Document:

EXHIBIT 10.2

 

Date: 30 November
 2016

 

 

 

 

 

 

 

 

	
        AFFIMED N.V.

         

        as guarantor

         

        SILICON VALLEY BANK

         

        as bank

         

         

         

         

         

         

         

         

         

         

         

         

         

Deed of Guarantee and Indemnity

 

 

 

 

 

Fieldfisher
Riverbank House 2 Swan Lane London EC4R 3TT

 

 

     

     

    

Contents

 

	No.	Heading	Page

	1.   Definitions and interpretation	1
	2.   Guarantee and indemnity	2
	3.   Nature of guarantee	2
	4.   Representations and warranties	3
	5.   Affirmative Covenants	6
	6.   Negative Covenants	10
	7.   Interest	11
	8.   Opening of new accounts	12
	9.   No discharge of Guarantor	12
	10.   Guarantor intent	13
	11.   Reinstatement	13
	12.   Deferral of Guarantor's Rights	13
	13.   Suspense account	14
	14.   Other means of payment	14
	15.   Expenses	14
	16.   Tax gross-up	15
	17.   Miscellaneous	15
	18.   Benefit of this Deed	17
	19.   Notices	17
	20.   Governing law and jurisdiction	18

 

 

     

     

    

THIS DEED OF GUARANTEE AND INDEMNITY
is made the 30th day of November 2016

 

BETWEEN:

 

		(1)	AFFIMED N.V. (the "Guarantor") a public company (naamloze vennootschap)
incorporated in the Netherlands, having Dutch Trade Register number 60673389 and whose statutory seat is in Amsterdam and whose
registered address is at Im Neuenheimer Feld 582, 69120, Heidelberg, Germany; and

 

		(2)	SILICON VALLEY BANK (the "Bank") a California corporation, with its principal
place of business at 3003 Tasman Drive, Santa Clara, California 95054.

 

IT IS AGREED as follows:

 

		1.	Definitions and interpretation

 

		1.1	Definitions

 

In this Deed:

 

"Borrower"
means Affimed GmbH, a limited liability company, incorporated under the laws of Germany registered with the Commercial Register
of the local court of Mannheim under registration number HRB 721206 and whose registered office is at Im Neuenheimer Feld 582,
69120, Heidelberg;

 

"Loan
Agreement" means a loan agreement dated on or about the date of this Deed and made between the Borrower and the Bank;
and

 

"Insolvency"
includes any form of insolvency, bankruptcy, liquidation, receivership, administration, suspension of payments or arrangement or
composition with creditors under any corporate or insolvency law of any country (including but not limited to the filing of a notice
under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990)).

 

		1.2	Construction

 

		(a)	This Deed is a Loan Document.

 

		(b)	The provisions of Clauses 13.1 (Definitions) (to the extent such words or terms are not
otherwise defined in this Deed), 13.2 (Interpretation) and 13.3 (Dutch terms) of the Loan Agreement shall be deemed
to be incorporated into this Deed.

 

		(c)	Any reference in this Deed to:

 

		(i)	this "Deed", the "Loan Agreement",
any "Loan Document" or any other agreement or instrument is a reference to this Deed, the Loan
Agreement, such Loan Document or such other agreement or instrument as the same may have been, or may from time to time be, amended,
varied, supplemented, novated, extended or restated;

 

		(ii)	the "Bank" or the "Guarantor" or any other person includes its
respective successors in title, permitted assigns and/or permitted transferees;

 

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		(iii)	a "person" includes any individual, firm, company (including but not limited to
a legal person within the meaning of articles 2:1 to 2:3 inclusive of the Dutch Civil Code), corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership (including but not limited to a general partnership
(vennootschap onder firma), a limited partnership (commanditaire vennootschap), a partnership (maatschap)),
or other entity (whether or not having a separate legal personality);

 

		(iv)	a provision of law is a reference to that provision as amended or re-enacted and includes any subordinate
legislation; and

 

		(v)	words in the singular include the plural and vice versa and words in one gender include any other
gender.

 

		(d)	A person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties)
Act 1999 to enforce or enjoy the benefit of any term of this Deed.

 

		2.	Guarantee and indemnity

 

The Guarantor
irrevocably and unconditionally:

 

		(a)	guarantees to the Bank punctual performance by the Borrower of its obligations and liabilities
under or in connection with the Loan Documents;

 

		(b)	undertakes with the Bank that whenever the Borrower does not pay any amount when due under or in
connection with any Loan Document, the Guarantor shall immediately on demand pay that amount as if it were the principal obligor;
and

 

		(c)	agrees with the Bank, as an independent and primary obligation, to indemnify the Bank immediately
on demand against any cost, loss or liability suffered by the Bank if any obligation or liability guaranteed by it is or becomes,
for any reason, unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which
the Bank would otherwise have been entitled to recover,

 

provided that
any guarantee in this Deed does not apply to any liability to the extent that it would result in such guarantee constituting unlawful
financial assistance within the meaning of article 2:98c of the Dutch Civil Code or any equivalent and applicable provisions under
the laws of the jurisdiction of incorporation of the relevant Guarantor.

 

		3.	Nature of guarantee

 

		3.1	Continuing security

 

This Deed is
a continuing guarantee and indemnity and will extend to the ultimate balance of sums payable by the Borrower under the Loan Documents,
regardless of any intermediate discharge or payment in whole or in part.

 

		3.2	Demands

 

No demand made
by the Bank under this Deed shall restrict the right of the Bank to make further or other demands.

 

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		3.3	No termination by Guarantor

 

The Guarantor
will have no right to terminate its obligations under this Deed and any such rights are excluded.

 

		4.	Representations and warranties

 

The Guarantor
makes the representations and warranties set out in this Clause 4 to the Bank on the date of this Deed.

 

		4.1	Due Incorporation and Authorisation; Power and Authority

 

Guarantor is
a public company (naamloze vennootschap), duly incorporated and validly existing under the laws of the Netherlands
and has the power to carry on its business as it is now being conducted and to own its property and other assets. In connection
with this Deed, Guarantor has delivered to Bank a Perfection Certificate. Guarantor represents and warrants to Bank that: (a) Guarantor's
exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; and (b) Guarantor is an organisation
of the type, and is incorporated in the jurisdiction, set out in the Perfection Certificate; and (c) the Perfection Certificate
accurately sets out Guarantor's registered number or accurately states that Guarantor has none; and (d) the Perfection Certificate
accurately sets out Guarantor's place of business and its registered office as well as Guarantor's postal address if different
from its registered office, and (e) all other information set out in the Perfection Certificate pertaining to Guarantor and each
of its Subsidiaries is accurate and complete (it being understood and agreed that Guarantor may from time to time update certain
information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in
this Deed).

 

The execution,
delivery and performance of this Deed and the other Loan Documents to which Guarantor is a party are within the corporate powers
of Guarantor, have been duly authorised by all necessary corporate and other action and do not and will not conflict with (i) any
law or regulation applicable to it; (ii) the constitutional documents of Guarantor or any other organisational documents; (iii)
any agreement or instrument binding on Guarantor or (iv) require any action by, filing, registration, or qualification with,
or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained
and are in full force and effect) other than the filing with the competent Dutch tax authorities or (v) constitute an event
of default under any material agreement by which Guarantor is bound. Guarantor is not in default under any agreement to which it
is a party or by which it or its assets are bound in which the default could reasonably be expected to have a material adverse
effect on Guarantor's business.

 

		4.2	Collateral

 

Guarantor has
good title to the Collateral, free of Liens except Permitted Liens. Guarantor has no deposit accounts other than the deposit accounts
with Bank, the deposit accounts, if any, described in the Perfection Certificate delivered to Bank in connection herewith, or of
which Guarantor has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest therein.

 

The Collateral
is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate.
None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate
or as permitted pursuant to Clause ‎6.5 (Encumbrance).

 

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Guarantor is
the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licences granted to its
customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c)
Intellectual Property licensed to Guarantor and noted on the Perfection Certificate. Each Patent which it owns or purports to own
and which is material to Guarantor's business is valid and enforceable, and no part of the Intellectual Property which Guarantor
owns or purports to own and which is material to Guarantor's business has been adjudged invalid or unenforceable, in whole or in
part. To the best of Guarantor's knowledge, no claim has been made that any part of the Intellectual Property infringes the rights
of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Guarantor's
business.

 

Except as noted
on the Perfection Certificate, Guarantor is not a party to, nor is it bound by, any Restricted Licence.

 

		4.3	Litigation

 

Other than
as disclosed in writing by the Borrower (i) on or prior to the date of this Deed as set out in Exhibit D to the Loan Agreement,
(ii) after the date of this Deed (1) prior to any drawdown by the Borrower of Tranche 2 and (2) in any Compliance Certificate delivered
to the Bank after the date of this Deed by the Borrower under the Loan Agreement, there are no actions or proceedings pending or,
to the knowledge of Guarantor's Responsible Officers, threatened by or against Guarantor or any of its Subsidiaries or Affiliates,
involving more than, individually or in the aggregate, Two Hundred and Fifty Thousand Euro (€250,000) (or its equivalent in
any other currency).

 

		4.4	Financial Statements; Financial Condition.

 

All audited
financial statements for Guarantor and any of its Subsidiaries and/or Affiliates delivered to Bank fairly represent Guarantor's
(such Subsidiaries/Affiliates) financial condition and Guarantor's results of operations.

 

All other financial
statements consolidated or otherwise for Guarantor and any of its Subsidiaries and/or Affiliates delivered to Bank fairly represent
in all material respects Guarantor's (such Subsidiaries/Affiliates) financial condition and Guarantor's results of operations.

 

There has not
been any material deterioration in Guarantor's financial condition (or that of its Subsidiaries/Affiliates) since the date of the
most recent financial statements submitted to Bank

 

		4.5	Solvency

 

The fair saleable
value of Guarantor's assets (including goodwill minus disposition costs) exceeds the amount of its liabilities (taking into account
its actual and contingent liabilities); Guarantor is not left with unreasonably small capital after the transactions in this Agreement,
in particular but without limitation the fair value of Guarantor’s net assets (assets minus existing and deferred liabilities)
exceeds Guarantor’s stated share capital; Guarantor is not unable to pay its debts (including trade debts) and has not stopped
paying its debts as they fall due; and Guarantor has not suspended (or threatened to suspend) the making of any payment of any
of its debts or announced an intention to do so.

 

		4.6	Regulatory Compliance

 

Guarantor has
not breached any laws, ordinances or rules or regulations, the breach of which could reasonably be expected to cause a Material
Adverse Change. None of Guarantor's (or

 

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any of its
Subsidiaries/Affiliates) property or assets have been used by Guarantor or, to the best of Guarantor's knowledge, by previous Persons,
in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Guarantor (and each of
its Subsidiaries/Affiliates) has obtained all consents, approvals and authorisations of, made all declarations or filings with,
and given all notices to, all Government Authorities that are necessary to continue its business as currently conducted, except
where the failure to do so could not reasonably be expected to be detrimental to Guarantor's business.

 

		4.7	Subsidiaries; Investments

 

Guarantor does
not own any stock, partnership interest or other equity securities except for Permitted Investments.

 

		4.8	Taxation

 

Guarantor has
complied in all material respects with all Taxation laws in all jurisdictions in which it is subject to Taxation and has paid all
Taxes due and payable by it and no claims are being asserted against it in respect of Taxes save for assessments in relation to
the ordinary course of the business of Guarantor or claims contested in good faith and in respect of which adequate provision has
been made and disclosed in the latest accounts of Guarantor or information delivered to Bank under this Agreement.

 

		4.9	Full Disclosure

 

No written
representation, warranty or other statement of Guarantor in any certificate or written statement given to Bank, as of the date
such representation, warranty, or other statement was made, taken together with all such written certificates and written statements
given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
contained in the certificates or statements not misleading (it being recognised by Bank that the projections and forecasts provided
by Guarantor in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period
or periods covered by such projections and forecasts may differ from the projected or forecasted results).

 

		4.10	No winding-up

 

Guarantor has
not taken any corporate or other action nor has any application been made or have any other steps been taken or legal proceedings
been started or (to the best of Guarantor's knowledge and belief having made due and proper enquiry) threatened against Guarantor
or any of its Subsidiaries/Affiliates for its winding-up or for the appointment of a trustee, liquidator, receiver, administrative
receiver, administrator or similar officer of it or of any or all of its assets.

