Document:

Exhibit 4.3

 Exhibit 4.3 

Execution Version 

REVENUE INTEREST ASSIGNMENT AND TERMINATION AGREEMENT 

dated as of September 4, 2015 

between 

INGALLS & SNYDER VALUE PARTNERS, L.P. 

ARTHUR KOENIG 
 AGENUS
INC. 
 and 

ANTIGENICS LLC 

 Table of Contents 

 

							
	 	  	Page	 
	
	ARTICLE I	  
	PURCHASE AND SALE OF THE ASSIGNED INTERESTS	  
			
	 Section 1.1
	 	 Purchase and Sale
	  	 	1	  
	 Section 1.2
	 	 Purchase Price
	  	 	2	  
	 Section 1.3
	 	 No Assumed Obligations
	  	 	2	  
	 Section 1.4
	 	 Assumed Liabilities
	  	 	2	  
	 Section 1.5
	 	 Excluded Assets
	  	 	2	  
	 Section 1.6
	 	 Termination of Ingalls Agreement
	  	 	2	  
	
	ARTICLE II	  
	REPRESENTATIONS AND WARRANTIES OF THE SELLERS	  
			
	 Section 2.1
	 	 Organization
	  	 	3	  
	 Section 2.2
	 	 No Conflicts
	  	 	3	  
	 Section 2.3
	 	 Authorization
	  	 	4	  
	 Section 2.4
	 	 Ownership
	  	 	4	  
	 Section 2.5
	 	 Governmental and Third Party Authorizations
	  	 	4	  
	 Section 2.6
	 	 No Litigation
	  	 	4	  
	 Section 2.7
	 	 Solvency
	  	 	5	  
	 Section 2.8
	 	 No Brokers’ Fees
	  	 	5	  
	 Section 2.9
	 	 Compliance with Laws
	  	 	5	  
	 Section 2.10
	 	 Access to Information; Investment Intent
	  	 	5	  
	 Section 2.11
	 	 No Other Representations and Warranties
	  	 	6	  
	
	ARTICLE III	  
	REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS	  
			
	 Section 3.1
	 	 Organization
	  	 	6	  
	 Section 3.2
	 	 No Conflicts
	  	 	6	  
	 Section 3.3
	 	 Authorization
	  	 	7	  
	 Section 3.4
	 	 Governmental and Third Party Authorizations
	  	 	7	  
	 Section 3.5
	 	 No Litigation
	  	 	7	  
	 Section 3.6
	 	 Access to Information
	  	 	7	  
	 Section 3.7
	 	 Solvency
	  	 	8	  
	 Section 3.8
	 	 No Brokers’ Fees
	  	 	8	  
	 Section 3.9
	 	 Closing Consideration Shares
	  	 	8	  
	 Section 3.10
	 	 No Other Representations and Warranties
	  	 	8	  
	
	ARTICLE IV	  
	COVENANTS	  
			
	 Section 4.1
	 	 Public Announcement
	  	 	9	  
	 Section 4.2
	 	 Further Assurances
	  	 	9	  
	 Section 4.3
	 	 [Reserved]
	  	 	10	  
	 Section 4.4
	 	 Registration Statements
	  	 	10	  
	 Section 4.5
	 	 Covenants of Agenus Regarding the Closing Consideration Shares
	  	 	10	  

  
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	 	  	Page	 
	
	ARTICLE V	  
	THE CLOSING	  
			
	 Section 5.1
	 	 Closing
	  	 	12	  
	 Section 5.2
	 	 Conditions of Purchasers’ Obligations at the Closing
	  	 	12	  
	 Section 5.3
	 	 Conditions of the Sellers’ Obligations at the Closing
	  	 	13	  
	
	ARTICLE VI	  
	INDEMNIFICATION	  
			
	 Section 6.1
	 	 Indemnification by the Sellers
	  	 	13	  
	 Section 6.2
	 	 Indemnification by the Purchasers
	  	 	14	  
	 Section 6.3
	 	 Procedures for Third Party Claims
	  	 	14	  
	 Section 6.4
	 	 Other Claims
	  	 	15	  
	 Section 6.5
	 	 Exclusive Remedy
	  	 	15	  
	 Section 6.6
	 	 Limitations
	  	 	15	  
	 Section 6.7
	 	 Subrogation
	  	 	16	  
	
	ARTICLE VII	  
	TERMINATION	  
			
	 Section 7.1
	 	 Termination of Agreement
	  	 	16	  
	
	ARTICLE VIII	  
	MISCELLANEOUS	  
			
	 Section 8.1
	 	 Defined Terms
	  	 	16	  
	 Section 8.2
	 	 Rules of Construction
	  	 	19	  
	 Section 8.3
	 	 Survival
	  	 	20	  
	 Section 8.4
	 	 Specific Performance
	  	 	21	  
	 Section 8.5
	 	 Notices
	  	 	21	  
	 Section 8.6
	 	 Expenses
	  	 	22	  
	 Section 8.7
	 	 Successors and Assigns
	  	 	22	  
	 Section 8.8
	 	 Independent Nature of Relationship
	  	 	23	  
	 Section 8.9
	 	 Entire Agreement
	  	 	23	  
	 Section 8.10
	 	 Governing Law
	  	 	23	  
	 Section 8.11
	 	 Jurisdiction; Venue; Waiver of Jury Trial
	  	 	23	  
	 Section 8.12
	 	 Severability
	  	 	24	  
	 Section 8.13
	 	 Counterparts
	  	 	24	  
	 Section 8.14
	 	 Amendments; No Waivers
	  	 	24	  
	 Section 8.15
	 	 No Third Party Rights
	  	 	25	  
	 Section 8.16
	 	 Table of Contents and Headings
	  	 	25	  

  
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 Exhibits 
  

			
	Exhibit A	  	Oberland Agreement
	Exhibit B	  	Form of Bill of Sale
	Exhibit C	  	Seller Account
	Exhibit D	  	Allocation of Closing Consideration Shares

  
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 REVENUE INTEREST ASSIGNMENT AND TERMINATION AGREEMENT 

This REVENUE INTEREST ASSIGNMENT AND TERMINATION AGREEMENT (this “Agreement”), dated as of September 4, 2015, is among
Ingalls & Snyder Value Partners, L.P. (“Ingalls”), Arthur Koenig (“Koenig”, and together with Ingalls, the “Sellers” and each a “Seller”), Agenus Inc., a Delaware
corporation (“Agenus”), and Antigenics LLC, a Delaware limited liability company (as the successor in interest to Antigenics Inc., formerly a Massachusetts corporation) (“AgenMA”, and together with Agenus, the
“Purchasers” and each a “Purchaser”). Capitalized terms used but not defined in this Agreement are defined in Section 8. 

W I T N E S S E T H : 

WHEREAS, the Purchasers and the Sellers entered into a Revenue Interest Assignment Agreement on April 15, 2013 (the “Ingalls
Agreement”), pursuant to which the Purchasers sold, contributed, assigned, transferred, conveyed and granted to the Sellers, and the Sellers purchased from the Purchasers, the Assigned Interests; 

WHEREAS, the Purchasers propose to enter into a Note Purchase Agreement with Oberland Capital SA Zermatt LLC (“Oberland”), in
substantially the form attached hereto as Exhibit A (the “Oberland Agreement”), pursuant to which AgenMA proposes to issue and sell to the purchasers named therein up to $115,000,000 in aggregate principal amount of its
limited recourse notes; and 
 WHEREAS, the Sellers desire to irrevocably sell, contribute, assign, transfer, convey and grant to AgenMA,
and AgenMA desire to purchase, acquire and accept from the Sellers, the Assigned Interests described herein and then terminate the Ingalls Agreement, all upon and subject to the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties set forth herein and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties covenant and agree as follows: 
 ARTICLE
I 
 PURCHASE AND SALE OF THE ASSIGNED INTERESTS 

Section 1.1 Purchase and Sale. 

(a) Subject to the terms and conditions of this Agreement, on the Closing Date, each Seller hereby irrevocably sells, contributes, assigns,
transfers, conveys and grants to AgenMA, and AgenMA hereby purchases, acquires and accepts from each Seller, all of such Seller’s right, title and interest in and to the Assigned Interests, free and clear of any and all Liens (other than Liens
arising under applicable securities laws or the GSK Agreements or the GSK ROFN and Amendment Agreement). 
 (b) The Sellers and the
Purchasers intend and agree that the sale, contribution, assignment, transfer, conveyance and granting of the Assigned Interests under this Agreement shall be, and are, a true, complete, absolute and irrevocable assignment and sale by the Sellers to

 
AgenMA of the Assigned Interests and that such assignment and sale shall provide the Purchasers with the full benefits of ownership of the Assigned Interests. The Parties expressly agree that
following the Closing, none of the Sellers shall have any right, title or interest in or to the Assigned Interests. Neither the Sellers nor the Purchasers intend the transactions contemplated hereby to be, or for any purpose characterized as, a loan
from the Purchasers to the Sellers or a pledge or assignment or a security agreement. The Sellers waive any right to contest or otherwise assert that this Agreement does not constitute a true, complete, absolute and irrevocable sale and assignment
by the Sellers to AgenMA of the Assigned Interests under Applicable Law, which waiver shall be enforceable against the Sellers in any Bankruptcy Event in respect of the Sellers. The sale, contribution, assignment, transfer, conveyance and granting
of the Assigned Interests shall be reflected as a sale of assets to AgenMA (except to the extent GAAP or the rules of the SEC require otherwise with respect to either Seller’s financial statements). 

Section 1.2 Purchase Price. In full consideration for the sale, contribution, assignment, transfer, conveyance and granting of the
Assigned Interests and the termination of the Ingalls Agreement, and subject to the terms and conditions set forth herein, AgenMA shall pay (or cause to be paid) to the Sellers, or the Sellers’ designee, at the Closing, the sum of
(a) TWENTY MILLION DOLLARS ($20,000,000), in immediately available funds by wire transfer to the Seller Account (the “Closing Cash Consideration”) and (b) 300,000 shares of Agenus’ common stock, par value $0.01 per
share (the “Closing Consideration Shares”, and together with the Closing Cash Consideration, the “Purchase Price”), to be allocated among the Sellers as set forth on Exhibit D. 

Section 1.3 No Assumed Obligations. Notwithstanding any provision in this Agreement or any other writing to the contrary, AgenMA
is purchasing, acquiring and accepting only the Assigned Interests and is not assuming any liability or obligation of the Sellers or any of the Sellers’ Affiliates of whatever nature, whether presently in existence or arising or asserted
hereafter. All such liabilities and obligations shall be retained by, and remain liabilities and obligations of, the Sellers or the Sellers’ Affiliates, as the case may be (the “Excluded Liabilities and Obligations”) other than
the Assumed Liabilities, if any. 
 Section 1.4 Assumed Liabilities. As of the Closing, Purchasers hereby assume, and agree to
pay, perform and discharge when due, any and all of the Assumed Liabilities, if any. 
 Section 1.5 Excluded Assets. The
Purchasers do not, by purchase, acquisition or acceptance of the right, title or interest granted hereunder or otherwise pursuant to any of the Transaction Documents, purchase, acquire or accept any assets or contract rights of the Sellers under any
of Sellers’ agreement, other than the Assigned Interests, or any other assets of the Sellers. 
 Section 1.6 Termination of
Ingalls Agreement. Concurrently with the Closing, the Sellers and the Purchasers acknowledge and agree that the Ingalls Agreement shall terminate in its entirety and be of no further force and effect; provided, however, that
Section 5.1 (Confidentiality), Section 7.3 (Survival) and, except as superseded by Article VIII of this Agreement, Article VIII (Miscellaneous) of the Ingalls Agreement shall survive the termination. Termination of the Ingalls
Agreement shall not relieve any party thereto of liability in respect of breaches under the Ingalls Agreement by any party thereto on or prior to termination. 

  
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 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS 

Each Seller hereby, severally and not jointly, represents and warrants to the Purchasers, as of the date hereof, as to such Seller and not to
the other Seller, as follows: 
 Section 2.1 Organization. In the case of Ingalls, such Seller is a limited partnership duly
organized and validly existing in good standing under the laws of the State of New York. In the case of Ingalls, such Seller has full limited partnership power and authority to own, operate and occupy its properties and to conduct its business as
presently conducted and is registered or qualified to do business and is in good standing in each jurisdiction in which it owns or leases property or transacts business, except where the failure to be so registered or qualified individually or in
the aggregate, has not had and is not reasonably likely to have a material adverse effect on the ability of Ingalls to execute and deliver this Agreement and the other Transaction Document to which it is a party and to perform its obligations
hereunder and thereunder. Such Seller has all material licenses, authorizations, consents and approvals from Governmental Authority required to execute and deliver, and perform its or his obligations under this Agreement and the other Transaction
Document to which it or he is a party. 
 Section 2.2 No Conflicts. 

