Document:

Separation Agreement and Release

 Exhibit 10.3 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release (“Agreement”) is
made and entered into by and between Nicole Onetto, an individual (“Employee”), and ZymoGenetics, Inc., a Washington corporation (“Employer”), and sets forth the terms upon which Employer and Employee have agreed to end
Employee’s employment with Employer. 
 RECITALS 
 A. Employee has served Employer as Senior Vice President, Development & Chief Medical Officer. 
 B.
Employer and Employee have mutually agreed to end Employee’s relationship with Employer under the terms set forth in this Agreement. 
 C. Employer has advised Employee of her right to consult an attorney prior to signing this Agreement and has provided her with at least 45 days to consider the terms set forth in this Agreement and to seek legal assistance. Employee has
either consulted an attorney of her choice or voluntarily elected not to consult legal counsel, and understands that she is waiving all potential claims against Employer. 
 D. This Agreement is not and should not be construed as an admission or statement by either party that it or any other party has acted wrongfully or unlawfully. Both parties expressly deny any wrongful or unlawful
action. 
 AGREEMENT 
 1.
Separation Date. Employee’s final day of employment is July 31, 2009 (the “Separation Date”), although Employee will have no further work responsibilities after June 5, 2009. Employee will receive a payout of accrued
unused vacation pay on the August 15, 2009 payroll date. 
 2. Severance and Other Benefits. 
 (a) Severance Payments. Employer will pay Employee as a severance benefit twelve (12) months salary (the “Severance Payments”). This
benefit shall be paid in lump sum on or before August 15, 2009. Employer will deduct customary and required withholdings including social security, federal and state income taxes, and state disability insurance from these Severance Payments.
Employer shall annually issue and file a W-2 form reflecting the Severance Payments. The parties acknowledge and agree that from the Separation Date, Employee shall no longer be an employee of Employer, and that the Severance Payments are being made
in connection with the severance of Employee’s employment. 

 The Severance Payments described in the foregoing paragraph are expressly contingent upon the
Employee’s full compliance with the terms of this Agreement and her continuing obligations under her Employee Inventions and Proprietary Information Agreement with Employer (the “Confidentiality Agreement”), a copy of which is
attached hereto as Exhibit A, and her obligations under the surviving terms of her Amended and Restated Employment Agreement with Employer (the “Employment Agreement”), dated July 3, 2008, a copy of which is attached hereto as
Exhibit B. Should Employee fail to fully comply with her obligations under either of these agreements, the Severance Payments will immediately cease, Employee shall forfeit rights to any future Severance Payments, and Employee shall immediately
return to Employer an amount equal to any Severance Payments already made. 
 (b) Health Benefits. If Employee timely (and properly)
elects to continue her (and her spouse’s and dependent children’s) coverage under Employer’s group medical, dental and vision insurance plans pursuant to Code Section 4980B(f) (“COBRA”), then Employer shall pay the
premium for such coverage for a period of twelve (12) months following the Separation Date, until Employee becomes covered under a comparable group health plan, or until Employee is no longer entitled to COBRA continuation coverage under the
applicable Employer group health plan, whichever period is the shortest, but only to the extent that Employer would have paid such premiums had Employee remained employed by Employer. 
 3. Stock Options. Under the terms and provisions of the ZymoGenetics, Inc. 2001 Stock Incentive Plan, Employee shall have three months from the
Separation Date to exercise any vested stock options, unless Employee elects by written consent to extend the exercise period to twelve months from the Separation Date. Further details about the exercise of vested options will be provided under
separate cover from Charles Schwab & Co. 
 4. General Release of Claims by Employee. For and in consideration of the
payments and benefits set out in this Agreement, Employee, on behalf of herself and her agents, heirs, successors and assigns, finally, fully and unconditionally releases and discharges Employer, and any and all of its subsidiaries, affiliates and
other related companies, as well as any and all of its and their officers, directors, agents, employees, partners, shareholders, attorneys, predecessors, successors and assigns (the “Released Parties”) from any and all claims, demands,
liabilities, damages, obligations, actions or causes of action of any kind, known or unknown, past or present, arising out of, relating to, or in connection with Employee’s employment, termination of employment, or the holding of any office
with Employer or any other related entity. 
  

