Document:

Ninth Amendment of Rights

 Exhibit 4.17 
 AGENUS INC. 
 Ninth Amendment of Rights 

RECITALS 

WHEREAS, reference is made to the Senior Secured Convertible Notes issued on October 30, 2006 (together with any senior secured
convertible notes issued in replacement or exchange thereof in accordance with the terms thereof and any senior secured convertible notes issued to pay interest, the “2006 Notes” and each a “2006 Note”), by Agenus
Inc. (f/k/a Antigenics, Inc.), a Delaware corporation (the “Company”) to Ingalls & Snyder Value Partners L.P. (“Ingalls”) and Penrith LTD (“Penrith”, and together with Ingalls, the
“Investors”); 
 WHEREAS, reference is made to the Amendment of Rights with Respect to Events of Default and
Issuance of Other Securities entered into by and between the Company and Ingalls on November 11, 2008 (the “First Amendment”), the Second Amendment of Rights with Respect to Events of Default and Issuance of Other Securities
entered into by and between the Company and Ingalls on June 3, 2009 (the “Second Amendment”), the Third Amendment of Rights with Respect to Events of Default and Issuance of Other Securities entered into by and between the
Company and Ingalls on June 4, 2009 (the “Third Amendment”), the Fourth Amendment of Rights with Respect to Events of Default and Issuance of Other Securities entered into by and between the Company and Ingalls on
April 21, 2010 (the “Fourth Amendment”), the Fifth Amendment of Rights with Respect to Events of Default and Issuance of Other Securities entered into by and between the Company and Ingalls on November 18, 2010 (the
“Fifth Amendment”), the Sixth Amendment of Rights with Respect to Events of Default entered into by and between the Company and Ingalls on December 9, 2010 (the “Sixth Amendment”), the Seventh Amendment of
Rights with Respect to Issuance of Other Securities entered into by and between the Company and Ingalls on December 13, 2010 (the “Seventh Amendment”) and the Eighth Amendment of Rights with Respect to Events of Default and
Issuance of Other Securities entered into by and between the Company and Ingalls on December 23, 2010 (the “Eighth Amendment” and, with the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the
Fifth Amendment, the Sixth Amendment and the Seventh Amendment, the “Prior Amendments”); 
 WHEREAS, Ingalls
and the Company desire to agree to amend certain terms of the 2006 Notes; 
 WHEREAS, pursuant to Section 15 of the 2006
Notes, the terms of the 2006 Notes may be changed or amended by either (i) the affirmative vote at a meeting duly called for such purpose or (ii) the written consent without a meeting, of the holders of 2006 Notes representing at least a
majority of the aggregate principal amount of the 2006 Notes then outstanding; and 
 WHEREAS, Ingalls currently holds 2006
Notes representing not less than 80% of the aggregate principal amount of the 2006 Notes outstanding; 

 NOW, THEREFORE, in consideration of the promises and agreements set forth in this Ninth
Amendment of Rights (this “Ninth Amendment”), the undersigned agree as follows: 
 AGREEMENT 

1. Definitions. Capitalized terms used in this Ninth Amendment without definition shall have the meanings ascribed to them in the 2006 Notes.

 2. Ratification of Prior Amendments. The parties hereby ratify the actions taken by the Company pursuant to the Prior Amendments as
described in the second WHEREAS clause of this Ninth Amendment. 
 3. Ninth Amendment. The parties hereto hereby agree to amend each 2006
Note as follows: 
  

	 	(a)	Maturity Date. The Maturity Date of each 2006 Note is hereby extended to August 30, 2014, and accordingly Section 29(w) of each 2006 Note is hereby
amended and restated in its entirety as follows: 

 “Maturity Date” means August 30, 2014,
as extended at the option of the Holder. 
  