 

		4.11	Licences

 

Guarantor is
not a party to, nor is bound by, any licence (other than over the counter software that is commercially available to the public)
or other agreement with respect to which Guarantor is the licensee that prohibits or otherwise restricts Guarantor from granting
a charge in Guarantor's interest in such licence or agreement or any other property, save as disclosed in the Perfection Certificate
or, after the date of this Deed, in any Compliance Certificate provided by the Borrower to the Bank prior to any drawdown of Tranche
2. Guarantor shall provide written notice to Bank within ten (10) days of entering or becoming bound by, any such licence or agreement
which is reasonably likely to have a material impact on Guarantor's business or financial condition. Guarantor shall take such
steps as Bank reasonably requests to obtain the

 

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consent of,
authorisation by or waiver by, any Person whose consent or waiver is necessary for all such licences or contract rights to be deemed
Collateral and for Bank to have a charge in it that might otherwise be restricted or prohibited by law or by the terms of any such
licence or agreement, whether now existing or entered into in the future.

 

		4.12	Subordinated Debt

 

All loan amounts
due to officers, directors, shareholders and any secured creditors (other than Bank) of Guarantor have been subordinated to the
Obligations.

 

		4.13	Definition of "Knowledge."

 

For purposes
of the Loan Documents, whenever a representation or warranty is made to Guarantor's knowledge or awareness, to the "best of"
Guarantor's knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation,
of the Responsible Officers.

 

		4.14	Provisions of Loan Agreement

 

The Guarantor
is fully familiar with and agrees with all provisions of the Loan Agreement and the other Loan Documents.

 

		4.15	No waiver

 

No oral or
written statement has been made to the Guarantor by or on behalf of the Bank or any other person which could be construed as a
waiver of any provisions of this Deed or a statement of intention not to enforce this Deed in accordance with its terms.

 

		4.16	Central Works Council.

 

No (central)
works' council ((centrale) ondernemingsraad) has jurisdiction in respect of any transaction contemplated by any Loan
Document.

 

		4.17	Repetition

 

The representations
and warranties set out in this Clause 4 are deemed to be repeated by the Guarantor on each day on which the Borrower makes or is
deemed to make any representations and warranties in the Loan Agreement in relation to the then existing circumstances.

 

		5.	Affirmative Covenants

 

The Guarantor
shall do the following:

 

		5.1	Government Compliance.

 

		(a)	Maintain its legal existence and good standing in its jurisdiction of incorporation or formation
and maintain qualification in each jurisdiction in which the failure to do so would reasonably be expected to be detrimental to
Guarantor's business or operations. Guarantor shall and shall procure that each of its Subsidiaries/Affiliates shall comply with
all laws, ordinances and regulations to which it is subject, noncompliance with which could be detrimental to Guarantor's business
or operations or would reasonably be expected to cause a Material Adverse Change.

 

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		(b)	Obtain all of the Governmental Approvals (if any) necessary to carry on its business and for the
performance by Guarantor of its obligations under the Loan Documents to which it is a party and the grant of a security interest
to Bank in all of its present and future property and assets, including the Governmental Approvals for any drug trials carried
out by it or on its behalf. Guarantor shall promptly provide copies of any such obtained Governmental Approvals to Bank.

 

		5.2	Financial Statements, Reports, Certificates.

 

Guarantor shall
deliver to Bank:

 

		(a)	Monthly Financial Statements. As soon as available, but no later than thirty (30) days after the
last day of each month, a company prepared financial report as mutually agreed between the Parties prior to the date of this Deed
covering Guarantor's and each of its Subsidiary's operations for such month certified by a Responsible Officer and in a form acceptable
to Bank (the "Monthly Financial Statements");

 

		(b)	Annual Audited Financial Statements. As soon as available, but no later than 180 days after Guarantor's
financial year end, audited consolidated financial statements prepared under GAAP, consistently applied, with an unqualified opinion
on the financial statements from Guarantor's Auditors;

 

		(c)	Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices
made available to Guarantor's security holders or to any holders of Subordinated Debt;

 

		(d)	Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against
Guarantor or any of its Subsidiaries/Affiliates that could result in damages or costs to Guarantor or any of its Subsidiaries/Affiliates
of, individually or in the aggregate, Two Hundred and Fifty Thousand Euro (€250,000) (or its equivalent in any other currency)
or more;

 

		(e)	Intellectual Property Notice.  Prompt written notice of (i) any material change in the composition
of the Intellectual Property, (ii) the registration of any copyright, including any subsequent ownership right of Guarantor in
or to any Intellectual Property not previously disclosed in writing to Bank, and/or (iii) Guarantor's knowledge of an event
that could reasonably be expected materially and adversely to affect the value of the Intellectual Property;

 

		(f)	Operating Plan.Within 30 days after completion of a fiscal year and also promptly following
the same being updated, an operating plan, approved by the board of directors of the Guarantor, to include, without limitation,
balance sheet and income statement and to reflect projections on a quarterly or monthly basis for the upcoming financial year;

 

		(g)	Other Information. Budgets, sales projections, and other financial information and any other information
requested by Bank (unless disclosure of such information to Bank is prohibited by law); and

 

		(h)	Board Minutes and Agenda. As soon as available but no later than thirty (30) days after the date
of any of the Guarantor's board meetings, a copy of the agenda provided for such board meeting and minutes of such meeting.

 

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		5.3	Taxes

 

Guarantor shall
make, and cause each of its Subsidiaries/Affiliates to make, timely payment of all material Taxes or assessments (other than taxes
and assessments which Guarantor or a Subsidiary/Affiliate of Guarantor is contesting in good faith, with adequate reserves maintained
in accordance with GAAP) and will deliver to Bank, on demand, appropriate certificates attesting to such payments.

 

		5.4	Insurance

 

Guarantor shall
keep its business and the Collateral insured for risks (including third party liability appropriate to a company undertaking clinical
trials) and in amounts as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that
are satisfactory to Bank in its reasonable discretion as are typical for the industry in the relevant jurisdiction of Guarantor,
for companies similar to Guarantor. All non-German property policies shall have a lender's loss payee endorsement showing Bank
as first loss payee. All non-German policies (or their respective endorsements) shall provide that the insurer shall give Bank
at least twenty (20) days' notice before cancelling its policy. At Bank's request, Guarantor shall deliver certified copies of
policies and evidence of all premium payments. Proceeds payable under any policy taken out by or otherwise vested in Guarantor
shall, at Bank's option, be payable to Bank on account of the Obligations. If Guarantor fails to obtain insurance as required under
this Clause ‎5.4 (Insurance) or to pay any amount or furnish any required proof
of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this
Clause ‎5.4 (Insurance), and take any action under the policies Bank deems prudent.

 

		5.5	Bank Accounts.

 

		(a)	To permit Bank to monitor Guarantor’s financial performance and condition, Guarantor shall,
within 90 (ninety) days of the Effective Date, open and maintain all of Guarantor's UK depository and operating accounts and securities/investment
accounts and excess funds (if any) with Bank's UK branch. All of Guarantor's UK depository and operating accounts maintained outside
the UK shall be maintained with the banks disclosed to Bank in the Perfection Certificate of the Guarantor or any other bank or
financial institution acceptable to Bank.

 

		(b)	Guarantor shall promptly notify Bank, in writing, of any deposit, operating or securities/investment
account proposed to be opened by Guarantor with any institution other than Bank or an Affiliate of Bank. In addition, for each
such account that Guarantor at any time opens or maintains, Guarantor shall, at Bank’s request and option, pursuant to an
agreement in form and substance acceptable to Bank, cause the bank or securities intermediary to agree that such account is the
collateral of Bank pursuant to the terms of the Loan Documents, which control agreement may not be terminated without the prior
written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll,
payroll taxes and other employee wage and benefit payments to or for the benefit of Guarantor’s employees.

 

		5.6	Protection and Registration of Intellectual Property Rights.

 

		(a)	Guarantor shall: (i) protect, defend and maintain the validity and enforceability of the Intellectual
Property; (ii) promptly advise Bank in writing of material infringements of the Intellectual Property; and (iii) not allow any
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business
to be abandoned, forfeited or dedicated to the public without Bank's prior written consent.

 

		(b)	Guarantor shall provide written notice to Bank within ten (10) days of entering or becoming bound
by any Restricted Licence (other than over-the-counter software that is commercially available to the public). Guarantor shall
take such steps as Bank requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any
Restricted Licence to be deemed "Collateral" and for Bank to have a security interest in it that might otherwise be restricted
or prohibited by law or by the terms of any such Restricted Licence, whether now existing or entered into in the future, and (ii) Bank
to have the ability in the event of a realisation of any Collateral to dispose of such Collateral in accordance with Bank's rights
and remedies under this Agreement and the other Loan Documents.

 

		5.7	Studies

 

Guarantor shall
use all commercially reasonable efforts to ensure that all studies and/or clinical trials conducted by it or on its behalf strictly
comply with the following as they are applicable in the country/ countries in which the studies and/ or clinical trials are conducted:

 

		(a)	laws and regulations and government guidelines relating to studies/ clinical trials;

 

		(b)	all Government Approvals and good clinical practice;

 

		(c)	ethics committee approval(s);

 

		(d)	the terms of the applicable protocols; and

 

		(e)	any other requirements of the responsible regulatory or competent authorities,

 

and (if requested
by Bank) shall provide reasonable evidence of such compliance (save where provision of such evidence would involve Guarantor contravening
the law, in particular, data privacy laws).

 

		5.8	Litigation Cooperation

 

From the date
hereof and continuing until all Obligations have been irrevocably discharged and Bank has no commitment or liability hereunder,
make available to Bank, without expense to Bank, Guarantor and its officers, employees and agents and Guarantor's books and records,
to the extent that Bank may deem them reasonably necessary to institute or defend any third-party action or proceeding instituted
by or against Bank with respect to any Collateral or relating to Guarantor.

 

		5.9	Access to Collateral Books and Records

 

Allow Bank,
or its agents, at reasonable times, on five (5) Business Days' notice (provided no notice is required if an Event of Default has
occurred and is continuing), to inspect the Collateral and audit and copy Guarantor's Books. Such inspections or audits shall be
conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing and shall
be carried out at the expense of the Guarantor.

 

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		5.10	Further Assurances

 

Guarantor shall
execute any further instruments and take further action as Bank reasonably requests to perfect or continue Bank’s security
interest in the Collateral or to effect the purposes of this Agreement.

 

		6.	Negative Covenants

 

Guarantor shall
not do any of the following without Bank's prior written consent:

 

		6.1	Dispositions

 

Convey, sell,
lease, transfer, assign, or otherwise dispose of (collectively, "Transfer"), or permit any of its Subsidiaries to Transfer,
all or any part of its business or property, except for Transfers: (a) of Inventory in the ordinary course of business; (b)
of worn-out or obsolete Equipment; (c) required to effect of comply with the terms of any Permitted Liens and Permitted Investments;
(d) of licences for the use of the property of Guarantor or its Subsidiaries in the ordinary course of business. Guarantor
shall not enter into an agreement with any Person other than Bank which restricts the subsequent granting of a security interest
in the Intellectual Property.

 

		6.2	Changes in Business, Ownership, Management or Business Locations.

 

(a) Engage
in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Guarantor or such
Subsidiary or reasonably related thereto as at the Effective Date, (b) liquidate or dissolve; or (c) permit or suffer any Change
in Control.

 

Guarantor shall
not, without at least ten (10) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses
(unless such new offices or business locations contain less than Twenty Thousand Euros (€20,000 (or its equivalent in any
other currency)) in Guarantor's assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate,
in excess of Fifty Thousand Euros (€50,000) (or its equivalent in any other currency) to a bailee at a location other than
to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organisation, registration
or incorporation, (3) change its organisational structure or type or; (4) change its legal name. If Guarantor intends to deliver
any portion of the Collateral valued, individually or in the aggregate, in excess of Fifty Thousand Euros (€50,000) (or its
equivalent in any other currency) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing
both the Collateral and the location to which Guarantor intends to deliver the Collateral, then Guarantor will first receive the
written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank
in its sole discretion.

 

		6.3	Mergers or Acquisitions

 

Merge or consolidate,
or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries
to acquire, all or substantially all of the share capital or property of another Person. A Subsidiary of the Guarantor may merge
or consolidate into another Subsidiary of Guarantor or into Guarantor.

 

		6.4	Indebtedness

 

Create, incur,
assume, or be liable for any Indebtedness, or permit any of its Subsidiaries to do so, other than the Permitted Indebtedness.

 

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		6.5	Encumbrance

 

Create, incur,
allow, or suffer any Lien on any of, the Collateral, or assign or convey any right to receive income, or permit any of its Subsidiaries
to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted by
the Security Documents, except as is otherwise permitted in Clause ‎6.1 (Dispositions) and the definition of "Permitted
Liens".

 

		6.6	Distributions; Investments

 

(a) Directly
or indirectly acquire or own any Person, or make any Investment in any Person, other than Permitted Investments, or permit any
of its Subsidiaries to do so; or (b) pay any dividends or make any distribution or payment or redeem, or purchase any of its share
capital or give any financial assistance in respect of the purchase of any of its share capital.

