Document:

Form of Nonstatutory Stock Option Agreement under 2008 Stock Incentive Plan

 Exhibit 10.7 
 ARGOS THERAPEUTICS, INC. 
 NOTICE OF NONSTATUTORY STOCK OPTION

 2008 STOCK INCENTIVE PLAN 
 Argos Therapeutics, Inc., a Delaware corporation (the “Company”) grants to the undersigned (the “Participant”) the following nonstatutory stock option to purchase shares
(the “Shares”) of the common stock of the Company, par value $0.001 per share (the “Common Stock”) pursuant to the Company’s 2008 Stock Incentive Plan (the “Plan”): 

 

			
	 Participant:
	  	*[Participant Name]
		
	Total Number of Shares:	  	*[Number of Shares]
		
	Grant Date:	  	*[Grant Date]
		
	Exercise Price per Share:	  	$*[Exercise Price]
		
	Vesting Commencement Date:	  	*[Vesting Date]
		
	Vesting Schedule:	  	 *[Describe Vesting Schedule – for example: “25% of the Total Number of Shares shall vest and become exercisable on the 1
year anniversary of the Vesting Commencement Date and 1/48 of the Total Number of Shares shall vest and become exercisable on the corresponding day of each month thereafter, or on the last day of each month, to the extent each month thereafter does
not have the corresponding day, until all of the Shares have vested on the fourth anniversary of the Vesting Commencement Date, subject to Participant continuing to be a Service Provider through each such date.”]

 
 *[In addition, this option may vest and become exercisable on an accelerated basis
under Section 2 of the Nonstatutory Stock Option Agreement.]

		
	Final Exercise Date:	  	*[Expiration Date]. This option may expire earlier pursuant to Section 3 of the Nonstatutory Stock Option Agreement if the Participant’s relationship with the
Company is terminated, or pursuant to Section 8 of the Plan.

 This nonstatutory stock option is granted under and governed by the terms and conditions of
the Plan and the accompanying Nonstatutory Stock Option Agreement, both of which are incorporated herein by reference. By signing below, the Participant accepts this nonstatutory stock option, acknowledges receipt of a copy of the Plan and the
Nonstatutory Stock Option Agreement, and agrees to the terms thereof. 
 By signing below, I hereby agree and acknowledge that
all stock options previously issued to me by the Company shall be of no further force or effect. Furthermore, I hereby relinquish all rights and claims I may have pursuant to the stock option agreements evidencing such options or the respective
stock option plan and any amendments pursuant to which such options were granted. 
  

									
	[PARTICIPANT NAME]:	 		 	ARGOS THERAPEUTICS, INC.:
				
	  
	 		 	By:	 	  

	(Signature)	 		 		 	
		 		 		 	Name:	 	  

					
	Address:	 	  
	 		 	Title:	 	  

				
	  
	 		 	Date:	 	  

  
 2 

 THE OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR APPLICABLE LAWS OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 ARGOS THERAPEUTICS, INC.

 NONSTATUTORY STOCK OPTION AGREEMENT  
 Granted Under 2008 Stock Incentive Plan 
 1. Grant of Option. 

This Nonstatutory Stock Option Agreement (the “Agreement”) evidences the grant by Argos Therapeutics, Inc., a Delaware
corporation (the “Company”), on the Grant Date to the Participant, a[n] *[employee/officer/director/consultant/advisor] of the Company, of an option (this “Option”) to purchase, in whole
or in part, on the terms provided herein and in the Plan, the Total Number of Shares of Common Stock at the Exercise Price per Share, all as defined and set forth in the accompanying Notice of Nonstatutory Stock Option (the
“Notice”). Capitalized terms that are not otherwise defined herein or in the Notice shall have the meanings given to such terms in the Plan. 
 It is intended that this Option shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the
“Code”). Except as otherwise indicated by the context, the term “Participant,” as used in this Agreement, shall include any person who acquires the right to exercise this Option validly under its terms. 