(a) None of the execution and delivery by such Seller of any of the Transaction Documents, the performance by such Seller of its or his
obligations hereunder or thereunder or the consummation by such Seller of the transactions contemplated hereby or thereby will (i) contravene, conflict with or violate any term or provision of any of the organizational documents of such Seller,
if applicable, (ii) contravene, conflict with or violate, or give any Governmental Authority or other Person the right to exercise any remedy or obtain any relief under, any Applicable Law or any judgment, order, writ, decree, permit or license
of any Governmental Authority to which such Seller or any of its or his assets or properties may be subject or bound, (iii) result in a breach or violation of, constitute a default (with or without notice or lapse of time, or both) under, or
give any Person the right to exercise any remedy or obtain any additional rights under, or accelerate the maturity or performance of, or payment under, or cancel or terminate, any contract, agreement, indenture, lease, license, deed, commitment,
obligation or instrument to which such Seller is a party or by which such Seller or any of its or his respective assets or properties is bound or committed, or (iv) result in or require the creation or imposition of any Lien on the Assigned
Interests; provided, however, that, in the case of clause (ii) and clause (iii) of this Section 2.2(a), such breach, violation, default or right would not prevent, or materially impede, interfere with, hinder or
delay the ability of such Seller to sell, contribute assign, transfer, convey and grant the Assigned Interests or the ability of AgenMA to acquire good and marketable title to the Assigned Interests free and clear of all Liens (other than Liens
arising under applicable securities laws or the GSK Agreements or the GSK ROFN and Amendment Agreement). 
 (b) No Lien (other than Liens
arising under applicable securities laws or the GSK Agreements or the GSK ROFN and Amendment Agreement) currently exists on any of such Seller’s Assigned Interests. 

  
 -3- 

 Section 2.3 Authorization. Such Seller has all necessary corporate or other power and
authority to execute and deliver the Transaction Documents, to perform its or his obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Transaction
Documents and the performance by such Seller of its or his obligations hereunder and thereunder have been duly authorized by such Seller and, in the case of Koenig, he has all necessary capacity required therefor. Each of the Transaction Documents
has been duly executed and delivered by such Seller. Each of the Transaction Documents, assuming the valid execution and delivery by the Purchasers, constitutes the legal, valid and binding obligation of such Seller, enforceable against such Seller,
as applicable, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, general equitable principles and principles of public policy. 

Section 2.4 Ownership. Such Seller is the exclusive owner of the entire right, title (legal and equitable) and interest in, to and
under the Assigned Interests of such Seller. Assuming the accuracy of the representations and warranties of Purchasers under the Ingalls Agreement, (i) such Seller is the exclusive owner of the entire right, title (legal and equitable) and
interest in, to and under the Assigned Interests of such Seller, and (ii) together the Sellers are the exclusive joint owners of the entirety of the Assigned Interests. Following the closing of the transactions contemplated by the Ingalls
Agreement neither Seller has contributed, assigned, transferred or conveyed any portion of its originally acquired portion of the Assigned Interests to any Third Party. Such Seller’s Assigned Interests sold, contributed, assigned, transferred,
conveyed and granted to AgenMA at the Closing will not have been pledged, sold, contributed, assigned, transferred, conveyed or granted by such Seller to any other Person. Such Seller has full right to sell, contribute, assign, transfer, convey and
grant the Assigned Interests to AgenMA. Upon the sale, contribution, assignment, transfer, conveyance and granting by such Seller of such Seller’s Assigned Interests to AgenMA, AgenMA shall acquire good and marketable title to the Assigned
Interests free and clear of all Liens (other than Liens arising under applicable securities laws or the GSK Agreements or the GSK ROFN and Amendment Agreement) and shall be the exclusive owners of the entirety of the Assigned Interests 

Section 2.5 Governmental and Third Party Authorizations. The execution and delivery by each of such Seller of the Transaction
Documents, the performance by such Seller of its or his obligations hereunder and thereunder and the consummation by such Seller of the transactions contemplated hereby and thereby do not require any consent, approval, license, order, authorization
or declaration from, notice to, action or registration by, or filing with, any Governmental Authority or any other Person. 

Section 2.6 No Litigation. There is no (a) action, suit, arbitration proceeding, claim, demand, citation, summons, subpoena,
investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the knowledge of such Seller, threatened by or against such Seller, at law or in equity, or (b) inquiry or
investigation (whether 

  
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civil, criminal, administrative, regulatory, investigative or informal) by or before a Governmental Authority pending or, to the knowledge of such Seller, threatened against such Seller, that, in
any case challenges or seeks to prevent or delay the consummation of any of the transactions contemplated by any of the Transaction Documents. 

Section 2.7 Solvency. Immediately after giving effect to the consummation of the transactions contemplated by the Transaction
Documents and the application of the proceeds therefrom, (a) the fair value of such Seller’s assets will be greater than the sum of its or his debts, liabilities and other obligations, including contingent liabilities, (b) the present
fair saleable value of such Seller’s assets will be greater than the amount that would be required to pay its or his probable liabilities on its or his existing debts, liabilities and other obligations, including contingent liabilities, as they
become absolute and matured in the normal course of business, (c) such Seller will be able to realize upon its or his assets and pay its or his debts, liabilities and other obligations, including contingent obligations, as they mature,
(d) Ingalls will not have unreasonably small capital with which to engage in its business, as now conducted and as proposed to be conducted following the Closing Date, (e) such Seller will not have become subject to any Bankruptcy Event
and (f) such Seller will not have been rendered insolvent within the meaning of Section 101(32) of Title 11 of the United States Code. For purposes of this Section 2.7, the amount of all contingent obligations at any time shall
be computed as the amount that, in light of all facts and circumstances existing at such time, can be reasonably expected to become an actual or matured liability. 

Section 2.8 No Brokers’ Fees. Such Seller has not taken any action that would entitle any Person to any commission or
broker’s fee in connection with the transactions contemplated by this Agreement. 
 Section 2.9 Compliance with Laws. Such
Seller (a) has not violated or is in violation of, has been given notice of any violation of, or, to the knowledge of such Seller, is under investigation with respect to or has been threatened to be charged with, any violation of, any
Applicable Law or any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental Authority or (b) is not subject to any judgment, order, writ, decree, injunction,
stipulation or consent order issued or entered by any Governmental Authority, in each case with respect to the preceding clauses (a) and (b), that would have a material adverse effect on such Seller or such Seller’s Assigned Interests.

 Section 2.10 Access to Information; Investment Intent. 

(a) Such Seller acknowledges that it or he has (a) reviewed the documents and information relating to such Seller’s Assigned
Interests and the Oberland Agreement and (b) had the opportunity to ask such questions of, and to receive answers from, representatives of the Purchasers concerning the Assigned Interests, the Oberland Agreement and the Closing Consideration
Shares, in each case as it deemed necessary to make an informed decision to sell, transfer, convey and assign such Seller’s Assigned Interests in accordance with the terms of this Agreement. Such Seller has such knowledge, sophistication and
experience in financial and business matters that it or he is capable of evaluating the risks and merits of selling, transferring, conveying and assigning such Seller’s Assigned Interests and the risks and merits of acquiring the Closing
Consideration Shares, in all cases in accordance with the terms of this Agreement. 

  
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 (b) Such Seller’s present intention is to acquire its portion of the Closing Consideration
Shares for its own account for the purpose of investment and not with a view to distribution. Such Seller agrees that it will not sell or transfer any such Closing Consideration Shares without registration under applicable federal and state
securities laws, or the availability of exemptions therefrom. Such Seller agrees that the certificates representing such Closing Consideration Shares (or statement(s) of holdings if such Closing Consideration Shares are issued through the transfer
agent’s book-entry system) will each bear a restrictive legend stating that the Closing Consideration Shares represented thereby may not be sold except pursuant to registration under the Securities Act or pursuant to an exemption therefrom.

 (c) Such Seller is an “accredited investor” as defined in Rule 501(a) of the rules and regulations promulgated under the
Securities Act. 
 Section 2.11 No Other Representations and Warranties. Except for the representations and warranties contained
in this Article II, neither such Seller nor any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of such Seller, including any representation or warranty as to the accuracy or
completeness of any information regarding such Seller’s Assigned Interests furnished or made available to the Purchasers and their representatives and any information, documents or material made available to the Purchasers, management
presentations or in any other form in expectation of the transactions contemplated hereby) or any representation or warranty arising from statute or otherwise in law. 

ARTICLE III 
 REPRESENTATIONS
AND WARRANTIES OF THE PURCHASERS 
 The Purchasers hereby, jointly and severally, represent and warrant to the Sellers, as of the date
hereof, as follows: 
 Section 3.1 Organization. Agenus is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and has all corporate power and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its
business, as now conducted. AgenMA is a limited liability company duly formed, validly existing and in good standing under the laws of the Commonwealth of Massachusetts and has all limited liability company power and authority, and all licenses,
permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business, as now conducted. 

Section 3.2 No Conflicts. None of the execution and delivery by either Purchaser of any of the Transaction Documents to which such
Purchaser is party, the performance by such Purchaser of its obligations hereunder or thereunder or the consummation by such Purchaser of the transactions contemplated hereby or thereby will (a) contravene, conflict with or violate any term or
provision of any of the organizational documents of such Purchaser, (b) contravene, 

  
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conflict with or violate, or give any Governmental Authority or other Person the right to exercise any remedy or obtain any relief under, in any material respect, any Applicable Law or any
judgment, order, writ, decree, permit or license of any Governmental Authority to which such Purchaser or any of its assets or properties may be subject or bound or (c) result in a breach or violation of, constitute a default (with or without
notice or lapse of time, or both) under, or give any Person any right to exercise any remedy, or accelerate the maturity or performance of, in any material respect, any contract, agreement, indenture, lease, license, deed, commitment, obligation or
instrument to which such Purchaser is a party or by which such Purchaser or any of its assets or properties is bound or committed. 

Section 3.3 Authorization. Each of the Purchasers has all necessary corporate power and authority to execute and deliver the
Transaction Documents to which each of the Purchasers is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Transaction Documents
to which each of the Purchasers is a party and the performance by each of the Purchasers of its obligations hereunder and thereunder have been duly authorized by each of the Purchasers. Each of the Transaction Documents to which each of the
Purchasers is party has been duly executed and delivered by each of the Purchasers. Each of the Transaction Documents to which each of the Purchasers is party, assuming the valid execution and delivery by the Sellers, constitutes the legal, valid
and binding obligation of each of the Purchasers, enforceable against such Purchaser in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally, general equitable principles and principles of public policy. 
 Section 3.4 Governmental and Third Party
Authorizations. The execution and delivery by each of the Purchasers of the Transaction Documents to which each of the Purchasers is party, the performance by each of the Purchasers of its obligations hereunder and thereunder and the
consummation of the transactions contemplated hereby and thereby do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by, or filing with, any Governmental Authority or any other
Person, except for filings to be made following the Closing in respect of the Closing Consideration Shares in accordance with U.S. securities laws. 

Section 3.5 No Litigation. There is no (a) action, suit, arbitration proceeding, claim, demand, citation, summons, subpoena,
investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the knowledge of either Purchaser, threatened by or against the Purchasers, at law or in equity, or (b) inquiry or
investigation (whether civil, criminal, administrative, regulatory, investigative or informal) by or before a Governmental Authority pending or, to the knowledge of either Purchaser, threatened against the Purchasers, that, in any case challenges or
seeks to prevent or delay the consummation of any of the transactions contemplated by any of the Transaction Documents. 
 Section 3.6
Access to Information. Each of the Purchasers acknowledges that it has (a) reviewed the documents and information relating to the Assigned Interests and (b) had the opportunity to ask such questions of, and to receive answers from,
representatives of the Sellers concerning the Assigned Interests, in each case as it deemed necessary to make an informed 

  
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decision to purchase, acquire and accept the Assigned Interests in accordance with the terms of this Agreement. Each of the Purchasers has such knowledge, sophistication and experience in
financial and business matters that it is capable of evaluating the risks and merits of purchasing, acquiring and accepting the Assigned Interests in accordance with the terms of this Agreement. 

