
RAISE ANY DEFENSE, COUNTERCLAIM OR OFFSET AGAINST THE ASSIGNEE.

AFTER ASSIGNMENT YOU MAY "QUIETLY ENJOY" THE USE OF THE COLLATERAL SO LONG AS
YOU ARE NOT IN DEFAULT.

UNLESS YOU RECEIVE OUR WRITTEN PERMISSION, YOU MAY NOT ASSIGN OR TRANSFER YOUR
RIGHTS UNDER THIS MASTER AGREEMENT OR ANY SCHEDULE. YOU ALSO ARE NOT ALLOWED TO
LEASE OR RENT THE COLLATERAL OR LET ANYBODY ELSE USE IT UNLESS WE GIVE YOU OUR
WRITTEN PERMISSION.

WE DID NOT MANUFACTURE OR SUPPLY THE COLLATERAL. WE ARE NOT A DEALER IN THE
COLLATERAL. INSTEAD, YOU CHOSE THE COLLATERAL.

WE DO NOT MAKE ANY WARRANTY AS TO THE COLLATERAL. WE DO NOT MAKE ANY WARRANTY AS
TO "MERCHANTABILITY" OR "SUITABILITY" OR "FITNESS FOR A PARTICULAR PURPOSE" OR
"NONINFRINGEMENT" OF ANY PATENT, COPYRIGHT OR OTHER INTELLECTUAL PROPERTY RIGHT.

WE WILL NOT BE RESPONSIBLE FOR ANY LOSS, DAMAGE, OR INJURY TO YOU OR ANYBODY
ELSE AS A RESULT OF ANY DEFECTS, HIDDEN OR OTHERWISE, IN THE COLLATERAL UNDER
"STRICT LIABILITY" LAWS OR ANY OTHER LAWS.

WE WILL NOT BE RESPONSIBLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES,
LOSS OF PROFITS OR GOODWILL.

If the Collateral is unsatisfactory, you will continue to pay us all Payments
and other amounts you are required to pay us. You must seek repair or
replacement of the equipment solely from the Manufacturer or Supplier and not
from us. Neither the Manufacturer nor the Supplier is our "agent," so they
cannot speak for us and they are not allowed to make any changes in this Master
Agreement or any Schedule or Note, or give up any of our rights.

ACCEPTANCE BY FINOVA, GOVERNING LAW, JURISDICTION, VENUE, SERVICE OF PROCESS,
WAIVER OF JURY TRIAL.

THIS MASTER AGREEMENT WILL ONLY BE BINDING WHEN WE HAVE ACCEPTED IT IN WRITING.

THIS MASTER AGREEMENT IS GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF
ARIZONA (NOT INCLUDING THE "CHOICE OF LAW" DOCTRINE), THE STATE IN WHICH OUR
OFFICE IS LOCATED IN WHICH FINAL APPROVAL OF THE TERMS OR CONDITIONS OF THIS
MASTER AGREEMENT OCCURRED AND FROM WHICH DISBURSEMENT OF THE LOAN PROCEEDS WILL
BE ORDERED. HOWEVER, IF THIS MASTER AGREEMENT IS UNENFORCEABLE UNDER ARIZONA
LAW. IT

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WILL INSTEAD BE GOVERNED BY THE LAWS OF THE STATE IN WHICH THE COLLATERAL IS
LOCATED.

YOU MAY ONLY SUE US IN A FEDERAL OR STATE COURT THAT IS LOCATED IN MARICOPA
COUNTY, ARIZONA. THIS APPLIES TO ALL LAWSUITS UNDER ALL LEGAL THEORIES,
INCLUDING CONTRACT, TORT AND STRICT LIABILITY. YOU CONSENT TO THE PERSONAL
JURISDICTION OF THESE ARIZONA COURTS. YOU WILL NOT CLAIM THAT MARICOPA COUNTY
ARIZONA, IS AN "INCONVENIENT FORUM" OR THAT IT IS NOT A PROPER "VENUE."

WE MAY SUE YOU IN ANY COURT THAT HAS JURISDICTION. WE MAY SERVE YOU WITH PROCESS
IN A LAWSUIT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO YOUR ADDRESS
INDICATED AFTER YOUR SIGNATURE BELOW.

YOU AND WE EACH WAIVE ANY RIGHT YOU OR WE MAY HAVE TO A JURY TRIAL IN ANY
LAWSUIT BETWEEN YOU AND US.

BOARD MEETINGS. You will provide us with the minutes of the meetings of your
board of directors.

NOTICES. We may give you written notice in person, by mail, by overnight
delivery service, or by fax. Notice will be sent to your address below your
signature. Mail notice will be effective three (3) days after we mail with
prepaid postage to the address stated. Overnight delivery notice requires a
receipt and tracking number. Fax notice requires a receipt from the sending
machine showing that it has been sent to your fax number and received.

You may give us notice the same way that we may give you notice.

This Master Agreement benefits our successors and assigns. This Master Agreement
benefits our successors and assigns. This Master Agreement benefits only those
successors and assigns of yours that we have approved in writing.

This Master Agreement binds your successors and assigns. This Master Agreement
binds only those successors and assigns of ours that clearly assume our
obligations in writing.

TIME IS OF THE ESSENCE OF THIS MASTER AGREEMENT

This Master Agreement, all of the Schedules and the Notes and the Commitment
Letter are together the entire agreement between you and us concerning the
Collateral.

Only an employee of FINOVA who is authorized by corporate resolution or policy
may modify or amend this Loan or any Schedule or Note on our behalf, an this
must be in writing. Only he or she may give up any of our rights, and this must
be in writing. If more than one person is the Borrower under this Agreement,
then each of you is jointly an severally liable for your obligations under this
Master Agreement.

This Master Agreement is only for your benefit and for our benefit, as well as
our successors and assigns. It is not intended to benefit any other person.

                                      -12-
<PAGE>   13

If any provision in this Master Agreement is unenforceable, then that provision
must be deleted. Only unenforceable provisions are to be deleted. The rest of
this Master Loan Agreement will remain as written.

PUBLICITY. We may make press releases and publish a tombstone announcing this
transaction and its total amount. You may not publicize this transaction in any
way without our prior written consent.

LENDER:                               BORROWER:

FINOVA TECHNOLOGY FINANCE, INC.       ANTIGENICS, LLC
10 WATERSIDE DRIVE                    630 FIFTH AVENUE, SUITE 2170
FARMINGTON, CT 06032-3065             NEW YORK, NY 10111

BY: /s/ Linda A. Mischitto            BY: /s/ Garo Armen
    -------------------------------       --------------------------------------
PRINTED NAME: Linda A. Mischitto          PRINTED NAME: Garo H. Armen

TITLE: Director, Contract             TITLE: Chairman of the Board of Managers
        Administration                        and Chief Executive Officer
       -----------------------------         -----------------------------------

FAX NUMBER: (860) 676-1814            Taxpayer ID# 13-3769335
                                                   -----------------------------

DATE ACCEPTED: December 8, 1998       FAX NUMBER: (212) 332-4778
               ---------------------              ------------------------------

                                      DATED: December 4, 1998
                                             -----------------------------------

                                      -13-
<PAGE>   14

STATE OF NEW YORK
COUNTY OF NEW YORK

           I acknowledge that Garo Armen, who stated that he/she/ is
_______________ of the Borrower named above, signed this Master Loan and
Security Agreement in my presence today: December 4, 1998. He/She acknowledged
to me that his/her signature on this Master Loan and Security Agreement was
authorized by a valid resolution or other valid authorization from Borrower's
board of Directors or other governing body.

                                             /s/  Michelle Barr
                                             -----------------------------------
                                             Notary Public

[SEAL]

                                             Michelle Barr
                                             Notary Public, State of New York
                                             No. 01BA5042457
                                             Qualified in Westchester County
                                             Commission Expires April 24, 1999

                                      -14-
<PAGE>   15

                                    Exhibit A

THERE SHALL BE NO PREPAYMENT ALLOWED UNDER THIS MASTER AGREEMENT.

                                      -15-
<PAGE>   16

                              PROMISSORY NOTE NO. 1

$935,745.00                                                    December 30, 1998

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA TECHNOLOGY
FINANCE, INC. ("we," "us" or "FINOVA") the principal amount of Nine Hundred
Thirty-Five Thousand, Seven Hundred Forty-Five and 00/100 Dollars ($935,745.00),
together with interest on the unpaid principal balance at the interest rate per
annum and on the dates and as otherwise provided in the "Master Agreement" and
"Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
of ten (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   17

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 12/18/98                                /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   18

                                SCHEDULE NO. 1 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 1, dated December 30, 1998, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19, 1998 (the "Master Agreement")
between ANTIGENICS, LLC, a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, Suite
2170, New York, New York 10111 ("you"), and FINOVA TECHNOLOGY FINANCE, INC., a
Delaware corporation with its executive office and principal place of business
at 10 Waterside Drive, Farmington, Connecticut 06032-3065 ("we," "us", or
"FINOVA").

1. OBLIGATION TO PAY. You are presently borrowing Nine Hundred Thirty-Five
Thousand, Seven Hundred Forty-Five and 00/100 Dollars ($935,745.00) from us.
This borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $935,745.00 (the "Note") to which this Schedule is
attached.

2. PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $26,083.89, followed by one (1) final monthly
payment in the amount of $93,574.50 (the "Final Payment"). These payments will
be adjusted on the date we make the Loan to you as set forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30% interest only, at the interest rate, from the date we make the Loan to
you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (31st), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3. INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury Notes. Two-business days prior to
the date we make the Loan to you, we will read THE WALL STREET JOURNAL to
determine the final Index Rate. If the Index Rate is not published in THE WALL

<PAGE>   19

STREET JOURNAL, we will determine it from another reliable source. We will
increase or decrease the payments set forth above in Paragraph 2 to reflect any
increase or decrease in the Index Rate. We will give you notice of any increase
as soon as we can. You will pay the increased payments unless we have made an
obvious mistake in our calculations. Interest is calculated in advance using a
360-day year of twelve 30-day months.

4. PURPOSE OF LOAN: Security Interest. You are making this borrowing to finance
(or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us or FINOVA Capital Corporation.

5. COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed and
accepted no later than December 31, 1999.

6. TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a part
of this Schedule as if repeated in this Schedule. Any declaration of default
under the Master Agreement is a default under this Schedule and permits us to
exercise all remedies provided by the Master Agreement.