2. Vesting Schedule. 

This Option shall vest and become exercisable at the time or times set forth in the accompanying Notice. [In addition, the Option
may vest and become exercisable on an accelerated basis as follows: 
 *[Immediately prior to the effective date of a
Change in Control, this Option shall vest and become exercisable as to 100% of the Total Number of Shares, it being understood that in no event shall the Participant be entitled to exercise the Option to purchase greater than the Total Number of
Shares as a result of this provision.] 
 3. Exercise of Option. 

(a) Form of Exercise. Each election to exercise this Option shall be in writing in substantially the form of the Notice of Stock
Option Exercise attached to this Agreement as Exhibit A, signed by the Participant, and received by the Company at its principal office, accompanied by this Agreement, and payment in full in the manner provided in the Plan. The
Participant may purchase less than the number of Shares subject to this Option; provided that, no partial exercise of this Option may be for any fractional share. 

(b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this Option may not be
exercised unless the Participant, at the time of the exercise of this Option, is, and has been at all times since the Grant Date, a Service Provider to or of the Company or any subsidiary of the Company as defined in Section 424 (f) of the
Code (an “Eligible Participant”). 

 (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this Option shall terminate *[three months] after such cessation (but in no event after the Final Exercise
Date); provided that, this Option shall be exercisable only to the extent that the Participant was entitled to exercise this Option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final
Exercise Date, violates the non-competition or confidentiality provisions of any employment agreement, confidentiality and nondisclosure agreement, or other agreement between the Participant and the Company, the right to exercise this Option shall
terminate immediately upon such violation. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while the Participant is an Eligible Participant and the Company has not terminated such relationship for “Cause” (as defined
below), this Option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee); provided that, this Option
shall be exercisable only to the extent that this Option was exercisable by the Participant on the date of the Participant’s death or disability, and further provided that this Option shall not be exercisable after the Final Exercise Date.

 (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s status as a Service Provider
is terminated by the Company for Cause (as defined below), the right to exercise this Option shall terminate immediately upon the effective date of such termination. If the Participant is party to an agreement with the Company that contains an
applicable definition of “cause”, “Cause” shall have the meaning ascribed to such term in such agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant or willful failure by the
Participant to perform the Participant’s responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar
agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant shall be considered to have been discharged for “Cause” if the Company determines, within 30 days
after the Participant’s resignation, that discharge for cause was warranted. 
 4. Restrictions on Transfer; Rights of First Refusal and
Stockholder Agreements. 
 (a) Bylaws. The Participant acknowledges and agrees that the Shares are subject to the
provisions of the Company’s Bylaws, as amended from time to time (the “Bylaws”), including without limitation, all restrictions on transfer and rights of first refusal described in the Bylaws. The Participant may inspect the
Bylaws at the Company’s principal office. 
 (b) Legend. Any certificate representing Shares shall bear a legend
substantially in the following form (in addition to, or in combination with, any legend required by applicable federal and state securities laws and agreements relating to the transfer and/or voting of the Company securities): 

“The securities represented by this certificate, and the transfer thereof, are subject to the restriction on transfer provisions of
the Bylaws of the Company, a copy of which is on file in, and may be examined at, the principal office of the Company.” 

(c) Stockholder Agreements. The Participant acknowledges and agrees that the Company may condition the issuance of the Shares upon
the Participant joining and becoming a party to such stockholder agreements, which may impose certain contractual rights and obligations on the Shares, as may be entered into from time to time by and among the Company and certain holders of the
Company’s capital stock. 