	 	(b)	Conversion into Company Common Stock. Each 2006 Note is hereby amended so that the Holder thereof shall not have the right to convert any 2006 Note into shares
of Company Common Stock, and the right so to convert each 2006 Note into Company Common Stock is hereby permanently and irrevocably waived by such Holder. Accordingly, each 2006 Note is hereby amended as follows: 

 

	 	(1)	Section 2(a)(i), Section 2(b), Section 2(e)(i)-(ii) and (iv), Section 2(g)(ii), the last sentence of Section 5(b), Section 7,
Section 9, Section 11, and Section 12 of each 2006 Note is each deleted in its entirety; and 

  

	 	(2)	All other provisions and defined terms in each 2006 Note relating to the right of the Holder to convert such 2006 Note into shares of Company Common Stock are deleted.

  

	 	(c)	Restrictions on Subordinated Indebtedness. Each 2006 Note is hereby amended to remove any restrictions on the Company incurring Indebtedness subordinate in right
of payment to the 2006 Notes. Accordingly, Section 29(z) of each 2006 Note is hereby amended and restated in its entirety as follows: 

 “Permitted Indebtedness” means (A) Indebtedness incurred by the Company that is made expressly subordinate in right of payment to the Indebtedness evidenced by this Note, which
subordination provisions are reflected in a written agreement acceptable to the Holder and approved by the Holder in writing, and which Indebtedness does not require repayment of any principal or premium, if any, thereon until ninety-one
(91) days after the Maturity Date or later, (B) up to $5 million of 

 
aggregate Indebtedness (in addition to Indebtedness described in clause (A)), (C) up to $12,000,000 in Indebtedness for the sole purpose of financing an exclusive manufacturing facility for
QS-21, (D) Indebtedness secured by Permitted Liens, (E) Indebtedness to trade creditors incurred in the ordinary course of business, (F) Permitted Non-Recourse Indebtedness, (G) any Indebtedness listed on Schedule 3(p) of the
Securities Purchase Agreement and (H) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified to impose more burdensome terms upon the Company or
its Subsidiary, as the case may be. 
  

	 	(d)	Company Call Option. Each 2006 Note is hereby amended to remove the Company’s option under Section 3 of each 2006 Note to redeem the 2006 Notes prior
to the Maturity Date, and the Company hereby irrevocably and permanently waives such option. Accordingly, Section 3 of each 2006 Note is deleted in its entirety and all other provisions and defined terms in each 2006 Note relating to such
redemption right under Section 3 are deleted. 

  

	 	(e)	Reissuance of Notes. Any amended and restated 2006 Notes that shall be issued in accordance with the applicable provisions of Section 17 of the 2006 Notes
shall be in the form attached hereto as Exhibit A. [Form of Amended and Restated Note to follow.] 

 4. Miscellaneous.
Other than as specifically set forth herein, this Ninth Amendment shall not be construed as a consent to any future action or an amendment of any right or remedy on any future occasion. This Ninth Amendment may be executed in one or more
counterparts, all of which shall be considered one and the same amendment. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Ninth Amendment as of
February 23, 2011. 
  

			
	AGENUS INC.
		
	By:	 	 /s/ Garo H. Armen

	Name:	 	Garo H. Armen
	Title:	 	Chairman and CEO
	
	INGALLS & SNYDER VALUE PARTNERS, L.P.
		
	By:	 	 /s/ Thomas O. Boucher Jr.

	Name:	 	Thomas O. Boucher Jr.
	Title:	 	General PartnerCurrent schedule indentifying the directors and executive officers

 EXHIBIT 10.4.1 
 SCHEDULE TO INDEMNIFICATION AGREEMENT 
 The following is a list of the current and
former directors and executive officers of Agenus who are party to an Indemnification Agreement, the form of which was filed as Exhibit 10.4 to our registration statement on Form S-1 (File No. 333-91747): 

Noubar Afeyan, Ph.D. 
 Garo H. Armen, Ph.D.