ANTIGENICS, LLC                         ATTEST:

                                        [SEAL]

By    /s/ Garo Armen
     ------------------------------     /s/ Jeffrey Rona
Name  Garo Armen                        ------------------------------
     ------------------------------     [Assistant] Secretary
Title CEO
     ------------------------------
Date  12/18/98
     ------------------------------

<PAGE>   20

<TABLE>
<CAPTION>
                                                    SCHEDULE A TO SCHEDULE NO. 1

Collateral Description Below:                                            EQUIPMENT
REFERENCE#      VENDOR            COLLATERAL DESCRIPTION        INVOICE #     COST       TAX     FREIGHT      TOTAL           CHECK#
----------      ------            ----------------------        ---------     ----       ---     -------      -----           ------

                            PURCHASES FROM OCT 1, 1997 TO DEC. 31, 1997

<S>        <C>                <C>                              <C>        <C>           <C>      <C>       <C>         <C>
1          Micron             2-Micron Computer ATO             1555179   $  5,874.00            $ 99.00   $  5,973.00          2008

2          Micron             Computer Equipment                1508072   $  5,396.00   $270.00            $  5,666.00          2008

3          Pace               Windows NT Workstation             981318   $  1,889.00                      $  1,889.00          2036

4          Pace               Laserjet 4000T                     981567   $  1,973.00            $ 23.00   $  1,996.00          2036

5          Comdisco           Misc Lab Equipment:                 11520   $ 45,000.00                      $ 45,000.00          2104
                              Glass Washer, Cage Washer
                              Autoclave Irradiator, Fume Hoods
                              Biosafety Cabinets

6          Pharmacia Biotech  Phastsystem 00151                           $  9,599.00            $ 48.00   $  9,647.00          1784

8          Micron             Computer equipment                1550021   $  2,797.00   $140.00  $ 99.00   $  3,036.00          2008

9          Pace Memory        Laserjet 4000T                     981490   $  1,278.00                      $  1,278.00          2011

10         Pace Memory        MS Project 98 and misc. computer   981468   $  4,050.00                      $  4,050.00 3118 and 2011

11         Pace Memory        Proliant 2500R Proc                980526   $  3,216.00
                              Tigerswitch SMC 8PT                         $  1,415.00            $100.00   $  4,731.00          1915

12         Pace Memory        3-Proliant 2500R Servers           980299   $ 17,175.00
                              3-Compaq RPS                       980299   $  4,170.00
                              3-Smart Array 2/P Cont             980299   $  6,300.00
                              other misc. computer equipment     980299   $ 72,350.00                      $ 99,995.00          1882

13         Micron             Micron Computer System ATO Model  1513342   $  4,082.00                      $  4,082.00          2008
                              BOM Serial# 1075374-0001

14         VWR                Lab equipment                    42593290   $  1,570.00                      $  1,570.00          1988

15         Rittal             Shelving                           570867   $  1,146.00   $108.00  $185.00   $  1,439.00          1858

16         Rittal             Air Conditioners                   571155   $  4,173.00   $332.00  $ 83.00   $  4,588.00          1858

                                                               SUB-TOTAL  $193,453.00   $850.00  $637.00   $194,940.00
                                                               ---------  -----------   -------  -------   -----------
</TABLE>

                                       1

<PAGE>   21

<TABLE>
<CAPTION>
                                                    SCHEDULE A TO SCHEDULE NO. 1

Collateral Description Below:                                            EQUIPMENT
REFERENCE#      VENDOR            COLLATERAL DESCRIPTION        INVOICE#      COST      TAX      FREIGHT      TOTAL           CHECK#
----------      ------            ----------------------        --------      ----      ---      -------      -----           ------

                            PURCHASES FROM JAN. 1, 1998 - SEPT. 30, 1998

<S>        <C>                <C>                               <C>       <C>          <C>       <C>       <C>           <C>
1          MBS                MS Exchange Server                982059    $ 3,225.00                       $ 3,225.00           2313

2          MBS                Cheyenne Protector                981786    $ 1,393.00
           MBS                Inoculan V4.0 for NT              981786    $ 2,168.00
           MBS                Cheyenne Inoculan                 981786    $   345.00                       $ 3,906.00           2313

2A         Hammen             Materials/Labor/Installation                $ 4,375.00                       $ 4,375.00    1893 & 2095

3          Immulogic          Lab Equipment                               $78,000.00                       $78,000.00           2480

4          PC Connection      ThinkPad 600                      694254    $ 2,924.00             $ 20.00   $ 2,944.00           2599

5          Teracom Partners   Computer Equipment                          $16,201.00   $1,337.00           $17,538.00           wire

5A         Teracom Partners   Computer Equipment                          $65,877.00   $5,434.00           $71,311.00           wire

6          Bellco Glass       SCI/ERA Quad Drive                91939     $ 2,194.00             $ 37.00   $ 2,231.00           2731

7          BIO-RAD            Capacitance Ext Plus              1346723   $ 1,525.00             $ 30.00   $ 1,555.00           2732

8A         Allentown Caging   Animal Cages                      18222     $ 3,140.00             $ 66.00   $ 3,206.00           2198
8B                                                              18413     $ 1,922.00                       $ 1,922.00           2092
8C                                                              18413     $ 1,346.00             $116.00   $ 1,462.00           2291

9          Cole Palmer        Ultrasonic Cleaner                3349284   $ 1,028.00             $ 13.00   $ 1,041.00           2577

10         Cole Palmer        Drive, MFLEX                      3339545   $ 1,015.00             $  9.00   $ 1,024.00           2577

11         Lab Research       2 Chromatography Refrigerators    225       $ 5,768.00             $436.00
           Products
           Lab Research       2 Chromatography Masts            225       $   202.00                       $ 6,406.00           2591
           Products

12         Lab Research       Chromatography Refrigerator       214       $ 2,884.00             $180.00
           Products
           Lab Research       Chromatography Mast               214       $   101.00                       $ 3,165.00           2459
           Products

13         Optical Analysis   CH30-1 set                        980520    $ 1,538.00                       $ 1,538.00           2681
           Corp.

14         Optical Analysis   CK2 Microscope Stand              980521    $ 1,641.00                       $ 1,641.00           2681
           Corp.

15         Optical Analysis   BH-TR30 Tri Tube/Eyepiece/Phase   980581    $   959.00                       $   959.00           2681
           Corp.              ach 10x
</TABLE>

                                       2

<PAGE>   22

<TABLE>
<CAPTION>
                                                    SCHEDULE A TO SCHEDULE NO. 1

Collateral Description Below:                                            EQUIPMENT

REFERENCE#      VENDOR            COLLATERAL DESCRIPTION       INVOICE #      COST       TAX     FREIGHT       TOTAL         CHECK #
----------      ------            ----------------------       ---------      ----       ---     -------       -----         -------

<S>        <C>                <C>                              <C>        <C>           <C>      <C>        <C>                 <C>
16         Optical Analysis   Phase Ach 20x/Plan OBJ. for CK2  980582     $  1,045.00                       $  1,045.00         2681
           Corp.

17         Optical Analysis   CK 2 various attachments         980583     $  1,015.00                       $  1,015.00         2681
           Corp.

18         Micron             Computer Equipment               1689535    $  4,994.00   $250.00  $130.00    $  5,374.00         2170

19         MBS                Laserjet 4000T                   984165     $  2,540.00
           MBS                Deskjet 670C                     984165     $    200.00                       $  2,740.00         2212

20         VWR                Balance TPLD 310G x 1MG          4589440    $  1,346.00                       $  1,346.00         2118

21         VWR                Orion Research ZZMFG meter       42593300   $  2,727.00                       $  2,727.00         2184

22         VWR                Shaker, Reciprocal, BNCHTOP      55506770   $  1,088.00                       $  1,088.00         2657
                              115V

23         VWR                Balance TPLD 310G x 1MG          55507440   $  1,346.00                       $  1,346.00         2657

24         Brinkman           McIlwain Tissue Chopper, 110V    300127     $  2,425.00                       $  2,425.00         2629

25         Dell               5 Dell P6266                     160365540  $ 11,765.00   $588.00             $ 12,353.00         2581

26         Sorvall            3 centrifuges and rotors         SLS/       $189,026.00            $2,850.00  $191,876.00         2181
                                                               97014474

27         Hydro              4 Picosystems plus picopure and  W18799     $ 14,643.00                       $ 14,643.00         2277
                              monitor

28         Comdisco           Nikon TMS Beckman GP Centrifuge  11648      $ 19,125.00                       $ 19,125.00         2264
                                                                                                                                2119

29         Comdisco           3 Lab products 6 door cage rack  11650      $ 13,835.00
                              and ice maker                    11649      $ 13,835.00                       $ 27,670.00         2483

30         Comdisco           Virtis VirTishear Homogenizer    11758 and  $  1,025.00
                                                                11757
           Comdisco           Savant SFR-11K Micro centrifuge  11759 and  $  2,200.00
                                                                11757
           Comdisco           Forma 3326 CO2 incubator         11760 and  $  4,500.00
                                                                11757
           Comdisco           NuAire 2700 IR GO2 Incubator     11761 and  $  4,700.00                                           2359
                                                                11757
           Comdisco           Becton FacScan flow Cytometer    11762 and  $ 58,950.00                       $ 71,375.00         2450
                                                                11757

31         Comdisco           Various-balance,                 12110      $  4,062.00                       $  4,062.00         2578
                              microcentrifuge ph meter, etc.
32                                                             12151      $  4,063.00                       $  4,063.00         2931

33         Lunaire            L34HV72 Depyprogenating Lab      1010787A   $  6,544.00                       $  6,544.00         2312

34         Biorad             Mini-Transilluminator, 120V      1330378    $  1,750.00            $55.00     $  1,805.00         2414
</TABLE>

                                       3

<PAGE>   23

<TABLE>
<CAPTION>
                                                    SCHEDULE A TO SCHEDULE NO. 1

Collateral Description Below:                                              EQUIPMENT

REFERENCE#      VENDOR            COLLATERAL DESCRIPTION        INVOICE #      COST         TAX      FREIGHT      TOTAL      CHECK #
----------      ------            ----------------------        ---------      ----         ---      -------      -----      -------

<S>        <C>              <C>                                <C>          <C>          <C>        <C>        <C>              <C>
35         Cryosafe           #SSBA 1 Liquid Nitrogen Auto-     472         $  6,990.00
                              Fill Tank
           Cryosafe           #A1-13RP Complete Inventory       472         $  2,679.00  $  345.00  $10,014.00                  2485
                              System

36         Lebrepco           5 -80 Freezers                    5040        $ 30,565.00                         $ 30,565.00     2477

37         Teracom Partners   Computer Equipment                            $ 16,201.00                         $ 16,201.00     Wire

38         VWR                Balance Analytical 110Gx0.1 MG    45670151    $  2,021.00                         $  2,021.00     2184

39         Lunaire            2 Depyrogenating Lab Ovens        1010787B    $ 13,088.00                         $ 13,088.00     2952

40         Biorad             MDL 1575 Washer                   1416951     $  5,396.00             $    54.00  $  5,450.00     3067

41         The Baker Company  Biosafety Cabinet                 3519        $  7,062.00             $   295.00  $  7,357.00     2854

42         Dell Computers     2 -P6266 GXI/MT+Base (66MHz FSB)  170894984   $  3,908.00  $  195.00              $  4,103.00     2877

43         Polar Tap, Inc.    Cold Plate Prototype                          $  2,950.00  $  148.00  $    71.00  $  3,169.00     2866

44         Waldner's          File Cabinets                     16953       $  2,459.00  $  203.00              $  2,662.00     2692
           Waldner's          File Cabinets                     134385                              $   162.00  $    162.00     2902

45         American Express   Guinea Pig Feeders                            $  1,658.00                         $  1,658.00