  
 2 

 5. Agreement in Connection with Public Offering. 

The Participant agrees, in connection with the initial underwritten public offering of the Company’s securities pursuant to a
registration statement under the Securities Act of 1933, as amended (the “Securities Act”): (i) not to sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any shares of Common Stock
held by the Participant (other than those shares included in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering of the Company’s securities for a period of 180
days from the effective date of such registration statement, which period may be extended upon the request of the underwriters for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other
public release within fifteen (15) days of the expiration of the 180-day lockup period, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such
offering. 
 The Participant agrees to execute and deliver such other agreements as may be reasonably requested by the Company
or the underwriters of such offering which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested, by the Company or the underwriters of such offering, the Participant shall provide, within
10 days of such request, such information as may be required by the Company or such underwriters in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the
Securities Act. The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefits plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating
solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
foregoing restriction until the end of the applicable period. Participant agrees that any transferee of this Option or Shares pursuant to this Agreement shall be bound by this Section 5. 
 6. Tax Matters. 
 (a) Withholding. No Shares shall be issued
pursuant to the exercise of this Option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding or other taxes required by law to be withheld in
respect of this Option. 
 (b) Code Section 409A. The Exercise Price is intended to be not less than the Fair Market
Value of the Common Stock on the Grant Date. The Company has determined the Fair Market Value of the Common Stock in good faith and using the reasonable application of a reasonable valuation method, for purposes of determining the Exercise Price.
Notwithstanding this, the Internal Revenue Service may assert that the Fair Market Value of the Common Stock on the Grant Date was greater than the Exercise Price. Under Code Section 409A, if the Exercise Price is less than the Fair Market
Value of the Common Stock as of the Grant Date, this Option may be treated as a form of deferred compensation and the Participant may be subject to an additional twenty percent (20%) tax, plus interest and possible penalties. The Participant
acknowledges that the Company has advised the Participant to consult with a tax adviser regarding the potential impact of Code Section 409A and that the Company, in the exercise of its sole discretion and without the consent of the Participant,
may amend or modify this Agreement in any manner and delay the payment of any amounts payable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Code Section 409A, as amplified by any Internal Revenue Service
or U.S. Treasury Department regulations or guidance as the Company deems appropriate or advisable. 
 7. Nontransferability of Option.
This Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant,
this Option shall be exercisable only by the Participant. 

  
 3 

 8. Provisions of the Plan. This Option is subject to the provisions of the Plan, a copy of which is
furnished to the Participant with this Option. 
 9 Entire Agreement; Governing Law. The Plan and the Notice are incorporated
herein by reference. This Agreement, the Notice and the Plan constitute the entire agreement between the Company and the Participant with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company and the Participant with respect to the subject matter hereof. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware, as to matters within the scope thereof, and the
internal laws of the State of North Carolina (without reference to conflict of law provisions), as to all other matters. 
 10.
Amendment. Except as set forth in Section 6(b), this Agreement may not be modified or amended in any manner adverse to the Participant’s interest except by means of a writing signed by the Company and Participant. 

11. No Guarantee of Continued Service. THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF OPTIONS PURSUANT TO THE VESTING SCHEDULE SET
FORTH HEREIN AND IN THE NOTICE ARE EARNED ONLY BY CONTINUING SERVICE AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED SERVICE FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY
WITH PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PARTICIPANT’S SERVICE WITH OR WITHOUT CAUSE. 

*  *  *  *  *  *  *  *  *  *  *

  
 4 

 Exhibit A 

ARGOS THERAPEUTICS, INC. 
 NOTICE OF NONSTATUTORY STOCK OPTION EXERCISE 
 2008 STOCK INCENTIVE PLAN

 The undersigned (the “Participant”) has previously been awarded a nonstatutory stock option (the
“Option”) to purchase shares (the “Shares”) of the common stock of Argos Therapeutics, Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2008 Stock Incentive Plan (the
“Plan”), and hereby notifies the Company of the Participant’s desire to exercise the Option on the terms set forth herein: 
  

													
	PARTICIPANT INFORMATION:	 	OPTION INFORMATION:	 	
					
	Name:	 	  
	 		 	Grant Date:	 	  

							
	Address:	 	  
	 		 	 Exercise Price Per

Share:
	 	$	 	  
	 	
					
		 	  
	 		 		 	
					
	 Taxpayer
 ID #:
	 	  
	 		 	 Total Shares Covered
 by Option:
	 	  

  

					
	EXERCISE INFORMATION:
		
	 Number of Shares Being    
 Purchased:
	 	  

			
	Aggregate Exercise Price:    	 	$	 	  

  

							
			
	Form of Payment (check all that apply):	 	 ̈	  	Check for $             made payable to “Argos Therapeutics, Inc.”
				