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 The claims released by Employee include, but are not limited to, claims for defamation, libel, invasion
of privacy, intentional or negligent infliction of emotional distress, wrongful termination, constructive discharge, breach of contract, breach of the covenant of good faith and fair dealing, breach of fiduciary duty, and fraud. The claims released
by Employee further include claims under federal, state or local laws prohibiting employment discrimination and claims under federal and state labor statutes and regulations, including, but not limited to, the Age Discrimination in Employment Act,
the Washington Law Against Discrimination, Title VII of the Civil Rights Act of 1964, as amended, the Family and Medical Leave Act, and the Worker Adjustment and Retraining Notification Act, as well as any and all claims, demands, debts, and causes
of action of whatsoever kind or nature, whether known or unknown, suspected or unsuspected, matured or unmatured, which Employee now has or claims to have or had at any time or claimed to have against the Released Parties in connection with
Employee’s employment, termination from employment, or the holding of any office with Employer or any other related entity. 
 Employee
agrees to forever refrain from instituting, initiating, prosecuting, maintaining or voluntarily participating in any lawsuit, claim or other proceeding in any jurisdiction or forum relating in any way to her employment, termination from employment,
or the holding of any office with Employer or the termination of that relationship. 
 5. Acknowledgement of Waiver and Release; Effective
Date. Employee acknowledges that her waiver and release hereunder of any rights she may have under the Age Discrimination in Employment Act of 1967 (ADEA) is knowing and voluntary. Employee acknowledges that she has been advised by this writing,
as required by the Older Workers Benefit Protection Act, that (a) she should consult with an attorney prior to executing this Agreement; (b) she has at least forty-five (45) days to consider this Agreement (although she may, by her
own choice, execute this Agreement earlier); (c) she has seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; and (d) this Agreement shall not be effective until the date upon which this
revocation period has expired. The eighth day following Employee’s execution of this Agreement without revoking her consent to its terms shall be the Effective Date of the Agreement. 
 6. Continuation of Agreements. Employee agrees that her obligations under the Confidentiality Agreement (see Exhibit A) and under surviving
provisions of the Employment Agreement (see Exhibit B) will continue in full force and effect, except as expressly modified herein. Employee specifically acknowledges a continuing obligation to assist Employer in securing intellectual property
rights as to any and all intellectual property developed during Employee’s term of employment with Employer as well as any and all intellectual property developed by Employee following the Separation Date if such intellectual property arises
from proprietary 
  

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information obtained during her employment with Employer and/or relates directly to Employer’s business and/or its actual or demonstrably anticipated
research or development work. This obligation, which survives the termination of Employee’s employment with Employer, includes without limitation reviewing, signing, and returning documents when requested by Employer. Employer agrees to pay
reasonable out-of-pocket expenses that Employee necessarily incurs as a result of her performance of this obligation. Employee agrees that she will not receive additional compensation for the first eight (8) hours of her work related to
fulfilling this obligation. For all additional hours, Employer agrees to pay Employee $150.00 per hour but no additional benefits of any kind. 
 7. Requests for Employment References. Employee agrees to direct requests for information regarding her employment with Employer to either an officer or the Human Resources Department of Employer; provided that this provision
shall not preclude Employee from seeking a personal reference from any other present or former employee of Employer so long as Employee specifically advises every such person from whom a personal reference is sought that any such reference must be
made expressly as a personal reference and not on behalf of Employer. 
 8. Confidentiality. Employee and Employer, their respective
attorneys and other agents, agree not to disclose or cause the disclosure of the monetary or other terms of this Agreement, other than as required by law or as necessary for the preparation of income tax returns and other tax-related matters, or as
necessary in the normal course of business for the Employer to perform its obligations under this Agreement. Any such disclosure shall be considered a breach of this Agreement resulting in damage to Employer or Employee, as pertinent. 
 9. Tax Consequences. Employee shall be responsible for all income taxes and similar taxes and payments due to governmental authorities with
respect to all payments made to her hereunder. 
 10. Representation of Compliance with Proprietary Information Obligation. Employee
acknowledges that by reason of her employment she has had access to substantial proprietary information, trade secrets and confidential information of Employer, including but not limited to, financial information, marketing plans, business methods,
pricing and contracts, customer lists, prospective customer lists and client customer information. Consistent with her obligations under the Employee Inventions and Proprietary Information Agreement (Exhibit A), Employee warrants that she has
maintained the confidentiality of such proprietary information and has not divulged, disclosed or otherwise used, either directly or indirectly, any such proprietary information to the detriment of Employer. Employee covenants and agrees that
henceforth she will maintain the confidentiality of such proprietary information and refrain from divulging, disclosing or otherwise using, either directly or indirectly, any 
  