 

		6.7	Transactions with Affiliates

 

Directly or
indirectly enter into or permit to exist any material transaction with any Affiliate of Guarantor, except for transactions that
are in the ordinary course of Guarantor's business, upon fair and reasonable terms that are no less favourable to Guarantor than
would be obtained in an arm's length transaction with a non-affiliated Person and transactions permitted pursuant to the terms
of Clause ‎6.1 (Dispositions).

 

		6.8	Subordinated Debt

 

(a) Make or
permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement
to which such Subordinated Debt is subject, or (b) without Bank's prior written consent, amend any provision in any document relating
to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to the Obligations
owed to Bank.

 

		6.9	Opening of New Bank Accounts

 

Guarantor undertakes
not to open any new bank accounts that are not the subject of a first priority security interest under the German Security Documents
either in Germany or elsewhere unless (i) with the prior written consent of Bank and (ii) under the proviso that Bank will obtain,
contemporaneously with the opening of any such account, a first priority security interest over such account in accordance with
the requirements of the applicable local laws (in particular Germany) and in each case under terms and conditions acceptable to
Bank.

 

		6.10	Joint Ventures

 

Guarantor shall
not enter into any joint venture or partnership, whether with another company, unincorporated firm, undertaking, association or
any other entity other than in the ordinary course of business and on arms-length terms or with the prior written consent of the
Bank (such consent not to be unreasonably conditioned, withheld or delayed).

 

		7.	Interest

 

		7.1	Interest on unpaid sums

 

The Guarantor
shall on demand pay to the Bank interest on any amount for the time being due from the Guarantor to the Bank under this Deed (both
before and after judgement) provided that

 

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such interest
will not be payable if and to the extent that interest is already accruing under a Loan Document and
can be claimed under this Deed.

 

		7.2	Calculation and accrual of interest

 

Interest payable
pursuant to Clause 7.1 (Interest on unpaid sums) shall be calculated and accrue in the same way as interest under Clause
2.2(b) (Default Rate) of the Loan Agreement.

 

		8.	Opening of new accounts

 

If for any
reason this Deed ceases to be a continuing security, the Bank may open a new account for the Borrower. If the Bank does not open
a new account, it shall nevertheless be treated as if it had done so at the time this Deed ceased to be a continuing security.
As from that time all payments made to the Bank will be credited or treated as having been credited to the new account and will
not operate to reduce the obligations of the Guarantor under this Deed.

 

		9.	No discharge of Guarantor

 

		9.1	Principal debtor

 

The liability
of the Guarantor under this Deed shall be that of a principal and independent debtor. The Guarantor shall not have any of the rights
or defences of a surety in relation to its obligations or liabilities under this Deed.

 

		9.2	Waiver of defences

 

Without limiting
Clause 9.1 (Principal debtor) the obligations and liabilities of the Guarantor under this Deed will not be affected by an
act, omission, matter or thing which, but for this Clause 9, would reduce, release or prejudice any of its obligations and liabilities
under this Deed (without limitation and whether or not known to it or the Bank) including:

 

		(a)	any time, waiver or consent granted to, or composition with, the Borrower or any other Obligor
or other person;

 

		(b)	the release of the Borrower or any other Obligor or any other person under the terms of any composition
or arrangement with any creditor of any member of the Group;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, the Borrower, any other Obligor or any other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Borrower or any Obligor or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Loan Document or any other document or security including, but not limited to, any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Loan Document
or other document or security;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Loan Document
or any other document or security; or

 

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		(g)	any Insolvency or similar proceedings.

 

		9.3	Foreign law waiver

 

The Guarantor
further waives all the rights, remedies, defences or exceptions which are or may be given to the Guarantor under Dutch law.

 

		10.	Guarantor intent

 

Without prejudice
to the generality of Clause 9 (No discharge of Guarantor) the Guarantor expressly confirms that it intends that this Deed
shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any Loan Document
and/or any facility or amount made available under any Loan Document for the purposes of or in connection with any of the following:
business or asset acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying
out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers;
any other variation or extension of the purposes for which any such facility or amount might be made available from time to time;
and any fees, costs and/or expenses associated with any of the foregoing.

 

		11.	Reinstatement

 

If any discharge,
release or arrangement (whether in respect of the obligations of the Borrower or any other person or any security for those obligations
or otherwise) is made by the Bank in whole or in part on the faith of any payment, security or other disposition which is avoided
or must be restored in Insolvency or otherwise, without limitation, then the liability of the Guarantor under this Deed will continue
or be reinstated as if the discharge, release or arrangement had not occurred.

 

		12.	Deferral of Guarantor's Rights

 

		12.1	Restriction on rights or claims

 

Until all amounts
which may be or become payable by the Borrower under the Loan Documents have been irrevocably paid or discharged in full, the Guarantor
will not, unless the Bank otherwise directs, exercise any rights which it may have by reason of performance by it of its obligations
under this Deed or by reason of any amount being payable, or liability arising, under this Deed:

 

		(a)	to be indemnified by the Borrower or any other person;

 

		(b)	to claim any contribution from any other guarantor of any of the Borrower's obligations and liabilities
under the Loan Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Bank under any Loan Document or of any other security or guarantee or indemnity at any time taken pursuant to, or
in connection with, the Loan Documents by the Bank;

 

		(d)	to bring legal or other proceedings for an order requiring the Borrower or any other person to
make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity
under this Deed;

 

		(e)	to exercise any right of set-off against the Borrower or any other person; and/or

 

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		(f)	to claim or prove as a creditor of the Borrower or any other person in competition with the Bank.

 

		12.2	Turnover

 

If the Guarantor
receives any benefit, payment or distribution in relation to the rights mentioned in Clause 12.1 (Restriction on rights or claims)
it shall hold that benefit, payment or distribution to the extent necessary to enable the Borrower's obligations and liabilities
under the Loan Documents to be repaid in full on trust for the Bank and shall promptly pay or transfer the same to the Bank for
application in or towards discharge of the obligations and liabilities of the Guarantor under this Deed.

 

		13.	Suspense account

 

The Bank may
at any time place and keep to the credit of a separate interest bearing suspense account any monies received under this Deed for
so long and in such manner as the Bank may determine without any obligation to apply such monies or any part of them in or towards
the discharge of the Borrower's obligations and liabilities under the Loan Documents. In the event of any proceedings in or analogous
to Insolvency of or concerning the Borrower, the Bank may notwithstanding any payment made under this Deed prove for a claim and
agree to accept any dividend or composition in respect of the whole or any part of the Borrower's obligations and liabilities under
the Loan Documents as if this Deed had not been given.

 

		14.	Other means of payment

 

The Bank may
(irrespective of any law or any provision of any Loan Document to the contrary) make a demand under this Deed:

 

		(a)	before making any demand on the Borrower or the Borrower's estate or any other person or enforcing
any other guarantee or security for the Borrower's obligations and liabilities under the Loan Documents; and

 

		(b)	for the payment of the ultimate balance after resorting to other means of payment, or for the balance
due at any time notwithstanding that the Bank has not resorted to other means of payment (in which case the Guarantor shall not
be entitled to any benefit from such other means of payment so long as the Borrower's obligations and liabilities under the Loan
Documents remain outstanding).

 

		15.	Expenses

 

		15.1	Costs

 

The Guarantor
shall pay to the Bank on demand all costs and expenses (including, but not limited to, legal fees) from time to time paid or incurred
by the Bank in connection with perfecting, preserving, defending or enforcing this Deed or in exercising any right or power under
or in connection with this Deed, and shall indemnify the Bank against all such costs and expenses.

 

		15.2	Stamp duty

 

The Guarantor
shall pay on demand all stamp, documentary, registration and other similar duties and taxes, if any, to which this Deed may be
subject or give rise and shall indemnify the Bank against any and all liability with respect to or resulting from any delay or
failure by the Guarantor in making such payment.

 

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		15.3	Value Added Tax

 

Where this
Deed requires the Guarantor to reimburse the Bank for any costs or expenses the Guarantor shall at the same time pay and indemnify
the Bank against all Value Added Tax (or any tax of a similar nature) incurred by the Bank in respect of the costs and expenses
to the extent that the Bank determines that it is not entitled to credit or repayment of the Value Added Tax (or other tax of a
similar nature).

 

		15.4	Currency

 

Each payment
by the Guarantor in respect of costs, expenses or Tax shall be made in the currency in which the costs, expenses or Tax are incurred.

 

		16.	Tax gross-up

 

		16.1	Payments without Tax Deduction

 

The Guarantor
shall make all payments to be made by it under this Deed without any deduction or withholding for or on account of Tax (a "Tax
Deduction") unless a Tax Deduction is required by law.

 

		16.2	Notification of Tax Deduction

 

The Guarantor
shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a
Tax Deduction) notify the Bank accordingly.

 

		16.3	Gross-up of payments

 

If a Tax Deduction
is required by law to be made by the Guarantor, the amount of the payment due from the Guarantor shall be increased to an amount
which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had
been required.

 

		16.4	Payment in connection with Tax Deduction

 

If the Guarantor
is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction
within the time allowed and in the minimum amount required by law.

 

		16.5	Evidence of payment

 

Within 30 days
of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Guarantor shall deliver to
the Bank evidence satisfactory to the Bank that the Tax Deduction has been made or (as applicable) any appropriate payment has
been paid to the relevant taxing authority.

 

		17.	Miscellaneous

 

		17.1	Additional security

 

This Deed is
in addition to and is not in any way prejudiced by any bill, note, guarantee or security now or subsequently held by the Bank for
any of the Borrower's obligations and liabilities under the Loan Documents.

 

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		17.2	No set-off by Guarantor

 

All payments
made by the Guarantor to the Bank under this Deed shall (save insofar as required by law to the contrary) be paid in full without
set-off or counterclaim.

 

		17.3	Set-off

 

The Bank may
set off any matured obligation owed by the Guarantor to the Bank against any obligation (whether or not matured) owed by the Bank
to the Guarantor regardless of the place of payment, or currency of either obligation. If the obligations are in different currencies,
the Bank may convert either obligation at a market rate of exchange for the purpose of the set-off in an amount estimated by it
in good faith to be the amount of that obligation.

 

		17.4	Remedies and waivers

 

No delay or
omission of the Bank in exercising any right or remedy under this Deed or otherwise available to it at law shall impair such right
or remedy, or be construed as a waiver of such right or remedy nor shall any single or partial exercise of any such right or remedy
preclude its further exercise or the exercise of any other right or remedy. The rights and remedies provided in this Deed are cumulative
and not exclusive of any rights or remedies provided by law and may be waived only in writing and specifically.

 

		17.5	Severability

 

Any provision
of this Deed which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions of this Deed or affecting the validity or
enforceability of such provision in any other jurisdiction.

 

		17.6	Certificates and determinations

 

A certificate
or determination by the Bank of the amount of the Borrower's obligations and liabilities outstanding under the Loan Documents at
any time or of any other amount payable by the Guarantor under this Deed is, in the absence of manifest error, conclusive evidence
for all purposes of this Deed as against the Guarantor.

 

		17.7	Deed the property of the Bank

 

This Deed is
and will at all times remain the property of the Bank.

 

		17.8	Loan Agreement provisions binding

 

The Guarantor
shall be bound by all provisions of the Loan Agreement which are expressed to be applicable to the Obligors in the same way as
if they were expressly incorporated and set out in this Deed with appropriate and necessary modifications.

 

		17.9	Currency indemnity

 

		(a)	The Guarantor's liability under this Deed is to pay to the Bank the full amount of the Borrower's
obligations and liabilities under the Loan Documents in the currency in which they are for the time being denominated. If, for
any reason, any payment due from the Guarantor under or in connection with this Deed is made or is satisfied in a currency (the
"Other Currency") other than the currency in which the relevant payment is due (the "Contractual Currency"),
then to the extent that the payment (when

 

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converted
into the Contractual Currency at the rate of exchange on the date of payment or, in the case of the Insolvency of the Guarantor,
at the rate of exchange on the latest date permitted by applicable law for the determination of liabilities in such Insolvency)
actually received by the Bank falls short of the amount expressed to be due under the terms of this Deed, the Guarantor shall,
as a separate and independent obligation, indemnify the Bank and hold the Bank harmless against the amount of such shortfall.

 

		(b)	For the purpose of this Clause "rate of exchange" means the rate at which the
Bank is able on the relevant date to purchase the Contractual Currency with the Other Currency and shall take into account any
premium and other costs of exchange.