46         Dell Computers     P6266 GXI/MT+Base (66MHz FSB)     170235832   $  2,363.00  $  118.00              $  2,481.00     2937

47         Dell Computers     2 -P6266 GXI/MT+Base (66MHz FSB)  170903389   $  4,158.00  $  343,00              $  4,501.00     2877

                                                               SUB-TOTAL    $670,018.00  $8,616.00  $ 4,869.00  $683,503.00
                                                               ---------    -----------  ---------  ----------  -----------

                              PURCHASES FROM OCT 1, 1998 - DEC 8, 1998

2          Unplug.It          (1) Sharp Aticus P233 Laptop       American   $  3,709.00                         $  3,709.00     3374
                                                                 Express

6          Unplug.It          (3) Sharp Aticus.P233MMX Laptops    Craig     $  8,334.00     $688.00             $  9,022.00     3261
                                                                  Winter

7          Serono Labs        Lab Equipment (Freezers,                      $ 33,415.00                         $ 33,415.00     3530
                              Shakers, Cabinets)

8          Serono Labs        Lab Equipment (Lypholizer,                    $  5,600.00                         $  5,600.00     3557
                              Vacuum Pump, Cabinet)

10         Advanced Asset     (1) Baker Safety Hood, Vortex              2  $  4,810.00     $746.00             $  5,556.00     Wire
                              Mixers,
                              (1) Fisher Scientific Electronic
                              Analytical Balance
</TABLE>

                                       4

<PAGE>   24

<TABLE>
<CAPTION>
                                                    SCHEDULE A TO SCHEDULE NO. 1

Collateral Description Below:                                              EQUIPMENT

REFERENCE#      VENDOR            COLLATERAL DESCRIPTION      INVOICE #        COST        TAX       FREIGHT       TOTAL     CHECK #
----------      ------            ----------------------      ---------        ----        ---       -------       -----     -------

<S>                                                                       <C>          <C>          <C>         <C>
                                                              SUB-TOTAL   $ 55,868.00  $ 1,434.00   $    0.00   $ 57,302,00
                                                            -----------   -----------  ----------   ---------   -----------
                                                            GRAND TOTAL   $919,339.00  $10,900.00   $5,505.00   $935,745.00
                                                            -----------   -----------  ----------   ---------   -----------
</TABLE>

Collateral Locations:    630 Fifth Avenue, Suite 2170
                         New York, NY 10111

                         500 Old Connecticut Path
                         Framingham, MA 01701

                         Tufts University
                         20 Wildlife Road, Building 21
                         North Grafton, MA 01536

                                       5
<PAGE>   25

                              PROMISSORY NOTE NO. 2

$267,622.00                                                    February 26, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of Two Hundred Sixty-Seven Thousand, Six Hundred Twenty-Two
and 00/100 Dollars (S267,622.00), together with interest on the unpaid principal
balance at the interest rate per annum and on the dates and as otherwise
provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   26

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 2/23/99                                 /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   27
                                SCHEDULE NO. 2 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 2, dated February 26, 1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19, 1998 (the "Master Agreement")
between ANTIGENICS, LLC, a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, Suite
2170, New York, New York 10111 ("you"), and FINOVA TECHNOLOGY FINANCE, INC., a
Delaware corporation with its executive office and principal place of business
at 10 Waterside Drive, Farmington, Connecticut 06032-30065 ("we," "us", or
"FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing Two Hundred Sixty-Seven
Thousand, Six Hundred Twenty-Two and 00/100 Dollars ($267,622.00) from us. This
borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $267,622.00 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $7,459.96, followed by one (1) final monthly
payment in the amount of $26,762.20 (the "Final Payment"). These payments will
be adjusted on the date we make the Loan to you as set forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (3lst), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury Notes. Two-business days prior to
the date we make the Loan to you, we will read THE WALL STREET JOURNAL to
determine the final Index Rate. If the Index Rate is not published in THE WALL

<PAGE>   28

STREET JOURNAL, we will determine it from another reliable source. We will
increase or decrease the payments set forth above in Paragraph 2 to reflect any
increase or decrease in the Index Rate. We will give you notice of any increase
as soon as we can. You will pay the increased payments unless we have made an
obvious mistake in our calculations. Interest is calculated in advance using a
360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN; SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us or FINOVA Capital Corporation.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, LLC                                   ATTEST:

                                                  [SEAL]

By /s/ Garo Armen
   ----------------------------
                                                  /s/ Jeffrey Rona
Name Garo Armen                                   ------------------------------
     --------------------------                   [Assistant] Secretary

Title CEO
      -------------------------

Date 2/23/97
     --------------------------

<PAGE>   29

                          SCHEDULE A TO SCHEDULE NO. 2

COLLATERAL DESCRIPTION:

<TABLE>
<CAPTION>
                                                                Equipment
Item Description         Vendor                    Invoice #       Cost    Tax  Freight   Total      Check #
----------------         ------                    ---------    ---------  ---  -------   -----      -------

<S>                      <C>                       <C>           <C>       <C>    <C>    <C>          <C>
Laptop                   Unplug.It                 4001567-00    $ 2,690   222           $ 2,912      3847
                                                   Payable to
                                                   Craig Winter

2 Laser Printers         Dell                      192722296     $   798    48    35     $   881      3588

Laptop                   Dell                      192722205     $ 1,998   117    35     $ 2,150      3588

Desktop Computer         Dell                      192722072     $ 1,588    95    90     $ 1,753      3848

Cage Washer              Dick Burnham Tech.        9851          $45,325                 $45,325      3679

various (Lab)            Serona Laboratories                     $11,000                 $11,000      3767

various (Lab)            Serona Laboratories                     $ 4,950                 $ 4,950      3788

Air Compressor           SPEC                      98170006      $16,158                 $10,158      3884 Invoice total $119,175.56

Point of use coolers     SPEC                      98170007      $ 8,320                 $ 6,320      3711 Invoice total $581,427.27

Plant Steam              SPEC                      98170007      $51,312                 $51,312      3711 Invoice total $581,427.28

Process Utility Chiller  SPEC                      98170008      $18,263                 $18,623      3892 Invoice total $701,448.83

HB-6 rotor, swing
  bucket, etc.           Kendro Laboratory         SLS98018897   $ 5,981                 $ 5,981      3655

Rotor package            Beckman                   383653FT01    $ 7,750          45     $ 7,795      3775

power supply             WR                        20521430      $ 4,281                 $ 4,281      3888

fire proof file          Office Furniture Express  22449         $ 2,248          75     $ 2,323      3873

biostat base unit,
  culture vessel, etc.   B. Braun Biotech Inc.     30680         $85,859                 $86,859      3846

                                             TOTAL ACQUISITION COST                      $267,622.00
</TABLE>

COLLATERAL LOCATIONS:

Framingham, MA
Akron, OH
North Grafton, HA
630 Fifth Avenue, NY, NY 10111
128 Spring Street, Lexington, MA 02173
<PAGE>   30

                              PROMISSORY NOTE NO. 3

$134,775.80                                                    April _____, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of One Hundred Thirty-Four Thousand, Seven Hundred
Seventy-Five and 80/100 Dollars ($134,775.80), together with interest on the
unpaid principal balance at the interest rate per annum and on the dates and as
otherwise provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   31

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 4/23/99                                 /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   32
                                SCHEDULE NO. 3 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 4, dated April __, 1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19, 1998 (the "Master Agreement")
between ANTIGENICS, L.L.C., a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, Suite
2170, New York, New York 10111 ("you"), and FINOVA CAPITAL CORPORATION, ASSIGNEE
OF FINOVA TECHNOLOGY FINANCE, INC., a Delaware corporation with its executive
office and principal place of business at 10 Waterside Drive, Farmington,
Connecticut 06032-3065 ("we," "us", or "FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing One Hundred Thirty-Four
Thousand, Seven Hundred Seventy-Five and 80/100 Dollars ($134,775.80) from us.
This borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $134,775.80 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $3,756.88, followed by one (1) final monthly
payment in the amount of $13,477.58 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (3lst), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST; INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury

<PAGE>   33

Notes. Two-business days prior to the date we make the Loan to you, we will read
THE WALL STREET JOURNAL to determine the final Index Rate. If the Index Rate is
not published in THE WALL STREET JOURNAL, we will determine it from another
reliable source. We will increase or decrease the payments set forth above in
Paragraph 2 to reflect any increase or decrease in the Index Rate. We will give
you notice of any increase as soon as we can. You will pay the increased
payments unless we have made an obvious mistake in our calculations. Interest is
calculated in advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN; SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us or FINOVA Capital Corporation.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                                ATTEST:

                                                  [SEAL]

By /s/ Garo Armen
   -----------------------------
                                                  /s/ Jeffrey Rona
Name Garo Armen                                   ------------------------------
     ---------------------------                  [Assistant] Secretary

Title CEO
      --------------------------

Date 4/23/99
     ---------------------------

<PAGE>   34

                                   Schedule A
                                       To
                                 Schedule No. 3
                                       To
                  Master Loan and Security Agreement No. S7020

The Collateral Consists of the Following:

<TABLE>
<CAPTION>
Qty   Description                                 Serial Numbers                Cost
---   -----------                                 --------------                ----

<S>   <C>                                         <C>                           <C>
1     Consolidated Model SR-24DMCV Sterilizer     012199
1     Consolidated Model SR-24EMCV Sterilizer     012099
Location: 34 Commerce Way, Woburn, MA
Supplier: Consolidated Stills & Sterilizers
Equipment Cost:                                                                 $119,753.00

1      Microscope, consisting of:
        (1) BX40F4: Stand/Quint Inward Facing Nosepiece,
        (1) lamphouse, (2) 6V30W Bulbs, (1) power cord.
        (1) UYCP Power Cord
        (2) 6V30W Bulbs
        (1) U-LS30; 30 Watt Halogen Lamp Socket
        (1) U-TBI-2 Tilting Binocular Observation Tube
        (1) U-SVRS Mechanical Stage
        (1) U-SVRS Abbc Condenser
        (1) U PLAN Flourite 10X Objective
        (1) U PLAN Flourite 20X Objective
        (1) U PLAN Flourite 40X Objective
        (1) U PLAN Flourite 100X OIL Objective
        (2) WH 10X3 Eyepieces
        (1) U-ULH;.Universal Lamphouse
        (1) U-HG100T3; 100 Watt Halogen Lamp Socket and Power Supply
        (1) U-OCLHG/XEB; Collector lens Mercury, Xeno Sources for U-ULH
        (1) Osram HBO 100W Mercury Burner
        (1) Wide Band Green Flour Cube
Location: 128 Spring Street, Lexington, MA 02173
Supplier: Optical Analysis Corporation
Equipment Cost:                                                                 $  9,972.80

1      96PW Full Plate Washer with Four Liter Bottle Set    72073
Location: 500 Old Connecticut Path, Framingham, MA 01701
Supplier: TECAN US Inc.
Equipment Cost:                                                                 $  5,050.00
                                                                                -----------