		 	 ̈	  	Cash in the amount of $            	  	
			
		 		  	
	Please register the Shares in my name as follows:	 	  
	  	
		 	(Print name as it is to appear on stock certificate)

 REPRESENTATIONS AND WARRANTIES OF THE PARTICIPANT: 

The Participant hereby represents and warrants to the Company that, as of the date hereof: 

1. I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any distribution of the
Shares in violation of the Securities Act of 1933 (the “Securities Act”), or any rule or regulation under the Securities Act. 

2. I have had such opportunity as I have deemed adequate to obtain from representatives of the Company such information as is necessary to permit me to
evaluate the merits and risks of my investment in the Company. 
 3. I have sufficient experience in business, financial and investment matters
to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 4. I can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period. 
 5. I acknowledge that I am acquiring the Shares subject to all other terms of the Plan, including the Notice of Nonstatutory Stock Option and related Nonstatutory Stock Option Agreement. 

6. I acknowledge that the Company has encouraged me to consult my own adviser to determine the tax consequences of acquiring the Shares at this time. I
acknowledge that the Company has encouraged me to consult my own adviser to determine the form of ownership that is appropriate for me. 
 7. I
acknowledge that the Shares remain subject to the Company’s right of first refusal and the market stand-off (sometimes referred to as the “lock-up”), all in accordance with the applicable Notice of Nonstatutory Stock Option and
related Nonstatutory Stock Option Agreement. 
 8. I understand that (i) the Shares have not been registered under the Securities Act and
are “restricted securities” within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption
from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not be available unless a public market then exists for the Common Stock,
adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with
respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. 
  

			
	  

	(Print Participant Name)
	
	  

	(Signature)
		
	Date:Offer letter - Charles A. Nicolette, as amended

 Exhibit 10.11 

 

			
	

	  	MERIX Bioscience, Inc.
		  	4233 Technology Drive
		  	Durham, NC 27704-2173
		
		  	phone: 919-287-6300
		  	fax: 919-287-6301
		
	July 18, 2003	  	VIA OVERNIGHT DELIVERY
		
	 Charles A. Nicolette, Ph.D.
	  	

 Dear Dr. Nicolette: 
 I am pleased to extend this offer of employment with MERIX Bioscience, Inc. (“MERIX” or the “Company”). We at MERIX are excited about the challenges and opportunities that lie ahead
for us collectively and are enthusiastic about the prospect of your joining the MERIX team. We look forward to your favorable response to this offer. 
 This offer is contingent upon the following: satisfactory completion of the MERIX employment application, your ability to begin work on the date indicated below, proof of your authorization to work in the
United States (I-9 Employment Eligibility Verification), and execution of a Confidentiality and Inventions Agreement. 
 The details of this
offer are as follows: 
  

			
	Title:	  	Vice President, Research
		
	Reporting To:	  	 Clint Dederick
 Chief Executive
Officer

		
	Start Date:	  	As mutually agreed but no later than August 1, 2003.
		
	Compensation:	  	A base salary of $7500.00 per pay period, which equates to $180,000 annually, and is payable semi-monthly.
		
	Bonus:	  	A bonus equivalent of 20% of base salary, to be paid on an annual basis, based upon the accomplishment of mutually agreed upon milestones and objectives.
		
	Stock Options:	  	In accordance with the applicable stock option plan and a written stock option agreement, and subject to the approval of the Board of Directors, you will be granted incentive stock
options to purchase 400,000 shares of MERIX common stock. Eighty percent of these options will vest over four years in accordance with the applicable plan. The remaining twenty percent will be subject to an alternative vesting arrangement including
achievement of mutually agreed upon milestones.