Section 3.7 Solvency. Immediately after giving effect to the consummation of the transactions contemplated by the Transaction
Documents and the application of the proceeds therefrom, (a) the fair value of each of the Purchasers’ assets will be greater than the sum of its debts, liabilities and other obligations, including contingent liabilities, (b) the
present fair saleable value of each of the Purchasers’ assets will be greater than the amount that would be required to pay its probable liabilities on its existing debts, liabilities and other obligations, including contingent liabilities, as
they become absolute and matured in the normal course of business, (c) each of the Purchasers will be able to realize upon its assets and pay its debts, liabilities and other obligations, including contingent obligations, as they mature,
(d) each of the Purchasers will not have unreasonably small capital with which to engage in its business, as now conducted and as proposed to be conducted following the Closing Date, (e) each of the Purchasers will not have become subject
to any Bankruptcy Event and (f) each of the Purchasers will not have been rendered insolvent within the meaning of Section 101(32) of Title 11 of the United States Code. For purposes of this Section 3.7, the amount of all
contingent obligations at any time shall be computed as the amount that, in light of all facts and circumstances existing at such time, can be reasonably expected to become an actual or matured liability. 

Section 3.8 No Brokers’ Fees. Each of the Purchasers has not taken any action that would entitle any Person to any commission
or broker’s fee in connection with the transactions contemplated by this Agreement. 
 Section 3.9 Closing Consideration
Shares. 
 (a) The Closing Consideration Shares are duly authorized and, when issued under this Agreement will be validly issued, fully
paid and nonassessable, free and clear of all Liens (other than restrictions on transfer under U.S. securities laws). 
 (b) Agenus has
filed all reports, schedules, forms, statements and other documents required to be filed by Agenus under the Securities and Exchange Act of 1934, as amended, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the
date of this Agreement (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the prospectus and any prospectus supplement, being collectively referred to herein as the “SEC
Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports (including the financial
statements contained therein) complied in all material respects with the requirements of the Securities and Exchange Act of 1934, as amended, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

Section 3.10 No Other Representations and Warranties. Except for the representations and warranties contained in this
Article III, neither the Purchasers nor any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the Purchasers, including any representation or warranty as to the
accuracy or completeness of any information regarding the Assigned Interests furnished or made available to the Sellers and their representatives and any information, documents or material made available to the Sellers, management presentations or
in any other form in expectation of the transactions contemplated hereby) or any representation or warranty arising from statute or otherwise in law. 

  
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 ARTICLE IV 

COVENANTS 
 The Parties
covenant and agree as follows: 
 Section 4.1 Public Announcement. No Party shall, and each Party shall cause its Affiliates not
to, without the prior written consent of the other Party (which consent shall not be unreasonably withheld or delayed), issue any press release or make any other public disclosure with respect to this Agreement or the other Transaction Document or
any of the transactions contemplated hereby or thereby, except if and to the extent that any such release or disclosure is required by Applicable Law (including in connection with Section 4.4 or Section 4.5), by the rules and
regulations of any securities exchange or market on which any security of such Party may be listed or traded or by any Governmental Authority of competent jurisdiction, in which case, the Party proposing to issue such press release or make such
public disclosure shall, to the extent reasonably practicable, (a) provide to the other Party a copy of such proposed release or disclosure and (b) consider in good faith any comments or changes that the other Party may propose or suggest.
Notwithstanding the foregoing, each of the Sellers agrees that Agenus may, without prior consultation with either Seller, file with the SEC a Current Report on Form 8-K and make other filings required by the SEC describing the material terms of the
transactions contemplated by this Agreement and the other Transaction Document. 
 Section 4.2 Further Assurances. 

(a) Subject to the terms and conditions of this Agreement, each Party, shall (at the expense of the other) execute and deliver such other
documents, certificates, instruments, agreements and other writings, take such other actions and perform such additional acts under Applicable Law as may be reasonably requested by the other Party and necessary to implement expeditiously the
transactions contemplated by, and to carry out the purposes and intent of the provisions of, this Agreement and the other Transaction Document, including to (i) perfect the sale, contribution, assignment, transfer, conveyance and granting of
the Assigned Interests to AgenMA pursuant to this Agreement, (ii) perfect, protect, more fully evidence, vest and maintain in AgenMA good, valid and marketable rights and interests in and to the Assigned Interests free and clear of all Liens
(other than Liens arising under applicable securities laws or the GSK Agreements or the GSK ROFN and Amendment Agreement), (iii) enable the Purchasers to exercise or enforce any of the Purchasers’ rights under any Transaction Document to
which the Purchasers are parties and (iv) to terminate the Escrow Agreement promptly following the Closing. 

  
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 (b) The Sellers and the Purchasers shall cooperate and provide assistance as reasonably requested
by the other Party, at the expense of such other Party (except as otherwise set forth herein), in connection with any litigation, arbitration, investigation or other proceeding (whether threatened, existing, initiated or contemplated prior to, on or
after the Closing Date) to which the other Party, any of its Affiliates or controlling persons or any of their respective officers, directors, managers, employees or controlling persons is or may become a Party or is or may become otherwise directly
or indirectly affected or as to which any such Persons have a direct or indirect interest, in each case relating to any Transaction Document, the transactions contemplated hereby or thereby or the Assigned Interests, but in all cases excluding any
litigation brought by either Seller (for itself or himself or on behalf of any Seller Indemnified Party) against either Purchasers or brought by either Purchaser (for itself or on behalf of any Buyer Indemnified Party) against either Seller. 

(c) Each of the Parties shall use its or his commercially reasonably efforts to comply with all Applicable Laws with respect to the
Transaction Documents and the Assigned Interests, in each case the violation of which would have a material adverse effect, except where compliance therewith is being contested by any of the Parties in good faith by appropriate proceedings. 

(d) No Party shall enter into any contract, agreement or other legally binding arrangement (whether written or oral), or grant any right to
any other Person, in any case that would reasonably be expected to conflict with the Transaction Documents or serve or operate to limit or circumscribe any of the other Parties’ rights under the Transaction Documents (or such Parties’
ability to exercise any such rights). 
 Section 4.3 [Reserved]. 

Section 4.4 Registration Statements. Agenus shall exercise commercially reasonable efforts to either amend a current Registration
Statement on Form S-3 or file a new Registration Statement on Form S-3 (in either case, the “Registration Statement”) within 120 days after the Closing Date to provide for the resale of the Closing Consideration Shares issued to the
Sellers hereunder. Agenus shall use its commercially reasonable efforts to cause any such Registration Statement to become effective as soon as practicable following the filing thereof. 

Section 4.5 Covenants of Agenus Regarding the Closing Consideration Shares. 

(a) Each Seller shall furnish all information reasonably requested by Agenus for inclusion in the Registration Statement and any related
prospectus. Agenus shall use its commercially reasonable efforts to have the Registration Statement promptly declared effective by the SEC. Agenus shall use commercially reasonable efforts to keep the Registration Statement effective pursuant to
Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and available for sales of all of the Closing Consideration Shares at all times until the earlier of (i) the date as of which the Sellers
may sell all of the Closing Consideration Shares without restriction pursuant to the last sentence of Rule 144(b)(1)(i) promulgated under the Securities Act (or successor thereto) or (ii) the date on which the Sellers shall have sold all the
Closing Consideration Shares (the “Registration Period”). The Registration Statement (including any amendments or supplements thereto and prospectuses 

  
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contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light
of the circumstances in which they were made, not misleading; provided, however, that Agenus shall not be liable with respect to any information furnished to Agenus by or on behalf of the Sellers or their Affiliates in writing specifically for use
in the preparation of such Registration Statement (including any amendments or supplements thereto and prospectuses contained therein). 

(b) Agenus shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated
under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with sales of the Closing Consideration Shares under the Registration Statement. 

(c) Agenus shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration
statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement effective at all
times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Closing Consideration Shares covered by the Registration Statement until such time as all of such
Closing Consideration Shares shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement. 

(d) Upon request of either Seller, Agenus shall furnish to such Seller, (i) promptly after the same is prepared and filed with the SEC,
at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any Registration
Statement, a copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number of copies as such Seller may reasonably request) and (iii) such other documents, including copies of
any preliminary or final prospectus, as such Seller may reasonably request from time to time. 
 (e) Agenus shall use commercially
reasonable efforts to (i) register and qualify the Closing Consideration Shares covered by the Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as each Seller reasonably
requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the
Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or
advisable to qualify the Closing Consideration Shares for sale in such jurisdictions; provided, that Agenus shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Section, (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. Agenus shall promptly notify
each Seller of the receipt by Agenus of any notification with respect to the suspension of the registration or 

  
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qualification of any of the Closing Consideration Shares for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the
initiation or threatening of any proceeding for such purpose. 
 (f) Agenus shall use its commercially reasonable efforts to prevent the
issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension of the qualification of any Closing Consideration Shares for sale in any jurisdiction and, if such an order or suspension is issued, to
obtain the withdrawal of such order or suspension as promptly as possible and to notify each Seller of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such
purpose. 
 (g) With a view to making available to each Seller the benefits of Rule 144 promulgated under the Securities Act (“Rule
144”) or any other similar rule or regulation of the SEC that may at any time permit such Seller to sell securities of Agenus to the public without registration, Agenus will (i) make and keep public information available, as those
terms are understood and defined in Rule 144; and (ii) file with the SEC in a timely manner all reports and other documents required of Agenus under the Securities Act and the Securities and Exchange Act of 1934, as amended, so long as Agenus
remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144. 

ARTICLE V 
 THE CLOSING 

Section 5.1 Closing. The closing of the transactions contemplated hereby (the “Closing”) shall take place on
Tuesday, September 8, 2015 (the “Closing Date”) at the offices of Goodwin Procter LLP located at Exchange Place, Boston, MA 02109, or such other place as the Parties mutually agree. 

Section 5.2 Conditions of Purchasers’ Obligations at the Closing. The obligations of the Purchasers under Article I of this
Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions: 
 (a) The Bill of
Sale shall have been duly executed by the Sellers and delivered to the Purchasers; 
 (b) A general partner of Ingalls shall
deliver a certificate (the statements made in which shall be true and correct on and as of the Closing Date) to the Purchasers: (i) setting forth the incumbency of the officer or officers of Ingalls who have executed and delivered the
Transaction Documents, including therein a signature specimen of each such officer or officers and (ii) attaching a copy, certified by such officer as true and complete, of a good standing certificate of the appropriate Governmental Authority
of Ingalls’ jurisdiction of organization, stating that Ingalls is in good standing under the laws of such jurisdiction; 

(c) A completed IRS Form W-9s executed by each of the Sellers shall have been delivered to the Purchasers; and 

(d) The representations and warranties of the Sellers contained in Article II shall be true on the date hereof and as of the
date of the Closing. 

  
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 Section 5.3 Conditions of the Sellers’ Obligations at the Closing. The
obligations of the Sellers under Article I of this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions: 

(a) The Bill of Sale shall have been duly executed by the Purchasers and delivered to the Sellers; 

(b) AgenMA shall have delivered (or caused to be delivered) the Closing Cash Consideration in accordance with
Section 1.2; 
 (c) AgenMA shall have delivered (or caused to be delivered) the Closing Consideration Shares,
allocated in accordance with Exhibit D, and Agenus shall have instructed its transfer agent to deliver stock certificates representing such Closing Consideration Shares to the Sellers promptly (or otherwise issue the shares through the
transfer agent’s book-entry system); 
 (d) A completed IRS Form W-9s executed by each of the Purchasers shall have been
delivered to the Sellers; and 
 (e) The representations and warranties of the Purchasers contained in Article III shall
be true on the date hereof and as of the date of the Closing. 
 ARTICLE VI 

INDEMNIFICATION 

Section 6.1 Indemnification by the Sellers. The Sellers agree to severally and not jointly indemnify and hold harmless the
Purchasers and their respective Affiliates and any or all of their respective partners, directors, officers, managers, employees, members, agents and controlling persons (each, a “Purchaser Indemnified Party”) harmless from and
against, and will pay to each Purchaser Indemnified Party the amount of, any and all Losses awarded against or incurred or suffered by such Purchaser Indemnified Party, whether or not involving a Third Party Claim, arising out of (a) any breach
of any representation or warranty made by such Seller in any of the Transaction Documents or in any certificate delivered by such Seller to the Purchasers in writing pursuant to this Agreement, (b) [RESERVED], (c) breach of or default
under any covenant or agreement of such Seller in any of the Transaction Documents, (d) any Excluded Liabilities and Obligations or (e) any brokerage or finder’s fees or commissions or similar amounts incurred or owed by such Seller
to any brokers, financial advisors or comparable other Persons retained or employed by it in connection with the transactions contemplated by this Agreement; provided, however, that the foregoing shall exclude any indemnification to
any Purchaser Indemnified Party (i) for any matter in respect of which any Seller Indemnified Party would be entitled to indemnification under Section 6.2, (ii) that results from the bad faith, gross negligence or willful
misconduct of any Purchaser Indemnified Party or the material breach by Purchaser of this Agreement, or (iii) to the extent resulting from acts or omissions of such Seller based upon the written instructions from any Purchaser Indemnified
Party. Any amounts due to any Purchaser Indemnified Party hereunder shall be payable by such Seller to such Purchaser Indemnified Party upon demand. 