                                   Grand Total                                  $134,775.80
</TABLE>
<PAGE>   35

                              PROMISSORY NOTE NO. 4

$432,980.45                                                         May 30, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of Four Hundred Thirty-Two Thousand, Nine Hundred Eighty
and 45/100 Dollars ($432,980.45), together with interest on the unpaid principal
balance at the interest rate per annum and on the dates and as otherwise
provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   36

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 5/25/99                                 /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   37
                                SCHEDULE NO. 4 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 4, dated May 30,1999, (this "Schedule") to MASTER LOAN AND SECURITY
AGREEMENT dated as of November 19, 1998 (the "Master Agreement") between
ANTIGENICS, L.L.C., a Delaware limited liability corporation with its executive
office and principal place of business at 630 Fifth Avenue, Suite 2170, New
York, New York 10111 ("you"), and FINOVA CAPITAL CORPORATION, ASSIGNEE OF FINOVA
TECHNOLOGY FINANCE, INC., a Delaware corporation with its executive office and
principal place of business at 10 Waterside Drive, Farmington, Connecticut
06032-3065 ("we," "us", or "FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing Four Hundred Thirty-Two
Thousand, Nine Hundred Eighty and 45/100 Dollars ($432,980.45) from us. This
borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $432,980.45 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $12,069.33, followed by one (1) final monthly
payment in the amount of $43,298.05 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (3lst), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST; INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury

<PAGE>   38

Notes. Two-business days prior to the date we make the Loan to you, we will read
THE WALL STREET JOURNAL to determine the final Index Rate. If the Index Rate is
not published in THE WALL STREET JOURNAL, we will determine it from another
reliable source. We will increase or decrease the payments set forth above in
Paragraph 2 to reflect any increase or decrease in the Index Rate. We will give
you notice of any increase as soon as we can. You will pay the increased
payments unless we have made an obvious mistake in our calculations. Interest is
calculated in advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN; SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us or FINOVA Capital Corporation.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement o is a default under this Schedule and
permits us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                                ATTEST:

                                                  [SEAL]

By /s/ Garo Armen
   ---------------------------
                                                  /s/ Jeffrey Rona
Name Garo Armen                                   ------------------------------
     -------------------------                    [Assistant] Secretary

Title CEO
      ------------------------

Date 5/25/99
     -------------------------

<PAGE>   39

                                   Schedule A
                                       To
                                 Schedule No. 4
                                       To
                  Master Loan and Security Agreement No. S7020

The Collateral Consists of the Following:

<TABLE>
<CAPTION>
Qty  Description                   Invoice No.                  Cost
---  -----------                   -----------                  ----

<S>  <C>                           <C>                      <C>
1    Vacuum Pump                   981700010                $  7,801.00
1    Cold Room                     98170007 & 11            $ 56,912.00
1    Carpeting and Roofing         98170008, 10, 11         $ 50,790.00
1    Steel                         98170007, 8, 12          $210,850.00
1    Miscellaneous Metals          98170008, 10, 11         $ 25,544.00

VENDOR: SHOOSHANIAN PROCESS ENGINEERING, 92 MONTVALE AVENUE, STONEHAM, MA
-------------------------------------------------------------------------
Equipment Location: 34 Commerce Way, Woburn, MA

1    Glasswasher                   34099, 34672             $  9,500.00
VENDOR: RANGER ENGINEERING, INC., PO BOX 3111, FRAMINGHAM, MA 01705
-------------------------------------------------------------------
Equipment Location: 34 Commerce Way, Woburn, MA

1    Personal Denitometer          14125                    $ 12,450.00
VENDOR: COMDISCO, 6111 NORTH RIVER ROAD, ROSEMONT, IL 90018
-----------------------------------------------------------
Equipment Location: 500 Old Connecticut Path, Framingham, MA 01701

1    Incubator and Roller          15587                    $ 31,188.80
VENDOR: BELLCO GLASS, INC., 340 EDRUDO ROAD, VINELAND, NJ 08360
--------------------------------------------------------------
Equipment Location: 34 Commerce Way, Woburn, MA

1    Validator 2000                40020                    $ 27,944.65
VENDOR: KAYE INSTRUMENTS, INC., 15 DEANGELO DRIVE, BEDFORD, MA 01730
------------------------------------------------------------------
Equipment Location: 500 Old Connecticut Path, Framingham, MA 01701

                      Grand Total                           $432,980.45
</TABLE>
<PAGE>   40

                              PROMISSORY NOTE NO. 5

$204,100.26                                                        June 29, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of Two Hundred Four Thousand, One Hundred and 26/100
Dollars ($204,100.26), together with interest on the unpaid principal balance at
the interest rate per annum and on the dates and as otherwise provided in the
"Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   41

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 6/24/99                                 /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   42
                                SCHEDULE NO. 5 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 5, dated June 29,1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19, 1998 (the "Master Agreement")
between ANTIGENICS, L.L.C., a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, Suite
2170, New York, New York 10111 ("you"), and FINOVA CAPITAL CORPORATION, ASSIGNEE
OF FINOVA TECHNOLOGY FINANCE, INC., a Delaware corporation with its executive
office and principal place of business at 10 Waterside Drive, Farmington,
Connecticut 06032-3065 ("we," "us", or "FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing Two Hundred Four Thousand,
One Hundred and 26/100 Dollars ($204,100.26) from us. This borrowing is
evidenced by your promissory, note dated the same date as this Schedule in the
amount of $204,100.26 (the "Note") to which this Schedule is attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $5,689.29, followed by one (1) final monthly
payment in the amount of $20,410.03 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (31st), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury

<PAGE>   43

Notes. Two-business days prior to the date we make the Loan to you, we will read
THE WALL STREET JOURNAL to determine the final Index Rate. If the Index Rate is
not published in THE WALL STREET JOURNAL, we will determine it from another
reliable source. We will increase or decrease the payments set forth above in
Paragraph 2 to reflect any increase or decrease in the Index Rate. We will give
you notice of any increase as soon as we can. You will pay the increased
payments unless we have made an obvious mistake in our calculations. Interest is
calculated in advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN: SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                                ATTEST:

By /s/ Garo Armen
   -------------------------------
                                                  /s/ Jeffrey Rona
Name Garo Armen                                   ------------------------------
     -----------------------------                [Assistant] Secretary

Title CEO
      ----------------------------

Date 6/24/99
     -----------------------------

<PAGE>   44

                                    SCHEDULE A
                                       TO
                                 SCHEDULE NO. 5
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

  ANTIGENICS L.L.C. (BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OF
                    FINOVA TECHNOLOGY FINANCE, INC. (LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
THE COLLATERAL CONSISTS OF THE FOLLOWING AND AS FURTHER DESCRIBED ON THE FOLLOWING TWENTY PAGES ATTACHED:

Ref No.   Description         Serial No.     Vendor                   Invoice No.     Cost        Tax       Freight   Grand Total
-------   -----------         ----------     ------                   -----------     ----        ---       -------   -----------
<S>       <C>                  <C>       <C>                           <C>        <C>           <C>         <C>       <C>
1         Office Furniture         N/A   Haworth, Inc.                 19059630   $ 13,976.02  $  698.80              $ 14,674.82
2         Office Furniture         N/A   Haworth, Inc.                 19076609   $ 10,879.41  $  543.97              $ 11,423.38
3         Office Furniture         N/A   Haworth, Inc.                 19074720   $ 19,940.76  $  997.04              $ 20,937.80
4         Office Furniture         N/A   Haworth, Inc.                 19064990   $ 13,376.66  $  668.83              $ 14,045.49
5         Office Furniture         N/A   Haworth, Inc.                 19060619   $ 15,799.65  $  789.98              $ 16,589.63
6         Office Furniture         N/A   Haworth, Inc.                 19065725   $ 59,054.87  $2,952.74              $ 62,007.61
7         Microscope               N/A   Image Processing Solutions        3200   $  3,670.53                         $  3,670.53
8         Microbeta Trilux
           6 Detector System   4501346   EG&G Wallac Inc.                117412   $ 57,750.00  $2,887.50    $113.50   $ 60,751.00

                                                                     Grand Totals $194,447.90  $9,538.86    $113.50   $204,100.26
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

COLLATERAL LOCATION:

34 COMMERCE WAY
WOBURN, MA 01801
<PAGE>   45

                              PROMISSORY NOTE NO. 6

$125,118.06                                                        July 30, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we." "us" or "FINOVA")
the principal amount of One Hundred Twenty-Five Thousand, One Hundred Eighteen
and 06/100 Dollars ($125,118.06), together with interest on the unpaid principal
balance at the interest rate per annum and on the dates and as otherwise
provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   46

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 7/29/99                                 /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   47
                                SCHEDULE NO. 6 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 6. dated July 30 1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19. 1998 (the "Master Agreement")
between ANTIGENICS. L.L.C., a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue. Suite
2170, New York, New York 10111 ("you"). and FINOVA CAPITAL CORPORATION, ASSIGNEE
OF FINOVA TECHNOLOGY FINANCE. INC., a Delaware corporation with an office at 10
Waterside Drive, Farmington, Connecticut 06032-3065 ("we," "us", or "FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing One Hundred Twenty-Five
Thousand, One Hundred Eighteen and 06/100 Dollars ($125,118.06) from us. This
borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $125,118.06 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate. in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $3,487.67, followed by one (1) final monthly
payment in the amount of $12,511.81 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (31st), you will pay
interest at the interest rate. from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate." of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury Notes. Two-business days prior to
the date we make the Loan to you. we will read THE WALL

<PAGE>   48

STREET JOURNAL to determine the final Index Rate. If the Index Rate is not
published in THE WALL STREET JOURNAL. we will determine it from another reliable
source. We will increase or decrease the payments set forth above in Paragraph 2
to reflect any increase or decrease in the Index Rate. We will give you notice
of any increase as soon as we can. You will pay the increased payments unless we
have made an obvious mistake in our calculations. Interest is calculated in
advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN: SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                                ATTEST:

By /s/ Garo Armen
   -------------------------------
                                                  /s/ Jeffrey Rona
Name Garo Armen                                   ------------------------------
     -----------------------------                [Assistant] Secretary

Title Chairman & CEO
      ----------------------------

Date 7/29/99
     -----------------------------

<PAGE>   49

                                   SCHEDULE A
                                       TO
                                 SCHEDULE NO. 6
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020
  ANTIGENICS L.L.C. (BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OF
                    FINOVA TECHNOLOGY FINANCE, INC. (LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
THE COLLATERAL CONSISTS OF THE FOLLOWING:

Ref No. Collateral Description           Serial No.  Vendor                 Invoice No.  Cost          Tax     Freight   Grand Total
------- ----------------------           ----------  ------                 -----------  ----          ---     -------   -----------