 

		18.	Benefit of this Deed

 

		18.1	Assignment by the Bank

 

The Bank may
assign or transfer all or any part of its rights under this Deed in accordance with Clause 12.1 (Successors and Assigns)
of the Loan Agreement. The Guarantor shall enter into any documents specified by the Bank to be necessary to give effect to such
assignment or transfer.

 

		18.2	No assignment by the Guarantor

 

The Guarantor
may not assign or transfer all or any part of its rights and/or obligations under this Deed.

 

		18.3	Disclosure of information

 

The Bank may
disclose such information about the Guarantor as the Bank thinks fit to a potential assignee or transferee of all or any part of
its rights under this Deed, or to any person who may otherwise enter into contractual relations with the Bank in relation to any
of the Borrower's obligations and liabilities under the Loan Documents, or to any person to whom, and to the extent that, information
is required to be disclosed by any applicable law or regulation, or to any person in connection with the protection or enforcement
of the Bank's rights under this Deed.

 

		19.	Notices

 

		19.1	Address

 

The Guarantor's
address and email address for any notice, demand or other communication under or in connection with this Deed are:

 

Address: Affimed
N.V.

 

Im Neuenheimer
Feld 582

69120 Heidelberg

Germany

 

Attn: Dr Florian
Fischer

 

Email: F.Fischer@affimed.com

 

or any substitute
address or email address as the Guarantor may notify to the Bank by not less than five days written notice. Any such notice, demand
or other communication shall also be

 

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effective if
sent to the Guarantor's registered office or the address or email address of the Guarantor last known to the Bank.

 

		19.2	Method and receipt

 

The provisions
of Clause 10 (Notices) of the Loan Agreement shall apply to this Deed as if they were expressly incorporated and set out
in this Deed with appropriate and necessary modifications.

 

		19.3	English language

 

Any notice
given under or in connection with this Deed must be in English.

 

		20.	Governing law and jurisdiction

 

		20.1	Governing law

 

This Deed and
any non-contractual obligation arising out of or in connection with it are governed by English law.

 

		20.2	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute")
arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed
or any non-contractual obligation arising out of or in connection with this Deed).

 

		(b)	It is agreed that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no party will argue to the contrary.

 

		(c)	This Clause ‎20.2 is for the benefit of the Bank only.
As a result, the Bank shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.
To the extent allowed by law, the Bank may take concurrent proceedings in any number of jurisdictions.

 

		20.3	Service of process

 

Without prejudice
to any other mode of service allowed under any relevant law, the Guarantor:

 

		(a)	irrevocably appoints Law Debenture Corporate Services Limited of Fifth Floor, 100 Wood Street,
London EC2V 7EX, attention: Kristy Buchan, Senior Service of Process Officer as its agent for service of process in relation to
any proceedings before the English courts in connection with this Deed; and

 

		(b)	agrees that failure by a process agent to notify the Guarantor of the process will not invalidate
the proceedings concerned.

 

EXECUTED as a Deed and delivered on the
date stated at the beginning of this document.

 

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EXECUTED as a DEED on
behalf of AFFIMED N.V. a company incorporated in The Netherlands, by Florian Fischer and Jörg Windisch, being persons who, in
accordance with the laws of that territory, are acting under the authority of the company:

 

 

 

 

/s/ Florian Fischer         Authorised signatory

 

 

 

/s/ Jörg Windisch        Authorised signatory

 

 

 

 

EXECUTED as a DEED
on behalf of SILICON VALLEY BANK a California corporation, by Nooman Haque,
being a person who, in accordance with the laws of that territory, is acting under the authority of the corporation:

 

/s/ Nooman Haque         Authorised signatory

 

 

 

    19EXHIBIT 10.3

 

	
	
         

         

         

         

        Omnibus
        DEED OF Pledge

         

	 
	 
	 
	 
	
        dated 30
        November 2016

         

         

         

        between

         

         

         

        Affimed N.V.

         

         

         

        as Pledgor

         

         

         

         

        and

         

         

         

         

        Silicon Valley Bank

         

        as Pledgee

         

         

         

         

         

        in connection with
        a Loan Agreement and any other related loan documents

         

     

     

    

THE UNDERSIGNED

 

		(1)	AFFIMED N.V., a public company (naamloze vennootschap) incorporated under the laws
of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, with registered address at Im Neuenheimer Feld 582,
D-69120 Heidelberg, Germany and registered with the Dutch Commercial Register under number 60673389, as pledgor (the "Pledgor");
and

 

		(2)	SILICON VALLEY BANK, a corporation incorporated under the laws of California, United States
of America, with registered address at 3003 Tasman Drive, Santa Clara, California 95054, United States of America, as pledgee (the
"Pledgee").

 

WHEREAS:

 

		(A)	by a loan agreement between Affimed GmbH as Borrower and Silicon Valley Bank as bank (hereinafter
the "Loan Agreement"), the Pledgee has agreed to provide the Facilities (as defined therein) to Affimed GmbH;
and

 

		(B)	the Pledgor has entered into this Deed to secure the payment and performance in full of all Secured
Obligations.

 

HAVE AGREED as follows:

 

		1.	Definitions
                                         And Interpretation

 

		1.1	Definitions

 

In this Deed:

 

"Agreements"
means the Insurance Agreements and the Licences.

 

"Bank Account"
means any present or future bank account of the Pledgor with a bank or financial institution in the Netherlands, including but
not limited to a bank account listed under "List of Bank Accounts" in Part I of Annex 1 (Overview of Collateral).

 

"Bank Rights"
means all present and future rights, claims and receivables of the Pledgor against any Debtor with whom a Bank Account is or will
be maintained, including under or in connection with the balance of any Bank Account.

 

"Collateral"
means all Rights, Movables and IP Rights.

 

"DCC" means
the Dutch Civil Code.

 

"Debtor" means

 

		(a)	any bank or financial institution with whom a Bank Account is or will be maintained by the Pledgor;

 

		(b)	any insurer or broker under an Insurance Agreement to which the Pledgor is or may become a party;

 

		(c)	any member of the Group;

 

		(d)	any licensee to which a License has been or will be granted by the Pledgor; and

 

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		(e)	any licensor which has granted or will grant a License to the Pledgor.

 

"Deed" means
this deed of pledge.

 

"Enforcement Event"
means an Event of Default which is continuing, provided that it is also a default (verzuim) in accordance with article 3:248
DCC.

 

"Existing Debtor"
means

 

		(a)	any bank or financial institution with whom a Bank Account is maintained by the Pledgor as the
date of this Deed;

 

		(b)	any insurer or broker under an Insurance Agreement existing on the date of this Deed;

 

		(c)	any member of the Group as at the date of this Deed;

 

		(d)	any licensee to which a License has been granted by the Pledgor as the date of this Deed; and

 

		(e)	any licensor which has granted a License to the Pledgor as at the date of this Deed.

 

"Future Receivables"
means all rights, claims and receivables of the Pledgor against any debtor which come into existence after the date of this Deed
(or in case of any Supplemental Deed, the date of such Supplemental Deed) but excluding (i) receivables pledged under any Security
Document (including this Deed and any Supplemental Deed) and (ii) any Bank Right, Intercompany Right, Insurance Right, Licensor
Right and Licensee Right, if and to the extent the Debtor in respect of such receivable is notified of the (disclosed) Right of
Pledge.

 

"Group" means
Affimed N.V. and each of its subsidiaries within the meaning of article 2:24a DCC.

 

"Insurance Agreements"
means all insurance agreements under which the Pledgor is or may become entitled to claim including, but not limited to, the insurance
agreements listed under "List of Insurance Agreements" in Part I of Annex 1 (Overview of Collateral) to the extent
these agreements are governed by Netherlands law.

 

"Insurance Rights"
means all present and future rights, claims and receivables of the Pledgor against the relevant Debtors under or in connection
with an Insurance Agreement, except to the extent any such receivable relating to an Insurance Agreement is restricted from being
pledged under section 7:954(4) DCC.

 

"Intercompany Rights"
means all present and future rights, claims and receivables of the Pledgor against a Debtor which at any time is a member of the
Group.

 

"Internet Domain Name
Receivables" means all present and future rights, claims and receivables owed to the Pledgor by any internet domain name
register (including but not limited to Stichting Internet Domeinregistratie), including rights, claims and receivables under or
in connection with an Internet Domain Name (as defined in Part II of Annex 1 (Overview of Collateral)).

 

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"IP Movables"
means all data carriers on which data are stored relating to the Copyrights and all manuals and other documentation relating to
the Copyrights, including but not limited, to the extent the Copyrights relate to software, to data carriers, manuals and other
documentation relating to source codes, owned by the Pledgor or which that Pledgor may acquire in the future.

 

"IP Rights"
means all present and future intellectual property including but not limited to Copyrights, Database Rights, Designs, Internet
Domain Names, Licensee Rights, Neighbouring Rights, Patents,, Trade Marks and Trade Names of the Pledgor, in each case as defined
in Part II of Annex 1 (Overview of Collateral) and in each case to the extent these intellectual property rights are not
personal to it and are capable of being pledged.

 

"License" means
all permissions of any kind whatsoever, whether or not registered or in writing (i) granted or to be granted by the Pledgor to
any person entitling that person to use any IP Rights whether or not in return for any financial or other remuneration, including,
but not limited to, the licences listed under "List of Licenses" in Part I of Annex 2 (Overview of Collateral)
or (ii) granted or to be granted to the Pledgor by any person entitling the Pledgor to use any intellectual property rights whether
or not in return for any financial or other remuneration, including, but not limited to, the licences listed under "Licensee
Rights" in Part II of Annex 2 (Overview of Collateral).

 

"Licensor Rights"
means all present or future rights of the Pledgor to receive payment of an amount or other remuneration/consideration under or
arising from any Licence.

 

"Movables"
means (i) all movable assets including but not limited to equipment, inventory, stock and IP Movables and (ii) all rights to bearer
of the Pledgor, in each case owned or conditionally owned (voorwaardelijk eigendom) by the Pledgor on the date of the registration
of this Deed or which the Pledgor may acquire in the future and to the extent these movable assets and rights to bearer are located
in the Netherlands at any time.

 

"Present Receivables"
means all rights, claims and receivables of the Pledgor against any debtor:

 

		(a)	which exist (bestaan) on the date of registration of this Deed (or, in case of any Supplemental
Deed, the date of such Supplemental Deed); or

 

		(b)	which are, after the date of registration of this Deed (or, in case of any Supplemental Deed, the
date of such Supplemental Deed), directly acquired pursuant to a legal relationship in existence (rechtstreeks zullen worden
verkregen uit een bestaande rechtsverhouding) on the date of registration of this Deed (or, in case of any Supplemental Deed,
the date of such Supplemental Deed),

 

excluding any Bank Right, Intercompany
Right, Insurance Right, Licensor Right and Licensee Right, if and to the extent the Debtor in respect of such Right is notified
of the (disclosed) Right of Pledge.

 

"Receivables"
means the Present Receivables and the Future Receivables.

 

"Right of Pledge"
means a right of pledge created or purported to be created under this Deed or any Supplemental Deed.

 

    - 3 -

     

    

"Rights" means
the Bank Rights, Intercompany Rights, Insurance Rights, Licensor Rights, Licensee Rights and Receivables.

 

"Secured Obligation"
means any payment obligation (verbintenis tot betaling van een geldsom) in favour of the Pledgee under:

 

		(a)	the Finance Documents; and

 

		(b)	this Deed, including in respect of any costs and expenses related to the foreclosure (kosten
van executie) of any Right of Pledge,

 

whether present or future, whether
actual or contingent, whether as primary obligor or as surety and whether for principal, interest, costs or otherwise, provided
that the security does not apply to any liability to the extent that it would result in such security constituting unlawful financial
assistance within the meaning of article 2:98c DCC or any subsequent legislation in respect of unlawful financial assistance or
any equivalent and applicable provisions under the laws of the jurisdiction of incorporation of the relevant provider of security.

 

"Supplemental Deed"
means a deed substantially in the form of Schedule 2 (Form of Supplemental Deed) or such other form as the Pledgee deems
appropriate, including for the avoidance of doubt, an unspecified collective deed of pledge (verzamelpandakte) and any notice
sent to a Debtor notifying such Debtor of the Right of Pledge.

 

		1.2	Interpretation

 

		(a)	Unless otherwise defined in this Deed, words and expressions defined in the Loan Agreement have
the same meanings when used in this Deed. The principles of construction set out in the Loan Agreement will have effect as if set
out in this Deed.

 

		(b)	A reference to an "Annex", a "Clause", a "Party"
or a "Schedule" is a reference to an annex, or a clause of this Deed or a party or a schedule to this Deed.

 

		(c)	Words denoting the singular include the plural and vice versa.