 

 

 Charles A. Nicolette, Ph.D. 
  Page
 2
 of 4 
 July 18, 2003 

 

			
	Benefits:	  	MERIX offers a benefit program for regular, full-time employees, which includes the following elements:
		
		  	 •      Health Insurance

		
		  	 •      Dental Insurance

		
		  	 •      Life and AD&D Insurance

		
		  	 •      Short Term Disability

 

•      Long Term Disability

 

•      Eleven paid holidays per year

 

•      401(k) Savings and Investment Plan

 

•      Paid Time Off (PTO) eligibility based on service with the Company and
initially prorated at 16.67 hours per month (equivalent to 25 days per year)
  
 •      Note: MERIX pays 100% of all individual benefit premiums and 50% of dependent premiums.)

 
 •      A
Benefit Summary is enclosed. Additional details of the plans will be provided at a later date.

		
		  	MERIX will regularly review all its benefit plans and reserves the right to change or terminate such plans at any time.
		
	Relocation:	  	 It is the Company’s desire to ease the burdens resulting from your
 relocation to our Research Triangle area location. To assist you and your family in moving to our area, the Company will provide you with $30,000 (capped) to cover all moving related costs including but
not limited to:

		
		  	 •   The cost of moving your belongings.

 
 •   The cost of
temporary accommodations in the Research Triangle.
  
 •   The cost of up to two trips by your spouse to do house hunting in the Research Triangle area.

		
		  	All moving related expenses must be documented.
		
		  	In conjunction with the payment of these relocation related expenses by MERIX on your behalf, you will be asked to sign a note requiring you to reimburse the Company for the
Company-paid relocation expenses should you resign your employment prior to the one-year anniversary of your start date.
		
	Severance:	  	If you are terminated without cause (as determined by MERIX’ Board of Directors or Compensation Committee), upon termination you will, upon execution of a release in form
reasonably satisfactory to the Company, receive a severance payment equal to six months of salary. You will also continue to receive the identified medical and dental coverage for six months.

 Charles A. Nicolette, Ph.D. 
  Page
 3
 of 4 
 July 18, 2003 

 

 This offer letter is not intended to, nor does it, create any employment contract for any specified term
or duration between you and the Company, In accordance with the laws of the State of North Carolina, your employment with the Company is considered “at will”. This means that, just as you may resign your employment at any time, MERIX may,
in its sole discretion, with or without cause, terminate your employment for any reason. 
 Like most companies, MERIX requires all employees to
protect confidential information and to assign to the Company intellectual property developed while working with us at MERIX. A copy of an agreement detailing your obligations is enclosed. Upon acceptance of the terms and conditions of this offer,
please sign, date and return to us the duplicate of this letter and the Confidentiality and Inventions Agreement. 
 The Immigration Reform and
Control Act of 1986 makes it unlawful for any employer to hire an illegal alien. The Act requires MERIX to verify the identity and eligibility of each new employee to work in the United States. U.S. Government Form I-9 will be provided on your first
day of employment. You will be asked to provide acceptable proof of eligibility to work in the United States. New employees may not be permitted to begin employment at MERIX until such verification is complete. 

This letter agreement sets forth the entire understanding of the parties with respect to the subject matter hereof and supersedes and replaces all oral
and written agreements, if any, between the parties with respect to the subject matter of this letter agreement. 
 On behalf of all the members
of the MERIX team, I wish to reaffirm our excitement about the future potential of this Company and our enthusiasm about the prospect of your joining MERIX. Please let me know if you have any questions or need additional assistance, I can be reached
at 919-287-6300. 
 If our employment offer is satisfactory, please sign the duplicate of this letter and the Confidentiality and Inventions
Agreement enclosed and return them to me by Monday, July 21, 2003 via Federal Express (return packaging enclosed). We are looking forward to working with you in contributing to the growth of MERIX. 

Sincerely, 
  

	
	

	Timothy W. Trost
	Chief Financial Officer

 Charles A. Nicolette, Ph.D. 
  Page
 4
 of 4 
 July 18, 2003 

 

 I accept the position of Vice President, Research. 