 Frank V. AtLee III 
 John Cerio

 Brian Corvese 
 Gamil G. de
Chadarevian 
 Tom Dechaene 
 Margaret
Eisen 
 Renu Gupta 
 John Hatsopoulos

 Wadih Jordan 
 Mark Kessel

 Christine Klaskin 
 Bruce Leicher

 Hyam Levitsky 
 Stephen Monks

 Deanna Petersen 
 Timothy Rothwell

 Shalini Sharp 
 Pramod K. Srivastava,
Ph.D. 
 Peter Thornton 
 Sunny Uberoi

 Karen Valentine 
 Kerry Wentworth

 Alastair Wood 
 Timothy WrightSecond Amendment to Employment Agreement for Shalini Sharp

 EXHIBIT 10.10.2 
 AMENDMENT – NUMBER TWO 
 TO EMPLOYMENT AGREEMENT 

December 15, 2010 
 This Amendment Number Two to the Employment Agreement (the “Employment Agreement”) by and between Antigenics Inc. (the “Company”) and Shalini Sharp (the “Executive”)
effective as of the 20th day of February, 2007, as amended
by Amendment Number One, effective as of July 2, 2009, amends the Employment Agreement effective as of the date hereof as follows: 
 1.
The second sentence of Section 5(d) is amended to read: 
 “In the event of such termination, the Company shall continue to pay the
Executive her Base Salary, at the rate in effect on the date of termination, until the conclusion of a period of twelve (12) months following the date of termination.” 
 2. The second sentence of Section 5(e) is amended to read: 
 “In the event of
termination in accordance with this Section 5(e), the Company shall continue to pay the Executive her Base Salary, at the rate in effect on the date of termination, until the conclusion of a period of twelve (12) months following the date
of termination.” 
 3. The following is added at the end of Section 5(e): 
 “Notwithstanding anything in this Section 5(e) to the contrary, this Section 5(e) shall only be applicable if the Executive provides notice to the Company of the Compensation Reduction
within than 90 days following the initial existence of the condition claimed by the Executive to be a Compensation Reduction, and the Executive, in fact, terminates employment with the Company within 12 months of the initial existence of such
condition.” 
 4. The following is added at the end of Section 5(g)(ii): 

“Notwithstanding anything in the Agreement to the contrary, in the event any provision contained in this agreement regarding payment
or assistance to the Executive related to the continuation of healthcare coverage for the Executive is determined would cause the Company to violate the anti-discrimination rules of the healthcare reform laws known as the Patient Protection and
Affordable Care Act, such provision shall be a nullity.” 
 5. A new Section 5(j) is added at the end of Section 5, to read:

 “(j) Any amounts required to be paid as a Gross-up Payment shall in all cases be paid by the Company to the Executive at
a time and manner consistent with the provisions of Treasury Regulation Section 1.409A-3(i)(1)(v) (regarding the treatment of certain tax gross-up payments as made pursuant to a specified time or fixed schedule).” 

  
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 6. Section 6(d) is restated in its entirety to read: 

“(d) Any payments to be made to the Executive (or to the Executive’s designated beneficiary or estate) hereunder following the
Executive’s termination of employment, other than payments that are expressly stated as paid in a series of installments, shall be paid in the form of a single lump sum, which lump sum shall be paid to the Executive within 60 days following the
date of the Executive’s termination of employment; provided, however, that the foregoing shall not apply in the event it is determined that any payments to the Executive must be deferred for six months in order to comply with Code
Section 409A(a)(2)(B)(i), as provided in Section 6(e), below; and provided further that any references to “termination of employment” or any other similar phrase in this Agreement shall be interpreted to mean a “separation
from service” as that phrase is used for purposes of Code Section 409A.” 
 7. The following is added at the end of
Section 14(c): 
 “Notwithstanding anything in this Agreement to the contrary, termination of employment by the Executive shall not be
considered to be for “Good Reason” unless (i) the Executive provides notice to the Company of the condition claimed to be “Good Reason” within 90 days following the initial existence of such condition, (ii) the Company
fails to remedy such condition within 30 days following its receipt of such notice from the Executive, and (iii) the Executive, in fact, terminates employment with the Company within 12 months of the initial existence of such condition.”

 IN WITNESS WHEREOF, this Amendment has been executed as a sealed instrument by the Company, by its duly authorized
representative, and by the Executive, as of the 15 day of December, 2010. 
  

							
	THE EXECUTIVE	 		 	ANTIGENICS INC., a Delaware corporation
				
	 /s/ Shalini Sharp
	 		 	By:	 	 /s/ Garo H. Armen

	Shalini Sharp	 		 	Name:	 	Garo H. Armen, PhD
		 		 	Title:	 	Chairman and CEO

  
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