  
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 Section 6.2 Indemnification by the Purchasers. The Purchasers agree to jointly and
severally indemnify and hold each of the Sellers and their respective Affiliates and any or all of their respective partners, directors, officers, managers, members, employees, agents and controlling Persons (each, a “Seller Indemnified
Party”) harmless from and against, and will pay to each Seller Indemnified Party the amount of, any and all Losses awarded against or incurred or suffered by such Seller Indemnified Party, whether or not involving a Third Party Claim,
arising out of (a) any breach of any representation or warranty made by the Purchasers in any of the Transaction Documents or any certificate delivered by the Purchasers to the Sellers in writing pursuant to this Agreement, (b) any breach
of or default under any covenant or agreement of the Purchasers in any Transaction Document to which the Purchasers are parties, (c) any Assumed Liability, if any or (d) any brokerage or finder’s fees or commissions or similar amounts
incurred or owed by the Purchasers to any brokers, financial advisors or comparable other Persons retained or employed by it in connection with the transactions contemplated by this Agreement; provided, however, that the foregoing
shall exclude any indemnification to any Seller Indemnified Party (i) that results from the bad faith, gross negligence or willful misconduct of any Seller Indemnified Party or the material breach by any Seller of this Agreement, (ii) for
any matter in respect of which any Purchaser Indemnified Party would be entitled to indemnification under Section 6.1 or (iii) to the extent resulting from acts or omissions of the Purchasers based upon the written instructions from
any Seller Indemnified Party. Any amounts due to any Seller Indemnified Party hereunder shall be payable by the Purchasers to such Seller Indemnified Party upon demand. 

Section 6.3 Procedures for Third Party Claims. If any Third Party Claim shall be brought or alleged against an indemnified party
in respect of which indemnity is to be sought against an indemnifying party pursuant to Section 6.1 or Section 6.2, the indemnified party shall, promptly after receipt of notice of the commencement of such Third Party Claim,
notify the indemnifying party in writing of the commencement thereof, enclosing a copy of all papers served, if any; provided, that the omission to so notify such indemnifying party will not relieve the indemnifying party from any liability
that it may have to any indemnified party under Section 6.1 or Section 6.2 unless, and only to the extent that, the indemnifying party is actually prejudiced or harmed by such omission. In the event that any Third Party Claim
is brought against an indemnified party and it notifies the indemnifying party of the commencement thereof in accordance with this Section 6.3, the indemnifying party will be entitled, at the indemnifying party’s sole cost and
expense, to participate therein and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Article VI for any legal or other expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation. In any such Third Party Claim, an indemnified party shall have the right to retain its own counsel, but the reasonable fees and expenses of such counsel shall be at the sole cost and
expense of such indemnified party unless (a) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (b) the indemnifying party has assumed the

  
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defense of such proceeding and has failed within a reasonable time to retain counsel reasonably satisfactory to such indemnified party or (c) the named parties to any such Third Party Claim
(including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual conflicts of interests between them based on the advice of
counsel to the indemnifying party. It is agreed that the indemnifying party shall not, in connection with any Third Party Claim or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate law firm
(in addition to local counsel where necessary) for all such indemnified parties. The indemnifying party shall not be liable for any settlement of any Third Party Claim effected without its written consent, but, if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any Loss by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the
indemnified party (which consent will not be unreasonably withheld, conditioned or delayed), effect any settlement, compromise or discharge of any pending or threatened Third Party Claim in respect of which any indemnified party is or could have
been a party and indemnity could be sought hereunder by such indemnified party, unless such settlement, compromise or discharge, as the case may be, (i) includes an unconditional written release of such indemnified party, in form and substance
reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter of such claim or proceeding, (ii) does not include any statement as to an admission of fault, culpability or failure to act by or on
behalf of any indemnified party and (iii) does not impose any continuing material obligation or restrictions on any indemnified party. 

Section 6.4 Other Claims. A claim by an indemnified party under this ARTICLE VI for any matter not involving a Third Party
Claim and in respect of which such indemnified party would be entitled to indemnification hereunder may be made by delivering, in good faith, a written notice of demand to the indemnifying party, which notice shall contain (a) a description and
the amount of any Losses incurred or suffered or reasonably expected to be incurred or suffered by the indemnified party, (b) a statement that the indemnified party is entitled to indemnification under this ARTICLE VI for such Losses and
a reasonable explanation of the basis therefor, and (c) a demand for payment in the amount of such Losses. For all purposes of this Section 6.4, the Sellers shall be entitled to deliver such notice of demand to the Purchasers on
behalf of the Seller Indemnified Parties, and the Purchasers shall be entitled to deliver such notice of demand to the Sellers on behalf of the Purchaser Indemnified Parties. 

Section 6.5 Exclusive Remedy. Except in the case of actual fraud or intentional breach and except as set forth in
Section 8.4, the indemnification afforded by this Article VI shall be the sole and exclusive remedy for any and all Losses awarded against or incurred or suffered by a Party in connection with the transactions contemplated by the
Transaction Documents, including with respect to any breach of any representation or warranty made by a Party in any of the Transaction Documents or any certificate delivered by a Party to the other Party in writing pursuant to this Agreement or any
breach of or default under any covenant or agreement by a Party pursuant to any Transaction Document. 
 Section 6.6
Limitations. No Party shall be liable for any consequential, punitive, special or incidental damages, or damages measured by any diminution in value, under this 

  
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Article VI (and no claim for indemnification hereunder shall be asserted) as a result of any breach or violation of any covenant or agreement of such party (including under this Article VI) in or
pursuant to this Agreement (it is understood that nothing in this Section 6.6 shall limit the right of a Seller Indemnified Party or a Purchaser Indemnified Party to be indemnified for punitive, special or incidental damages in a Third
Party Claim). Notwithstanding the foregoing, the foregoing limitations on damages shall not apply in the event of any breach of covenant by a Party done in bad faith. 

Section 6.7 Subrogation. Upon making any indemnity payment pursuant to Section 6.1 or Section 6.2, as
applicable, the indemnifying party shall be subrogated to the rights of a Purchaser Indemnified Party or Seller Indemnified Party, as applicable, against any third party in respect of the Losses to which the payment related. The Parties will execute
upon request all instruments reasonably necessary to evidence and perfect the above described subrogation rights. 
 ARTICLE VII 

TERMINATION 

Section 7.1 Termination of Agreement. This Agreement may only be terminated by mutual written agreement of all Parties. 

ARTICLE VIII 
 MISCELLANEOUS

 Section 8.1 Defined Terms. The following terms, as used herein, shall have the following respective meanings: 

“Affiliate” has the meaning set forth in the Ingalls Agreement. 

“AgenMA” has the meaning set forth in the preamble. 

“Agenus” has the meaning set forth in the preamble. 

“Agreement” has the meaning set forth in the preamble. 

“Applicable Law” means, with respect to any Person, all laws, rules, regulations and orders of Governmental Authorities
applicable to such Person or any of its properties or assets. 
 “Assigned Interests” has the meaning set forth in the
Ingalls Agreement. 
 “Assumed Liabilities” means the liabilities and obligations of either Seller under the GSK Agreements
or the GSK ROFN and Amendment Agreement occurring after the consummation of the Closing (other than liabilities and obligations that relate exclusively to a breach thereof prior to the consummation of the Closing). 

“Bankruptcy Event” means the occurrence of any of the following in respect of any Person: (a) an admission in writing by
such Person of its inability to pay its debts as they become due or a general assignment by such Person for the benefit of creditors; (b) the filing of any 

  
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petition or answer by such Person seeking to adjudicate itself as bankrupt or insolvent, or seeking for itself any liquidation, winding-up, reorganization, arrangement, adjustment, protection,
relief or composition of such Person or its debts under any law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization, examination, relief of debtors or other similar law now or hereafter in effect, or seeking,
consenting to or acquiescing in the entry of an order for relief in any case under any such law, or the appointment of or taking possession by a receiver, trustee, custodian, liquidator, examiner, assignee, sequestrator or other similar official for
such Person or for any substantial part of its property; (c) corporate or other entity action taken by such Person to authorize any of the actions set forth in clause (a) or (b) of this definition; or (d) without the consent or
acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar
relief under any present or future bankruptcy, insolvency or similar statute, law or regulation, or the filing of any such petition against such Person, or, without the consent or acquiescence of such Person, the entering of an order appointing a
trustee, custodian, receiver or liquidator of such Person or of all or any substantial part of the property of such Person, in each case where such petition or order shall remain unstayed or shall not have been stayed or dismissed within ninety
(90) days from entry thereof. 
 “Bill of Sale” means that certain bill of sale, dated as of the Closing Date,
executed by each Seller and the Purchaser, substantially in the form of Exhibit B. 
 “Business Day” has the meaning
set forth in the Ingalls Agreement. 
 “Closing” has the meaning set forth in Section 5.1. 

“Closing Cash Consideration” has the meaning set forth in Section 1.2. 

“Closing Consideration Shares” has the meaning set forth in Section 1.2. 

“Closing Date” has the meaning set forth in Section 5.1. 

“Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder. 

“Escrow Agreement” has the meaning set forth in the Ingalls Agreement. 

“Excluded Liabilities and Obligations” has the meaning set forth in Section 1.3. 

“FDA” means the United States Food and Drug Administration and any successor agency thereto. 

“GAAP” means generally accepted accounting principles in effect in the United States from time to time. 

“GSK” means GlaxoSmithKline Biologicals SA, a Belgian company. 

  
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 “GSK Agreements” means, collectively, (a) the GSK Manufacturing Agreement
and (b) the GSK License Agreement. 
 “GSK License Agreement” means that certain License Agreement, dated July 6,
2006, by and between AgenMA and GSK, as amended by the GSK ROFN and Amendment Agreement. 
 “GSK Manufacturing
Agreement” means that certain Amended and Restated Manufacturing Technology Transfer and Supply Agreement, dated January 16, 2009, by and between the Purchasers and GSK, as amended by the GSK ROFN and Amendment Agreement. 

“GSK ROFN and Amendment Agreement” means that certain First Right to Negotiate and Amendment Agreement, dated as of
March 2, 2012, by and among AgenMA and GSK. 
 “Governmental Authority” means the government of the United States, any
other nation or any political subdivision thereof, whether state or local, and any agency, authority (including supranational authority), commission, instrumentality, regulatory body, court, central bank or other Person exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government or any government authority in any country. 

“Koenig” has the meaning set forth in the preamble. 

“Ingalls” has the meaning set forth in the preamble. 

“Ingalls Agreement” has the meaning set forth in the recitals. 

“Lien” means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or lien
(statutory or otherwise), in each case to secure payment of a debt or performance of an obligation, including any conditional sale or any sale with recourse. 

“Loss” means, subject to Section 6.5, any loss, liability, cost, expense (including reasonable costs of
investigation and defense and reasonable attorneys’ fees and expenses), charge, fine, penalty, obligation, judgment, award, assessment, claim or cause of action. 

“Oberland” has meaning set forth in the recitals. 

“Oberland Agreement” has meaning set forth in the recitals. 

“Party” means each of the Sellers or each of the Purchasers, as the context requires, and “Parties” means,
together, the Sellers and the Purchasers. 
 “Person” means any natural person, firm, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority or any other legal entity, including public bodies, whether acting in an individual, fiduciary or other capacity. 

“Purchase Price” has the meaning set forth in Section 1.2. 

“Purchaser” or “Purchasers” has the meaning set forth in the preamble. 

  
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 “Purchaser Indemnified Party” has the meaning set forth in
Section 6.1. 
 “Registration Period” has the meaning set forth in Section 4.5(a). 

“Registration Statement” has the meaning set forth in Section 4.4. 

“Rule 144” has the meaning set forth in Section 4.5(g). 

“SEC” means the United States Securities and Exchange Commission. 

“SEC Reports” has the meaning set forth in Section 3.9(b). 

“Securities Act” has the meaning set forth in Section 4.5. 

“Seller” or “Sellers” has the meaning set forth in the preamble. 

“Seller Account” the account of the Sellers set forth on Exhibit C (or such other account as the Sellers shall notify
the Purchasers in writing from time to time). 
 “Seller Indemnified Party” has the meaning set forth in
Section 6.2. 
 “Third Party” means any Person that is not a Party. 

“Third Party Claim” means any claim, action, suit or proceeding by a Third Party, including any investigation by any
Governmental Authority. 
 “Transaction Documents” means this Agreement and the Bill of Sale. 

Section 8.2 Rules of Construction. 