<S>    <C>                                <C>        <C>                    <C>          <C>                  <C>        <C>
        (1) 375 with internal GM
        detector area monitor, (1)
        Model 3 survey meter, (1)
        Model 44-9 pancake GM probe,
        (1) 2200 SCA, (1) 44-88
        pancake GM probe, (1) 44-3
        low energy gamma scint., (2)
        40-1004 cable, (1) 296 A-B
        switch box, (1) APS-482
        probe/sampler holder for 44-88,
        (1) APS-483 probe/sampler
        holder for 44-3, (1) SPL-626
        air sample system complete, (1)
        IH-350 iodine hood complete
        with two fans, (1) 16A20SS
        lead-lined waste can, (1) 16A35
        30 gallon 1/8" lead-lined drum
        with dolly, (1) 042-116 mini
1       table top shield with two lead
        glass.                                 N/A   Atlantic Nuclear Cop.      030568   $ 9,500.00  $475.00             $  9,975.00
                                          ALR99851,
                                          ALR99852,
                                          ALR99853,
                                          ALR99854,
        (6) Allegra 6R, 120V 60HZ         ALR99855,
2       Centrifuges                       ALR99856,  Beckman Coulter        383826FT05   $31,482.21           $1,619.65  $ 33,101.86
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 1 of 2
<PAGE>   50

                                   SCHEDULE A
                                       TO
                                 SCHEDULE NO. 6
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020
  ANTIGENICS L.L.C. (BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OF
                    FINOVA TECHNOLOGY FINANCE, INC. (LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                               <C>        <C>                    <C>          <C>                  <C>        <C>
                                          99U29758,
                                          99U29765,
                                          99U29776,
                                          99U29965,
        (6) GH3.8 Rotor AY with           99U29980,
2       aluminum buckets                  99U30017   Beckman Coulter        383826FT05   $ 10,606.76                     $ 10,606.76
        (6) Canister Kits, GH-3.8 Rotor
        (Pkg-4), (6) Tube Racks, Light
        Green 17MM (Set-4), (6) Tibe
2       Racks, Lime Green 30MM (Set-4)         N/A   Beckman Coulter        383826FT05   $  6,085.15                     $  6,085.15
        Centrifuge Accessories: (1 DU-
3       640 Color, 120V                    4323908   Beckman Coulter        383826FT04   $  7,395.15          $  218.51  $  7,613.66
        Centrifuge Accessories: (1)
        Accessory Option Board, (1)
        DNA/RNA Protein Package#1, (1)
        Transport standard assembly, (1)
3       Auto 6 Cell Holder, Wtr Jckt (1)       N/A   Beckman Coulter        383826FT05   $  2,398.14                     $  2,398.14
4       Milliflex Sensor II 115V (1)           N/A   Millipore Corporation     2328727   $  2,402.14          $    5.05  $  2,407.19
        (6) Animal Cages: 30 Unit, 30-
        Cage IPC RAT, (100) PC10x19x8
        Reg Temp Grommet, (1) Cage Wash
5       Rack w/8 Fixed Baskets                 N/A   Allentown Caging
        (2) Animal Cages: 98 Unit,                   Equipment Co., Inc.         22312   $ 30,030.00          $  592.00  $ 30,622.00
6       Mouse 98 Cage IPC                      N/A   Allentown Caging
        (1325) 3/8" Hytrel Black Tubing, (4)         Equipment Co., Inc.         22261   $ 10,232.00          $  592.00  $ 10,824.00
        95' Plenum Wire
        w/Connectors, (7)
7       135' Plenum Wire w/Connectors          N/A   Veltek Associates, Inc.     21495   $  7,950.00          $   59.00  $  8,009.00
8       Various Office Furniture               N/A   Workplace Systems, Inc.    001467   $  3,110.55 $155.53  $  209.22  $  3,475.00

COLLATERAL LOCATION:
34 COMMERCE WAY                                                             GRAND TOTALS $121,192.10 $630,53  $3,295.43  $125,118.06
WOBURN, MA 01801
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 2 of 2
<PAGE>   51

                              PROMISSORY NOTE NO. 7

$1,049,533.81                                                    August 26, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of One Million Forty-Nine Thousand Five Hundred
Thirty-Three and 81/100 Dollars ($l.049.533.81), together with interest on the
unpaid principal balance at the interest rate per annum and on the dates and as
otherwise provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farrnington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   52

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date  8/20/99                                /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   53
                                SCHEDULE NO. 7 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 7, dated August 26, 1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19. 1998 (the "Master Agreement")
between ANTIGENICS, L.L.C., a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, Suite
2170, New York, New York 1011l ("you"), and FINOVA CAPITAL CORPORATION,
ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC., a Delaware corporation with an
office at 10 Waterside Drive, Farmington, Connecticut 06032-3065 ("we," "us", or
"FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing One Million, Forty-Nine
Thousand, Five Hundred Thirty-Three and 81/100 Dollars ($1,049,533.81) from us.
This borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $1,049,533.81 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $29,255.75, followed by one (1) final monthly
payment in the amount of $104,953.38 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (3lSt), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury Notes. Two-business days prior to
the date we make the Loan to you. we will read THE WALL

<PAGE>   54

STREET JOURNAL to determine the final Index Rate. If the Index Rate is not
published in THE WALL STREET JOURNAL, we will determine it from another reliable
source. We will increase or decrease the payments set forth above in Paragraph 2
to reflect any increase or decrease in the Index Rate. We will give you notice
of any increase as soon as we can. You will pay the increased payments unless we
have made an obvious mistake in our calculations. Interest is calculated in
advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN: SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                           ATTEST:

By /s/ Garo Armen
   ---------------------------
                                             /s/ Jeffrey Rona
Name Garo Armen                              -----------------------------------
     -------------------------               [Assistant] Secretary

Title CEO
      ------------------------

Date 8/20/99
     -------------------------

<PAGE>   55

                                   SCHEDULE A
                                       TO
                                 SCHEDULE NO. 7
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020
  ANTIGENICS L.L.C. (BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OF
                    FINOVA TECHNOLOGY FINANCE, INC. (LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
THE COLLATERAL CONSISTS OF THE FOLLOWING:

  COLLATERAL DESCRIPTION               SERIAL NO.            VENDOR                INVOICE NO.    COST     TAX   FREIGHT GRAND TOTAL
  ----------------------               ----------            ------                -----------    ----     ---   ------- -----------
<S>                                <C>                 <C>                          <C>      <C>         <C>   <C>       <C>
  (2) Lab Incubators with (2)             28924-09073,
  Gas-Guards and (2) Inner DR.            28989-09111  Form Scientific, Inc.        2823250  $  6,773.08 $0.00 $  322.57 $  7,095.65
  Lock (100) (S) PC 10x19x8 Cage
  Hi-T, (100) (S) Wire Bar Lid
  10x19 Rat, (100) (S) Cardholder,                     Allentown Caging Equipment
  Horizontal Hang.                                N/A  Co., Inc.                      22163  $  4,410.00 $0.00 $  105.95 $  4,515.95
  (1) Portable Air Purifier, Model
  FU-1224                                        9998  Laminaire Corporation         18722A  $  2,090.00 $0.00 $    0.00 $  2,090.00
                                   Optima #98U385;
                                   Rotor #MFA98M68;
                                   Avanti #JJY99D08,
                                   JLY98K10, JLY98K14,
                                   JLY99B01, JLY99D10,
                                   JLY99D12, JLY99D13,
                                   JLY99D14;
  Ultra Centrifuge includes: (1)   F/A RTR w/Biosafe
  Optima LE-80K, UL/CSA, 60HZ, (1) Lid #97V1460,
  HEPA Optima Filter, (1) TY-45TI  97V1561; Rotor
  Rotor Assembly, (1) Tube Kit,    #99U2069; F/A
  (8) Avanti J-20, (2) JA-25.50    Rotor w/Biosafe
  F/A RTR w/Biosafe Lid, (1)       Lid #99U986; Rotor
  JLA-10.500 Rotor Assembly, (1)   Assembly #98U385;
  JLA-16.250 RTR w/Biosafe Lid,    Rotor Ay #99U3955,
  (1) JLA 8.1000 Rotor Assembly,   99U3958, 99U3960,
  (1) SW-28 Rotor iPackage, (6)    99U3961, 99U3962,
  JA-17 Rotor Ay. (1) SAS S90 CR   99U3963             Beckman Coulter           383826FT01  $232,127.77 $0.00 $1,905.98 $234,033.75
  Microbial Air Sampler with NiMH
  Battery Charger                           97/D25547  Bioscience International,
                                                       Inc.                         99-1140  $  4,950.00 $0.00 $   28.00 $  4,978.00
  (1) Filtering Fume Hood                         N/A  Captairlabx, Inc.               3540  $  9,604.50 $0.00 $    0.00 $  9,604.50
  (2) Refrig, Gen, Solr VWR 115V                       VWR Scientific Products
  29CF                                            N/A  Corporation                   900263  $  4,442.96 $0.00 $    0.00 $  4,442.96

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 1 of 2
<PAGE>   56

                                   SCHEDULE A
                                       TO
                                 SCHEDULE NO. 7
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020
ANTIGENICS L.L.C(BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OFF INOVA
                        TECHNOLOGY FINANCE, INC.(LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
  SPEC PROJECT:

<S>                     <C>  <C>                      <C>            <C>            <C>       <C>           <C>
                             Shooshanian Process
                             Engineering &
  Plant Steam           N/A  Construction, Inc.       981700010      $   27,181.00  $0.00     $0.00         $   27,181.00
                                                      98170004,
                                                      981700010,
                             Shooshanian Process      981700011,
                             Engineering &            981700014,
  RODI System N/A       N/A  Construction, Inc.       981700015      $   75,482.00  $0.00     $    0.00     $   75,482.00
                             Shooshanian Process
                             Engineering &            98170007,
  Air Handlers N/A      N/A  Construction, Inc.       981700014,     $  340,896.00  $0.00     $    0.00     $  340,896.00
                                                      98170007,
                                                      981700010,
                             Shooshanian Process      981700011,
                             Engineering &            981730012,
  Cabinetry, shelving   N/A  Construction, Inc.       981700014      $  243,414.00  $0.00     $    0.00     $  243,414.00
                             Shooshanian Process
                             Engineering &
  Power Generator       N/A  Construction, Inc.       981700014      $   95,800.00  $0.00     $    0.00     $   95,800.00

  Collateral Location:
  34 Commerce Way                                     GRAND TOTALS   $1,047,171.31  $0.00     $2,362.50     $1,049,533.81
  Woburn, MA 01801
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 2 of 2
<PAGE>   57

                              PROMISSORY NOTE NO. 8

$244,383.80                                                      August 26, 1999

ANTIGENICS, LLC ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of Two Hundred Twenty-Four Thousand, Three Hundred
Eighty-Three and 80/100 Dollars ($224,383.80), together with interest on the
unpaid principal balance at the interest rate per annum and on the dates and as
otherwise provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY

<PAGE>   58

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, LLC.                             ATTEST:

                                             [SEAL]

By /s/  Garo Armen
   -------------------------------------

Name Garo Armen
     -----------------------------------

Title CEO
      ----------------------------------

Date 8/20/99                                /s/ Jeffrey Rona
     -----------------------------------     -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule

<PAGE>   59
                                SCHEDULE NO. 8 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 8, dated August 26, 1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19, 1998 (the "Master Agreement")
between ANTIGENICS, L.L.C.. a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, Suite
2170, New York, New York 10111 ("you"), and FINOVA CAPITAL CORPORATION, ASSIGNEE
OF FINOVA TECHNOLOGY FINANCE, INC., a Delaware corporation with an office at 10
Waterside Drive, Farmington, Connecticut 06032-3065 ("we,' "us" or "FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing Two Hundred Twenty-Four
Thousand, Three Hundred Eighty-Three and 80/100 Dollars ($224,383.80) from us.
This borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $224.383.80 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $6,254.70, followed by one (1) final monthly
payment in the amount of $22,438.38 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (3lst), you wilt pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury Notes. Two-business days prior to
the date we make the Loan to you, we will read THE WALL

<PAGE>   60

STREET JOURNAL to determine the final Index Rate. If the Index Rate is not
published in THE WALL STREET JOURNAL, we will determine it from another reliable
source. We will increase or decrease the payments set forth above in Paragraph 2
to reflect any increase or decrease in the Index Rate. We will give you notice
of any increase as soon as we can. You will pay the increased payments unless we
have made an obvious mistake in our calculations. Interest is calculated in
advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN: SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral, This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us and to FINOVA Capital
Corporation under the Master Agreement and any other agreement, loan or lease
that you may have with us.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                           ATTEST:

By /s/ Garo Armen
   ---------------------------
                                             /s/ Jeffrey Rona
Name Garo Armen                              -----------------------------------
     -------------------------               [Assistant] Secretary

Title CEO
      ------------------------

Date 8/20/99
     -------------------------

<PAGE>   61

                                   SCHEDULE A
                                       TO
                                 SCHEDULE NO. 8
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

  ANTIGENICS L.L.C. (BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OF
                    FINOVA TECHNOLOGY FINANCE, INC. (LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
THE COLLATERAL CONSISTS OF THE FOLLOWING:

  COLLATERAL DESCRIPTION               SERIAL NO.        VENDOR           INVOICE NO.      COST       TAX     FREIGHT
  ----------------------               ----------        ------           -----------      ----       ---     -------

<S>                                    <C>        <C>                         <C>      <C>          <C>      <C>
  Various Office Furniture                  N/A   Workplace Systems, Inc.     001686   $  3,108.68  $109.87  $  84.19
  (5) 98-Unit Mouse Cage, (400)
  Grommets, (100) (S) M-Barrier Top
  10x19 Hi-T, (100) (S) PC 10x19x8
  Cage Hi-T, (100) (S) Wire Bar Lid
  10x19 Rat, (200) (S) PC 7xllx5
  Cage Hi-Temp, (200) (S) Wire Bar
  Lid 7xll Sheet Metal, (100) (S)                 Allentown Caging
  Cardholder, Horizontal Hang. (6)          N/A   Equipment Co., Inc.          22420   $ 42,500.00  $  0.00  $  592.00
  Ventilated Units (1) Washer-Super         N/A   Lab Products Inc.           052607   $ 59,745.00  $  0.00  $1,386.00
  Drying-Pro, (2) Sanitary Valves,
  (1) Validation Monitor, (1)            Washer
  Resistivimeter, (2) Flowmeters.     #82100009   Lancer USA Inc.              15489   $104,646.00  $  0.00  $    0.00
  (1) Clean Air Hoods                       N/A   The Baker Company             9248   $  6,664.49  $  0.00  $  330.00
  (1) Microfuge 18 W/Rotor 120V
  50/60HZ                              MFA99F16   Beckman Coulter         383826FT07   $  1,672.71  $ 83.64  $   51.22

  COLLATERAL LOCATION:
  34 COMMERCE WAY                                                         GRAND TOTALS $218,246.88  $193.51  $3,500.00
  WOBURN, MA 01801
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------
 TRAINING      GRAND TOTAL
 --------      -----------

<S>            <C>
 $    0.00     $  3,212.74

 $    0.00     $ 43,092.00
 $    0.00     $ 61,131.00

 $3,500.00     $108,146.00
 $    0.00     $  6,994.49

 $    0.00     $  1,807.57

 $3,500.00     $224,383.80
------------------------------------
</TABLE>

                                  Page 1 of 1
<PAGE>   62

                             PROMISSORY NOTE NO. 9

$132,324.64                                                   September 30, 1999

ANTIGENICS, L.L.C. ("you") promise to pay to the order of FINOVA CAPITAL
CORPORATION ASSIGNEE OF FINOVA TECHNOLOGY FINANCE, INC. ("we," "us" or "FINOVA")
the principal amount of One Hundred Thirty-Two Thousand, Three Hundred
Twenty-Four and 64/100 Dollars ($132,324.64), together with interest on the
unpaid principal balance at the interest rate per annum and on the dates and as
otherwise provided in the "Master Agreement" and "Schedule" referred to below.

If the interest rate charged would exceed the maximum legal rate, you will only
have to pay the maximum legal rate. You do not have to pay any excess interest
over and above the maximum legal rate of interest. However, if it later becomes
legal for you to pay all or part of any excess interest, you will then pay it to
us upon our request.

You will make all payments in US Dollars at our offices at 10 Waterside Drive,
Farmington, Connecticut 06032-3065, or to another address that we request in
writing. All payments will be made in immediately available funds.

This Note is secured by a Master Loan and Security Agreement dated November 19,
1998 (the "Master Agreement"), between you and FINOVA, and by the Collateral and
other collateral listed in the attached Schedule (the "Schedule"), dated the
same date as this Note. This Note may be accelerated by us upon a payment
default or upon another default under the Master Agreement.

TIME IS OF THE ESSENCE.

If you do not make a payment when it is due, you will also pay us a late charge
often (10%) of the amount past due. Your interest rate will be increased by 4%
per annum, over and above your regular interest rate if payment is not made at
the scheduled or accelerated Maturity of this Note. You will also pay all of our
costs of collection, including our reasonable attorney's fees and expenses. If
we accelerate this Note, you will also owe a prepayment premium, as set forth in
Exhibit A to the Master Agreement.

You waive diligence, presentment, formalities of demand, protest or notice of
nonpayment or dishonor or any other notice as to this Note.

THIS NOTE IS GOVERNED BY THE SUBSTANTIVE LAWS (AND NOT THE CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF ARIZONA, THE STATE IN WHICH OUR OFFICE IS LOCATED IN
WHICH FINAL APPROVAL OF THE TERMS AND CONDITIONS OF THIS NOTE OCCURRED AND FROM
WHICH THE ORDER TO PAY THE LOAN FUNDS WAS MADE. YOU CONSENT TO THE JURISDICTION
OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF ARIZONA. YOU WAIVE TRIAL
BY JURY.

<PAGE>   63

You represent to us that the proceeds of the loan evidenced by this Note are
being used to finance (or refinance) your purchase of the Collateral described
in the Schedule, and that the Collateral will only be used for business
purposes.

ANTIGENICS, L.L.C.                           ATTEST:

By /s/ Garo Armen
   ---------------------------
Name Garo Armen
     -------------------------
Title CEO
      ------------------------
Date 9/29/99                                 /s/ Jeffrey Rona
     -------------------------               -----------------------------------
                                             [Assistant] Secretary

FTF Promissory Note & Schedule(9)

<PAGE>   64

                                SCHEDULE NO. 9 TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020

Schedule No. 9, dated September 30, 1999, (this "Schedule") to MASTER LOAN AND
SECURITY AGREEMENT dated as of November 19, 1998 (the "Master Agreement")
between ANTIGENICS, L.L.C., a Delaware limited liability corporation with its
executive office and principal place of business at 630 Fifth Avenue, New York,
New York 10111 ("you"), and FINOVA CAPITAL CORPORATION, ASSIGNEE OF FINOVA
TECHNOLOGY FINANCE, INC., a Delaware corporation with an office at 10 Waterside
Drive, Farmington, Connecticut 06032-3065 ("we," "us", or "FINOVA").

1.   OBLIGATION TO PAY. You are presently borrowing One Hundred Thirty-Two
Thousand, Three Hundred Twenty-Four and 64/100 Dollars ($132,324.64) from us.
This borrowing is evidenced by your promissory note dated the same date as this
Schedule in the amount of $132,324.64 (the "Note") to which this Schedule is
attached.

2.   PAYMENTS (SUBJECT TO ADJUSTMENT IN PARAGRAPH 3). You will repay the Loan,
together with interest at the interest rate, in forty-three (43) consecutive
monthly payments of principal and interest as follows: forty-two (42) monthly
payments each in the amount of $3,688.55, followed by one (1) final monthly
payment in the amount of $13,232.46 (the "Final Payment"). These payments will
be adjusted two business days prior to the date we make the Loan to you as set
forth in Paragraph 3.

The first monthly payment of principal and interest will be due on the thirtieth
(30th) day of the month that we make the Loan to you. The remaining payments
will continue on the same day in each and every month thereafter through and
including the date upon which the Final Payment is scheduled to be due (the
"Maturity Date"). Any remaining amount that you owe us is due on the "Maturity
Date."

If the date we make the Loan to you is not the thirtieth (30th) or the
thirty-first (31st) day of the month, you will pay, on the thirtieth (30th) day
of the month in which we make the Loan to you (in the case of making the Loan
the 30th), interest only, at the interest rate, from the date we make the Loan
to you to the twenty-ninth (29th) day of the same month.

If the date we make the Loan to you is the thirty-first (3lst), you will pay
interest at the interest rate, from the date we make the Loan to you to the
twenty-ninth (29th) day of the next following month.

3.   INTEREST: INDEXING. The interest rate in your payments shown above is
calculated at your regular rate of 9.20% per annum plus an "Index Rate," of
4.41%. The Index Rate means the highest yield, as published in THE WALL STREET
JOURNAL of three-year United States Treasury Notes. Two-business days prior to
the date we make the Loan to you, we will read THE WALL

<PAGE>   65

STREET JOURNAL to determine the final Index Rate. If the Index Rate is not
published in THE WALL STREET JOURNAL, we will determine it from another reliable
source. We will increase or decrease the payments set forth above in Paragraph 2
to reflect any increase or decrease in the Index Rate. We will give you notice
of any increase as soon as we can. You will pay the increased payments unless we
have made an obvious mistake in our calculations. Interest is calculated in
advance using a 360-day year of twelve 30-day months.

4.   PURPOSE OF LOAN: SECURITY INTEREST. You are making this borrowing to
finance (or refinance) your purchase of the collateral described in the attached
Schedule A to this Schedule, which you and we refer to as the "Collateral." You
grant us a security interest in the Collateral, as well as any additions,
omissions, substitutions and proceeds of the Collateral. You also grant us a
security interest in any leases and rentals of the Collateral. This security
interest secures the Note. It also secures the full and timely payment and
performance of all of your other obligations to us under the Master Agreement
and any other agreement, loan or lease that you may have with us.

5.   COLLATERAL ACCEPTANCE DATE. The Collateral shall be delivered, installed
and accepted no later than December 31, 1999.

6.   TERMS OF MASTER AGREEMENT. The terms of the Master Agreement are made a
part of this Schedule as if repeated in this Schedule. Any declaration of
default under the Master Agreement is a default under this Schedule and permits
us to exercise all remedies provided by the Master Agreement.

