Document:

Securities Exchange Agreement by and between Agenus Inc. and Ingalls & Snyder

 Exhibit 10.41 
 ANTIGENICS INC. 
 SECURITIES EXCHANGE AGREEMENT 

This Securities Exchange Agreement (this “Agreement”) is made as of December 28, 2010 by and between
ANTIGENICS INC., a Delaware corporation (the “Company”), and INGALLS & SNYDER VALUE PARTNERS L.P.
(the “Bond Holder”), 
 RECITALS 

WHEREAS, the Bond Holder wishes to exchange an aggregate of $8,047,000.00 principal amount of the
Company’s 5.25% convertible senior notes due February 2025 (collectively, the “Bonds”), 

WHEREAS, the Company wishes to issue to the Bond Holder, pursuant to the exemption from registration
provided by Section 3(a)(9) (“Section 3(a)(9)”) under the Securities Act of 1933, as amended (the “Securities Act”), 7,500,000 shares of the Company’s common
stock, par value $0.01 per share (the “Common Stock”) in exchange for the Bonds (the “Exchange”) and to cancel the Bonds upon the terms and conditions set forth herein. 

AGREEMENT 
 1. Exchange; Delivery. On the Effective Date (as defined below) Bond Holder hereby assigns, sells and transfers the Bonds, plus all claims arising out of or relating to the Bonds, including but not
limited to any accrued but unpaid interest, to the Company in exchange for the issuance by the Company, effective as of the Effective Date, of 7,500,000 shares of Common Stock (the “Shares”) to the Bond Holder (the
“Exchange”). The Exchange shall take place as soon as practicable, but in no event later than 48 hours, following approval of the Exchange by the board of directors of the Company, written notice of which shall be promptly
provided by the Company to the Bond Holder. On the business day immediately following the Effective Date, the Company shall deliver the Shares to the Bond Holder via DWAC to an account specified in writing by the Bond Holder and the Bond Holder
shall deliver the Bonds to the Company via DTC to an account specified in writing by the Company. The Company agrees that, subject to the last sentence of Section 3.5, the Shares shall be freely tradable by the Bond Holder upon issuance,
without restrictions under Securities Act. 
 2. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Bond Holder that as of the Effective Date: 
 2.1 Organization. The Company is duly
incorporated and validly existing in good standing under the laws of the State of Delaware. The Company has full corporate 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 and where the failure to be so qualified would have a material adverse effect on the Company, and, to the
Company’s knowledge (as defined below), no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing, or seeking to revoke, limit or curtail, such power and authority or qualification. 

 2.2 Due Authorization. The Company has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized and validly executed and delivered by the Company and, subject to approval by the board of directors of the Company on or before the
Effective Date, no other corporate action on the part of the Company, its board of directors or its stockholders is necessary to authorize the execution and delivery by the Company of this Agreement or the consummation of the transactions
contemplated by this Agreement, including, without limitation, the issuance and delivery of the Shares. This Agreement, assuming due and valid authorization, execution and delivery hereof and thereof by the Bond Holder, constitutes a legal, valid
and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity and contribution may be limited by state or federal securities laws, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 
 2.3 Valid Issuance; Reservation of
Shares; Preemptive Rights. The Shares are duly authorized and, when issued and exchanged in accordance with the terms hereof, (i) will be duly and validly issued, free and clear of any liens, claims, encumbrances or contractual restrictions
(“Liens”) imposed by or through the Company or by operation of law of which the Company has knowledge and (ii) will be issued and delivered in compliance with all applicable Federal and state securities laws. Neither the
cancellation of the Bonds upon the Effective Date, nor the Exchange, nor the performance by the Company of its obligations under this Agreement will trigger any preemptive, “poison-pill”, anti-takeover, anti-dilution, reset or other
similar rights. 
 2.4 Non-Contravention. The execution and delivery of this Agreement, the issuance of the Shares and
the consummation of the transactions contemplated hereby and thereby will not (a) conflict with or constitute a material violation of or default (with the passage of time or otherwise) under or give rise to any right of termination, material
amendment, cancellation or acceleration or loss of any material rights under (i) any material contracts to which the Company is a party, or (ii) the certificate of incorporation or the bylaws of the Company or any similar organizational
document of the Company, or (b) (i) result in the creation or imposition (or the obligation to create or impose) of any material lien, encumbrance, claim, security interest, pledge, charge or restriction of any kind upon any of the
properties or assets of the Company or (ii) an acceleration of indebtedness pursuant to any obligation, agreement or condition contained in agreement or document to which the Company is a party or is bound other than the with respect to the
Bonds, or (c) to the Company’s knowledge, violate any order or decree applicable to the Company, or by which it or any of its operations are bound, and no such violation or default currently exists, No consent, approval, authorization or
other order of, or registration, qualification or filing with, any regulatory body, administrative agency or other governmental body in the United States is required for the execution and delivery of the Agreement and the valid issuance of the
Shares prior to the Effective Date except for any securities filings required to be made under state securities laws. 