 

		(d)	English language words used in this Deed intend to describe Dutch legal concepts only and the consequences
of the use of those words in English law or any other foreign law are to be disregarded.

 

		(e)	References in this Deed to any Finance Document or other document include such document as amended,
restated, novated, supplemented or otherwise modified from time to time and expressly including any increases and/or amendments
of credit, loans and/or other commitments under the Loan Agreement or other Finance Document irrespective of the amounts involved
and irrespective of the manner of implementation of such increases and/or amendments and as parties may accede to any Finance Document
or retire from any Finance Document.

 

		(f)	A reference to “registration” of this Deed or any Supplemental Deed means registration
by the appropriate department of the tax authorities or notary in the

 

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Netherlands
or, in case of IP Rights, the relevant intellectual property register in accordance with the relevant intellectual property laws.

 

		(g)	References in this Deed to the Pledgee, the Pledgor and any other person shall be construed so
as to include its or their respective permitted successors, transferees and assignees pursuant to the terms of the Finance Documents
from time to time and any successor of such a successor, transferee or assignee.

 

		2.	CREATION AND PERFECTION OF PLEDGE

 

		2.1	Undertaking to pledge

 

The Pledgor agrees with the Pledgee
and undertakes to grant (where relevant in advance (bij voorbaat)) a right of pledge (pandrecht) over the Collateral.

 

		2.2	Secured Obligations

 

		(a)	Each Right of Pledge is created as security for the payment when due of the Secured Obligations.

 

		(b)	Each Right of Pledge shall secure the Secured Obligations as they may be amended from time to time
as a result of a modification, amendment, release or waiver of any of the terms and conditions of any Finance Document or any other
documentation documenting, guaranteeing or securing the Secured Obligations (however fundamental, including any increase of any
of the Facilities under the Loan Agreement, any extension or addition of or to any of the Facilities made available under any Finance
Document and/or any additional facility or amount made available under any Finance Document for any purpose, including in connection
with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to
be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available
to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time; any increase or other way of calculating interest in respect of any Facilities and any fees, costs and/or expenses
associated with any of the foregoing) and no such amendment shall discharge or otherwise prejudice or affect any Right of Pledge
and/or any right of the Pledgee under this Deed or any Supplemental Deed.

 

		2.3	Creation of pledge

 

		(a)	The Pledgor hereby grants (as the case may be (i) in advance (bij voorbaat) and/or (ii)
by means of a third party right of pledge (derden-pandrecht) as referred to in article 3:231(1) DCC), in favour of the Pledgee:

 

		(i)	a disclosed right of pledge (openbaar pandrecht) on the Bank Rights, the Intercompany Rights,
the Insurance Rights;

 

		(ii)	an undisclosed right of pledge (stil pandrecht) on the Present Receivables and Licensor
Rights (for the avoidance of doubt, Parties note that at the date of this Deed, the Pledgor does not have any Present Receivables
or Licensor Rights);

 

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		(iii)	a non-possessory right of pledge (vuistloos pandrecht) on the Movables (for the avoidance
of doubt, Parties note that at the date of this Deed, the Pledgor does not have any Movables); and

 

		(iv)	a right of pledge (pandrecht) on the IP Rights (including a undisclosed right of pledge
(openbaar pandrecht) on the Licensee Rights) (for the avoidance of doubt, Parties note that at the date of this Deed, the
Pledgor does not have any IP Rights).

 

		(b)	The Pledgor shall grant (as the case may be (i) in advance (bij voorbaat) and/or (ii) by
means of a third party right of pledge (derden-pandrecht) as referred to in article 3:231(1) DCC), in favour of the Pledgee
an undisclosed right of pledge on the Future Receivables, future Licensor Rights and future Licensee Rights by:

 

executing
a Supplemental Deed (1) every quarter on the last Business Day of that period and (2) promptly upon request of the Pledgee; and

 

		(c)	In respect of movables owned by the Pledgor which are located outside the Netherlands at the date
of this Deed (or, if later, when the Pledgor acquires such movables), the pledge is entered into under the suspensive condition
(opschortende voorwaarde) of such movables being located in the Netherlands at which time they will be (i) Movables within
the meaning of this Deed and (ii) subject to a Right of Pledge.

 

		(d)	The Pledgee hereby accepts (where relevant in advance (bij voorbaat)) each Right of Pledge.

 

		2.4	Scope of pledge over Rights

Each Right of Pledge in respect
of a Right:

 

		(a)	captures only rights, claims and receivables which are capable of being pledged under applicable
law;

 

		(b)	extends to rights, claims and receivables whether jointly or individually held;

 

		(c)	extends, to the fullest extent possible under applicable law, to all rights attached to that Right,
including, but not limited to, dependent rights (afhankelijke rechten) and ancillary rights (nevenrechten); and

 

		(d)	extends to rights, claims and receivables acquired by way of recourse (regres) or subrogation
(subrogatie) and rights, claims and receivables arising from declarations of joint and several liability on the basis of
article 2:403(f) DCC.

 

		2.5	Perfection

 

The Pledgor shall:

 

		(a)	no later than 2 Business Days after the date of this Deed (or 5 Business Days after the date of
any Supplemental Deed), register this Deed (or Supplemental Deed, as the case may be) with the Dutch tax authorities (other than
the registers as referred to under sub (d) of this Clause) and provide a copy of evidence of receipt by the

 

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relevant
authorities and the registered Deed (or Supplemental Deed) to the Pledgee, in each case promptly upon receipt;

 

		(b)	no later than 2 Business Days after the date of this Deed send a notice substantially in the form
of Schedule 1 (Form of Notification Letter), to each Existing Debtor (other than Existing Debtors already notified pursuant
to Clause 2.9 (Notification of disclosed pledge to Parties)) and promptly provide the Pledgee with a copy of such notice
together with evidence of receipt (ontvangstbevestiging) of such notice or fax communication and, promptly upon receipt,
with a copy of the acknowledgement of the Right of Pledge by the Existing Debtors;

 

		(c)	within 5 Business Days after the entry into of any Agreement or intercompany relation with a Debtor
not previously notified of the Right of Pledge send a notice substantially in the form of Schedule 1 (Form of Notification Letter)
to the relevant Debtor and promptly provide the Pledgee with a copy of such notice together with evidence of receipt (ontvangstbevestiging)
of such notice or fax communication and, promptly upon receipt, with a copy of the acknowledgement by the relevant Debtor of the
Right of Pledge; and

 

		(d)	procure, in respect of each IP Right which is registered in a register, that the Right of Pledge
is notified to and requested to be recorded with the relevant registers promptly and in any event no later than 15 Business Days
after the date of this Deed (or such longer period as the Pledgee may agree) (and, in respect of any IP Right which is registered
in a register after the date of this Deed, promptly and in any event no later than 15 Business Days after the date of registration).
For the avoidance of doubt, the parties note that at the date of this Deed, the Pledgor does not have any IP Rights and therefore,
the provisions in this Clause 2.5(d) only apply to any IP Rights which are registered in a register after the date of this Deed.
Such registers include:

 

		(i)	in relation to Designs:

 

		(A)	for Benelux design rights: the design register of the Benelux Office for Intellectual Property
(BOIP) in The Hague, the Netherlands;

 

		(B)	for community design rights: the design register of the Office for Harmonisation in the Internal
Market (OHIM) in Alicante, Spain; and

 

		(C)	for international design rights: the design register of the World Intellectual Property Organisation
(WIPO) in Geneva, Switzerland;

 

		(ii)	in relation to Internet Domain Names with .nl top level extensions:

 

the domain
name register of Stichting Internet Domeinregistratie Nederland (SIDN);

 

		(iii)	in relation to Patents:

 

		(A)	for Dutch patents: the Netherlands Patent Office (NL Octrooicentrum);

 

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		(B)	for European Patents: (i) as long as an application is still pending, the European Patent Office
(EPO) in Munich, Germany and (ii) if the EPO application has been accepted as a Dutch patent registration, the Netherlands Patents
Office (NL Octrooicentrum); and

 

		(C)	for International Patents on the basis of the PCT system (PCT): the International Bureau of the
World Intellectual Property Organisation (WIPO) in Geneva, Switzerland;

 

		(iv)	in relation to supplementary protection certificates: the Netherlands Patent Office (NL Octrooicentrum);
and

 

		(v)	in relation to trade marks:

 

		(A)	for Benelux trademark rights: the trademark register of the Benelux Office for Intellectual Property
(BOIP) in The Hague, the Netherlands;

 

		(B)	for community trademark rights: the trademark register of the Office for Harmonisation in the Internal
Market (OHIM) in Alicante, Spain; and

 

		(C)	for international trademark rights: the trademark register of the World Intellectual Property Organisation
(WIPO) in Geneva, Switzerland.

 

		2.6	Domicile for Patents

 

For purposes of article 67(2)
of the Dutch Patent Act 1995, the Pledgor that pledges any Patent under this Deed and the Pledgee choose domicile at The Hague,
the Netherlands.

 

		2.7	Pledge Confirmation for registered IP Rights

 

Notification to and request
for recording with an intellectual property register within the meaning of Clause ‎2.5 (Perfection) under ‎(d) above
will be effected by means of a notification letter in the form of Schedule 3 (Form of Pledge Confirmation) and the Pledgor
shall provide evidence of receipt by the relevant authorities of such notification and recording to the Pledgee promptly upon receipt
of such evidence.

 

		2.8	Registration by Pledgee

 

Without prejudice to the obligations
of the Pledgor under Clause ‎2.5 (Perfection), the Pledgee shall be authorised to register this Deed and any Supplemental
Deed with the relevant authorities, including any intellectual property register referred to in Clause ‎2.5 (Perfection)
under ‎(d).

 

		2.9	Perfection by Pledgee

 

Without prejudice to the obligations
of the Pledgor under Clause ‎2.5 (Perfection), the Pledgor hereby irrevocably authorises the Pledgee to grant a right
of undisclosed pledge over all Receivables within the meaning of Clause ‎2.3 (Creation of Pledge) under ‎(b) of
this Deed by executing on its behalf a Supplemental Deed in the frequency determined by the Pledgee, and the Pledgee is authorised
to register each Supplemental Deed with the relevant authorities. In addition, the Pledgee has the right to use the power of attorney
granted to the Pledgee in Clause ‎5.2 (Power of Attorney) of this Deed to create similar rights of pledge over the Collateral
by other means (including by way of a collective pledge deed) on a daily basis or at such other intervals or times as the Pledgee
deems appropriate.

 

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		2.10	Notification of disclosed pledge to Parties

 

		(a)	Without prejudice to the obligations of the Pledgor under Clause ‎2.5
(Perfection), the Pledgee shall be authorised to notify each Debtor of the disclosed rights of pledge purported to be created
under this Deed.

 

		(b)	The Pledgee, in its capacity as Debtor of any Bank Rights, confirms to have been notified as Debtor
of the Right of Pledge by signing this Deed.

 

		(c)	The Pledgor, in its capacity as Debtor of any Intercompany Rights, confirms to have been notified
as Debtor of the Right of Pledge by signing this Deed.

 

		2.11	Intellectual property rights other than IP Rights

If any intellectual property
right (including internet domain names and licenses concerning intellectual property rights) granted to or by, acquired, held by,
registered and/or applied for by or in the name of the Pledgor before or after the date of this Deed does not fall within the definition
of any IP Right for geographical and/or other reasons, the Pledgor, where applicable in advance, hereby pledges such right to the
Pledgee. The Pledgee, where applicable in advance, hereby accepts these rights of pledge. Each right of pledge purported to be
created under this Clause ‎2.11 is in addition to and without prejudice to any other rights of pledge created under this Deed.

 

		2.12	Conversion

If pursuant to Netherlands private
international law a law other than the law of the Netherlands would be applicable to the validity of the creation of the security
interests purported to be created under this Deed, and the requirements for the creation of such a security interest under that
other law have been materially satisfied, then, for the purposes of this Deed, the Parties intend to create a security interest
under that law to the extent legally possible.

 

		3.	undertaking

 

		3.1	Preservation of Collateral

Unless explicitly provided otherwise
under any Finance Document, the Pledgor shall not without the prior written consent of the Pledgee:

 

		(a)	pledge, otherwise encumber, dispose of, transfer or make subject to a limited right (beperkt recht) the Collateral or
any part thereof other than in the ordinary course of business and on arm’s length terms, whether or not in advance, or perform
any act that may harm the rights of the Pledgee, or permit to subsist any kind of encumbrance or attachment over the Collateral
or any part thereof;

 

		(b)	vary the terms of or extend, release (kwijtschelden) or waive (afstand doen van)
any Right other than in the ordinary course of business and on arm’s length terms;

 

		(c)	abandon or withdraw any registration of the IP Rights or any part thereof or any entitlement in
relation to the IP Rights or any part thereof; or

 

		(d)	waive any accessory rights (afhankelijke rechten) or ancillary rights (nevenrechten) attached to the Collateral
other than in the ordinary course of business and on arm’s length terms.