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such proprietary information without the express written authorization of Employer. Employee’s failure to fully comply with the provisions of this
paragraph shall result in the immediate and complete forfeiture of all Severance Payments and other benefits described in Paragraph 2 above. 
 11. Employer Property: Employee hereby represents and warrants to Employer that she has returned to Employer all equipment issued to her by Employer, including any computer equipment, cellular telephone, and any and all materials and
property of Employer and its affiliates of any type whatsoever, including without limitation any Proprietary Information (as defined in the Confidentiality Agreement), software, or other confidential or proprietary material that have been in
Employee’s possession or control. Further, Employee has returned to Employer all office keys and company credit cards. 
 12.
Non-Participation in Legal or Administrative Proceedings. Employee covenants that she will not file, nor will she voluntarily participate or assist in the prosecution of any legal or administrative proceedings against Employer or any related
entities. 
 13. Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of
Washington. The venue of any legal action or arbitration to enforce or interpret this Agreement shall be before an arbitrator or court of competent jurisdiction located in Seattle, Washington. 
 14. Entire Agreement. Except as otherwise provided herein, this Agreement constitutes the entire agreement between Employee and Employer. No other
promise or inducement has been offered for this Agreement. Any amendments to this Agreement must be in writing, signed by duly authorized representatives of both Employer and Employee, and must state that the parties intend to amend the Agreement.

 15. Partial Invalidity. The invalidity or unenforceability of any provision of this Agreement shall in no way affect the validity
or enforceability of any other provision of this Agreement. 
 16. Integration. Except as otherwise stated herein, this Agreement
supersedes all prior communications, representations, or agreements, verbal or written, among the parties relating to Employee’s employment with Employer and the termination of that employment. 
 17. Arbitration. Any dispute concerning the rights and/or obligations of Employee and/or Employer concerning Employee’s employment at
Employer or concerning any terms or conditions of this Separation Agreement shall be submitted for resolution by binding arbitration under the National Rules for Resolution of Employment Disputes of the American Arbitration Association. Each party
in any such arbitration will be responsible for its own attorneys’ fees and associated costs. The parties agree that the cost of the arbitration itself will be split equally between the parties. 
  

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 18. Authority. Each party that is a signatory to this Agreement represents and warrants that such
party has the power and authority to enter into this Agreement and that this Agreement is the binding agreement of such party. 
 19. Code
Section 409A. The parties intend that this Agreement and the payments and other benefits provided hereunder shall be exempt from the requirements of Code Section 409A to the maximum extent possible, whether pursuant to the short-term
deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Code Section 409A is
applicable to this Agreement (and the payments and benefits provided hereunder), the parties intend that this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed under Code
Section 409A. Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates indicated below. 
  

							
	 	 	 	 	ZymoGenetics, Inc.
				
	 /s/    Nicole Onetto
	 		 	By	 	 /s/    Darren R. Hamby

	Nicole Onetto	 		 	Its	 	Sr. Vice President, Human Resources
			
	Date: July 15, 2009	 		 	Date: July 15, 2009

  

 -6-Form of 6 Month Warrant

 EXHIBIT 4.1 
 Exhibit B 
 NEITHER THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
 ANTIGENICS INC 
 WARRANT

  

			
	Warrant No. A-	  	Dated: August     1, 2009

 Antigenics Inc., a Delaware corporation (the “Company”), hereby certifies
that, for value received,              or its registered assigns (including permitted transferees, the “Holder”), as registered owner of this warrant (the
“Warrant”), is entitled to purchase from the Company up to a total of 2,500,000 shares (as adjusted from time to time as provided in Section 9) of Common Stock (as defined below), at an exercise price equal
to $2.00 per share (as adjusted from time to time as provided in Section 9, the “Exercise Price”), at any time and from time to time from and after the Effective Date (the “Initial Exercise
Date”) to and including the six (6) month anniversary of the Effective Date (the “Expiration Date”), and subject to the following terms and conditions. 
 1. Definitions. The capitalized terms used herein and not otherwise defined shall have the meanings set forth below: 
 “Affiliate” of any specified Person means any other person or entity directly or indirectly controlling, controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” means the power to direct the management and policies of such Person or firm, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise. 
  