  
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 2.5 Exchange Act Compliance. The documents that the Company filed under the Exchange
Act since December 31, 2009 (including all exhibits included therein and documents incorporated by reference therein hereinafter being referred to as the “Required Documents”) complied in all material respects with the
requirements of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder as of their respective filing dates, and none of the Required Documents, 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 light of the circumstances under which they were made, not misleading. 

2.6 Non-Public Information. The Bond Holder has not requested from the Company, and the Company has not furnished to the Bond
Holder, any material nonpublic information concerning the Company. The Company will make the Public Disclosure (as defined in Section 3.5) as promptly as is reasonably possible and, in any event, within one business day of the Effective Date.

 2.7 Exemption from Registration. The Exchange is exempt from the registration requirements of the Securities Act
pursuant to the provisions of Section 3(a)(9) thereof. The Company has complied in all material respects with such provisions and, without limiting the generality thereof, has not paid to any person, directly or indirectly, any commission or
other remuneration for soliciting the Exchange. Neither the Company nor any of its affiliates, nor any person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D)
in connection with the Exchange. 
 2.8 No Reliance. In entering into this Agreement, the Company (i) is not
relying on any advice or representation of the Bond Holder or any of its affiliates (other than the representations of the Bond Holder contained herein), (ii) has not received from the Bond Holder or any of its affiliates any assurance or
guarantee as to the merits (whether legal, regulatory, tax, financial or otherwise) of the Exchange or entering into this Agreement, (iii) has consulted with its own legal, regulatory, tax, business, investment, financial and accounting
advisors to the extent that it has deemed necessary, and (iv) has entered into this Agreement based on its own independent judgment and on the advice of its advisors as it has deemed necessary, and not on any view (whether written or oral)
expressed by the Bond Holder or any of its affiliates. Neither the Bond Holder nor any of its affiliates is now or has ever been a financial advisor, or other fiduciary, with respect to the Company. 

2.9 Bankruptcy Protection. The Company has not taken any steps, and does not currently expect to take any steps, to seek
protection pursuant to 11 U.S.C. §§ 101 et seq, (the “Bankruptcy Code”) or any similar state bankruptcy law nor does the Company have any knowledge or reason to believe that its creditors intend to initiate an
involuntary proceeding under the Bankruptcy Code or any such state law. 

  
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 3. Representations and Warranties of the Bond Holder. The Bond Holder hereby
represents and warrants to the Company as follows: 
 3.1 Due Authorization. The Bond Holder has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement, and this Agreement has been duly authorized and validly executed and delivered by the Bond Holder and no other corporate action on the part of the Bond Holder
is necessary to authorize the execution and delivery by the Bond Holder of this Agreement. This Agreement constitutes a legal, valid and binding agreement of the Bond Holder, enforceable against the Bond Holder in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 3.2
No Legal, Tax or Investment Advice. The Bond Holder understands that nothing in this Agreement or any other materials presented to the Bond Holder in connection with the Exchange constitutes legal, tax or investment advice and represents and
warrants to the Company that it has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with the Exchange. 

