Document:

Exhibit 10.1

 

Death Benefit for Deceased Director

 

On June 4, 2013, the Executive Committee
of the Company’s Board of Directors approved the payment of a death benefit in the amount of $121,300 to the widow of director
James M. McConnell, who died on February 11, 2013.

 

The Company’s Directors’ Extended
Compensation Plan provides a retirement benefit for a director who retires prior to his death. Upon retirement, the director becomes
entitled to an annual retirement benefit for the remainder of his life, after which the director’s surviving spouse is then
entitled to 50% of the annual benefit for the remainder of her life. Alternatively, in lieu of annual payments the director may
elect to receive upon his retirement a lump-sum payment based on the discounted present value of his expected annual benefit. If
Mr. McConnell had retired on April 1, 2013, this lump-sum payment would have been $242,633. The Plan does not provide any benefits
for a director who dies prior to his retirement; therefore, because Mr. McConnell had not retired at the time of this death neither
his estate nor his surviving spouse were entitled to any benefits under the Plan.

 

However, in consideration of Mr. McConnell’s
long and valuable service as a director, the Committee approved the payment of a death benefit to Mrs. McConnell, outside the Plan.
The benefit amount was set at 50% of the lump-sum amount which Mr. McConnell would have been entitled to receive under the Plan
if he had survived and retired on April 1, 2013. The death benefit was paid in June 2013.EXHIBIT 4.1

 

NEITHER THIS WARRANT NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUBJECT TO SECTION 5
BELOW, NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR HOLDER, SATISFACTORY TO COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

 

WARRANT TO PURCHASE SHARES

 

OF COMMON STOCK

 

OF ENDOCYTE, INC.

May 16, 2013

 

THIS CERTIFIES THAT, for value received,
OTA LLC (“Holder”) is entitled to subscribe for and purchase THIRTY-FOUR THOUSAND, SIX HUNDRED FORTY-SEVEN (34,647)
shares of fully paid and nonassessable Common Stock of Endocyte, Inc., a Delaware corporation (the “Company”), at the
Warrant Price (as hereinafter defined), subject to the provisions and upon the terms and conditions hereinafter set forth. As used
herein, the term “Common Stock” shall mean Company’s presently authorized Common Stock, $0.001 par value per
share, and any stock into which such Common Stock may hereafter be converted or exchanged and the term “Warrant Shares”
shall mean the shares of Common Stock which Holder may acquire pursuant to this Warrant and any other shares of stock into which
such shares of Common Stock may hereafter be converted or exchanged. This Warrant was issued originally to Oxford Finance Corporation
(“Oxford”) as of December 31, 2007 (the “Original Issue Date”), in connection with that certain loan transaction
entered into as of the Original Issue Date between Company and Oxford. Oxford has assigned this Warrant to Holder pursuant to the
Assignment dated May 16, 2013, and in connection with that Assignment, Holder has represented and warranted that, except for transfers
to an affiliate of Holder, Holder is acquiring this Warrant and the Warrant Shares issuable upon exercise of this Warrant for investment
for its own account and not with a view to, or for resale in connection with, any distribution thereof.

 

1.          Warrant
Price. The “Warrant Price” shall initially be $8.1175 per share, subject to adjustment as provided in Section 6
below.

 

2.          Conditions
to Exercise. The purchase right represented by this Warrant may be exercised at any time, or from time to time, in whole or in
part during the term commencing on the date hereof and ending at 5:00 P.M. Pacific time on the tenth anniversary of the Original
Issue Date (the “Expiration Date”).

 

3.          Method
of Exercise or Conversion; Payment; Issuance of Shares; Issuance of New Warrant.

 

    	 

    	 

    

 

