AGENUS INC — Director's Dealing 2011

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGENUS INC (AGEN)
CIK: 0001098972
Period of Report: 2011-04-01

Reporting Person: ARMEN GARO H (Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-01	Common Stock	J	14199	$0.9296	Acquired	2612930	Direct
2011-04-01	Common Stock	J	336081	$0.91	Acquired	2949011	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5139291	Indirect

Footnotes

F1: Represents the issuance of stock for payment of 34% of Dr. Armen's base salary for the month of March 2011.

F2: Represents a required distribution pursuant to the terms of the Garo Armen 2009 2 Year GRAT.

F3: Dr. Armen is trustee and has investment authority for the Garo Armen 2009 2 Year GRAT and the Garo Armen 4 Year GRAT, each holding 1,271,102 and 2,336,246 shares of Agenus Inc. common stock, respectively. Dr. Armen disclaims beneficial ownership therein. Dr. Armen is the General Partner of Armen PartnersLP. As of the date of this report Armen Partners owns a total of 1,507,667 shares of Agenus Inc. common stock. Dr. Armen is also CEO, Chairman of the Board of Managers and a member of Antigenics Holdings LLC ("Holdings") which as of the date of this report owns 24,276 shares of Agenus Inc. common stock. Dr. Armen has a pecuniary interest in only a portion of the shares held by Armen Partners and Holdings, and disclaims beneficial ownership except to the extent of his pecuniary interest therein.