3.3 Affiliate Status. As of Effective Date, the Bond Holder represents and warrants that the Bond Holder is not an affiliate of
the Company, and has not been an affiliate of the Company for the three months preceding the Effective Date. 
 3.4 No
Regulatory Review. The Bond Holder understands that no United States federal or state agency has passed on, reviewed or made any recommendation or endorsement of the Shares issuable hereunder. 

3.5 No Transactions in Company Securities. Neither the Bond Holder, directly or indirectly, nor any person acting on behalf of or
pursuant to any understanding with the Bond Holder, has engaged in any transactions in the securities of the Company (including, without limitation, any short sales involving any of the Company’s securities) since the time that Bond Holder
first began discussion with the Company regarding the Exchange through and including the date hereof. The Bond Holder covenants that neither it nor any person acting on its behalf or pursuant to any understanding with the Bond Holder will engage,
directly or indirectly, in any transactions in the securities of the Company (including short sales) prior to the time the transactions contemplated by this Agreement are first publicly disclosed (the “Public Disclosure”).

 4. Amendment and Waiver. No provision of this Agreement may be amended or modified except upon the written consent of
the Company and the Bond Holder, and no provision hereof may be waived other than by a written instrument signed by the party against whom enforcement of any such waiver is sought. 

  
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 5. Miscellaneous. 

5.1 Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including,
without limitation to enforce any provision in this Agreement, each party in such dispute shall pay all of its own fees, costs and expenses of enforcing any right of such party under or with respect to this Agreement, including without limitation,
such fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
 5.2 Headings; Construction. The headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. The
language used in this Agreement is and will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 

5.3 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.4 Severability. In case any
provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

 5.5 Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the
State of New York, without giving effect to the principles of conflicts of law. The parties agree that any action brought by either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of
this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any state or federal court located in New York. 
 5.6 Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof, and no party shall be liable or bound to any
other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein. Each party expressly represents and warrants that it is not relying on any oral or written representations,
warranties, covenants or agreements outside of this Agreement. 
 5.7 Counterparts. This Agreement may be executed in
two (2) or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one (1) instrument, and shall become effective when one (1) or more counterparts have been signed by
each party hereto and delivered to the other parties. 
 5.8 Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors and assigns. 

  
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 5.9 No Third Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assignees, and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 
 5.10 Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates,
instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 

  
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 IN WITNESS WHEREOF, the parties hereto have
executed this SECURITIES EXCHANGE AGREEMENT as of the date set forth in the first paragraph hereof. 
  

									
	COMPANY:	 		 	BOND HOLDERS:
			
	ANTIGENICS INC.	 		 	INGALLS & SNYDER VALUE PARTNERS L.P.
					
	By:	 	 /s/ Garo Armen
	 		 	By:	 	 /s/ Thomas O. Boucher Jr.

					
	Name:	 	 GARO ARMEN
	 		 	Name:	 	 Thomas O. Boucher Jr.

					
	Title:	 	 CEO
	 		 	Title:	 	 GENERAL PARTNERExhibit 10.9

 Exhibit 10.9 
 VIRGINIA COMMERCE BANCORP, INC. 
 FORM OF 

RESTRICTED STOCK AGREEMENT 
 This Restricted Stock Agreement (“Agreement”), which includes the attached Terms and Conditions, confirms the grant of Restricted Stock (the “Award”) by VIRGINIA COMMERCE BANCORP, INC.
(the “Company”), to <<name>> (“Employee”), under the Virginia Commerce Bancorp, Inc. 2010 Equity Plan (the “Plan”) as follows: 

 

			
	 Date of Grant:
	 	<< grant date>> (“Award Date”)
		
	 Number of Shares:
	 	<< number of shares>> shares (“Award Shares”)
		
	 Vesting:
	 	[Use for Installment Vesting: ___% on each of ___________________ and ____, rounded down to the nearest whole share for each of the first ___ installments, with the
balance vesting on the last installment] [Use for Cliff Vesting: 100% upon <<insert vesting date>>], subject to the Terms and Conditions.

 The Award is subject to the terms and conditions of the Plan and this Agreement, which includes the attached Terms and Conditions. 
 By signing below, the Company and Employee agree to the terms and conditions of this Agreement. 
  