	1
	 To be dated as of the Closing Date. 

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

 “Common Stock” means the common stock of the Company, $0.01 par value per share. 
 “Effective Date” means the earlier of (i) the effective date of a registration statement (the “Registration
Statement”) registering for resale by the Holder all of the Warrant Shares or (ii) January 31, 2010. 
 “Eligible
Market” means any of the New York Stock Exchange, the NYSE Amex or Nasdaq (as defined below), and any successor markets thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended 
 “Market
Price” shall mean (i) if the principal trading market for such securities is an exchange, the average of the last reported sale prices per share for the last ten previous Trading Days in which a sale was reported, as officially
reported on any consolidated tape, (ii) if clause (i) is not applicable, the average of the closing bid price per share for the last ten previous Trading Days as set forth by Nasdaq or (iii) if clauses (i) and (ii) are not
applicable, the average of the closing bid price per share for the last ten previous Trading Days as set forth in the National Quotation Bureau sheet listing for such securities. Notwithstanding the foregoing, if there is no reported sales price or
closing bid price, as the case may be, on any of the ten Trading Days preceding the event requiring a determination of Market Price hereunder, then the Market Price shall be determined in good faith after reasonable investigation by resolution of
the Board of Directors of the Company. 
 “Nasdaq” means the Nasdaq Global Market or Nasdaq Capital Market, and any
successor markets thereto. 
 “Other Securities” refers to any capital stock (other than Common Stock) and other
securities of the Company or any other Person which the Holder of this Warrant at any time shall be entitled to receive, or shall have received, pursuant to the terms hereof upon the exercise of this Warrant, in lieu of or in addition to Common
Stock. 
 “Person” means any court or other federal, state, local or other governmental authority or other individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Trading Day” means (a) any day on which the Common Stock is listed or quoted and traded on any Eligible Market or
(b) if the Common Stock is not then quoted and traded on any Eligible Market, then a day on which trading occurs on the Nasdaq Capital Market (or any successor thereto). 
 “Warrant Shares” shall initially mean shares of Common Stock and in addition may include Other Securities and Substituted
Property (as defined in Section 9(e)(x)) issued or issuable from time to time upon exercise of this Warrant. 
  

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 2. Registration of Warrant. The Company shall register this Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the
purpose of any exercise hereof or any distribution to the Holder, and for all other purposes. 
 3. Registration of Transfers. The
Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto as Appendix A duly completed and signed, to the Company at its
address specified herein. Upon any such registration and transfer, a new warrant in substantially the form of a Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be
issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the
acceptance by such transferee of all of the rights and obligations of a holder of a Warrant. 
 4. Exercise and Duration of Warrant.

 (a) This Warrant shall be exercisable, either in its entirety or for a portion of the number of Warrant Shares, by the registered Holder at
any time and from time to time from and after the initial Exercise Date (as defined below) to and including the Expiration Date. At 5:00 P.M. New York City time on the Expiration Date, the portion of this Warrant not exercised prior thereto
shall be and become void and of no value, and the Holder hereof shall have no right to purchase any additional Warrant Shares hereunder. 
 (b) A Holder may exercise this Warrant by delivering to the Company, in accordance with Section 13, this Warrant, together with (i) an exercise notice, in the form attached hereto as Appendix B (the
“Exercise Notice”), appropriately completed and duly signed, and (ii) (A) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised pursuant to a Cash Exercise (as
set forth in Section 4(c) below) or (B) if available pursuant to Section 4(d) below, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as set forth in Section 4(d)
below), and the date such items are received by the Company is an “Exercise Date.” Execution and delivery of an Exercise Notice in respect of less than all of the Warrant Shares issuable upon exercise of this Warrant shall
result in the cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares. 
 (c) Cash Exercise. In the event the Holder has elected to pay the Exercise Price in cash, it shall pay the Exercise Price by certified bank check payable to the order of the Company or by wire transfer of
immediately available funds in accordance with the Company’s instructions (a “Cash Exercise”). 
 (d)
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if, at any time a registration statement covering the resale of the Warrant Shares that are the subject of the Exercise Notice by the Holder pursuant to the
Securities Act (the “Unavailable Warrant Shares”) is not available for the resale of such Unavailable Warrant Shares, and the Company is otherwise obligated to have a resale registration statement available for such resale,
the Holder 