(a) Unless the context otherwise requires, in this Agreement: 

(i) a term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP; 
 (ii) words of the masculine, feminine or neuter gender shall mean and include the correlative words
of other genders; 
 (iii) the terms “include,” “including” and similar terms shall be construed as if
followed by the phrase “without limitation”; 
 (iv) unless otherwise specified, references to a contract or
agreement include references to such contract or agreement as from time to time amended, restated, reformed, supplemented or otherwise modified in accordance with its terms (subject to any restrictions on such amendments, restatements, reformations,
supplements or modifications set forth herein), and include any annexes, exhibits and schedules hereto or thereto, as the case may be; 

  
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 (v) any reference to any Person shall be construed to include such Person’s
successors and assigns (subject to any restrictions on assignment, transfer or delegation set forth herein or in the other Transaction Document) and any reference to a Person in a particular capacity excludes such Person in other capacities; 

(vi) references to any Applicable Law shall include such Applicable Law as from time to time in effect, including any
amendment, modification, codification, replacement, or reenactment thereof or any substitution therefor; 
 (vii) the word
“will” shall be construed to have the same meaning and effect as the word “shall”; 
 (viii) the words
“hereof,” “herein,” “hereunder” and similar terms shall refer to this Agreement as a whole and not to any particular provision hereof, and Article, Section and Exhibit references herein are references to Articles and
Sections of, and Exhibits to, this Agreement unless otherwise specified; 
 (ix) the definitions of terms shall apply equally
to the singular and plural forms of the terms defined; 
 (x) in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and each of the words “to” and “until” means “to but excluding”; 

(xi) where any payment is to be made, any funds are to be applied or any calculation is to be made under this Agreement on a
day that is not a Business Day, unless this Agreement otherwise provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the succeeding Business Day, and payments shall be adjusted accordingly; and 

(xii) any reference to a term that is defined by reference to its meaning in the Ingalls Agreement shall refer to such
term’s meaning in the Ingalls Agreement as in existence on the date hereof (and not to any new, substituted or amended version thereof). 

(b) The provisions of this Agreement shall be construed according to their fair meaning and neither for nor against any Party irrespective of
which Party caused such provisions to be drafted. Each Party acknowledges that it has been represented by an attorney in connection with the preparation and execution of this Agreement and the other Transaction Document. 

Section 8.3 Survival. All representations, warranties and covenants made in this Agreement, in any other Transaction Document or
in any certificate delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing. The rights hereunder to indemnification, payment of Losses or other remedies based on any such representation,
warranty or covenant shall not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time (whether before or after the execution and delivery of this Agreement or the Closing) in
respect of the accuracy or inaccuracy of or compliance with, any such representation, warranty or covenant. 

  
 -20- 

 Section 8.4 Specific Performance. Each of the Parties acknowledges and agrees that
the other Parties would be damaged irreparably in the event any of the provisions of this Agreement or the other Transaction Document are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly,
notwithstanding Section 6.5, each of the Parties agrees that, without posting bond or other undertaking, the other parties will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this
Agreement or the other Transaction Document and to enforce specifically this Agreement and the other Transaction Document and the terms and provisions hereof and thereof in any action, suit or other proceeding instituted in any court of the United
States or any state thereof having jurisdiction over the parties and the matter in addition to any other remedy to which it may be entitled, at law or in equity. Each Party further agrees that, in the event of any action for specific performance in
respect of such breach or violation, it will not assert that the defense that a remedy at law would be adequate. 
 Section 8.5
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be effective (a) upon receipt when sent by registered or certified mail, return receipt requested, postage prepaid, with such
receipt to be effective the date of delivery indicated on the return receipt, (b) upon receipt when sent by an overnight courier (costs prepaid and receipt requested), (c) on the date personally delivered to an authorized officer of the
Party to which sent or (d) on the date transmitted by facsimile or other electronic transmission with a confirmation of receipt (in all cases with a copy e-mailed to the recipient at the applicable e-mail address), addressed to the recipient as
follows: 
 if to the Purchasers, to: 

Antigenics LLC 
 c/o Agenus Inc.

 3 Forbes Road 
 Lexington, MA
02421-7305 
 Attention: Chief Financial Officer 

Telephone: 
 Facsimile: 

Email: 
 with another copy to
(which shall not constitute notice): 
 Antigenics LLC 

c/o Agenus Inc. 
 3 Forbes Road

 Lexington, MA 02421-7305 

Attention: Legal Department 

Telephone: 
 Facsimile: 

Email: 

  
 -21- 

 with another copy to (which shall not constitute notice): 

Goodwin Procter LLP 
 Attention:

 Telephone: 
 Facsimile: 

Email: 
 if to the Sellers, to:

 Ingalls & Snyder LLC 

Attention: 
 Telephone: 

Facsimile: 
 Email: 

with another copy to (which shall not constitute notice): 

Hughes Hubbard & Reed LLP 

Attention: 
 Telephone: 

Facsimile: 
 Email: 

Each Party may, by notice given in accordance herewith to the other Party, designate any further or different address to which subsequent
notices, consents, waivers and other communications shall be sent. 
 Section 8.6 Expenses. Except as otherwise provided herein,
all fees, costs and expenses (including any legal, accounting and banking fees) incurred in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Transaction Documents and to consummate the transactions
contemplated hereby and thereby shall be paid by the Party incurring such fees, costs and expenses. 
 Section 8.7 Successors and
Assigns. The Sellers shall not be entitled to assign any of their rights or delegate any of their obligations under this Agreement without the prior written consent of the Purchasers. The Purchasers may, without the consent of the Sellers,
assign any of their rights and delegate any of their obligations under this Agreement without restriction. The Purchasers shall give written notice to the Sellers of any assignment permitted by this Section 8.7 promptly after the
occurrence thereof. The Sellers shall be under no obligation to reaffirm any 

  
 -22- 

 
representations, warranties or covenants made in this Agreement or the other Transaction Document or take any other action in connection with any such assignment by the Purchasers. Any purported
assignment of rights or delegation of obligations in violation of this Section 8.7 will be void. Subject to the foregoing, this Agreement will apply to, be binding upon, and inure to the benefit of, the successors and permitted assigns
of the Parties. 
 Section 8.8 Independent Nature of Relationship. The relationship between the Sellers and the Purchasers is
solely that of seller and purchaser, and neither the Sellers nor the Purchasers has any fiduciary or other special relationship with the other Party or any of their respective Affiliates. Nothing contained herein or in any other Transaction Document
shall be deemed to constitute the Sellers and the Purchasers as a partnership, an association, a joint venture or any other kind of entity or legal form. 

Section 8.9 Entire Agreement. This Agreement, together with the Exhibits and Schedules hereto, and the other Transaction Document,
constitute a complete and exclusive statement of the terms of agreement between the Parties, and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties, with respect to the subject matter of this
Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein (or in the Exhibits or Schedules hereto or the other Transaction Document) has been made or relied upon by any Party. 

Section 8.10 Governing Law. This Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the
laws of the state of New York, without giving effect to the principles of conflicts of law thereof. 
 Section 8.11 Jurisdiction;
Venue; Waiver of Jury Trial. 
 (a) EACH OF THE PURCHASERS AND THE SELLERS HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF
AND ITS PROPERTY AND ASSETS, TO THE EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY, NEW YORK, AND ANY APPELLATE COURT THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THE TRANSACTION DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, AND THE PURCHASERS AND THE SELLERS HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. THE PURCHASERS AND THE SELLERS HEREBY AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LAW. EACH OF THE PURCHASERS AND THE SELLERS HEREBY SUBMITS TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF SUCH
NEW YORK STATE AND FEDERAL COURTS. THE PURCHASERS AND THE SELLERS AGREE, TO THE FULLEST EXTENT 

  
 -23- 

 
PERMITTED BY APPLICABLE LAW, THAT PROCESS MAY BE SERVED ON THE PURCHASERS OR THE SELLERS IN THE SAME MANNER THAT NOTICES MAY BE GIVEN PURSUANT TO SECTION 8.5 HEREOF. 

(b) EACH OF THE PURCHASERS AND THE SELLERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY
DO SO, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY NEW YORK STATE OR FEDERAL COURT. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(c) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE
AND AGREES THAT ANY COURT PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE DECIDED BY A JUDGE SITTING WITHOUT A JURY. 

Section 8.12 Severability. If any term or provision of this Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any situation in any jurisdiction, then, to the extent that the economic and legal substance of the transactions contemplated hereby is not affected in a manner that is materially adverse to either Party, all other terms and
provisions of this Agreement shall nevertheless remain in full force and effect and the enforceability and validity of the offending term or provision shall not be affected in any other situation or jurisdiction. 

Section 8.13 Counterparts. This Agreement may be executed in any number of counterparts and by the Parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, facsimile or other electronic
transmission service shall be considered original executed counterparts, provided receipt of such counterparts is confirmed. 

Section 8.14 Amendments; No Waivers. 

(a) This Agreement may be amended, modified or supplemented only in a writing signed by each of the Parties. Any provision of this Agreement
may be waived only in a writing signed by the Parties granting such waiver. 
 (b) No failure or delay on the part of any Party in
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power
or remedy. No course of dealing between the Parties shall be effective to amend, modify, supplement or waive any provision of this Agreement. 

  
 -24- 

 Section 8.15 No Third Party Rights. Other than the Parties, no Person will have any
legal or equitable right, remedy or claim under or with respect to this Agreement or the other Transaction Document. This Agreement may be amended or terminated, and any provision of this Agreement may be waived, without the consent of any Person
who is not a Party. The Sellers shall enforce any legal or equitable right, remedy or claim under or with respect to this Agreement for the benefit of the Seller Indemnified Parties and the Purchasers shall enforce any legal or equitable right,
remedy or claim under or with respect to this Agreement for the benefit of the Purchaser Indemnified Parties. 
 Section 8.16 Table
of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any
of the terms or provisions hereof. 
 {SIGNATURE PAGE FOLLOWS} 

  
 -25- 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first written
above. 
  

			
	INGALLS & SNYDER VALUE PARTNERS, L.P.
		
	By:	 	 /s/ Thomas O. Boucher, Jr.

		 	Name: Thomas O. Boucher, Jr.
		 	Title: General Partner
	
	and
		
	By:	 	 /s/ Robert L. Gipson

		 	Name: Robert L. Gipson
		 	Title: Senior Director
	
	ARTHUR KOENIG
	
	 /s/ Arthur Koenig

	
	AGENUS INC.
		
	By:	 	 /s/ C. Evan Ballantyne

		 	Name: C. Evan Ballantyne
		 	Title: Chief Financial Officer
	
	ANTIGENICS LLC
		
	By:	 	 /s/ C. Evan Ballantyne

		 	Name: C. Evan Ballantyne
		 	Title: Treasurer

  
 -26- 

 EXHIBIT A 

OBERLAND AGREEMENT 

  
 A-1 

 EXHIBIT B 

FORM OF BILL OF SALE 

This BILL OF SALE is dated as of September 8, 2015 (the “Closing Date”) by Ingalls & Snyder Value Partners,
L.P. (“Ingalls”) and Arthur Koenig (“Koenig”, and together with Ingalls, the “Sellers”), in favor of Agenus Inc., a Delaware corporation (“Agenus”) and Antigenics LLC, a Delaware
limited liability company (as the successor in interest to Antigenics Inc., formerly a Massachusetts corporation) (“AgenMA”, and together with Agenus, the “Purchasers”). 

RECITALS 
 WHEREAS, the Sellers
and the Purchasers are parties to that certain Revenue Interest Assignment and Termination Agreement, dated as of September 4, 2015 (the “Revenue Interest Assignment and Termination Agreement”), pursuant to which, among other
things, the Sellers agree to irrevocably sell, contribute, assign, transfer, convey and grant to AgenMA, and AgenMA agree to purchase, acquire and accept from the Sellers, all of the Sellers’ right, title and interest in, to and under the
Assigned Interests, for the consideration described in the Revenue Interest Assignment and Termination Agreement; and 
 WHEREAS, the
Parties now desire to carry out the purposes of the Revenue Interest Assignment and Termination Agreement by the execution and delivery of this instrument evidencing AgenMA’s purchase, acquisition and acceptance of the Assigned Interests. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in the Revenue Interest Assignment and Termination
Agreement and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 

1. Each Seller, by this Bill of Sale, does hereby irrevocably sell, contribute, assign, transfer, convey and grant to AgenMA,
and AgenMA does hereby purchase, acquire and accept all of such Seller’s right, title and interest in and to the Assigned Interests. 