									
	VIRGINIA COMMERCE BANCORP, INC.	 		 	EMPLOYEE
			
	  	 		 	  
	W. Douglas Fisher	 		 	<< name>>
	Chairman of the Board	 		 		 	
					
	Date:	 	  	 		 	Date:	 	  

 TERMS AND CONDITIONS 

The following terms and conditions apply to the Award of Restricted Stock granted to Employee by the Company as specified on the
preceding page (the “Summary Page”), which is an integral part of this Agreement. 
 1. Award of Shares. Under the terms
of the Plan, the Committee has granted to Employee the Award of Restricted Stock, effective on the Award Date. 
 2. Period of
Restriction and Vesting in the Award Shares. 
  

	 	(a)	Subject to earlier vesting or forfeiture as provided below, the period of restriction (the “Period of Restriction”) applicable to [Use for Installment
Vesting Only: each portion of] the Award Shares is the period from the Award Date through the date[s] provided on the Summary Page, provided Employee remains employed with the Company or its Subsidiaries through such date.

  

	 	(b)	Except as contemplated in Paragraph 2(c), the Award Shares, and the rights and privileges conferred hereby, may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, otherwise than by will or by the laws of descent and distribution, and shall not be subject to execution, attachment or similar process, during the Period of Restriction. Except as otherwise provided pursuant to
Paragraph 2(c), the Award Shares as determined pursuant to Paragraph 2(a) shall become freely transferable by Employee as of the last day of the [Use for Installment Vesting Only: relevant] Period of Restriction. 

 

	 	(c)	Subject to earlier forfeiture as provided below, and subject to Paragraph 10 below, in the event a Vesting Acceleration Event occurs while Employee is an employee of
the Company or one of its Subsidiaries and prior to the end of the Period of Restriction [Use for Installment Vesting Only: applicable to any portion of the Award Shares], immediate vesting shall occur and the Period of Restriction shall end
for [Use for Installment Vesting Only: such portion of] the Award Shares, and the Award Shares shall be free of restrictions and freely transferable on the date of such Vesting Acceleration Event. 

 

	 	(d)	“Vesting Acceleration Event” means, while Employee remains employed with the Company or a Subsidiary and prior to forfeiture of the Award Shares: (i) the
occurrence of a Change in Control (as defined in the Plan), (ii) Employee’s becoming disabled (as defined for purposes of Section 22(e)(3) of the Internal Revenue Code, as amended), (iii) Employee’s death, (iv) the
termination of Employee’s employment by the Company or a Subsidiary without Cause (as defined in the Plan) after five years of employment, or (v) with the consent of the Board, Employee’s retirement after five years of employment on
or after reaching age 65. 

 3. Stock Certificates. 

 

	 	(a)	The Company shall issue the Award Shares either: (i) in certificate form, or (ii) in book-entry form, registered in the name of Employee with notations as to
any restrictions on transfer imposed under this Agreement. 

  

	 	(b)	Any certificates representing [Use for Installment Vesting Only: any of] the Award Shares shall be held by the Company until the Period of Restriction with
respect to [Use for Installment Vesting Only: any of] the Award Shares lapses or until the Award Shares are forfeited hereunder. During the Period of Restriction, any Award Shares issued in book-entry form shall be subject to the following
legend and any certificates representing the Award Shares shall bear the following legend: 

 The sale or other
transfer of the shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer set forth in the Virginia Commerce Bancorp, Inc. 2010 Equity Plan and in a
Restricted Stock Agreement dated <<grant date>>. A copy of the Plan and such Restricted Stock Agreement may be obtained from the Secretary of Virginia Commerce Bancorp, Inc. 

  
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	 	(c)	Promptly after the Period of Restriction lapses for any of the Award Shares, the Company shall either remove the relevant notations for such Award Shares issued in
book-entry form or deliver to Employee a certificate(s) evidencing the number of Award Shares as to which the Period of Restriction has lapsed. 

  

	 	(d)	By execution of this Agreement, Employee hereby appoints the Secretary of the Company, with full power of substitution, as Employee’s attorney in fact with power
and authority in the name and on behalf of Employee to take any action and execute all documents and instruments, including without limitation stock powers, which may be necessary to transfer any forfeited Award Shares (or shares otherwise
reacquired or withheld by the Company hereunder), to the Company as may be required pursuant to the Plan or this Agreement. 