  

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may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the
Company upon such exercise in payment of the Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”): 
  

					
	Net Number  =	 	  (A * B) – (A * C)  	  	
	 	B	  	

 For purposes of the foregoing formula, 
 A = the total number of shares with respect to which this Warrant is then being exercised. 
 B = the weighted average price per share of the Common Stock (as reported by Bloomberg) on the Trading Day immediately preceding the date of the Exercise
Notice. 
 C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 
 Notwithstanding anything to the contrary herein or in the Securities Purchase Agreement dated July 30, 2009 between the Company, the Holder, and other parties named
therein (the “Securities Purchase Agreement”), the Holder agrees that the Holder's ability to elect a Cashless Exercise if there is not an effective registration statement covering the Warrant Shares represents the sole and
exclusive monetary remedy of the Holder for a registration default with respect to the Warrant Shares, and in no event shall the Company be required to satisfy the Warrants through net cash settlement. 
 (e) Except as otherwise provided for herein, this Warrant shall not entitle the Holder to any voting rights or other rights as a stockholder of the
Company by virtue of the ownership hereof. 
 5. Delivery of Warrant Shares. 
 (a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the Exercise Date) issue or cause to be
issued and deliver or cause to be delivered to the Holder, in such name or names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise (the “Certificate”) bearing no restrictive
legends. The Holder, or any Person so designated by the Holder to receive the Warrant Shares, shall be deemed to have become holder of record of such Warrant Shares as of the Exercise Date. 
 (b) Neither these securities nor the securities for which these securities are exercisable have been registered with the Commission or the securities
commission of any state in reliance upon an exemption from registration under the Securities Act, and, accordingly, may not be 

  

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offered or sold except pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act and in accordance with applicable state securities laws. The Holder acknowledges and agrees that the Warrant may be sold only pursuant to an applicable exemption from
the registration requirements of the Securities Act and that the Warrant Shares may only be sold pursuant to an effective registration statement under the Securities Act or in accordance with any applicable exemption from the registration
requirements of the Securities Act. 
 (c) This Warrant is exercisable, either in its entirety or, from time to time, for a portion of the
number of Warrant Shares. Upon surrender of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 (d) To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof
are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same,
or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person,
and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit the Holder’s right to pursue any other remedies
available to it hereunder, in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Stock upon exercise of this Warrant as required
pursuant to the terms hereof. 
 6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon
exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue, delivery or registration of any certificates for
Warrant Shares or Warrant in a name other than that of the Holder and that the Holder will be required to pay any tax with respect to cash received in lieu of fractional shares. The Holder shall be responsible for all other tax liability of the
Holder that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 
 7.
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company, at the sole expense of the Holder (such expenses, if any imposed by the Company to be reasonable), shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and in substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity, if requested by the Company. 
 8. Reservation of Warrant Shares. The Company covenants that it will at all
times 

  

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reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it
to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from all taxes, liens, claims, encumbrances with respect to
the issuance of such Warrant Shares and will not be subject to any pre-emptive rights or similar rights (taking into account the adjustments and restrictions of Section 9 hereof). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued, fully paid and nonassessable. The Company will take all such action as may be
necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock
may be listed or quoted, as the case may be. 
 9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon
exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9. 
 (a) Stock Dividends. If
the Company, at any time while this Warrant is outstanding, pays a dividend on its Common Stock payable in additional shares of Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
then in each such case the Exercise Price shall be multiplied by a fraction, (A) the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to the opening of business on the day after the record date for
the determination of stockholders entitled to receive such dividend or distribution and (B) the denominator of which shall be the number of shares of Common Stock outstanding immediately after the distribution date of such dividend or
distribution. Any adjustment made pursuant to this Section 9(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution; provided, however,
that if following such record date the Company rescinds or modifies such dividend or distribution, the Exercise Price shall be appropriately adjusted (as of the date that the Company effectively rescinds or modifies such dividend or distribution) to
take into account the effect of such rescinded or modified dividend or distribution on the Exercise Price pursuant to this Section 9(a). 
  