ANTIGENICS, L.L.C.                           ATTEST:

By /s/ Garo Armen
   ---------------------------
                                             /s/ Jeffrey Rona
Name Garo Armen                              -----------------------------------
     -------------------------               [Assistant] Secretary

Title CEO
      ------------------------

Date 8/20/99
     -------------------------

<PAGE>   66

                                   SCHEDULE A
                                       TO
                                 SCHEDULE NO. 9
                                       TO
                  MASTER LOAN AND SECURITY AGREEMENT NO. S7020
  ANTIGENICS L.L.C. (BORROWER) AND FINOVA CAPITAL CORPORATION, AS ASSIGNEE OF
                    FINOVA TECHNOLOGY FINANCE, INC. (LENDER)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
THE COLLATERAL CONSISTS OF THE FOLLOWING:

QTY  COLLATERAL DESCRIPTION   SERIAL NO.     VENDOR              INVOICE NO.        COST         TAX      FREIGHT   GRAND TOTAL
---  ----------------------   ----------     ------              -----------        ----         ---      -------   -----------
<S>  <C>                        <C>          <C>                    <C>         <C>             <C>        <C>      <C>
1    Bio Safety Cabinet         N/A          The Baker Company      8862        $ 49,129.35     $0.00      $0.00    $ 49,129.35
1    Bio Safety Cabinet         N/A          The Baker Company      8900        $ 42,074.24     $0.00      $0.00    $ 42,074.24
1    Bio Safety Cabinet         N/A          The Baker Company      8860        $ 41,121.05     $0.00      $0.00    $ 41,121.05

COLLATERAL LOCATION:
34 COMMERCE WAY                                                  GRAND TOTALS   $132,324.64     $0.00      $0.00    $132,324.64
WOBURN, MA 01801
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 1 of 1<PAGE>   1
                                                                   EXHIBIT 10.18

                               ANTIGENICS L.L.C.

                             INCENTIVE EQUITY PLAN

1.   Purpose of the Plan

          The purpose of this Antigenics L.L.C. Incentive Equity Plan (the
"Plan") is to enable Antigenics L.L.C. ("Antigenics"), through the issuance of
options to acquire Interests in Antigenics, to provide incentives to Managers,
officers and employees of, and advisors and consultants to, Antigenics who,
through the performance of services to Antigenics, contribute to its success and
the growth of its business.

2.   Definitions

          Capitalized terms that are not otherwise defined herein shall have the
meaning ascribed to them in the Limited Liability Company Agreement of
Antigenics dated as of December 31, 1995 (the "LLC Agreement").

          (a)  "Act" means the Securities Exchange Act of 1934.

          (b)  "Board" means the Board of Managers of Antigenics.

          (c)  "Code" means the Internal Revenue Code of 1986, as amended.

          (d)  "Company" means Antigenics and the entities directly or
indirectly controlled by it, if any, any of whose managers, officers, employees,
advisors and consultants are Participants in the Plan.

          (e)  "Disability" means a permanent and total disability, as
determined by the Board in its sole discretion. A Disability shall be deemed to
occur at the time of the determination of the Disability by the Board.

          (f)  "Fair Market Value" means the value of an Interest on a
particular date, determined by the Board in good faith.

          (g)  "Option" means the right to purchase an Interest at a prescribed
Purchase Price on the terms specified in the Plan.

          (h)  "Participant" means any individual or entity that is granted an
Option under the Plan.

<PAGE>   2

          (i)  "Termination of Services" means termination of the relationship
with the Company so that an individual or entity is no longer a manager, officer
or employee of, or an advisor or consultant to, the Company. In the event an
entity shall cease to be controlled by Antigenics, any individual or entity that
is not otherwise a manager, officer or employee of, or an advisor or consultant
to the Company shall incur a Termination of Services at the time the entity
ceases to be wholly-owned by Antigencis. A Termination of Services shall not
include a leave of absence approved for purposes of the Plan by the Board.

3.   Effective Date/Expiration of Plan

          The Plan shall become effective (the "Effective Date") upon its
approval by a majority in interest of the Members. No Option shall be granted
under the Plan on or after the tenth anniversary of the Effective Date, but
Options previously granted may extend beyond that date.

4.   Administration

          (a) BOARD OF MANAGERS OR ITS COMMITTEE. The Plan shall be administered
by the Board or any committee of the Board duly appointed by the Board
(references herein to the "Board" shall be deemed to include such committee so
appointed). The Board shall have full authority to interpret the Plan and to
decide any questions and settle all controversies and disputes that may arise in
connection with the Plan; to establish, amend, and rescind rules for carrying
out the Plan; to administer the Plan, subject to its provisions, to select
Participants in, and grant Options under, the Plan; to determine the terms,
exercise price and form of exercise payment for each Option granted under the
Plan; to prescribe the form or forms of instruments evidencing Options and any
other instruments required under the Plan (which need not be uniform) and to
change such forms from time to time; and to make all other determinations and
to take all such steps in connection with the Plan and the Options as the Board,
in its sole discretion, deems necessary or desirable. The Board shall not be
bound to any standards of uniformity or similarity of action, interpretation or
conduct in the discharge of its duties hereunder, regardless of the apparent
similarity of the matters coming before it. The determination, action or
conclusion of the Board in connection with the foregoing shall be final and
conclusive.

          (b) ADVISORS. The Board may designate one or more officers of the
Company, employees of the Company or professional advisors to assist the Board
in the administration of the Plan, and may grant authority to such persons to
execute instruments evidencing Options (as defined herein) or other documents on
behalf of the Board. The Board may employ such legal counsel, consultants and
agents as it may deem desirable for the administration of the Plan, and may rely
upon any opinion received from any such counsel or consultant and any
computation received from any such

                                       2

<PAGE>   3

consultant or agent. Expenses incurred by the Board in the engagement of such
counsel, consultant or agent shall be paid by the Company.

          (c) INDEMNIFICATION. No Manager, and no officer or employee of, or
professional advisor, legal counsel, consultant or agent referred to in the
preceding paragraph (b), shall be liable for any action or determination made in
good faith with respect to the Plan or any Option granted under it. To the
maximum extent permitted by applicable law or the LLC Agreement, each such
person or entity referred to in the preceding sentence, shall be indemnified and
held harmless by the Company against any cost or expense (including reasonable
fees and expenses of counsel) or liability (including any sum paid in settlement
of a claim with the approval of the Company, such consent not to be unreasonably
withheld), and advance amounts necessary to pay the foregoing at the earliest
time and to the fullest extent permitted, arising out of any act or omission to
act in connection with the Plan, except to the extent arising out of such
person's, or such entity's, own fraud or bad faith. Such indemnification shall
be in addition to any rights of indemnification such persons or entities may
have under applicable law or under the LLC Agreement.

5.   Interests; Adjustment Upon Certain Events

          (a) MAXIMUM INTERESTS. The maximum aggregate Interests that may be
issued under the Plan shall be 5% of the total Interests that would be
outstanding as of the Effective Date, assuming the issuance of the Interests
that may be acquired upon exercise of Options. If Options are for any reason
canceled, or expire or terminate unexercised, the Interest covered by such
Options shall again be available for the grant of Options, subject to the
foregoing limit.

          (b) ADJUSTMENTS; RECAPITALIZATION, ETC. The existence of the Plan and
the Options granted hereunder shall not affect in any way the right or power of
the Board or the Members of Antigenics to make or authorize any' adjustment,
recapitalization, reorganization or other change in Antigenics' capital
structure or its business, any merger or consolidation of Antigenics, any issue
of bonds, debentures or preference interests ahead of or affecting Interests,
the dissolution or liquidation of Antigenics or any other entity, or any sale or
transfer of all or part of its assets or business or any other Company act or
proceeding. If and whenever Antigenics takes any such action, however, the
following provisions, to the extent applicable, shall govern:

               (i) Subject to Section 5(b)(ii), if Antigenics merges or
          consolidates with one or more entities, then from and after the
          effective date of such merger or consolidation, upon exercise of
          Options theretofore granted, the Participant shall be entitled to
          purchase under such Options, in lieu of the Interest as to which such
          Options shall then be exercisable but on the same terms and conditions
          of exercise set forth in such Options, the number and class of
          securities or property (including cash) to which the Participant would
          have been entitled pursuant to the terms of

                                       3
<PAGE>   4

     the agreement of merger or consolidation if, immediately prior to such
     merger or consolidation, the Participant had been the holder of record of
     the Interest receivable upon exercise of such Options (whether or not then
     exercisable).

          (ii) In the event of a merger or consolidation in which Antigenics is
     not the surviving entity or in the event of any transaction that results in
     the acquisition of substantially all of Antigenics' outstanding Interests
     by a single person or entity or by a group of persons and/or entities
     acting in concert, or in the event of the sale or transfer of all of
     Antigenics' assets (the foregoing being referred to as "Acquisition
     Events"), then the Board may in its discretion terminate all outstanding
     Options as of the consummation of the Acquisition Event by delivering
     notice of termination to each Participant at least 20 days prior to the
     date of consummation of the Acquisition Event; provided that, during the
     period from the date on which such notice of termination is delivered to
     the consummation of the Acquisition Date, each Participant shall have the
     right to exercise in full all of the Options that are then outstanding
     (without regard to limitations on exercise otherwise contained in the
     Options).

          (iii) Subject to Section 5(a), the Board may grant Options under the
     Plan in substitution for options held pursuant to grants made by another
     entity that is merged with or otherwise acquired by the Company. The
     Company may direct that substitute awards be granted on such terms and
     conditions as the Board considers appropriate in the circumstances.

          (iv) If, as a result of any adjustment made pursuant to the preceding
     paragraphs of this Section 5, any Participant shall become entitled upon
     exercise of an Option to receive any securities other than an Interest,
     then the number and class of securities so receivable thereafter shall be
     subject to adjustment from time to time in a manner and on terms as nearly
     equivalent as practicable to the provisions with respect to the Interests
     set forth in this Section 5, as determined by the Board in its discretion.

          (v) Except as hereinbefore expressly provided, the issuance by
     Antigenics of Interests, or securities convertible into Interests, for
     cash, property, labor or services, upon direct sale, upon the exercise of
     rights or warrants to subscribe therefor, or upon conversion of other
     securities, and in any case whether or not for fair value, shall not
     affect, and no adjustment by reason thereof shall be made with respect to,
     the Interests and/or other securities or property subject to Options
     theretofore granted or the Purchase Price therefor.

6.    Awards and Terms of Options

          (a) GRANT. The Board may grant Options, subject to the terms of this
Plan. Each Option shall be evidenced by an Option agreement (the "Option
Agreement") in

                                       4
<PAGE>   5

such form not inconsistent with the Plan as the Board shall approve from time to
time. Without limiting the generality of the preceding sentence, any such
agreement may provide, among other things, that Interests acquired pursuant to
exercise of Options should be subject to (i) the right, but not the obligation,
of Antigenics to repurchase such Interests for their Fair Market Value in the
event that the Participant desires to sell such Interests, and/or (ii) the
right, but not the obligation, of Antigenics to repurchase such Interests for
their Fair Market Value from a Participant in the event of a Termination of
Services of such Participant.