 4.
Voting Rights. During the Period of Restriction, Employee may exercise full voting rights with respect to all of the Award Shares. 
 5.
Dividends and Other Distributions. During the Period of Restriction, subject to Paragraph 10, all dividends and other distributions paid with respect to the Award Shares in the Company’s Common Stock or other securities of the Company
shall be registered in the name of Employee and held by the Company until payable or forfeited pursuant hereto. Such stock dividends and other stock distributions shall be subject to the same restrictions on transferability and vesting as the Award
Shares with respect to which they were paid and shall, to the extent vested, be paid when and to the extent the underlying Award Shares are vested and freed of restrictions. Dividends paid in cash shall be paid to Employee at the same time as they
are paid to other shareholders of the Company and shall not be subject to any restrictions under this Agreement. 
 6. Forfeiture on
Termination of Employment. If Employee’s employment with the Company and its Subsidiaries terminates for any reason prior to the end of the Period of Restriction and Paragraph 2(c) does not apply or has not applied [Use for Installment
Vesting Only: for any portion of the Award Shares], then any Award Shares subject to restrictions at the date of such termination of Employee’s employment shall be forfeited to the Company immediately upon such termination. For purposes of
this Agreement, transfer of employment among the Company and its Subsidiaries shall not be considered a termination of employment. 
 7.
Withholding Taxes. The Company, or any of its Subsidiaries, shall have the right to retain and withhold the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to the Award Shares. The
Committee may require Employee or any successor in interest to pay or reimburse the Company, or any of its Subsidiaries, for any such taxes required to be withheld by the Company, or any of its Subsidiaries, and to withhold any distribution in whole
or in part until the Company, or any of its Subsidiaries, is so paid or reimbursed. In lieu thereof, the Company, or any of its Subsidiaries, shall have the right to withhold from any other cash amounts due or to become due from the Company, or any
of its Subsidiaries, to or with respect to Employee an amount equal to such taxes required to be withheld by the Company, or any of its Subsidiaries, to pay or reimburse the Company, or any of its Subsidiaries, for any such taxes or to retain and
withhold a number of shares of the Company’s Common Stock having a market value not less than the amount of such taxes and cancel any such shares so withheld in order to pay or reimburse the Company, or any of its Subsidiaries, for any such
taxes. Employee or any successor in interest is authorized to deliver shares of the Company’s Common Stock in satisfaction of minimum statutorily required tax withholding obligations. 

  
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 8. Plan. The Award is granted pursuant to the Plan and is subject to the terms thereof (including all
applicable vesting, forfeiture, settlement and other provisions). 
 9. Construction and Capitalized Terms. This Agreement shall be
administered, interpreted and construed in accordance with the applicable provisions of the Plan. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides, or the context requires, otherwise.

 10. CPP Limitations. The Company has participated in the Troubled Asset Relief Program Capital Purchase Program (the “CPP”)
created by the U.S. Department of the Treasury (the “Treasury Department”) pursuant to authority granted under the Emergency Economic Stabilization Act of 2008, as amended from time to time (the “EESA”), and as such, the Company
is required to comply with the requirements of Section 111(b) of the EESA, in accordance with the guidance and regulations issued by the Treasury Department with respect to the CPP, as such guidance and regulations may be amended from time to
time (the “CPP Requirements”). Notwithstanding any other provision of this Agreement to the contrary, Employee acknowledges and understands that this Agreement shall be administered, interpreted and construed and, if applicable, benefits
provided hereunder, including where applicable vesting, shall be limited, deferred, forfeited and/or subject to repayment to the Company in accordance with the CPP Requirements and Section 111(b) of the EESA, to the extent legally applicable
with respect to Employee, as determined by the Committee in its discretion, including without limitation the clawback, the bonus prohibition and the golden parachute prohibitions thereof. 
 (Non-TARP Restricted Stock Agreement, 2010 Equity Plan) 

  
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