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 (b) Stock Splits. If the Company, at any time while this Warrant is outstanding,
(i) subdivides outstanding shares of Common Stock into a larger number of shares, or (ii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a
fraction, (A) the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and (B) the denominator of which shall be the number of shares of Common Stock outstanding immediately after such
event. Any adjustment pursuant to this Section 9(b) shall become effective immediately after the effective date of such subdivision or combination. 
 (c) Reclassifications. A reclassification of the Common Stock (other than any such reclassification in connection with a merger or consolidation to which Section 9(e) applies) into shares of any
other class of stock shall be deemed: 
 (i) a distribution by the Company to the holders of its Common Stock of such shares of such other
class of stock for the purposes and within the meaning of this Section 9; and 
 (ii) if the outstanding shares of Common Stock
shall be changed into a larger or smaller number of shares of Common Stock as part of such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common Stock for the purposes and
within the meaning of Section 9(b). 
 (d) Other Distributions. If the Company, at any time while this Warrant is
outstanding, distributes to holders of Common Stock (i) evidences of its indebtedness, (ii) shares of any class of capital stock, (iii) rights or warrants to subscribe for or purchase any shares of any class of capital stock or
(iv) any other asset, other than a distribution of Common Stock covered by Section 9(a), (in each case, “Distributed Property”), then in each such case the Exercise Price in effect immediately prior to the
record date fixed for determination of stockholders entitled to receive such distribution (and the Exercise Price thereafter applicable) shall be adjusted (effective on and after such record date) to equal the product of such Exercise Price
multiplied by a fraction, (A) the numerator of which shall be Market Price on such record date less the then fair market value of the Distributed Property distributed in respect of one outstanding share of Common Stock, which, if the
Distributed Property is other than cash or marketable securities, shall be as reasonably determined in good faith by the Board of Directors of the Company whose determination shall be described in a board resolution, and (B) the denominator of
which shall be the Market Price on such record date; provided, however, that if following the record date for such distribution the Company rescinds or modifies such distribution, the Exercise Price shall be appropriately adjusted (as of the
date that the Company effectively rescinds or modifies such distribution) to take into account the effect of such rescinded or modified distribution on the Exercise Price pursuant to this Section 9(d). 
 (e) Fundamental Transactions. If, at any time while this Warrant is outstanding, (i) the Company effects any merger or consolidation of the
Company with or into another Person, (ii) the Company effects any sale of all or substantially all of its assets or a majority of its stock acquired by a third party, in each case in one or a series of related transactions, (iii) any
tender offer or exchange offer by another Person is completed pursuant to which all or substantially all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property or (iv) there shall
occur any merger of another Person into 

  

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the Company whereby the Common Stock is cancelled, converted or reclassified into or exchanged for other securities, cash or property (in any such case, a
“Fundamental Transaction”), then, as a condition to the consummation of such Fundamental Transaction, the Company shall (or, in the case of any Fundamental Transaction in which the Company is not the surviving entity, the
Company shall take all reasonable steps to cause such other Person to execute and deliver to the Holder of this Warrant a written instrument providing that: 
 (x) so long as this Warrant remains outstanding, upon the exercise hereof at any time on or after the consummation of such Fundamental Transaction and on such terms and subject to such conditions as shall be nearly
equivalent as may be practicable to the provisions set forth in this Warrant, this Warrant shall be exercisable into, in lieu of Common Stock issuable upon such exercise prior to such consummation, the securities or other property (the
“Substituted Property”) that would have been received in connection with such Fundamental Transaction by a holder of the number of shares of Common Stock into which this Warrant was exercisable immediately prior to such Fundamental
Transaction, assuming such holder of Common Stock: 
 (A) is not a Person with which the Company consolidated or into which the Company
merged or which merged into the Company or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person; and 
 (B) failed to exercise such Holder’s rights of election, if any, as to the kind or amount of securities, cash and other property receivable in
connection with such Fundamental Transaction (provided, however, that if the kind or amount of securities, cash or other property receivable in connection with such Fundamental Transaction is not the same for each share of Common Stock held
immediately prior to such Fundamental Transaction by a Person other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (a “Non-Electing Share”),
then, for the purposes of this Section 9(e), the kind and amount of securities, cash and other property receivable in connection with such Fundamental Transaction by each Non-Electing Share shall be deemed to be the kind and amount so
receivable per share by a plurality of the Non-Electing Shares); and 
 (y) the rights and obligations of the Company (or, in the event of a
transaction in which the Company is not the surviving Person, such other Person) and the Holder in respect of Substituted Property shall be as nearly equivalent as may be practicable to the rights and obligations of the Company and Holder in respect
of Common Stock hereunder. 
 Such written instrument shall provide for adjustments which, for events subsequent to the effective date of
such written instrument, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 9. The above provisions of this Section 9(e) shall similarly apply to successive Fundamental
Transactions. 
 (f) Adjustment of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to
paragraphs (a) through (d) of this Section 9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate
Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price payable for the Warrant Shares immediately prior to such adjustment. 
  