(a)          Cash
Exercise. Subject to Section 2 hereof, the purchase right represented by this Warrant may be exercised by Holder hereof, in
whole or in part, by the surrender of the original of this Warrant (together with a duly executed Notice of Exercise in substantially
the form attached hereto) at the principal office of Company (as set forth in Section 16 below) and by payment to Company,
by certified or bank check, or wire transfer of immediately available funds, of an amount equal to the then applicable Warrant
Price per share multiplied by the number of Warrant Shares then being purchased. In the event of any exercise of the rights represented
by this Warrant, certificates for the shares of stock so purchased shall be in the name of, and delivered to, Holder hereof, or
as such Holder may direct (subject to the terms of transfer contained herein and upon payment by such Holder hereof of any applicable
transfer taxes). Such delivery shall be made within 30 days after exercise of this Warrant and at Company’s expense
and, unless this Warrant has been fully exercised or expired, a new Warrant having terms and conditions substantially identical
to this Warrant and representing the portion of the Warrant Shares, if any, with respect to which this Warrant shall not have been
exercised, shall also be issued to Holder hereof within 30 days after exercise of this Warrant.

 

(b)          Conversion.
In lieu of exercising this Warrant as specified in Section 3(a), Holder may from time to time convert this Warrant, in whole
or in part, into Warrant Shares by surrender of the original of this Warrant (together with a duly executed Notice of Exercise
in substantially the form attached hereto) at the principal office of Company, in which event Company shall issue to Holder the
number of Warrant Shares computed using the following formula:

 

X = Y (A-B)

A

 

Where:

 

X = the number of Warrant Shares to be issued to Holder.

 

Y = the number of Warrant Shares purchasable under this
Warrant (at the date of such calculation).

 

A = the Fair Market Value of one share of Common Stock
(at the date of such calculation).

 

B = Warrant Price (as adjusted to the date of such calculation).

 

(c)          Fair
Market Value. For purposes of this Section 3, Fair Market Value of one share of Common Stock shall mean:

 

(i)          The
average of the closing bid and asked prices of Common Stock quoted in the Over-The-Counter Market Summary, the last reported sale
price quoted on the Nasdaq Stock Market or on any other exchange on which the Common Stock is listed, whichever is applicable,
as published in the Western Edition of the Wall Street Journal for the three (3) trading days prior to the date of determination
of Fair Market Value; or

 

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(ii)         In
the event of an exercise in connection with a merger, acquisition or other consolidation in which Company is not the surviving
entity, the per share Fair Market Value for the Common Stock shall be the value to be received per share of Common Stock by all
holders of the Common Stock in such transaction as determined by Company’s Board of Directors; or

 

(iii)        In
any other instance, the per share Fair Market Value for the Common Stock shall be as determined in the reasonable good faith judgment
of Company’s Board of Directors.

 

In the event of Sections 3(c)(ii)
or 3(c)(iii), above, Company’s Board of Directors shall prepare a certificate, to be signed by an authorized officer of Company,
setting forth in reasonable detail the basis for and method of determination of the per share Fair Market Value of the Common Stock.
The Board of Directors will also certify to Holder that this per share Fair Market Value will be applicable to all holders of Common
Stock. Such certification must be made to Holder at least thirty (30) business days prior to the proposed effective date of
the merger, consolidation, sale, or other triggering event as defined in Sections 3(c)(ii) or 3(c)(iii).

 

(d)          Automatic
Exercise. To the extent this Warrant is not previously exercised, it shall be deemed to have been automatically exercised in accordance
with Sections 3(b) and 3(c) hereof (even if not surrendered) as of immediately before its expiration, involuntary termination
or cancellation if the then-Fair Market Value of a Warrant Share exceeds the then-Warrant Price, unless Holder notifies Company
in writing to the contrary prior to such automatic exercise.

 

(e)          Treatment
of Warrant Upon Acquisition of Company.

 

(i)          Certain
Definitions. For the purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or
substantially all of the assets of Company, or any reorganization, consolidation, or merger of Company, or sale of outstanding
Company securities by holders thereof, where the holders of Company’s securities before the transaction beneficially own
less than a majority of the outstanding voting securities of the successor or surviving entity after the transaction. For purposes
of this Section 3(e), “Affiliate” shall mean any person or entity that owns or controls directly or indirectly
ten percent (10%) or more of the voting capital stock of Company, any person or entity that controls or is controlled by or is
under common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint
venturers or partners, as applicable.

