Memorandum of Agreement

Iowa State University Research Park Corporation

2711 South Loop Drive, Suite 4050

Ames, Iowa 50010-8648

DATE:        April 26, 2012

TO:        Nick Vahanian, President & CEO

NewLink Genetics Corporation

2503 S. Loop Drive, Suite 5100

Ames, IA 50010

FROM:    Steven T. Carter, President

The following information constitutes changes to the Lease Agreement between ISU Research Park Corporation (Landlord) and NewLink Genetics Corporation (Tenant). Upon signatures of appropriate representatives of Landlord and Tenant affixed to this Memorandum, this Memorandum becomes a part of that Lease Agreement dated February 1, 2001.

Tenant has requested and Landlord agrees to release Tenant's remaining space in Building #3- the Lease Agreement for Suites 3500- 3532 (±3,634 rentable square feet) and Suites 3901, 3902 & 3908 (±1,155 rsf) as of April, 30, 2012.

Please sign and return both originals to my office by April 30, 2012 if you concur with the above terms. We will then send a fully executed copy for your records.

FOR                            FOR

NewLink Genetics Corporation            ISU Research Park Corporation

/s/ Carl Langren                    /s/ Steven T. Carter            

VP Finance                        Director                

Title                            Title

May 7, 2012                        May 7, 2012                

Date                            Date