 -8- 

 (g) Calculations. All calculations under this Section 9 shall be
made to the nearest cent or the nearest  1/100th of a share, as
applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 (h) Adjustments. Notwithstanding any provision of this Section 9, no adjustment of the Exercise Price shall be
required if such adjustment is less than $0.01; provided, however, that any adjustments which by reason of this Section 9(h) are not required to be made shall be carried forward and taken into account for purposes of any
subsequent adjustment required to be made hereunder. 
 (i) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to
this Section 9, the Company will promptly deliver to the Holder a certificate executed by the Company’s Chief Financial Officer setting forth, in reasonable detail, the event requiring such adjustment and the method by which such
adjustment was calculated, the adjusted Exercise Price and the adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable). The Company will retain at its office copies of all such
certificates and cause the same to be available for inspection at said office during normal business hours by the Holder or any prospective purchaser of the Warrant designated by the Holder. 
 (j) Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in
respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary of the Company, (ii) authorizes, approves, enters into any agreement
contemplating, or solicits stockholder approval for, any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice
describing the material terms and conditions of such transaction at least 15 Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order to ensure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction;
provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. 
 10. Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant.
If any fraction of a Warrant Share would, except for the provisions of this Section 10, be issuable upon exercise of this Warrant, the Company shall make a cash payment to the Holder equal to (a) such fraction multiplied by
(b) the Market Price on the Exercise Date of one full Warrant Share. 
 11. Listing on Securities Exchanges. The Company has
agreed to list, and will use its reasonable best efforts to maintain the listing of, the Warrant Shares on Nasdaq consistent with the terms of the Securities Purchase Agreement. In furtherance and not in limitation of any other provision of this
Warrant, if the Company at any time shall list any Common Stock on any Eligible Market other than Nasdaq, the Company will use its reasonable best efforts, at its 

  

 -9- 

 
expense, to simultaneously list the Warrant Shares (and use its reasonable best efforts to maintain such listing) on such Eligible Market, upon official
notice of issuance following the exercise of this Warrant; and the Company will so list, register and use its reasonable best efforts to maintain such listing on any Eligible Market any Other Securities, if and at the time that any securities of
like class or similar type shall be listed on such Eligible Market by the Company. 
 12. Remedies. The Company stipulates that the
remedies at law of the Holder of this Warrant in the event of any default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms may be
specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise. 
 13. Notices. Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall be in
writing and shall be mailed by certified mail, return receipt requested, or by a nationally recognized courier service or delivered (in person or by facsimile), against receipt to the party to whom such notice or other communication is to be given.
Any notice or other communication given by means permitted by this Section 13 shall be deemed given at the time of receipt thereof. The address for such notices or communications shall be as set forth below: 
  

			
	 If to the Company:
	    	Antigenics Inc.
		    	162 Fifth Avenue, Suite 900,
		    	New York, New York 10010
		
	 If to the Holder:
	    	As set forth on the signature page to the Purchase Agreement.

 Or such other address as is provided to such other party in accordance with this Section 13.