2. The Parties acknowledge that the Purchasers are not assuming any of the Excluded Liabilities and Obligations but are
assuming the Assumed Liabilities, if any. 
 3. This Bill of Sale (i) is made pursuant to, and is subject to the terms
of, the Revenue Interest Assignment and Termination Agreement and (ii) shall be binding upon and inure to the benefit of the Sellers, the Purchasers and their respective successors and permitted assigns, for the uses and purposes set forth and
referred to above, effective immediately upon its delivery to the Purchasers. 
 4. THIS BILL OF SALE SHALL BE GOVERNED BY,
AND CONSTRUED, INTERPRETED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

  
 B-1 

 5. This Bill of Sale may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, facsimile
or other electronic transmission service shall be considered original executed counterparts, provided receipt of such counterparts is confirmed. 

6. The following terms as used herein shall have the following respective meanings: 

 

	 	a.	“Affiliate” means, with respect to any particular Person, any other Person directly or indirectly controlling, controlled by or under common control with such particular Person. 

 

	 	b.	“Assigned Interests” has the meaning set forth in the Revenue Interest Assignment Agreement, dated as of April 15, 2013 by and among the Sellers and the Purchasers. 

 

	 	c.	“Assumed Liabilities” means the liabilities and obligations of either Seller under the GSK Agreements occurring after the consummation of the Closing (other than liabilities and obligations that relate
exclusively to a breach thereof prior to the consummation of the Closing). 

  

	 	d.	“Closing” means the closing of the transactions contemplated by the Revenue Interest Assignment and Termination Agreement. 

 

	 	e.	“Contract” means any legally enforceable oral or written agreement, arrangement, instrument, contract, promise, license or other undertaking. 

 

	 	f.	“Excluded Liabilities and Obligations” means any liability or obligation of the Sellers or any of the Sellers’ Affiliates of whatever nature, whether presently in existence or arising or asserted
hereafter, other than the Assumed Liabilities. 

  

	 	g.	“Governmental Entity” means: (i) nation, principality, republic, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (ii) federal,
state, local, municipal, foreign or other government; (iii) governmental or quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board,
instrumentality, officer, official, representative, organization, unit, body or other entity and any court or other tribunal); (iv) multi-national organization or body; or (v) individual, body or other entity exercising, or entitled to
exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature. 

  

	 	h.	“GSK” means GlaxoSmithKline Biologicals SA, a Belgian company. 

  
 B-2 

	 	i.	“GSK Agreements” means, collectively, the GSK License Agreement, and GSK Manufacturing Agreement and GSK ROFN and Amendment Agreement. 

 

	 	j.	“GSK License Agreement” means that certain License Agreement, dated July 6, 2006, by and between AgenMA and GSK, as amended by the GSK ROFN and Amendment Agreement. 

 

	 	k.	“GSK Manufacturing Agreement” means that certain Amended and Restated Manufacturing Technology Transfer and Supply Agreement, dated January 16, 2009, by and between AgenMA and GSK, as amended by
the GSK ROFN and Amendment Agreement. 

  

	 	l.	“GSK ROFN and Amendment Agreement” means that certain First Right to Negotiate and Amendment Agreement, dated as of March 2, 2012, by and among AgenMA and GSK. 

 

	 	m.	“Person” means any individual, firm, corporation, company, partnership, limited liability company, trust, joint venture, association, estate, trust, Governmental Entity or other entity, enterprise,
association or organization. 

  
 B-3 

 IN WITNESS WHEREOF, the Parties have executed this Bill of Sale as of the day and year first
written above. 
  

			
	INGALLS & SNYDER VALUE PARTNERS, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	ARTHUR KOENIG
		
		 	  

	
	AGENUS INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	ANTIGENICS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-4 

 EXHIBIT C 

SELLER ACCOUNT 

  
 C-1 

 EXHIBIT D 

ALLOCATION OF CLOSING CONSIDERATION SHARES 

  
 D-1Exhibit

	
	
	Third Amended and Restated

	 

	Employment Agreement

	 

	between

	 

	PBF Investments LLC

	 

	and

	 

	Thomas D. O’Malley

THIRD AMENDED AND RESTATED 
 
EMPLOYMENT AGREEMENT
This THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) dated as of September 8, 2015 is by and between PBF Investments LLC, a Delaware limited liability company (the “Company”), and Thomas D. O’Malley (“Executive”). 
RECITALS
WHEREAS, the Company is an indirect wholly-owned subsidiary of PBF Energy Company LLC; 
WHEREAS, the Company and Executive are parties to that certain Second Amended and Restated Employment Agreement dated as of December 17, 2012 (as amended, the “Prior Agreement”); 
WHEREAS, the Company and Executive desire to amend the Prior Agreement in certain respects; 
WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to accept such continued employment upon the terms and conditions contained in this Agreement; and 
WHEREAS, the Company and Executive desire that effective on and after the date hereof, this Agreement shall replace and supersede the Prior Agreement and that the Prior Agreement shall be of no force and effect. 
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below the parties hereto agree as follows: 
1.Term of Employment/Location.  
(a)    Subject to the provisions of Section 8, Executive’s employment with the Company pursuant to this Agreement shall commence on September 8, 2015 (the “Start Date”) and shall continue under this Agreement until December 31, 2018 (the “Stated Term”) on the terms and subject to the conditions set forth in this Agreement; provided, that the Stated Term automatically shall be renewed by successive one-year periods (each, a “Renewal Period”) unless either party notifies the other party at least 30 days prior to the expiration of the then applicable Stated Term that the Stated Term shall not be renewed beyond the expiration of such then applicable Stated Term (the “Non-Renewal Notice”). The Stated Term including any Renewal Period may also be terminated prior to the expiration thereof in accordance with Section 8; provided that the provisions of Sections 9, 10 and 11 shall survive any termination of this Agreement or Executive’s termination of employment hereunder. The term “Employment Term” means the period from the Start Date 

until the expiration or termination of the Stated Term (including any applicable Renewal Period) pursuant to this Section 1. Executive’s office location is the Company’s West Palm Beach, Florida office and that will be his office during the term of this Agreement. 
(b)    In addition to the provisions of Section 8, upon six months prior written notice by either Company or Executive, this Agreement may be terminated with Executive either remaining on the Board of Directors as a non-executive chairman or with Executive retiring from the Company completely.  
2.    Position. 
(a)    At the start of the Employment Term, Executive shall serve as the Executive Chairman of the Board of Directors of the Company and its direct and indirect parents (including PBF Energy Inc.), subsidiaries and affiliates (collectively, the “PBF Companies”) as his primary occupation. Executive shall also serve in such positions for the PBF Companies as determined by the Board of Directors of PBF Energy Inc. (the “Board”), provided however, the only compensation paid to Executive shall be through this Agreement. In such positions, Executive shall have such duties and authority that are customary for those positions of companies of the size, type and nature of the Company. Executive acknowledges that during the Employment Term, he may spend a significant amount of his time traveling for purposes of Company business. Executive acknowledges that as an exempt member of management he will neither be paid for any overtime or excess time for hours exceeding the regular working hours per week nor for additional time for weekend work. The base salary of Executive as set forth in this Agreement covers the remuneration of any extra hours or weekend work. 
(b)    Executive shall devote an appropriate amount of time and energy to the business and affairs of the PBF Companies and shall not be engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, unless the Company consents to Executive’s involvement in such business activity in writing. In addition, this restriction shall not be construed as preventing Executive from investing his assets in a form or manner that will not require Executive’s services in the operation of any of the companies in which such investments are made. Executive may also serve on boards of directors and other positions with non-profit and for-profit organizations as to which the Board may from time to time consent, which consent shall not be unreasonably withheld, delayed or conditioned, so long as such service does not materially interfere with Executive’s obligations hereunder or violate Sections 9 and 10 hereof. The Board has already consented to Executive serving as the Chairman of the Board of Trustees of Manhattan College and as an advisor to Swiss investment company Sofa AG. 
3.    Base Salary.  At the start of the Employment Term, the Company shall pay Executive a base salary at the annual rate of $1,500,000, and effective January 1, 2016, the base salary shall be adjusted to an annual rate of $1,000,000, payable in regular installments in accordance with the Company’s usual payment practices. Executive shall be entitled to such increases in Executive’s base salary, if any, as may be determined from time to time in the sole discretion of the Board. Executive’s annual rate of base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.” 

-2-

4.    Annual Bonus.  With respect to each calendar year of the Company ending during the Employment Term, Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) in accordance with the cash incentive compensation plan of the PBF Companies on the same basis as those awards are generally made available to other senior executives of the Company. The cash incentive compensation plan and any amounts thereunder to be paid to Executive shall be determined in the discretion of the Board. Any Annual Bonus earned in respect of a calendar year shall be paid in a cash lump sum no later than March 15 of the following calendar year. 
5.    Incentive Programs.  Executive has the option of investing in the PBF Companies and the terms of any such investment are set forth in separate agreements between Executive and applicable PBF Companies. Executive shall also be entitled to grants of equity-based compensation (“Equity Awards”) under any incentive compensation program that may be adopted by the Board on the same basis as those benefits are generally made available to other senior executives of the Company. Any such grants shall be made at the discretion of the Board and the terms of such grants shall be set forth in the Long Term Incentive plan documents. 
6.    Employee Benefits.  During the Employment Term, Executive shall be entitled to participate in any employee benefit plans (which term does not include bonus or incentive compensation plans) in which employees of the Company are eligible to participate (other than any severance pay plan generally offered to all employees of the Company) as in effect from time to time (collectively “Employee Benefits”), on the same basis as those benefits are generally made available to other senior executives of the Company. 
7.    Business Expenses.
During the Employment Term, reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policy following presentation by Executive of proof of such expenses. Executive shall be entitled to reimbursement for business travel using his personal aircraft owned through 936MP LLC. This aircraft, a G450, will operate under charter through Executive Jet Management, a part 13S operator managing the aircraft. The charter rate will be the lowest rate this aircraft is chartered to third parties. Executive may include his spouse and other family members or friends on such flights provided Executive pays the then prevailing first class air fare for extra passengers traveling between the same locations. In the event Executive is required to travel for Company business purposes, Executive’s spouse may accompany Executive without additional expense. Executive’s flight crew and their spouses may travel without additional charge if approved by Executive. All other business travel accommodations shall be first class. The Company shall reimburse reasonable business expenses incurred by Executive in the performance of Executive’s duties promptly, but in any case no later than the earlier of (i) the end of the year following the year in which such expenses are incurred or (ii) 30 days from expense report submission.
8.    Termination.  The Employment Term and Executive’s employment hereunder may be terminated by the Company or by Executive at any time and for any reason. Upon any termination of Executive’s employment during the Employment Term or any annual non-renewal, the Employment Term shall automatically terminate. Upon termination of Executive’s employment for any reason, Executive agrees to resign as of the date of such termination and, to the extent applicable, 

-3-

from any boards (and committees thereof) of the PBF Companies or any of their affiliates. If the Executive is terminated by the Company for Cause, such termination shall be effective immediately. Executive shall give 30 days’ written notice to the Company in accordance with Section 12(g) hereof in the event Executive intends to terminate his employment without Good Reason. Notwithstanding any other provision of this Agreement (other than Section 12(h)), the provisions of this Section 8 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. Notwithstanding the foregoing, any notice of termination under the circumstances described in Section 1(b) shall be given as prescribed therein.
(a)    Termination For Cause; Without Good Reason; Non-Renewal by Executive.  Upon termination of Executive’s employment hereunder (x) by the Company for Cause or (y) by Executive without Good Reason, Executive shall be entitled to receive: 
(i)    accrued, but unpaid Base Salary, earned through the date of termination; 
(ii)    any Annual Bonus earned but unpaid as of the date of termination for any previously completed fiscal year; and 
(iii)    reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with this Agreement prior to the date of Executive’s termination; and 
(iv)    such Employee Benefits, if any, as to which Executive may be entitled pursuant to the terms governing such Employee Benefits; and  
(v)    the right to exercise any vested Equity Awards in accordance with the terms set forth in any Long Term Incentive plan documents; 
(collectively, the “Accrued Rights”) and, following such termination of Executive’s employment and payment by the Company of the Accrued Rights, Executive shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Sections 5 and 6 and any Long Term Incentive compensation program. Amounts payable under (i), (ii) and (iii) above shall be paid no later than March 15 of the calendar year immediately following the year of Executive’s termination of employment. 
(b)    Disability or Death.  Executive’s employment hereunder shall terminate upon Executive’s death and may be terminated by the Company if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six consecutive months or for an aggregate of nine months in any twenty-four consecutive month period to perform Executive’s duties (such incapacity is hereinafter referred to as “Disability”). Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, 