 

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		3.2	Undertakings applicable to IP Rights

		(a)	The Pledgor shall:

 

		(i)	retain evidence of the genuine use made of its Trade Marks (and provide the Pledgee with this evidence
upon the Pledgee's request). This evidence includes samples of product packaging, promotional material and copies of invoices to
customers with the Trade Mark; and

 

		(ii)	take all actions, including paying maintenance, renewal, registration and other applicable fees,
monitoring prosecution, defending against third parties, commencement of legal proceedings and other relevant proceedings, making
normal and commercial adequate use of its IP Rights in conformity with the registration thereof and all other actions necessary
to keep its IP Rights in force and valid worldwide and will do nothing to jeopardise its IP Rights now or in the future.

 

		(b)	At the Pledgee's request, provide the Pledgee with:

 

		(i)	a data carrier, in such form as the Pledgee may request, on which its Copyrights are stored and,
to the extent the Copyrights relate to software, including all relevant source codes; and

 

		(ii)	with all such data and movables, including to computers, computer files and software as the Pledgee
may reasonably deem necessary to have access to the Copyrights.

 

		3.3	Undertakings applicable to Bank Rights

The Pledgor shall use all reasonable
endeavours to ensure that each bank (other than the Pledgee) with which a Bank Account is or will be maintained (an “account
bank”) will consent to the creation of the Right of Pledge over any account maintained with that account bank and will
release any pledge, waive any right to create a pledge and any right to set-off and suspension that account bank may have in respect
of any account.

 

		3.4	Undertakings applicable to Movables

The Pledgor shall at its own
expense keep the Movables in good working order and condition, handle the same in a diligent manner, effect any necessary repair
and maintain insurances with reputable insurance companies or underwriters on and in relation to the Movables against those risks
and on such market conditions as is usual for companies carrying on the same or substantially similar business. It shall produce
policies of the relevant insurances to the Pledgee for review at the Pledgee’s request.

 

		3.5	Information

The Pledgor shall:

 

		(a)	promptly inform in writing a bailiff (deurwaarder) serving an attachment (beslag exploit)
in respect of the Collateral or any part thereof, liquidator (curator) in bankruptcy, an administrator (bewindvoerder)
of the Pledgor or, upon the request of the Pledgee, any third party creditor of the Pledgor, of the rights of the Pledgee pursuant
to this Deed;

 

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		(b)	inform the Pledgee promptly of any events or circumstances which may adversely affect the rights
of the Pledgee pursuant to this Deed, the value of the Collateral and/or the possibility of enforcement of the rights of the Pledgee,
including but not limited to:

 

		(i)	an application being filed for its bankruptcy or the granting of a suspension of payments (or any
analogous event under any other jurisdiction); or

 

		(ii)	any attachment (beslagen) on or dispute concerning the Collateral or any part thereof if
such attachment or dispute has a Material Adverse Change on the rights of pledge created under this Deed and any Supplemental Deed,
or on the value of the Collateral concerned;

 

		(c)	promptly upon request of the Pledgee and in such form as the Pledgee may designate provide all
information, evidence (including invoices) and documents relating to the Collateral which the Pledgee may deem necessary to exercise
its rights under this Deed;

 

		(d)	promptly upon request of the Pledgee submit an updated Annex 1 (Overview of Collateral)
or any other up-to-date overview in the form designated by the Pledgee, which may include a print-out or an electronic data carrier
containing the relevant data and listing amongst others the Collateral location(s) of the Movables and the total value thereof,
the aggregate amount of the Rights and the amounts owed by each Debtor and/or the aggregate amount of the Receivables and the amounts
owed by each debtor of a Receivable.

 

		3.6	Inspection of books and records

 

The Pledgee shall on five (5)
Business Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), but in the
absence of a continuing Event of Default, only during regular business hours, be granted access to the premises of the Pledgor
to inspect the Pledgor's books and records relating to the Collateral. Such inspections or audits shall be conducted no more than
once every twelve (12) months unless an Event of Default has occurred and is continuing.

 

		4.	REPRESENTATIONS AND WARRANTIES

 

		4.1	Representations and warranties

The Pledgor represents and warrants
to the Pledgee that:

 

		(a)	it is the proprietor (rechthebbende) of the Collateral and has full power to dispose (beschikkingsbevoegd)
of the Collateral;

 

		(b)	unless explicitly provided otherwise under the Finance Document, the Collateral is (i) freely transferable
and capable of being pledged under applicable law and, in respect of Rights, the relevant agreements from which the Rights result
are legal, valid and binding agreements and if the validity of the assignment or pledge is subject to prior consent, such consent
is obtained, (ii) not subject to any option or similar right and (iii) not subject to any right of set off;

 

		(c)	on the date of this Deed,

 

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		(i)	it does not hold any account numbers with any bank in the Netherlands other than the Bank Accounts
listed in Part I of Annex 1 (Overview of Collateral);

 

		(ii)	it does not have any insurance agreements under which it is entitled to claim and which are capable
of being pledged other than the Insurance Agreements listed in Part I of Annex 1 (Overview of Collateral);

 

		(iii)	the entities listed in Part I of Annex 1 (Overview of Collateral) together with the Pledgor
constitute all companies which form part of the Group;

 

		(iv)	the notification details for each Debtor set forth in Part I of Annex 1 (Overview of Collateral)
are complete and correct;

 

		(v)	it has no intellectual property rights falling within the scope of the definition of any IP Right
which are not listed in Part II of Annex 1 (Overview of Collateral); and

 

		(vi)	it has not granted any licenses enabling a person to use any of its IP Rights other than those
listed in Part I of Annex 2 (Overview of Collateral).

 

		(d)	neither the Collateral nor any part thereof has been encumbered whether or not in advance (bij
voorbaat)) by any attachments (beslagen), limited rights (beperkte rechten) or other encumbrances (including
but not limited to any licences or sub-licences) or security interest;

 

		(e)	the execution and performance of this Deed does not violate any agreement or other legal relationship
to which it is a party;

 

		(f)	no litigation, arbitration or administrative proceedings have been instituted or, to the best of
its knowledge, are threatened against it, which could or are reasonably likely to have a material adverse effect on its position
under this Deed or on the economic value of the Collateral; and

 

		(g)	no corporate action or any other steps have been taken or legal proceedings have been instituted
or threatened against it for the entering into a suspension of payments or for bankruptcy or for the appointment of a receiver
or similar officer for it or any or all of its assets.

 

		4.2	Times when representations and are made

The representations and warranties
as included in Clause ‎4.1 (Representations and warranties) are made on each date a Right of Pledge is (purported to
be) granted over the Collateral or any part thereof and are deemed to be repeated on each day that any Secured Obligation exists,
in each case in relation to all Collateral existing on the day the representations and warranties are made or deemed repeated other
than as disclosed on prior to the date of this Deed and/or after the date of this Deed prior to any dradown of Tranch 2 under the
Loan Agreement.

 

		5.	FURTHER ASSURANCE AND POWER OF ATTORNEY

 

		5.1	Further assurance

The Pledgor hereby covenants
that it will, at the Pledgee's first request, at its own expense:

 

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		(a)	execute any further encumbrances and assurances in favour of, or for the benefit of the Pledgee
to create and perfect the rights of pledge purported to be created hereunder;

 

		(b)	do all acts and things as the Pledgee may deem necessary to create and perfect the rights of pledge
purported to be created hereunder and to exercise its rights under this Deed (including the enforcement of each right of pledge);

 

		(c)	ensure that any right of pledge and the undertakings and obligations of the Pledgor under this
Deed shall inure to the benefit of any successor, transferee or assignee of the Pledgee; and

 

		(d)	facilitate the collection, appropriation or realisation of the Collateral (or any part thereof)
in the manner contemplated by this Deed.

 

		5.2	Power of Attorney

 

		(a)	Subject to paragraph ‎(b) below, the Pledgor hereby irrevocably
and unconditionally grants to the Pledgee a power of attorney with the right of substitution to (i) perform on its behalf and at
its expense any of its obligations under this Deed, including by means of entry into on its behalf of any Supplemental Deed, (ii)
exercise any ancillary or other right in relation to the Collateral and (iii) exercise any of its obligations in relation to the
Collateral. This authorisation permits the Pledgee to (also) act as counterparty within the meaning of article 3:68 DCC.

 

		(b)	The appointment under paragraph ‎(a) of this Clause ‎5.2
(Power of Attorney) above may be exercised by the Pledgee (i) with respect to any obligation or act of the Pledgor to perfect
the security rights purported to be created under this Deed or any Supplemental Deed, at all times and (ii) with respect to any
other act or obligation under this Deed, (a) if an Event of Default has occurred which is continuing or (b) in case the Pledgor
has failed to perform an act or obligation under this Deed and has not remedied such failure within 2 Business Days after receipt
of a notice of such failure from the Pledgee or after becoming aware of such failure.

 

		(c)	The Pledgor hereby ratifies and confirms (where relevant, in advance) any act performed by the
Pledgee under the power of attorney appointment referred to in paragraph ‎(a) of this
Clause ‎5.2 (Power of Attorney).

 

		6.	AUTHORITY TO COLLECT RightS

 

		6.1	Notice to debtors

The Pledgee may, if an Event
of Default has occurred which is continuing, notify any debtor of the right of pledge created over the Receivable(s) owed by that
debtor and inform that debtor that further payments must be made into a bank account designated by the Pledgee.

 

		6.2	Collection of Rights other than Receivables

		(a)	Subject to paragraph ‎(b) below and Clause ‎6.3
(Collection by Pledgee), Pledgee is authorised, to the fullest extent permitted by law, to collect the Rights (other than
the Receivables), to grant discharge in respect of the Rights (other than the Receivables) and to exercise all other rights of
the Pledgor in connection with the

 

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Rights
(other than the Receivables) (including calling in (opzeggen) the Rights (other than the Receivables)).

 

		(b)	The Pledgee hereby authorises, in accordance with article 3:246(4) DCC, the Pledgor to collect
the Rights (other than the Receivables) and exercise all other rights referred to in paragraph ‎(a)
above with respect to the Rights (other than the Receivables) to the extent permitted under this Deed. This authorisation terminates
upon the notification to the respective Debtors referred to in Schedule 1 (Form of Notification Letter) that this authorisation
is withdrawn, which notice may only be given if an Event of Default has occurred which is continuing.

 

		6.3	Collection by Pledgee of Rights

		(a)	Following notification as provided in Clause ‎6.1 (Notice
to Debtors) or Clause ‎6.2 (Collection of Rights other than Receivables), only
the Pledgee is authorised, to the fullest extent permitted by law, to collect the Rights, to grant discharge in respect of the
Rights and, to the fullest extent permitted by law, to exercise all other rights of the Pledgor in connection with the Rights (including
making the Rights due and payable (opeisbaar verklaren)). The Pledgor waives its rights under article 3:246(4) DCC.

 

		(b)	If the Pledgor receives any payment in respect of a Right after the Pledgee has become authorised
to collect that Right it must promptly transfer to the Pledgee an amount equal to the amount received.

 

		7.	AUTHORITY TO request possession of Movables

 

The Pledgee may, if an Event
of Default has occurred which is continuing, require that all or part of the Movables are brought into its possession or into the
possession of a third party appointed by it for this purpose and in connection herewith the Pledgee (or its representative) is
authorised to enter upon any premises where such Movables are located and to remove such Movables or have the same delivered by
the Pledgor who is obliged to do so after the request of the Pledgee, to such place as the Pledgee may designate.

 

		8.	immediate foreclosure

 

		8.1	Sale and recourse

After an Enforcement Event has
occurred which is continuing, the Pledgee may, without prior notice to the Pledgor or any other person:

 

		(a)	sell or cause the Collateral to be sold in accordance with articles 3:248 DCC et seq, provided
that the articles 3:234, 3:249 and 3:252 DCC shall not apply; and

 

		(b)	take recourse against the proceeds of the Collateral or any part thereof collected by it pursuant
to Clause ‎6 (Authority to Collect Rights) in accordance with article 3:255 DCC.

 

		8.2	Waivers

		(a)	The Pledgor shall not be entitled to request the court to determine that the Collateral pledged
pursuant hereto shall be sold in a manner deviating from the provisions of article 3:250 DCC.

 

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		(b)	The Pledgor waives:

 

		(i)	any right it may have of (first) requiring the Pledgee to proceed against or enforce any other
right or security or claim payment from any person before enforcing its rights of pledge created by this Deed;

 

		(ii)	any right to be notified by the Pledgee of the sale or of how, where or when the sale will be or
was conducted (as provided for in article 3:249(1) and article 3:252 DCC; and

 

		(iii)	to the extent possible, any other right under Dutch law aimed at protecting grantors of security
for the debts of third parties, including any right pursuant to articles 3:233, 3:234, 6:139 and 6:154 DCC.