  

 -10- 

 14. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon a prompt
written notice to the Holder, the Company may appoint a new warrant agent. Any Person into which any new warrant agent may be merged, any Person resulting from any consolidation to which any new warrant agent shall be a party or any Person to which
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of
its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 
  

 -11- 

 15. Exercise Limitations; Holder’s Restrictions. The Company shall not effect any exercise of
this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 15 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of
Exercise, the Holder (together with the Holder’s Affiliates, and any other person or entity acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the
Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 15, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 15 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of an Exercise Notice shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall
have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 15, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report, as the case may be, (B) a more recent public announcement by the Company or (C) any other notice by the Company or the transfer agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 15, provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of 

  

 -12- 

 
shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 15 shall continue to apply. Any such increase
or decrease will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 15 to correct this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant. 
 16. Not Used. 
 17. Miscellaneous. 
 (a) This Warrant may be assigned by the Holder. This Warrant may not be assigned
by the Company, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing
in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the
Holder and their successors and assigns. 
 (b) The Company will not, by amendment of its governing documents or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company
(i) will not increase the par value of any Warrant Shares above the amount payable therefor upon exercise thereof, and (ii) will take all such action as may be reasonably necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares on the exercise of this Warrant, free from all taxes, liens, claims and encumbrances and (iii) will not close its shareholder books or records in any manner which interferes with the
timely exercise of this Warrant. 
 (c) This Warrant shall be governed by and construed and enforced in accordance with the laws of the State
of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and Federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding that it is not personally subject to the jurisdiction of any such court or that such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. THE PARTIES HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY. 
  

 -13- 

 (d) Neither party shall be deemed in default of any provision of this Warrant, to the extent that
performance of its obligations or attempts to cure a breach hereof are delayed or prevented by any event reasonably beyond the control of such party, including, without limitation, war, hostilities, acts of terrorism, revolution, riot, civil
commotion, national emergency, strike, lockout, unavailability of supplies, epidemic, fire, flood, earthquake, force of nature, explosion, embargo, or any other Act of God, or any law, proclamation, regulation, ordinance, or other act or order of
any court, government or governmental agency, provided that such party gives the other party written notice thereof promptly upon discovery thereof and uses reasonable best efforts to cure or mitigate the delay or failure to perform.

 (e) The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof. 
 (f) In case any one or more of the provisions of this Warrant shall be deemed invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which
shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 
 SIGNATURE PAGE FOLLOWS] 
  

 -14- 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as
of the date first indicated above. 
  

			
	ANTIGENICS INC.
		
	By:	 	  

	Name:	 	Shalini Sharp
	Title:	 	Chief Financial Officer

  

 [WARRANT] 

 APPENDIX A 
 FORM OF ASSIGNMENT 
 (to be completed and signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                    the right represented by the within Warrant to purchase
                         shares of Common Stock of Antigenics Inc. to which the within warrant relates and appoints
                                         attorney
to transfer said right on the books of Antigenics Inc. with full power of substitution in the premises. 
  

					
	Dated:                     	 		 	  

		 		 	(Signature must conform in all respects to name of Holder as specified on face of the Warrant)
			
		 		 	Address of Transferee:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
	In the presence of:	 		 	

  

					
			
	  
	 		 	

 APPENDIX B 
 FORM OF EXERCISE NOTICE 
 (To be executed by the Holder to exercise the right to purchase shares of Common Stock under the
foregoing Warrant) 
  

	To:	Antigenics Inc. 

 The undersigned is the Holder of Warrant No.
[            ] (the “Warrant”) issued by Antigenics Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined have the
respective meanings set forth in the Warrant. 
  

	 	1.	The Warrant is currently exercisable to purchase a total of                     
Warrant Shares. 

  

	 	2.	The undersigned Holder hereby exercises its right to purchase
                     Warrant Shares pursuant to the Warrant. 

  

	 	3.	The Holder intends that payment of the Exercise Price shall be made as: 

  

	 	a.	A “Cash Exercise” with respect to                      Warrant
Shares; and/or 

  

	 	b.	A “Cashless Exercise” with respect to                     
Warrant Shares. 

  

	 	4.	In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder shall pay the sum of
$             to the Company in accordance with the terms of the Warrant. 

  

	 	5.	Pursuant to this exercise, the Company shall deliver to the Holder
                     Warrant Shares in accordance with the terms of the Warrant 

  

	 	6.	Following this exercise, the Warrant shall be exercisable to purchase a total of
                     Warrant Shares. 

  

							
	Dated:                 	 		 	Name of Holder:
				
		 		 	(Print)	 	  

				
		 		 	By:	 	  

				
		 		 	Title:	 	  

			
		 		 	(Signature must conform in all respects to name of Holder as specified on face of the Warrant)

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