 

    	-3-

    	 

    

 

(ii)         Cash
Acquisition. In the event of an Acquisition in which the sole consideration is cash, Holder may either (a) exercise its conversion
or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition
or (b) permit the Warrant to expire upon the consummation of such Acquisition. Company shall provide Holder with written notice
of any proposed Acquisition together with such reasonable information as Holder may request in connection with such contemplated
Acquisition giving rise to such notice, which is to be delivered to Holder not less than ten (10) business days prior to the closing
of the proposed Acquisition.

 

(iii)        Asset
Sale. In the event of an Acquisition that is an arm’s-length sale of all or substantially all of Company’s assets (and
only its assets) to a third party that is not an Affiliate of Company (a “True Asset Sale”), Holder may either (a) exercise
its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation
of such Acquisition or (b) permit the Warrant to continue until the Expiration Date if Company continues as a going concern
following the closing of any such True Asset Sale. Company shall provide Holder with written notice of any proposed asset sale
together with such reasonable information as Holder may request in connection with such asset sale giving rise to such notice,
which is to be delivered to Holder not less than ten (10) business days prior to the closing of the proposed asset sale.

 

(iv)        Public
Acquisition. Except with respect to an Acquisition subject to the terms and conditions of either Section 3(e)(ii) or Section 3(e)(iii)
above, Holder agrees that, in the event of an Acquisition of the Company by a publicly traded acquirer if the acquirer in the Acquisition
does not agree to assume this Warrant at and as of the closing thereof, the Company may require this Warrant to be deemed automatically
exercised and Holder shall participate in the Acquisition as a holder of the Warrant Shares on the same terms as other holders
of the same class of securities of the Company.

 

(v)         Assumption
of Warrant. Upon the closing of any Acquisition other than those particularly described in subsections (ii) and (iii) above,
the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities,
cash, and property as would be payable for the Warrant Shares issuable upon exercise of the unexercised portion of this Warrant
as if such Warrant Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or
number of Warrant Shares shall be adjusted accordingly.

 

4.           Legends.

 

(a)          Legend.
Each certificate representing the Warrant Shares shall be endorsed with substantially the following legend:

 

    	-4-

    	 

    

 

THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED (UNLESS SUCH TRANSFER IS TO AN AFFILIATE OF HOLDER) UNLESS
COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT, A “NO ACTION” LETTER FROM THE SECURITIES AND EXCHANGE
COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION,
OR (IF REASONABLY REQUIRED BY COMPANY) AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS
EXEMPT FROM SUCH REGISTRATION.

 

Company need not enter into its
stock records a transfer of Warrant Shares unless the conditions specified in the foregoing legend are satisfied. Company may also
instruct its transfer agent not to allow the transfer of any of the Warrant Shares unless the conditions specified in the foregoing
legend are satisfied.

 

(b)          Removal
of Legend and Transfer Restrictions. The legend relating to the Act endorsed on a certificate pursuant to paragraph 5(a) of
this Warrant shall be removed and Company shall issue a certificate without such legend to Holder if (i) the Securities are
registered under the Act and a prospectus meeting the requirements of Section 10 of the Act is available or (ii) Holder
provides to Company an opinion of counsel for Holder reasonably satisfactory to Company, a no-action letter or interpretive opinion
of the staff of the Securities and Exchange Commission (“SEC”) reasonably satisfactory to Company, or other evidence
reasonably satisfactory to Company, to the effect that sale, transfer or assignment of the Securities may be made without registration
and without compliance with any restriction such as Rule 144.

 

(c)          “Market
Stand-Off’ Agreement. Holder (and its affiliates) hereby agrees that it shall bound by the same “Market Standoff Provision”
contained in the Third Amended and Restated Investors’ Rights Agreement dated as of March 9, 2007, of Company (the “Registration
Rights Agreement”), and that the Warrant Shares shall be similarly bound under the Registration Rights Agreement.