-4-

each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability by such physician made in writing to the Company and Executive shall be final and conclusive for all purposes of this Agreement. Upon termination of Executive’s employment hereunder for either death or Disability, Executive or Executive’s estate, as applicable, shall be entitled to receive: 
(i)    the Accrued Rights; 
(ii)    a pro rata portion of Executive’s target Annual Bonus for the fiscal year in which Executive’s termination occurs, calculated as the total amount of such target Annual Bonus for the full year multiplied by the number of months or partial months of Executive’s employment during the year of Executive’s termination divided by 12, payable pursuant to Section 4 as if Executive’s employment had not terminated; provided, in the event of Executive’s termination on account of Disability, Executive has executed and delivered (and not revoked) the Release (as hereinafter defined) within the time period specified in Section 12(h); and 
(iii)    a cash lump sum payment equal to (A) if on or prior to December 31, 2015, one-half of Executive’s Base Salary as in effect on the date of Executive’s termination, or (B) if after December 31, 2015, 1.5 times Executive’s Base Salary as in effect on the date of Executive’s termination, payable on the 60th day following the date of Executive’s death or termination on account of Disability; provided, in the event of Executive’s termination on account of Disability, Executive has executed and delivered (and not revoked) the Release within the time period specified in Section 12(h).  
(iv)    Following such termination of Executive’s employment and, if required, payment of the amounts set forth in this Section 8(b), neither Executive nor Executive’s estate, as applicable, shall have any further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Section 5 and any Long Term Incentive compensation program. 
(c)    Termination In Other Circumstances.  If Executive’s employment is terminated at any time (x) during the Employment Term (other than 6 months’ prior to or within one year subsequent to the consummation of a Change in Control) (I) without Cause (other than by reason of death or Disability) by the Company, or (II) for Good Reason by Executive or (y) due to the Company’s election not to renew the Employment Term, Executive shall be entitled to receive: 
(i)    the Accrued Rights; 
(ii)    a cash lump sum payment equal to 1.5 times Executive’s Base Salary as in effect on the date of termination, payable on the 60th day following the date of Executive’s termination of employment; provided, however, that receipt of such amount will be subject to Executive executing and delivering (and not revoking) the Release on or prior to the 21st day or the 45th day, as applicable, following the date on which his 

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employment with the Company terminates and he is given an execution version of the Release; and 
(iii)    continuation for a period of 1 year and 6 months of Executive’s and his dependent’s health (medical, dental and vision) benefits if Executive was enrolled in such benefits at the time of termination and otherwise remains eligible for such benefits and continues to pay the Executive’s portion of the monthly cost of such benefits, provided, that at the end of such 1 year and 6 month period of benefit continuation, as long as the Company will not be subject to any taxes, fines or penalties under applicable law as a result thereof, Executive shall then be entitled to the full period of benefits then allowed under COBRA at Executive’s sole expense. 
Following such termination of Executive’s employment and, if required, payment of the amounts set forth in this Section 8(c), Executive shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Section 5 and any Long Term Incentive compensation program. 
Notwithstanding anything to the contrary in this Agreement, upon Executive’s separation from service (other than by the Company for Cause or by reason of death or Disability)  as of January 1, 2016 or anytime thereafter, Executive shallreceive the same payments and benefits set forth above in Sections 8(c)(i), (ii) and (iii). Executive shall not be entitled to any retirement benefits prior to January 1, 2016. 
(d)    Definitions.  For purposes of this Section 8, the following terms shall have the meanings set forth below: 
(i)    “Cause” shall mean (A) Executive’s continued willful failure to substantially perform his duties (other than as a result of a disability) for a period of 30 days following written notice by the Company to Executive of such failure, (B) Executive’s conviction of, or plea of nolo contendere to a crime constituting a misdemeanor involving moral turpitude or a felony, (C) Executive’s willful malfeasance or willful misconduct in connection with Executive’s duties hereunder, including fraud or dishonesty against the Company, or any of its affiliates, or any act or omission which is materially injurious to the financial condition or business reputation of the Company, or any of its affiliates, other than an act or omission that was committed or omitted by Executive in the good faith belief that it was in the best interest of the Company, (D) a breach of Section 12(i) hereof, or (E) Executive’s breach of the provisions of Section 9 or 10 of this Agreement. 
(ii)    “Change in Control” shall mean (A) any “person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than one or more of the Excluded Entities) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the combined voting power of PBF Energy Inc.’s then outstanding voting securities entitled to vote generally in the election of directors (including by way of merger, consolidation or 

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otherwise); (B) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of PBF Energy Inc. and its subsidiaries, taken as a whole, to any “person” or “group” (other than one or more of the Excluded Entities); (C) a merger, consolidation or reorganization of PBF Energy Inc. (other than (x) with or into, as applicable, any of the Excluded Entities or (y) in which the stockholders of PBF Energy Inc., immediately before such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least fifty percent (50%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization); (D) the complete liquidation or dissolution of PBF Energy Inc.; or (E) other than as expressly provided for in that certain Stockholders’ Agreement by and among PBF Energy Inc. and the Investor Parties named therein (as the same may be amended, modified or supplemented from time to time), during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the stockholders of PBF Energy Inc. was approved by a vote of a majority of the directors of PBF Energy Inc. then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) (the “Incumbent Board”) cease for any reason to constitute a majority of the Board then in office; provided that, any director appointed or elected to the Board to avoid or settle a threatened or actual proxy contest shall in no event be deemed to be an individual on the Incumbent Board. 
(iii)    “Excluded Entity” shall mean any of the following: (A) The Blackstone Group L.P. and any of its Affiliates including Blackstone PB Capital Partners V L.P., Blackstone PB Capital Partners V Subsidiary L.L.C., Blackstone PB Capital Partners V-AC L.P., Blackstone Family Investment Partnership V USS L.P., Blackstone Family Investment Partnership V-A USS SMD L.P., Blackstone Participation Partnership V USS L.P. and their respective general partners, Blackstone Group Management L.L.C., Blackstone, Blackstone Management Associates V USS L.L.C. and BCP V USS Side-by-Side GP L.L.C.; (B) First Reserve Management, L.P. and any of its Affiliates, including FR PBF Holdings LLC and FR PBF Holdings II LLC; (C) PBF Energy Inc. and any entities of which a majority of the voting power of its voting equity securities and equity interests is owned directly or indirectly by PBF Energy Inc.; and (D) any employee benefit plan (or trust forming a part thereof) sponsored or maintained by any of the foregoing.
(iv)    “Good Reason” shall mean, without Executive’s consent, (A) the failure of the Company to pay or cause to be paid Executive’s Base Salary or Annual Bonus, if any, when due hereunder, (B) any adverse, substantial and sustained diminution in Executive’s authority or responsibilities by the Company from those described in Section 2 hereof, (C) the Company requiring a change in the location for performance of Executive’s employment responsibilities hereunder to a location more than 50 miles from the Company’s office location in West Palm Beach, Florida (not including ordinary travel during the regular course of employment) or (D) any other action or inaction that constitutes a material breach by the Company of the Agreement; provided, that the events described in clauses (A), (B), (C) and (D) of this Section 8(d)(iv) shall constitute Good Reason only if the Company fails 

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to cure such event within 20 days after receipt from Executive of written notice of the event which constitutes Good Reason; provided, further, that Good Reason shall cease to exist for an event described in clauses (A), (B), (C) and (D) of this Section 8(d)(iv) on the 90th day following the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice thereof prior to such date. 
(v)    “target Annual Bonus” shall mean that level of Annual Bonus achieved at one times the Base Salary. 
(e)    Change in Control.  In the event of a termination of Executive’s employment 6 months’ prior to, or within one year subsequent to the consummation of, a Change in Control (I) without Cause (other than by reason of death or Disability) by the Company, (II) for Good Reason by Executive, or (III) due to the Company’s election not to renew the Employment Term, Executive shall be entitled to receive: 
(i)    the Accrued Rights; 
(ii)    a cash lump sum payment equal to 2.99 times Executive’s Base Salary as in effect on the date of termination, payable on the 60th day following the date of Executive’s termination of employment; provided, however, that receipt of such amount will be subject to Executive executing and delivering (and not revoking) the Release on or prior to the 21st day or the 45th day, as applicable, following the date on which his employment with the Company terminates and he is given an execution version of the Release; 
(iii)    immediate vesting and exercisability of any outstanding Equity Awards, warrants and Series B Units; and 
(iv)    continuation for a period of 2 years and 11 months of Executive’s and his dependent’s health (medical, dental and vision) benefits if Executive was enrolled in such benefits at the time of termination and otherwise remains eligible for such benefits and continues to pay the Executive’s portion of the monthly cost of such benefits, provided, that at the end of such 2-year and 11-month period of benefit continuation, as long as the Company will not be subject to any taxes, fines or penalties under applicable law as a result thereof, Executive shall then be entitled to the full period of benefits then allowed under COBRA at Executive’s sole expense. 
(v)    Notwithstanding anything contained in this Agreement to the contrary, to the extent that any payments or benefits provided for in Section 8(e) or otherwise is or would be, if not for this Section 8(e)(v), subject to excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then the payments or benefits provided to the Executive shall be reduced (but not below zero) if and only to the extent necessary so a reduction in the total payments under this Section 8(e) would result in the Executive retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes as well as any Excise Tax) than if the Executive received the entire amount of such payment. If there is a reduction of the payments or benefits, such reduction shall occur as mutually 

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agreed upon by the Company and the Executive. Any determination required under this Section 8(e)(v) shall be made in writing by the independent public accountant of the Company (the “Accountants”), at the expense of the Company, and whose determination shall be conclusive and binding for all purposes upon the Company and the Executive. For purposes of making any calculation required by this Section 8(e)(v), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of Sections 280G and 4999 of the Code. 
Following such termination of Executive’s employment and, if required, payment of the amounts set forth in this Section 8(e), Executive shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Section 5 and any Long Term Incentive compensation program. 
9.    Restrictive Covenants.
(a)    Non-Competition.  Executive shall not, at any time beginning on the Start Date and ending on the date that is six months following Executive’s termination of employment for any reason (such period, the “Non-Compete Period”), be a more than 5% shareholder, director, officer or employee of any person, firm, corporation, partnership or business that engages in a business which competes directly with the Business (as defined below). 
(b)    Non-Solicitation.  During the Non-Compete Period, Executive shall not directly recruit or otherwise solicit or induce any senior executive employee of the Company to terminate his or her employment with the Company or any of the Company’s affiliates in order to be hired by Executive in a business which competes directly with the Business; provided, however, that general solicitation or advertising for employment by Executive shall not be prohibited by this Section 9(b). 
(c)    Non-Disparagement.  During Executive’s employment and at any time following his termination, Executive agrees not to disparage, either orally or in writing, in any material respect the Company or any of their affiliates. 
(d)    Reformation.  In the event the terms of this Section 9 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action. 
(e)    Business.  As used in Sections 9 and 10 hereof, the term “Business” shall mean the crude oil refining business in the specific geographic areas in which the Company’s oil refining operations primarily conduct business at the date of Executive’s termination. 