 

			
	Signed:	 	 

		
	Date:	 	 7/19/03

		
	Start Date:	 	 8/1/03

 Employee Action Form 

 

									
	 Employee’s
Name
 Charles Nicolette
	  	Current Date    

2/19/04
	  	Status
Change
	 Hire
Date
 8/01/03
	  	 Effective Date

2/18/04
	  	Present	  	Proposed
	 Reason for Action Requested
 (Check one or more)
	  	 Title        (Job Code:
0100)
 V.P. Research
	  	
Title        (Job Code: 0100)
 V. P. Research & Development

	  
  ̈ New Hire
  
  ̈ Payroll Deduction
  
  ̈ Transfer (permanent)
  
  ̈ Transfer (temporary)
  
  ̈ Bonus
  
  ̈ Change of Address
	  	  
  ̈ Leave of Absence
  
  ̈ Performance Increase
  
 ü Promotion
  
  ̈ Documentation
  
  ̈ Quit
  
  ̈ Termination
  
  ̈Other (Explain)
	  	 Dept.
 Research
	  	 Dept.

Research and Development

	  	  	 Rate
 $180,000/yr
	  	 Rate

$200,000/yr

	  	  	 Complete for
New Hires
  

	  	  	 	  	 
	  	  	 ü
Exempt         ̈ Non-

Exempt
	  	 
	  	  	 Phone

 
	  	 
	  	  	 Social Security #

 
	  	 
	 Supervisor’s Comments/General Explanation
 (Explain in
Detail)

	 In addition to an increase in salary, Charles will receive an increase in stock option grants to from 400,000 to 800,000.
  

In consideration of this increase in salary and additional stock option grants, the terms of Charles’ offer letter shall be
amended to state that, “Upon termination without cause (as determined by MERIX’ Board of Directors or Compensation Committee), you will be entitled to the continuance of medical and dental benefits only if you execute a release in a form
reasonably acceptable to the Company”. For purposes of this employee action form agreement, “cause” shall be defined as set forth in Exhibit A attached:

 

	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
	 				 
	 	  	 	  	 	  	 	  	 
					
	Employee’s Comments:	  	 	  	 	  	 	  	 
					
	 	  	 	  	 	  	 	  	 
					
	 	  	 	  	 	  	 	  	 
					
	 	  	 	  	 	  	 	  	 

  

									
	 Date Action Discussed with Employee
	 	  
	 		  	 Employee’s Signature
	 	 

  

													
	Supervisor’s Signature	 	  
	 		 	Action Acknowledged By
		 		 		 	 Human Resources

 
 

	  	Dept. Dir./VP	  	 CEO/CFO

 
 

	  	Payroll

 Exhibit A 
 “Cause” shall mean: 
 (a) your failure to diligently and properly perform
your duties for the Company; 
 (b) your misappropriation or unauthorized use of the Company’s tangible or intangible
property, or breach of the Confidentiality and Inventions Agreement; 
 (c) any material failure to comply with the
Company’s policies or any other policies and/or directives of the Board; 
 (d) your use of illegal drugs or any illegal
substance, or your use of alcohol in any manner that materially interferes with the performance of your duties under this Agreement; 
 (e) any dishonest or illegal action (including, without limitation, embezzlement) or any other action whether or not dishonest or illegal by you which is materially detrimental to the interest and
well-being of the Company, including, without limitation, harm to its reputation; 
 (f) your failure to fully disclose any
material conflict of interest you may have with the Company in a transaction between the Company and any third party which is materially detrimental to the interest and well-being of the Company; 

(g) any adverse action or omission by you which would be required to be disclosed pursuant to public securities laws or which would limit
the ability of the Company or any entity affiliated with the Company to sell securities under any Federal or state law or which would disqualify the Company or any affiliated entity from any exemption otherwise available to it; or 

(h) your violation of the Company’s policies prohibiting harassment or unlawful discrimination. 

MERIX BIOSCIENCE, INC. 

 February 14, 2008 
 Charles A. Nicolette, Ph.D. 
  