 

5.           Condition
of Transfer or Exercise of Warrant. It shall be a condition to any transfer or exercise of this Warrant that at the time of such
transfer or exercise, Holder shall provide Company with a representation in writing that Holder or transferee is acquiring this
Warrant and the shares of Common Stock to be issued upon exercise for investment purposes only and not with a view to any sale
or distribution, or will provide Company with a statement of pertinent facts covering any proposed distribution. As a further condition
to any transfer of this Warrant or any or all of the shares of Common Stock issuable upon exercise of this Warrant, other than
a transfer registered under the Act, Company may request a legal opinion, in form and substance satisfactory to Company and its
counsel, reciting the pertinent circumstances surrounding the proposed transfer and stating that such transfer is exempt from the
registration and prospectus delivery requirements of the Act. Company shall not require Holder to provide an opinion of counsel
if the transfer is to an affiliate of Holder. Each certificate evidencing the Warrant Shares issued upon exercise of this Warrant
or upon any transfer of the Warrant Shares (other than a transfer registered under the Act or any subsequent transfer of shares
so registered) shall, at Company’s option, if the Warrant Shares are not freely saleable under Rule 144(k) under the
Act, contain a legend in form and substance satisfactory to Company and its counsel, restricting the transfer of the Warrant Shares
to sales or other dispositions exempt from the requirements of the Act. As further condition to each transfer, at the request of
Company, Holder shall surrender this Warrant to Company and the transferee shall receive and accept a Warrant, of like tenor and
date, executed by Company.

 

    	-5-

    	 

    

 

6.           Adjustment
for Certain Events. The number and kind of securities purchasable upon the exercise of this Warrant and the Warrant Price shall
be subject to adjustment from time to time upon the occurrence of certain events, as follows:

 

(a)          Reclassification
or Merger. In case of (i) any reclassification or change of securities of the class issuable upon exercise of this Warrant
(other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), (ii) any merger of Company with or into another corporation (other than a merger with another corporation
in which Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or (iii) any sale of all or substantially all of the assets
of Company, Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver to Holder
a new Warrant (in form and substance satisfactory to Holder of this Warrant), or Company shall make appropriate provision without
the issuance of a new Warrant, so that Holder shall have the right to receive, at a total purchase price not to exceed that payable
upon the exercise of the unexercised portion of this Warrant, and in lieu of the Warrant Shares theretofore issuable upon exercise
or conversion of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such
reclassification, change, merger or sale by a holder of the number of shares of Common Stock then purchasable under this Warrant,
or in the case of such a merger or sale in which the consideration paid consists all or in part of assets other than securities
of the successor or purchasing corporation, at the option of Holder, the securities of the successor or purchasing corporation
having a value at the time of the transaction equivalent to the value of the Warrant Shares purchasable upon exercise of this Warrant
at the time of the transaction. Any new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 6. The provisions of this subparagraph (a) shall similarly apply to successive
reclassifications, changes, mergers and transfers.

 

(b)          Subdivision
or Combination of Shares. If Company at any time while this Warrant remains outstanding and unexpired shall subdivide or combine
its outstanding shares of Common Stock, the Warrant Price shall be proportionately decreased and the number of Warrant Shares issuable
hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall be proportionately increased
and the number of Warrant Shares issuable hereunder shall be proportionately decreased in the case of a combination.

 

    	-6-

    	 

    

 

(c)          Stock
Dividends and Other Distributions. If Company at any time while this Warrant is outstanding and unexpired shall (i) pay a
dividend with respect to Common Stock payable in Common Stock, then the Warrant Price shall be adjusted, from and after the date
of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the
Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be
the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator
of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution; or (ii) make
any other distribution with respect to Common Stock (except any distribution specifically provided for in Sections 6(a) and
6(b)), then, in each such case, provision shall be made by Company such that Holder shall receive upon exercise of this Warrant
a proportionate share of any such dividend or distribution as though it were Holder of the Warrant Shares as of the record date
fixed for the determination of the shareholders of Company entitled to receive such dividend or distribution.

 

(d)          Adjustment
of Number of Shares. Upon each adjustment in the Warrant Price, the number of Warrant Shares purchasable hereunder shall be adjusted,
to the nearest whole share, to the product obtained by multiplying the number of Warrant Shares purchasable immediately prior to
such adjustment in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately prior to such
adjustment and the denominator of which shall be the Warrant Price immediately thereafter.