          (b) EXERCISE PRICE. The purchase price per Share (the "Purchase
Price") deliverable upon the exercise of an Option shall be determined by the
Board.

          (c) INTEREST. Subject to Section 5(a), the Option Agreement shall
specify the Interest subject to the Options granted to the Participant, as
determined by the Board in its sole discretion.

          (d) EXERCISABILITY. At the time of grant, the Board shall specify when
and on what terms the Options granted shall be exercisable. In the case of
Options not immediately exercisable in full, the Board may at any time
accelerate the time at which all or any part of the Options may be exercised and
may waive any other conditions to exercise set forth in the Option Agreement,
subject to the terms of the Plan; No Option shall be exercisable after the
expiration of ten (10) years from the date of grant. Each Option shall be
subject to earlier termination as provided in Section 8 below.

          (e) EXERCISE OF OPTIONS.

               (i) A Participant may elect to exercise an Option by giving
     written notice to the Board of such election and of the portion of the
     Option such Participant has elected to exercise, accompanied by payment in
     full of the aggregate Purchase Price for the portion of ,the Option being
     exercised.

               (ii) The Purchase Price shall be paid at the time of exercise as
     follows:

                    (A) in cash or by check, bank draft or money order payable
          to the order of Antigenics;

                    (B) with the Board's prior written approval, by delivery of
          a promissory note of the Participant to Antigenics, such promissory
          note to be on such terms as are specified by the Board, or by a
          combination of cash and the Participant's promissory note; or

                    (C) on such other terms and conditions as may be acceptable
          to the Board and in accordance with the law of the State of

                                       5
<PAGE>   6

          Delaware. Upon receipt of payment, Antigenics shall deliver to the
          Participant as soon as practicable evidence of the Interest then
          purchased.

7.   Admission as Member

          Upon exercise of an Option, the Participant shall become a Member of
Antigenics by virtue of the Interest issued to such Participant and shall be
subject to the terms and conditions of the LLC Agreement, as then in effect.

8.   Effect of Termination of Services

          (a) DEATH OR DISABILITY. Except as otherwise provided in the
Participant's Option Agreement, upon Termination of Services, all outstanding
Options then exercisable and not exercised by the Participant prior to such
Termination of Services (and any Options not previously exercisable but made
exercisable by the Board at or after the Termination of Employment) shall remain
exercisable by the Participant to the extent not exercised for the following
time periods:

              (i) In the event of the Participant's death, such Options shah
     remain exercisable Coy the Participant's estate or by the person given
     authority to exercise such Options by the Participant's will or by
     operation of law) for a period of one (1) year from the date of the
     Participant's death, provided that the Board, in its discretion, may at any
     time extend such time period to up to three (3) years from the date of the
     Participant's death.

               (ii) In the event the Participant's services terminate due to
     Disability, such Options shall remain exercisable for one (1) year from the
     date of the Participant's Termination of Services, provided that the Board,
     in its discretion, may at any time extend such time period to up to three
     (3) years from the date of the Participant's Termination of Services.

          (b) OTHER TERMINATION. In the event the Participant's services to the
Company are terminated by the Company for a reason other than cause, such
Options shall remain exercisable for the original term of such Options. In the
event the Participant voluntarily terminates his/her services to the Company,
such Options shall remain exercisable for six (6) months from the date of the
Participant's Termination of Services. In the event of Termination of Services
for any reason other than as provided in Section 8(a) or in the preceding two
sentences of this Section 8(b), all outstanding Options not exercised by the
Participant prior to such Termination of Services shall immediately be
cancelled.

                                       6
<PAGE>   7

9.   Nontransferability of Options

          No Option shall be transferable by the Participant otherwise than by
will or under applicable laws of descent and distribution, and during the
lifetime of the Participant may be exercised only by the Participant or his or
her guardian or legal representative. In addition, no Option shah be assigned,
negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and no Option shall be subject to execution, attachment or similar
process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate
any Option, or in the event of any levy upon any Option by reason of any
execution, attachment or similar process contrary to the provisions hereof, such
Option shall immediately become null and void.

10.  Rights as a Member

          A Participant (or a permitted transferee of an Option) shall have no
rights as a Member with respect to any Interest covered by such Participant's
Options until such Participant shall have become the holder of record of such
Interest, and no adjustments shall be made for distributions in cash or other
property or other rights in respect to any such Interest, except as otherwise
specifically provided for in this Plan.

11.  Determinations

          Each determination, interpretation or other action made or taken
pursuant to the provisions of this Plan by the Board shall be final and binding
for all purposes and upon all persons.

12.  Termination, Amendment and Modification

          The Plan shall terminate at the close of business on the day
immediately preceding the tenth anniversary of the Effective Date, unless
terminated sooner as hereinafter provided, and no Option shall be granted under
the Plan on or after that date. The termination of the Plan shall not terminate
any outstanding Options which by their terms continue beyond the termination
date of the Plan. At any time prior to the tenth anniversary of the Effective
Date, the Board may amend or terminate the Plan or suspend the Plan in whole or
in part. Notwithstanding the foregoing, however, no such amendment may, without
the approval of a majority in interest of the Members of Antigenics, (i)
increase the total Interests which may be acquired upon exercise of Options
granted under the Plan or (ii) change the types of persons eligible to be
Participants under the Plan.

          Nothing contained in this Section 12 shall be deemed to prevent the
Board from authorizing amendments of outstanding Options of Participants,
including, without

                                       7
<PAGE>   8

limitation, the reduction of the Purchase Price specified therein (or the
granting or issuance of new Options at a lower Purchase Price upon cancellation
of outstanding Options), so long as all Options outstanding at any one time
shall not call for issuance of more Interests than the Plan authorizes and so
long as the provisions of any amended Options would have been permissible under
the Plan if such Option had been originally granted or issued as of the date of
such amendment with such amended terms.

          Notwithstanding anything to the contrary contained in this Section 12,
no termination, amendment or modification of the Plan may, without the consent
of the Participant or the transferee of such Participant's Option, alter or
impair the rights and obligations arising under any then outstanding Option.

13.  Non-Exclusivity

          Neither the adoption of the Plan by the Board nor the submission of
the Plan to the Members of Antigenics for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the
granting or issuance of options and/or other incentives otherwise than under the
Plan, and such arrangements may be either generally applicable or limited in
application.

14.  Use of Proceeds

          The proceeds of the sale of Interests subject to Options under the
Plan are to be added to the general funds of Antigenics and used for its general
corporate purposes as the Board shall determine.

15.  General Provisions

          (a) RIGHT TO TERMINATE SERVICES. Neither the adoption of the Plan nor
the grant of Options shall impose any obligations on the Company to continue the
services of any Participant, nor shall it impose any obligation on the part of
any Participant to continue to perform services for the Company, subject however
to the provisions of any agreement between the Company and the Participant.

          (b) PURCHASE FOR INVESTMENT. If the Board determines that the law so
requires, the holder of an Option granted hereunder shall, upon any exercise or
conversion thereof, execute and deliver to Antigenics a written statement, in
form satisfactory to Antigenics, representing and warranting that such
Participant is purchasing or accepting the Interest then acquired for such
Participant's own account and not with a view to the resale or distribution
thereof, that any subsequent offer for sale or resale of any such Interest shall
be made either pursuant to (i) a Registration Statement on an

                                       8
<PAGE>   9

appropriate form under the Securities Act of 1933, as amended (the "Securities
Act"), which Registration Statement shall have become effective and shall be
current with respect to the Interests being offered and sold, or (ii) a specific
exemption from the registration requirements of the Securities Act, and that in
claiming such exemption the holder will, prior to any offer for sale or sale of
such Shares, obtain a favorable written opinion, satisfactory in form and
substance to Antigenics, from counsel approved by Antigenics as to the
availability of such exception.

          (c) TRUSTS, ETC. Nothing contained in the Plan and no action taken
pursuant to the Plan (including, without limitation, the grant of any Option
thereunder) shall create or be construed to create a trust of any kind, or a
fiduciary relationship, between Antigenics and any Participant or the executor,
administrator or other personal representative or designated beneficiary of such
Participant, or any other persons. Any reserves that may be established by
Antigenics in connection with the Plan shall continue to be part of the general
funds of Antigenics, and no individual or entity other than Antigenics shall
have any interest in such funds until paid to a Participant. If and to the
extent that any Participant or such Participant's executor, administrator, or
other personal representative, as the case may be, acquires a right to receive
any payment from Antigenics pursuant to the Plan, such right shall be no greater
than the right of an unsecured general creditor of Antigenics.

          (d) NOTICES. Each Participant shall be responsible for furnishing the
Board with the current and proper address for the mailing to such Participant of
notices and the delivery to such Participant of agreements, Interests and
payments. Any notices required or permitted to be given shall be deemed given if
directed to the person to whom addressed at such address and mailed by regular
United States mail, first class and prepaid. If any item mailed to such address
is returned as undeliverable to the addressee, mailing will be suspended until
the Participant furnishes the proper address.

          (e) SEVERABILITY OF PROVISIONS. If any provisions of the Plan shall be
held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provisions of the Plan, and the Plan shall be construed and
enforced as if such provisions had not been included.

          (f) PAYMENT TO MINORS, ETC. Any benefit payable to or for the benefit
of a minor, an incompetent person or other person incapable of receipting
therefor shall be deemed paid when paid to such person's guardian or to the
party providing or reasonably appearing to provide for the care of such person,
and such payment shall fully discharge the Board, the Company and its officers,
employees, agents and representatives with respect thereto.

          (g) HEADINGS AND CAPTIONS. The headings and captions herein are
provided for reference and convenience only. They shall not be considered part
of the Plan and shall not be employed in the construction of the Plan.

                                       9
<PAGE>   10

          (h) CONTROLLING LAW. The Plan shall be construed and enforced
according the laws of the State of Delaware.

16.  Issuance of Certificates; Legends and Payment of Expenses

          (a) CERTIFICATES. Upon any exercise of an Option and payment of the
exercise price as provided in such Option, any evidence of the Interest as to
which such Option has been exercised shall be issued by Antigenics in the name
of the person or persons exercising such Option and shall be delivered to or
upon the order of such person or persons.

          (b) LEGENDS. Evidence of Interests issued upon exercise of an Option
shall bear such legend or legends as the Board, in its discretion, determines to
be necessary or appropriate to prevent a violation of, or to perfect an
exemption from, the registration requirements of the Securities Act or to
implement the provisions of any agreements between Antigenics and the
Participant with respect to such Interest.

          (c) PAYMENT OF EXPENSES. The Company shall pay all issue or transfer
taxes with respect to the issuance or transfer of Interest, as well as all fees
and expenses necessarily incurred by the Company in connection with such
issuance or transfer and with the administration of the Plan.

17.  Withholding Taxes

          Antigenics shall be entitled, if necessary or desirable, to withhold
(or secure payment from the Participant in cash or other property in lieu of
withholding) the amount of any Federal, state or local taxes required by law to
be withheld by Antigenics for any Interest or cash payments deliverable under
this Plan, and Antigenics may defer such delivery unless such withholding
requirement is satisfied.

                                       10

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