 

		8.3	Compositions

Upon the occurrence of an Enforcement
Event, the Pledgee may regarding the Collateral or any part thereof (i) enter into court compositions or out-of-court compositions
(gerechtelijke of buitengerechtelijke akkoorden), (ii) cast a vote in connection with such compositions, and (iii) enter
into any settlement agreement with any other person.

 

		8.4	Enforcement Proceeds

The Pledgee will apply the proceeds
of a sale of the Collateral or any part thereof or from having taken recourse against the Collateral or any part thereof following
collection towards satisfaction of the Secured Obligations in accordance with the mandatory provisions of Dutch law and the Loan
Agreement.

 

		9.	NO PREJUDICE

 

To the fullest extent permitted
by law, (i) this Deed does not prejudice, limit or affect any right of the Pledgee under any Finance Document and (ii) the Finance
Document do not prejudice, limit or affect any right of the Pledgee under this Deed.

 

		10.	CONFLICT

 

If there is a conflict between
this Deed and the Loan Agreement, the provisions of the Loan Agreement will take priority over the provisions of this Deed, except
for provisions herein which are required for establishing a right of pledge over the Collateral in accordance with Dutch law.

 

		11.	TERMINATION AND RELEASE OF PLEDGE

 

		11.1	Continuing security

Each Right of Pledge and all
obligations under this Deed shall remain in full force and effect until all Secured Obligations have been irrevocably and unconditionally
paid in full and no new Secured Obligations may arise unless terminated by the Pledgee pursuant to Clause ‎11.2 (Termination
by notice).

 

		11.2	Termination by notice

Subject to any consent required
by the Loan Agreement, the Pledgee may terminate (opzeggen) the Right of Pledge and relating obligations under this Deed
in whole or in part by notice (opzegging) in writing to the Pledgor.

 

    - 15 -

     

    

		11.3	Rights and obligations

Upon the termination of the
right of pledge by notice pursuant to Clause ‎11.2 (Termination by notice) or at any other time, the contractual rights
and obligations created under this Deed may be terminated in whole or in part by the Pledgee and the Pledgor by means of a private
deed (onderhandse akte).

 

		11.4	Evidence of indebtedness

The records of the Pledgee are
conclusive evidence (dwingend bewijs) of the existence and the amount of the Secured Obligations.

 

		12.	TRANSFER

 

		12.1	No transfers – Pledgor

The Pledgor shall not assign
or transfer any of its rights and obligations under this Deed without the prior written consent of the Pledgee.

 

		12.2	Transfers – Pledgee

		(a)	The Pledgee is entitled to transfer, assign or pledge all or part of its rights and/or obligations
pursuant to this Deed in accordance with the relevant provisions of the Loan Agreement and the Pledgor grants its co-operation
in advance within the meaning of article 6:159(1) DCC provided that (a) the Pledgor shall be responsible for reasonably and properly
incurred external costs incurred in connection with such assignment or transfer and (b) such assignment or transfer shall not be
made to a direct or indirect competitor of the Pledgee and (c) this Deed shall only be assigned or transferred if the Pledgor transfers
all of its rights and obligations under the Secured Obligations to such third party.

 

		(b)	If the Pledgee transfers, assigns or pledges its rights under the Secured Obligations (or a part
thereof), the Rights of Pledge shall follow pro rata parte the transferred, assigned or pledged rights (as ancillary right
(nevenrecht)) to the relevant transferee, assignee or pledgee.

 

		(c)	The Pledgee is entitled to provide any transferee, assignee or pledgee or proposed transferee,
assignee or pledgee with any information concerning the Pledgor and/or the Collateral.

 

		13.	LIABILITY

 

The Pledgee will not be liable
vis-à-vis the Pledgor as a result of (i) any sale or collection of the Collateral (or failure to sell or collect the Collateral)
by the Pledgee, (ii) any exercise of, or failure to exercise any right under this Deed, except, in each case, for any loss caused
by its wilful misconduct or negligence.

 

		14.	COSTS

 

The Pledgor will in accordance
with the Loan Agreement pay the Pledgee all reasonable costs, losses, claims and out-of-pocket expenses of whatever nature (including
reasonable legal fees) incurred by it relating to or arising out of this Deed and any Supplemental Deed (including the entering
into and registration of this deed, Clause ‎5.1 (Further Assurance) and the enforcement of or preservation of any rights
under this Deed).

 

    - 16 -

     

    

		15.	GENERAL

 

		15.1	No Rescission

To the extent permitted by law,
the Pledgor hereby waives (i) its rights under articles 6:228 and 6:265 to 6:272 DCC or any other ground under any applicable law
inclusive to rescind (ontbinden) or nullification (vernietiging), or demand in legal proceedings the rescission (ontbinding)
or nullification (vernietiging) of, this Deed and (ii) its rights under articles 6:52, 6:262 and 6:263 DCC or any other
ground under any applicable law to suspend (opschorten) any obligation under or in connection with this Deed.

 

		15.2	Subordination of recourse and subrogation claims

The Pledgor will not be entitled
to any right by way of recourse (regres) or to any right or security interest of the Pledgee by way of or subrogation (subrogatie)
in respect of this Deed. To the extent necessary, the Pledgor hereby (i) waives any entitlement to any such right of recourse or
subrogation or security interest and (ii) subordinates any such right in favour of the Pledgee, to the extent possible under law
such that the right of recourse or subrogation is acquired subordinated (ontstaat achtergesteld) and (iii), if the waiver
or subordination of rights acquired by way of subrogation is not effective, undertakes to refrain from exercising the relevant
right or security interest. If any amount is received by the Pledgor on account of such recourse or subrogation rights at any time
when any Secured Obligation is outstanding, the Pledgor shall promptly pay an amount equal to such amount to the Pledgee to be
applied in accordance with Clause ‎8 (Immediate foreclosure).

 

		15.3	Notices

Any notice or other communication
under or in connection with this Deed must be made in accordance with the Loan Agreement.

 

		15.4	Partial Invalidity

If, at any time, any provision
of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the
law of any other jurisdiction will in any way be affected or impaired.

 

		15.5	Execution and amendments

		(a)	This Deed and any Supplemental Deed may be signed in any number of counterparts.

 

		(b)	This Deed may only be amended by a written deed or agreement.

 

		15.6	No Implied Waiver and no forfeiture

		(a)	Any waiver under this Deed must be given by notice to that effect.

 

		(b)	Where a Party does not exercise any right under this Deed (which includes the granting by a Party
to any of the other Parties of an extension of time in which to perform its obligations under any of these provisions), this is
not deemed to constitute a forfeiture of that Party's right under this Deed (rechtsverwerking).

 

		(c)	The rights and remedies of the Pledgee are in addition to any other right that the Pledgee may
have under Netherlands law or any other applicable law.

 

    - 17 -

     

    

		16.	GOVERNING LAW AND JURISDICTION

 

		16.1	Governing Law

This Deed and any non-contractual
obligations arising out of or in connection with it are governed by and construed in accordance with the laws of the Netherlands.

 

		16.2	Jurisdiction

Any dispute arising out of or
in connection with this Deed is to be submitted to the non-exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.
This Clause ‎16.2 (Jurisdiction) is for the benefit of the Pledgee only. As a result, the Pledgee shall not be prevented
from taking proceedings relating to a dispute in any other courts with jurisdiction. To the extent allowed by law, the Pledgee
may take concurrent proceedings in any number of jurisdictions.

 

		16.3	Acceptance governing law power of attorney

If a Party is represented by
an attorney in connection with the signing and/or execution of this Deed or any agreement or document pursuant to or in connection
with this Deed,

 

		(a)	the existence and extent of the authority of; and

 

		(b)	the effects of the exercise or purported exercise of that authority by,

 

that attorney is governed by
the law designated in the power of attorney pursuant to which that attorney is appointed and such choice of law is accepted by
the other Parties.

 

    - 18 -

     

    

ANNEX 1

 

OVERVIEW OF COLLATERAL 

 

PART I – DEBTORS

 

	List of Bank Accounts
	Pledgor	Bank	Bank Account(s)	Contact details

 

None at the date of this Deed

 

	Affimed N.V.	
        [•]

         
	
        [•]

        

        [•]

        

        [•]

         
	
        attn.:
        [•]

        

        address
        : [•]

        

        fax number: [•]

        

        email: [•]

         

 

	List of group companies other than the Pledgor
	Group company	Contact details

 

	
        Affimed GmbH

         
	
        attn.           :
        Florian Fischer

        

        address
            : Im Neuenheimer Feld 582, 69120 Heidelberg

        

        fax number: 

        

        email          : 

         

	
        AbCheck s.r.o.

         
	
        attn.           :
        Volker Lang

        

        address
            : Teslova 1202/3, 30100 Plzen, Czech Republic

        

        fax number: 

        

        email           : 

         

	Affimed Inc.	
        attn.            :
        Andrew Curtis

        

        address
             : 196 West Ashland St, Doylestown, PA 18901

        

        fax number:

        

        email           : 

         

	List of Insurance Agreements

 

None at the date of this Deed

 

	Insurer(s)	Broker	Description	Policy nr	Contact details
	[•]	[•]	[•]	[•]	
        attn.:
        [•]

        

        address
        : [•]

        

        fax number: [•]

        

        email:
        [•]

         

 

    - 19 -

     

    

IP RIGHTS

 

"Copyrights" means all
copyrights of the Pledgor within the meaning of the Netherlands Copyrights Act, including but not limited to:

 

None at the date of this Deed

 

	Affimed N.V.	[insert description of work(s)]
	 	[insert description of work(s)]

 

"Database Rights" means
all rights of the Pledgor in any database within the meaning of the Netherlands Database Act, including but not limited to:

 

None at the date of this Deed

 

	Affimed N.V.	[insert description of database right(s)]
	 	[insert description of database right(s)]

 

"Designs" means all:

 

		(a)	drawings and designs registered or to be registered in the name of the Pledgor with validity in
the Benelux;

 

		(b)	Community designs registered or to be registered in the name of the Pledgor;

 

		(c)	unregistered EU designs of the Pledgor with validity in the European Union; and

 

		(d)	to the extent not falling within any of the categories referred to above under (a), (b) and (c),
international drawings and designs registered or to be registered in the name of the Pledgor with validity in the Benelux,

 

including, in each case, any application
for the same and including but not limited to:

 

None at the date of this Deed

 

	Affimed N.V.	[insert description of drawing or design] ([BX/EU/INT])	Reg/app No(s): [●] and [●]**
	 	[insert description of drawing or design] ([BX/EU/INT])	Reg/app No(s): [●] and [●]**

 

    - 20 -

     

    

"Internet
Domain Names" means all rights of the Pledgor to <.nl> internet domain names registered or to be registered in the
name of the Pledgor, including but not limited to:

 

None at the date of this Deed

 

	Affimed N.V.	
        <[●]nl>

         

        <[●]nl>

         

        <[●]nl>

         

 

"Licensee Rights" means
all permissions of any kind whatsoever, whether or not registered or in writing, granted or to be granted to the Pledgor by any
person and entitling the Pledgor to use any intellectual property or related right owned by (or licensed to) that person in the
course of the Pledgor's business, whether or not in return for any financial or other compensation, including but not limited to:

 

None at the date of this Deed

 

	Affimed N.V.	[description licence]	Licensor: [name]	dated: [date licence]
	 	[description licence]	Licensor: [name]	dated: [date licence]

 

"Neighbouring
Rights" means, with respect to the Pledgor, all neighbouring rights of the Pledgor within the meaning of the Dutch Neighbouring
Rights Act, including but not limited to:

 

None at the date of this Deed

 

	Affimed N.V.	[insert description of neighbouring right]
	 	[insert description of neighbouring right]

 

"Patents"
means, with respect to the Pledgor, all

 

		(a)	NL and EU patents registered or to be registered in the name of the Pledgor with validity in the
Netherlands and the Netherlands Antilles; and

 

		(b)	applications of the Pledgor for a right referred to under (a) as well as its entitlements to such
rights, and/or any divisionals, continuations, continuations-in-part or the like in the Netherlands based on any of the foregoing
applications, and any applications in the Netherlands claiming priority of any of the foregoing applications, and including all
patents that are granted in relation to any of the foregoing applications,

 

 

    - 21 -

     

    

including
but not limited to :

 

	Affimed N.V.	[patent(s)] ([EU/NL])	Reg/app No(s): [●] and [●]
	 	[patent(s)] ([EU/NL])	Reg/app No(s): [●] and [●]

 

None at the date of this Deed

 

"Trade
Marks" means all

 

		(a)	trade marks registered or to be registered in the name of the Pledgor with validity in the Benelux;

 

		(b)	Community trade marks registered or to be registered in the name of the Pledgor; and

 

		(c)	to the extent not falling within any of the categories referred to under (a) and (b), international
trade marks registered or to be registered in the name of the Pledgor with validity in the Benelux,

 

 

including but not limited
to:

 

None at the date of this Deed

 

	Affimed N.V.	[trade mark(s)] ([BX/EU/INT])	Reg/app No(s): [●] and [●]
	 	[trade mark(s)] ([BX/EU/INT])	Reg/app No(s): [●] and [●]

 

"Trade Names" means all
names under which the Pledgor conducts its business in the Netherlands, including but not limited to:

 

	Affimed N.V.	Affimed N.V.