	 	Re:	Amendment 1 to July 18, 2003 Offer Letter 

Dear Dr. Nicolette: 
 This letter is an
Amendment (the “Amendment”) to the employment offer letter dated July 18, 2003 (“Offer Letter”) between you and Argos Therapeutics, Inc. (formerly known as MERIX Bioscience, Inc.) (the “Company, and shall become
effective as of January 1, 2008. 
 The section of the Offer Letter entitled “Severance” on page 2 shall be amended and restated
in its entirety as follows: 
 In the event you are terminated, the Company will provide you with compensation equal to six
month’s salary. You will also continue to receive the medical and dental coverage you were receiving prior to your termination for six months, subject to the availability of such plans to non-employees. You will continue to be obligated to pay
your portion of dependent premiums for such health and dental coverage. These severance benefits will be paid on the Company’s regular pay date or dates of each month after termination for a total of six months provided you execute (and do not
revoke) the Company’s standard release within sixty (60) days of the date of your termination of employment. 
 Except as set forth
above or in any other written agreement between us, the remaining terms of the Offer Letter shall remain in full force and effect. 
 If the
foregoing is acceptable, please so indicate by signing and dating this Amendment in the space provided below for your signature and return an executed original of this Amendment to the undersigned and we shall have an agreement governed by North
Carolina law. 
  

					
	Sincerely,
	
	ARGOS THERAPEUTICS, INC.
		
	By:	 	 

	Title:	 	 CEO

 ACKNOWLEDGED AND AGREED TO THIS 22 DAY OF FEB, 200[ILLEGIBLE]. 

 

	
	  

	Charles A. Nicolette

 

 

 March 30, 2011 
 Charles A. Nicolette, Ph.D. 
  

	 	Re:	Amendment 3 to July 18, 2003 Offer Letter, as amended 

 Dear Dr. Nicolette: 
 This letter is an Amendment (the “Amendment”) to the
employment offer letter dated July 18, 2003 (“Offer Letter”) between you and Argos Therapeutics, Inc. (formerly known as MERIX Bioscience, Inc.) (the “Company”), as such letter was previously amended by that certain Employee
Action Form dated February 23, 2004, (“Action Form Amendment”) and that certain Amendment 1 to July 18, 2003 Offer Letter dated February 14, 2008. This Amendment shall become effective as of March 30, 2011. 

The section of the Offer Letter entitled “Severance” on page 2, as amended by the Action Form Amendment and Amendment 1, shall be further
amended and restated in its entirety as follows: 
 If the Company terminates your employment without “cause” (as
defined in Exhibit A (incorporated herein by reference) and as determined by the Argos Therapeutics, Inc. Board of Directors or Compensation Committee in its sole discretion), the Company will provide you with compensation equal to 9
months’ base salary if you first execute and do not revoke the Company’s standard release within the time period specified by the Company at the time of termination, but in any event within 60 days of the termination date (the
“Release”). In addition, subject to your execution and non-revocation of the Release, you will also continue to receive the medical and dental coverage you were receiving prior to your termination for 9 months subject to (i) your
properly electing and maintaining continued insurance through COBRA or its state law equivalent throughout such period, (ii) the availability of such plans to non-employees, and (iii) the Company’s continuing to sponsor such benefits
for its employees generally. You will continue to be obligated to pay your portion of dependent premiums for such health and dental coverage. If those plans are not available to you as a non-employee or the Company does not continue to sponsor such
benefits for its employees generally, then the Company will pay you a monthly amount equal to the portion of the premium it was paying on your behalf immediately prior to the termination date, subject to applicable tax withholdings and other
deductions. These severance benefits will be paid on the Company’s regular pay date or dates of each month after termination for a total of 9 months commencing on the first regularly scheduled payroll date processed after you have executed,
returned and not revoked the Release. 
 

 

 If your employment is terminated within 90 days prior to or within six (6) months
following the consummation of a Change of Control (as defined in Exhibit A) by the Company without “cause”, you will continue to be eligible for severance benefits on the terms and conditions and at the times stated in the above
paragraph except that you will be eligible for 15 months base salary and 15 months of benefits, subject to your satisfaction of all applicable conditions described in the preceding paragraph. 

The severance benefits specified above are subject to the provisions of Exhibit A pertaining to Section 409A. 