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(f)    Change in Control.  Notwithstanding any other provision herein, this Section 9 shall be null and void upon a Change in Control. 
10.    Non-Disclosure of Confidential Information. 
(a)    Protection of Confidential Information.  All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company that are not made public by the Company through authorized means will be considered confidential (hereafter, “Confidential Information”). Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing. Except in connection with the faithful performance of Executive’s duties hereunder or as permitted pursuant to Section 10(c), Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company or any of its successors. 
(b)    Return of Confidential Information.  Upon termination of Executive’s employment with the Company for any reason, Executive upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in Executive’s possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company. 
(c)    No Prohibition.  Nothing in this Agreement shall prohibit Executive from (i) disclosing information and documents when required by law, subpoena or court order (provided Executive gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company’s expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his personal correspondence, his personal rolodex or outlook contacts and documents related to his own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of Executive in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources. 
11.    Specific Performance.  Executive acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Sections 9 or 10 would be inadequate and the Company would suffer irreparable damages as a result of such 

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breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 
12.    Miscellaneous. 
(a)    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
(b)    Entire Agreement; Amendments.  This Agreement contains the entire understanding of the parties with respect to the matters herein (including, without limitation, Executive’s compensation, benefits and severance) and supersedes all prior agreements (including, without limitation, the Predecessor Agreement which shall be of no force and effect upon this Agreement becoming effective), understandings, memoranda, term sheets, conversations and negotiations. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 
(c)    No Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
(d)    Severability.  In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
(e)    Assignment.  This Agreement shall not be assignable by Executive. This Agreement may be assigned by the Company with Executive’s consent, such consent not to be unreasonably withheld, to a person or entity that is a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity as applicable. 
(f)    Successors; Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devises and legatees of Executive. 
(g)    Notice.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or five days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the 

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respective addresses set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
	
		
	If to the Company:
	PBF Investments LLC

	 
	222 Lakeview Avenue, Suite 1510

	 
	West Palm Beach, FL 33401

	 
	 

	If to Executive:
	Thomas D. O’Malley
3006 South Dune Drive
Stuart, FL 34996

(h)    Release.  As a condition of receipt of the benefits described in Sections 8(b)(ii), 8(b)(iii), 8(c)(ii) and 8(e)(ii), as applicable, and Section 12(p), Executive must execute the full and complete release of the PBF Companies and certain related entities or persons thereof in substantially the form attached hereto as Exhibit A (the “Release”) from any and all claims which Executive may then have for whatever reason or cause in connection with Executive’s employment and the termination thereof (other than those obligations specifically set out in this Agreement, any indemnification agreement, the indemnification provisions in the Company’s governing documents, and the obligations of the Company and such related entities to the extent that the documents providing for such obligations specifically provide that the obligations are in addition to obligations under this Agreement), and deliver the Release to the Company on or prior to the 21st day or the 45th day, as applicable, following the date on which his employment with the Company terminates and he is given an execution version of the Release, and Executive shall not revoke the same within the seven-day period following its execution. 
(i)    Arbitration.  Any dispute with regard to the enforcement of this Agreement or any matter relating to the employment of Executive by the Company including but not limited to disputes relating to claims of employment discrimination, alleged torts or any violation of law other than the seeking of equitable relief in accordance with applicable law under Section 11 hereof, shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the National Rules for the Resolution of Employment Disputes rules of AAA with the arbitrator applying the substantive law of the State of New York as provided for under Section 12(a) hereof. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
(j)    Executive Representation.  Executive hereby represents to the Company that (i) he has duly executed and delivered this Agreement, and (ii) the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s 

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duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy or government or court order to which Executive is a party or otherwise bound. 
(k)    Cooperation.  Executive shall provide his reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) that relates to events occurring during Executive’s employment hereunder. The Company shall provide Executive with a reasonable stipend of not less than $2,000.00 per day and shall reimburse Executive for reasonable expenses incurred as a result of Executive’s cooperation with the Company. Notwithstanding anything to the contrary herein, this provision shall survive any termination of this Agreement. 
(l)    Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
(m)    Indemnification, Insurance and Related Matters.  During the Employment Term and for so long as there exists potential for liability thereafter with regard to the Executive’s activities during the Employment Term on behalf of the PBF Companies (regardless of whether as an employee, officer, or member of the Board or in any other capacity on behalf of the PBF Companies), the Company shall indemnify, defend and hold harmless the Executive on terms and conditions no less favorable than any of the PBF Companies provides at any time during the Employment Term or afterwards to its other executive officers and members of the Board. During the Employment Term and for six (6) years thereafter, the Executive shall be entitled, at the Company’s expense, to the same directors’ and officers’ liability insurance coverage that any of the PBF Companies provides generally to its other executive officers and members of the Board, as may be amended from time to time, provided that such insurance coverage following the Employment Term shall be on terms and conditions no less favorable to the Executive than those in effect at the expiration or termination of the Employment Term. The rights provided by this Section 12(m) shall be in addition to any other rights to which Executive may be entitled under any of the organizational documents of any of the PBF Companies, any agreement, pursuant to any vote of the holders of equity interests or securities of any of the PBF Companies, as a matter of law or otherwise. 
(n)    Section 409A. 
(i)    Notwithstanding anything to the contrary in this Agreement, no payments contemplated by this Agreement will be paid during the six-month period following the Executive’s termination of employment if the Company determines, in its good faith judgment, that paying such amounts at the time or times contemplated by this Agreement would cause the Executive to incur an additional tax under Section 409A (in which case such amounts shall be paid at the time or times indicated in this Section 12(n)). If the payment of any amounts are delayed as a result of the previous sentence, (i) the Company will create a U.S. irrevocable grantor trust with the funds to be held for the benefit of the Executive, known as a “rabbi trust” and contribute to it any amounts subject to the delay as soon as is practicable, and (ii) on the first business day following the earlier of 

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Executive’s death or the end of the six-month period, the Company will pay Executive a lump sum amount equal to the amounts that would have otherwise been previously paid to Executive under this Agreement during such six-month period, plus accrued interest on such amounts at a rate of 4.5% per annum for the period beginning on the date of Executive’s termination of employment through the payment date. Thereafter, payments will resume in accordance with this Agreement. 
(ii)    It is the intent of the Company that the provisions of this Agreement comply with Section 409A. Accordingly, the parties intend that this Agreement be interpreted and operated consistent with such requirements of Section 409A to avoid application of penalty taxes under Section 409A to the extent reasonably practicable. In the event that following the Start Date the Company or Executive reasonably determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company and Executive shall work together to attempt to reach mutual agreement to adopt such amendments to this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect), or take any other commercially reasonable actions necessary or appropriate to (x) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (y) comply with the requirements of Section 409A, provided however, without Executive’s consent the economic benefit to Executive may not be diminished, reduced or delayed, and the Company is not required to take any action under this sentence other than that specially provided herein, and provided, further that neither the Company nor any of its employees or representatives shall have any liability to Executive with respect thereto. In addition, the Executive may (but shall not be entitled to) become the beneficiary of a separate indemnity agreement with the Company related to certain liabilities for taxes, including those arising under Section 409A.
(iii)    All reimbursements and in-kind benefits provided pursuant to this Agreement shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(l)(iv) such that any reimbursements or in-kind benefits will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event. Specifically, (A) the amounts reimbursed and in-kind benefits under this Agreement, other than with respect to medical benefits provided under Sections 6 and 8, during Executive’s taxable year may not affect the amounts reimbursed or in-kind benefits provided in any other taxable year, (B) the reimbursement of an eligible expense shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred, and (C) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit. For purposes of Section 409A, each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. 
(o)    Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

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(p)    Consulting Agreement. Without limiting any of the rights of the Company or Executive under this Agreement, in the event of Executive’s termination without Cause, for Good Reason or as contemplated by Section 1(b), and subject to Executive’s timely execution of a Release in accordance with Section 12(h), Company and Executive shall enter into a consulting agreement effective upon the date of Executive’s termination as Executive Chairman and such consulting agreement shall contain the following terms, along with other customary terms: (i) the term of the consulting agreement shall end on December 31, 2018; (ii) the consulting fees paid to Executive shall be $1,000,000 annually without regard to actual time spent by the Executive on Company matters; (iii) through May 2019, the Company agrees to maintain the current West Palm Beach office for Mr. O’Malley’s use and the current office manager, Narda Rivera; (iv) Executive shall remain subject to post-termination restrictions provided in this Agreement as well as agree not to compete during the consulting term; (v) Executive shall be treated as having “retired” for purposes of the PBF Companies’ equity plans, health and welfare plans, retirement plans and other employee benefit plans; and (vi) such consulting arrangement is subject to Mr. O’Malley entering into the Release (as contemplated by Section 8(c)(ii) above).
	
	
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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
	
				
	PBF INVESTMENTS LLC
	EXECUTIVE

	 
	 

	 
	 

	By:
	 
	By:
	 

	 
	Name:
	 
	Name:   Thomas D. O’Malley

	 
	Title
	 
	Title:   Executive Chairman of the Board of Directors

EXHIBIT A 
AGREEMENT AND RELEASE 
This Agreement and Release (“Release”) is entered into between you, the undersigned employee, and PBF INVESTMENTS LLC, a Delaware limited liability company (the “Company”), in connection with the Employment Agreement between you and the Company dated as of [December ____], 2012 (as subsequently amended, the “Employment Agreement”). You have [____] days to consider this Release, which you agree is a reasonable amount of time. While you may sign this Release prior to the expiration of this [____] day period, you are not to sign it prior to ______________, 20___. 
1.Definitions. 
(a)    “Released Parties” means the Company, PBF Energy Company LLC, PBF Energy Inc. and their past, present and future parents, subsidiaries, divisions, successors, predecessors, employee benefit plans and affiliated or related companies, and also each of the foregoing entities’ past, present and future owners, officers, directors, stockholders, investors, partners, managers, principals, members, committees, administrators, sponsors, executors, trustees, fiduciaries, employees, agents, assigns, representatives and attorneys, in their personal and representative capacities. Each of the Released Parties is an intended beneficiary of this Release. 
(b)    “Claims” means all theories of recovery of whatever nature, whether known or unknown, recognized by the law or equity of any jurisdiction. It includes but is not limited to any and all actions, causes of action, lawsuits, claims, complaints, petitions, charges, demands, liabilities, indebtedness, losses, damages, rights and judgments in which you have had or may have an interest. It also includes but is not limited to any claim for wages, benefits or other compensation; provided, however that nothing in this Release will affect your entitlement to benefits pursuant to the terms of any employee benefit plan (as defined in the Employee Retirement Income Security Act of 1974, as amended) sponsored by the Company in which you are a participant. The term Claims also includes but is not limited to claims asserted by you or on your behalf by some other person, entity or government agency. 
2.    Consideration.  The Company agrees to pay you the consideration set forth in Sections 8(b)(ii), 8(b)(iii), 8(c)(ii), and/or 8(e)(ii), as applicable, of the Employment Agreement. The Company will make the payment(s) to you on the sixtieth (60) day following the date of your termination of employment, provided that you sign this Release (and return it to the Company) on or prior to the [21st][45th] day following the date your employment terminates and you are given an execution version of this Release and do not revoke this Release within the seven (7) day period following its execution. You acknowledge that any payment that the Company makes to you under this Release is in addition to anything else of value to which you are entitled and that the Company is not otherwise obligated to make such payment to you. 
3.    Release of Claims. 
(a)    You, on behalf of yourself and your heirs, executors, administrators, legal representatives, successors, beneficiaries, and assigns, unconditionally release and forever discharge the Released Parties from, and waive, any and all Claims that you have or may have against any of the Released Parties arising from your employment with the Company, the termination thereof, and any other acts or omissions occurring on or before the date you sign this Release. 
(b)    The release set forth in Paragraph 3(a) includes, but is not limited to, any and all Claims under (i) the common law (tort, contract or other) of any jurisdiction; (ii) the Rehabilitation Act of 1973, the Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and any other federal, state and local statutes, ordinances, employee orders and regulations prohibiting discrimination or retaliation upon the basis of age, race, sex, national origin, religion, disability, or other unlawful factor; (iii) the National Labor Relations Act; (iv) the Employee Retirement Income Security Act; (v) the Family and Medical Leave Act; (vi) the Fair Labor Standards Act; (vii) the Equal Pay Act; (viii) the Worker Adjustment and Retraining Notification Act; and (ix) any other federal, state or local law. 
(c)    In furtherance of this Release, you represent that as of the date you entered into this Release neither you nor anyone acting on your behalf has brought any Claims against any of the Released Parties in or before any court, administrative agency or arbitral authority and you hereby waive any relief available to you, including, without limitation, monetary damages, attorney’s fees and costs, equitable relief and reinstatement, under any Claims waived pursuant to this Release. 
4.    Acknowledgment.  You acknowledge that, by entering into this Release, the Company does not admit to any wrongdoing in connection with your employment or termination, and that this Release is intended as a compromise of any Claims you have or may have against the Released Parties. You further acknowledge that you have carefully read this Release and understand its final and binding effect, have had a reasonable amount of time to consider it, have had the opportunity to seek the advice of legal counsel of your choosing, and are entering this Release voluntarily. In addition, you hereby certify your understanding that you may revoke the Release by providing written notice thereof to the Company within seven (7) days following execution of the Release and that, upon such revocation, this Release will not have any further legal effect. 
5.    Applicable Law.  This Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
6.    Arbitration. Any dispute with regard to the enforcement of the Employment Agreement or this Release or any matter relating to the employment of Executive by the Company including but not limited to disputes relating to claims of employment discrimination, alleged torts or any violation of law other than the seeking of equitable relief in accordance with applicable law under Section 11 of the Employment Agreement, shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the National Rules for the Resolution of Employment Disputes rules of AAA with the arbitrator applying the substantive law of the State of New York as provided for under Section 5 of this Release. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
7.    Severability.  Each part, term, or provision of this Release is severable from the others. Notwithstanding any possible future finding by a duly constituted authority that a particular part, term, or provision is invalid, void, or unenforceable, this Release has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby. If any part, term, or provision is so found invalid, void or unenforceable, the applicability of any such part, term or provision shall be modified to the minimum extent necessary to make it or its application valid and enforceable.  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year set forth below. 
	
				
	PBF INVESTMENTS LLC
	EMPLOYEE

	 
	 

	 
	 

	By:
	 
	By:
	 

	 
	Name:
	 
	Name:   Thomas D. O’Malley

	 
	Title
	 
	Title:   Executive Chairman of the Board of Directors

-15-

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