 

    - 22 -

     

    

SCHEDULE
1

 

FORM OF NOTIFICATION LETTER

 

By
registered mail & postal service confirmation of receipt

 

(aangetekend met ontvangstbevestiging)

 

From:

Affimed N.V.

Im Neuenheimer Feld 582

D-69120 Heidelberg

 

Germany

 

To:

[insert name of Debtor]

 

	Address	: [•]
	Fax number	: [•]
	Attn.	: [•]

 

Copy to:

 

Silicon Valley Bank

3003 Tasman Drive, Santa Clara

California 95054

United States of America

 

[•] 2016

 

Ladies and gentlemen,

 

We write you in your capacity as [bank
in connection with the bank account maintained by us with you under number[s] [•] and any future bank accounts that may be
maintained by us with you (the "Bank Accounts")][debtor in our intercompany relation dated [•] and under
any future intercompany relation that may come into existence between you and ourselves (the "Intercompany Relations")][[insurer][broker]
under an insurance agreement between you and ourselves dated [•] and under any future insurance agreement that may be entered
into between you and ourselves (the "Insurance Agreements")][licensee under a license agreement between you and
ourselves dated [•] and under any future license agreement under which a licence may be granted to you by ourselves (the "Licenses")][licensor
under a license agreement between you and ourselves dated [•] and under any future license agreement under which a licence
may be granted by you to ourselves (the "Licenses")].

 

We hereby notify you of the right of pledge
created under an omnibus deed of pledge (the "Deed of Pledge") dated [•] 2016 between, amongst others, us
as pledgor and Silicon Valley Bank, as bank (the "Pledgee") under which we have pledged to the Pledgee all our
present and future rights, claims and receivables against you including, but not limited to, the rights, claims and receivables
[as these

 

    - 23 -

     

    

are or will be administered from time to
time in the balance of any existing or future Bank Account or otherwise] [under the Intercompany Relations] [pursuant to the Insurance
Agreements] [pursuant to the Licence(s)] (the "Pledged Rights").

 

Pursuant to the Deed of Pledge, we have
been granted permission to give instructions in relation to and collect and receive payment of the Pledged Rights until the Pledgee
has given written notice to you stating that such permission has been withdrawn. Consequently, until receipt of such notice, you
can continue to make payments to us as instructed and upon and following receipt of such notice, you are only discharged from your
payments obligations if you make payments to the Pledgee as instructed by the Pledgee. In addition, you are requested to incorporate
a "special clause" in the relevant certificate of insurance and register the right of pledge in the insurance
policy with regard to the Insurance Agreements and promptly provide us and the Pledgee a copy of such certificate of insurance
and insurance policy including the registration of the right of pledge.

 

To the extent required, this notice is
a Supplemental Deed under and as defined in the Deed of Pledge and we hereby pledge the Pledged Rights to the Pledgee, on the terms
and conditions of the Deed of Pledge.

 

We request you to sign this letter for
acknowledgement and to return the same to us.

 

Yours sincerely,

 

Affimed N.V.

 

 

 

 

____________________________________

 

By:

 

Title:

 

    - 24 -

     

    

We, the undersigned, acknowledge receipt
of this notice of pledge, agree to be bound by the terms of this notice and confirm that we have not received a notice of another
right of pledge over the Pledged Rights. In addition, we release any right of pledge, and waive (afstand doen van) any right
of set-off (verrekening) and suspension of performance (opschorting) we may have, in respect of the [Bank Accounts][Intercompany
Relations][Insurance Agreements] other than in respect of fees and costs directly related to administering the Bank Accounts until
the Pledgee has notified us in writing that the [relevant] right of pledge pursuant to the Deed of Pledge has been terminated.

 

FOR ACKNOWLEDGMENT:

 

 

[name of Debtor]

 

 

 

 

 

____________________________________

 

By: [name]

 

Title: [authorised representative]

 

    - 25 -

     

    

SCHEDULE
2

 

FORM OF SUPPLEMENTAL DEED

 

Silicon Valley Bank

3003 Tasman Drive, Santa Clara

California 95054

United States of America

 

[•] 2016

 

Ladies and gentlemen,

 

Reference is made to the omnibus deed of
pledge dated [insert date] between yourselves as Pledgee (as defined in that deed) and ourselves as pledgor (the "Deed
of Pledge").

 

		1.	This is a Supplemental Deed and a Finance Document. Unless otherwise defined in this Supplemental
Deed, words and expressions defined in the Deed of Pledge have the same meanings when used in this Supplemental Deed.

 

		2.	Pursuant to the undertaking set forth in Clause ‎2.1 (Undertaking to Pledge) of the
Deed of Pledge and as security for the payment when due of the Secured Obligations, the Pledgor agrees to create and hereby grants
(as the case may be (i) in advance (bij voorbaat) and/or (ii) by means of a third party right of pledge (derden-pandrecht)
as referred to in article 3:231(1) DCC), in favour of the Pledgee, a right of pledge over all Receivables capable of being pledged
on the date of registration of this Supplemental Deed and all rights attached to these Receivables.

  

		3.	We hold all electronic carriers, copies of invoices and/or other relevant documents, such as order
and delivery receipts and contracts concerning the Receivables at your disposal.

  

		4.	With regard to the Receivables (purported to be) encumbered with a right of pledge by this Supplemental
Deed, we make the representations and warranties set out in Clause ‎4 (Representations and Warranties) of the Deed of
Pledge.

 

		5.	We will register this Supplemental Deed with the relevant authorities as set out in Clause ‎2.5
(Perfection) of the Deed of Pledge and provide you a copy of confirmation of receipt and of the registered deed. Without
prejudice to the foregoing sentence we confirm that you are authorised to register this Supplemental Deed with the relevant authorities.

  

		6.	[The exhibit attached to this Supplemental
                                         Deed (on its face or in the document attached to it) specifies the information required
                                         by Clause ‎3.5 (Information) under ‎(d) of the Deed of Pledge.1

 

		7.	All provisions of the Deed of Pledge (including the governing law and jurisdiction clause) apply
mutatis mutandis to this Supplemental Deed.

  

		8.	The Pledgee has accepted the pledge created under this Supplemental Deed in advance in the Deed
of Pledge.

 

 

1
Attach exhibit manually if requested by the Pledgee

 

    - 26 -

     

    

Yours faithfully,

 

Affimed N.V.

 

	______________	 	______________	 
	By	:	 	By	:	 
	Title	: authorised signatory	 	Title	: authorised signatory	 

 

    - 27 -

     

    

SCHEDULE
3

 

FORM OF PLEDGE CONFIRMATION

 

[Benelux Office for Intellectual Property
(BOIP)

Attn. [design register][trademark register]

Postbus 90404 

NL-2509 LK, Den Haag, Nederland1

[Office for Harmonisation in the Internal
Market (OHIM) 

Attn. [design register][trademark register]

Avenida de Europa, 4 

E-03008 Alicante, Spain2

[World Intellectual Property Organisation
(WIPO) 

Attn. [design register][trademark register][international
bureau]

34, chemin des Colombettes 

CH-1211 Geneva 20, Switzerland3

[Netherlands Patent Office (Nederlands
Octrooicentrum) 

Postbus 10366

2595 AL, Den Haag, Nederland4

[European Patent Office (EPO)

P.O. Box 80298, Munich, Germany5 

[Stichting Internet Domeinregistratie Nederland
(SIDN)

Postbus 5022 

6802 EA Arnhem, Nederland6

 

_____________

		1	use this register for registration of pledge over Benelux
Designs and over Benelux Trademarks (always check whether contact details are still correct)

 

		2	use this register for registration of pledge over Community
Designs and over Community Trademarks (always check whether contact details are still correct)

 

		3	use this register for registration of pledge over International
Patents on the basis of the PCT system (PCT) and international Trademarks (always check whether contact details are still correct)

 

		4	use this register for registration of pledge over Dutch
Patents and over European Patents for which an application has been filed with the European Patent Office (EPO) that has been
accepted as a Dutch Patent registration (always check whether contact details are still correct)

 

		5	use this register for registration of pledge over European
Patents as long as application for registration is still pending at the European Patent Office (EPO) (always check whether contact
details are still correct)

 

		6	use this register for .nl Internet Domain Names (always
check whether contact details are still correct)

    - 28 -

     

    

Copy to:

Silicon Valley Bank 

Attn.: [•]

3003 Tasman Drive, Santa Clara

California 95054

United States of America

Tel: [•] 

Fax: [•]

 

[•] 2016

 

 

 

 

 

Dear Sirs,

 

Pledge of intellectual property rights

 

We hereby inform you that pursuant to an
omnibus deed of pledge dated [insert date] (the "Deed of Pledge"), a right of pledge was created by Affimed
N.V. as pledgor (the "Pledgor") on all its present and future intellectual property rights in favour of SILICON
VALLEY BANK, incorporated under the laws of the State of California, United States of America, with a registered address at
3003 Tasman Drive, Santa Clara, California 95054, United States of America (the "Pledgee").

 

[This is to confirm that we have intellectual
property rights, particulars of which are set forth in the annex to this letter. We hereby confirm that these intellectual property
rights are subject to the rights of pledge in favour of the Pledgee pursuant to the Deed of Pledge and request you kindly to have
these rights of pledge recorded in your register as soon as possible.]*

 

[This is to confirm that on [insert
date] we have acquired intellectual property rights, particulars of which are set forth in the annex to this letter. We hereby
confirm that these intellectual property rights are subject to the rights of pledge in favour of the Pledgee pursuant to the Deed
of Pledge and request you kindly to have these rights of pledge recorded in your register as soon as possible.]**

 

* please use this option in case of
first registration of rights of pledge after signing of the Deed of Pledge

 

** please use this option in case of
future registration of rights of pledge after the first registration

 

Yours sincerely,

 

 

 

 

Affimed N.V.

    - 29 -

     

    

 

ANNEX TO PLEDGE CONFIRMATION

 

	Details of Designs

 

	Affimed N.V.	[insert description of drawing or design] ([BX/EU/INT])	Reg/app No(s): [●] and [●]**
	 	[insert description of drawing or design] ([BX/EU/INT])	Reg/app No(s): [●] and [●]**

 

	Details of .nl Internet Domain Names

 

	Affimed N.V.	
        <[●]nl>

         

        <[●]nl>

         

        <[●]nl>

         

 

	Details of Patents

 

	Affimed N.V.	[patent(s)] ([EU/NL])	Reg/app No(s): [●] and [●]
	 	[patent(s)] ([EU/NL])	Reg/app No(s): [●] and [●]

 

	Details of Trademarks

 

	Affimed N.V.	[trade mark(s)] ([BX/EU/INT])	Reg/app No(s): [●] and [●]
	 	[trade mark(s)] ([BX/EU/INT])	Reg/app No(s): [●] and [●]

 

 

 

 

 

**
If applicable.

 

**
If applicable.

    - 30 -

     

    

SIGNATURES

 

THE PLEDGOR

 

Affimed N.V.

 

	/s/ Florian Fischer	 	/s/
Jörg Windisch	 
	By:	Dr Florian Fischer 	 	By:	Dr. Jörg Windisch	 
	Title:	 Authorised Signatory	 	Title:	Authorised signatory	 

 

THE PLEDGEE

 

Silicon Valley Bank

 

	/s/ Nooman Haque	 	_____________________	 
	By:	Nooman Haque	 	By:		 
	Title:	Director of Life Sciences	 	Title:		 

 

 

FOR NOTIFICATION AND ACKNOWLEDGEMENT
AS DEBTORS OF INTERCOMPANY RIGHTS:

 

Affimed GmbH

 

 

	/s/ Florian Fischer	 	/s/ Jörg Windisch	 
	By:	Dr Florian Fischer 	 	By:	Dr. Jörg Windisch	 
	Title:	 Authorised Signatory	 	Title:	Authorised signatory	 

 

 

 

    - 31 -

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