Except as set forth above or in any other written agreement between us, the remaining terms of the Offer Letter shall remain in full force and effect.

 If the foregoing is acceptable, please so indicate by signing and dating this Amendment in the space provided below for your signature and
return an executed original of this Amendment to the undersigned and we shall have an agreement governed by North Carolina law. 
  

			
	Sincerely,
	
	ARGOS THERAPEUTICS, INC.
		
	By:	 	 

		 	Jeffrey Abbey, Chief Executive Officer

 ACKNOWLEDGED AND AGREED TO THIS      DAY OF MARCH, 2011. 

 

	
	 

	Charles A. Nicolette

 EXHIBIT A 

Definitions. 
 “Cause” shall be defined as set forth in Exhibit A of the Action Form Amendment to the Offer Letter. 
 A “Change of Control” shall be deemed to have occurred: 
 (A) If any person (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company or any trustee or
fiduciary holding securities under an employee benefit plan of the Company and other than any person that is a stockholder of the company as of December 31, 2010) becomes a beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the voting power of the then outstanding securities of the Company; provided that, a Change of Control shall not be deemed to occur as a result
of (x) a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling
such stockholders to fifty percent (50%) or more of all votes to which all stockholders of the parent corporation would be entitled in the election of directors (without consideration of the rights of any class of stock to elect directors by a
separate class vote), or (y) a transaction in which the person acquires newly issued securities of the Company in exchange for a bona fide investment in the Company. 
 (B) Upon the consummation of (1) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will
beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to less than fifty percent (50%) of all votes to which all stockholders of the surviving corporation would be entitled in the election of
directors (without consideration of the rights of any class of stock to elect directors by a separate class vote), or (2) a sale or other disposition of all or substantially all of the assets of the Company. 

 For purposes of clarity, the severance benefits for which you are eligible pursuant to
Amendment 3 (the “Severance Benefits”) are only payable upon a “separation from service” as defined in Section 409A of the Internal Revenue Code of 1986, as amended and the Treasury Regulations and other applicable guidance
thereunder (“Section 409A”). To the extent that there is any ambiguity as to whether the Severance Benefits (or any other provision related to your compensation from the Company) contravene Section 409A, such provision shall be
interpreted and applied in a matter that does not result in a Section 409A violation. The Severance Benefits shall be deemed to be series of separate payments, with each installment being treated as a separate payment. The time and form of
payment of any compensation may not be deferred or accelerated to the extent it would result in an impermissible acceleration or deferral under Section 409A. To the extent Amendment 3 contains payments which are subject to Section 409A (as
opposed to exempt from Section 409A), your rights to such payments are not subject to anticipation, alienation, sale, transfer, pledge, encumbrance, attachment or garnishment and, where applicable, may only be transferred by will or the laws of
descent and distribution. To the extent the Severance Benefits are intended to be exempt from Section 409A as a result of an “involuntary separation from service” under Section 409A, if all conditions necessary to establish your
entitlement to such Severance Benefits have been satisfied, all Severance Benefits shall be paid or provided in full no later than December 31st of the second calendar year following the calendar year in which your employment terminated unless another time period
is applicable. If you are a “specified employee” (as defined in Section 409A) on the termination date and a delayed payment is required by Section 409A to avoid a prohibited distribution under Section 409A, then no Severance
Benefits that constitute “non-qualified deferred compensation” under Section 409A shall be paid until the earlier of (i) the first day of the 7th month following the date of your “separation from service” as defined in Section 409 A, or
(ii) the date of your death. Upon the expiration of the applicable deferral period, all payments deferred under this clause shall be paid in a lump sum and any remaining severance benefits shall be paid per the schedule specified in this
Agreement. The Company makes no representation that any payment it makes to you will be exempt from or compliant with Section 409A and makes no affirmative undertaking to preclude Section 409A from applying, but does reserve the right to
unilaterally amend this letter agreement as may be necessary or advisable to permit the it to be in documentary and operational compliance with Section 409A which determination will be made in the sole discretion of the Company.

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