 

(e)          Adjustment
for Dilutive Issuance. The Warrant Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject
to adjustment, from time to time in the manner set forth in Company’s Amended and Restated Certificate of Incorporation as
if the Warrant Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth
for the Warrant Shares in Company’s Amended and Restated Certificate of Incorporation relating to the above in effect as
of the date hereof may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification
or waiver affects the rights associated with the Warrant Shares in the same manner as such amendment, modification or waiver affects
the rights associated with all other shares of the same series and class as the Warrant Shares.

 

7.           Notice
of Adjustments. Whenever any Warrant Price or the kind or number of securities issuable under this Warrant shall be adjusted pursuant
to Section 6 hereof, Company shall prepare a certificate signed by an officer of Company setting forth, in reasonable detail,
the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant
Price and number or kind of shares issuable upon exercise of this Warrant after giving effect to such adjustment, and shall cause
copies of such certificate to be mailed (by certified or registered mail, return receipt required, postage prepaid) within thirty (30)
days of such adjustment to Holder as set forth in Section 16 hereof.

 

8.           Transferability
of Warrant. This Warrant is transferable on the books of Company at its principal office by the registered Holder hereof upon surrender
of this Warrant properly endorsed, subject to compliance with Section 5 and applicable federal and state securities laws.
Company shall issue and deliver to the transferee a new Warrant representing the Warrant so transferred. Upon any partial transfer,
Company will issue and deliver to Holder a new Warrant with respect to the Warrant not so transferred. Holder shall not have any
right to transfer any portion of this Warrant to any direct competitor of Company, as determined by Company’s Board of Directors.

 

    	-7-

    	 

    

 

9.           Registration
Rights. Company grants registration rights to Holder of this Warrant for any Common Stock of Company obtained by Holder upon exercise
or conversion of this Warrant in parity to the registration rights granted to other holders of the Common Stock and agrees that
Holder shall be added as a party to the Registration Rights Agreement, and that the Warrant Shares shall be “Registrable
Securities” under the Registration Rights Agreement.

 

10.          No
Fractional Shares. No fractional share of Common Stock will be issued in connection with any exercise or conversion hereunder,
but in lieu of such fractional share Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect.

 

11.          Charges,
Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise or conversion of this Warrant shall be
made without charge to Holder for any United States or state of the United States documentary stamp tax or other incidental
expense with respect to the issuance of such certificate, all of which taxes and expenses shall be paid by Company, and such certificates
shall be issued in the name of Holder.

 

12.          No
Shareholder Rights Until Exercise. Except as expressly provided herein, this Warrant does not entitle Holder to any voting rights
or other rights as a shareholder of Company prior to the exercise hereof.

 

13.          Registry
of Warrant. Company shall maintain a registry showing the name and address of the registered Holder of this Warrant. This Warrant
may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of Company, and Company and
Holder shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

14.          Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt by Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory
to it, and, if mutilated, upon surrender and cancellation of this Warrant, Company will execute and deliver a new Warrant, having
terms and conditions substantially identical to this Warrant, in lieu hereof.

 

15.         Miscellaneous.

 

(a)          Successors.
This Warrant shall be binding upon any successors or assigns of Company.

 

(b)          Headings.
The headings used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this
Warrant.

 

(c)          Saturdays,
Sundays, Holidays. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday or a Sunday or shall be a legal holiday in the State of California, then such action may be taken or
such right may be exercised on the next succeeding day not a legal holiday.

 

(d)          Attorney’s
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorney’s
fees.

 

    	-8-

    	 

    

 

16.          Addresses.
Any notice required or permitted hereunder shall be in writing and shall be mailed by overnight courier, registered or certified
mail, return receipt requested, and postage prepaid, or otherwise delivered by hand or by messenger, addressed as set forth below,
or at such other address as Company or Holder hereof shall have furnished to the other party in accordance with the delivery instructions
set forth in this Section 16.

 

	If to Company:	 	Endocyte, Inc.
	 	 	8910 Purdue Road
	 	 	Suite 250
	 	 	Indianapolis, Indiana  46268
	 	 	Attn: Mike Sherman
	 	 	 
	If to Holder:	 	OTA LLC
	 	 	1 Manhattanville Road
	 	 	Purchaseville, NY 10577
	 	 	Attention: Chief Executive Officer

 

If mailed by registered or certified mail,
return receipt requested, and postage prepaid, notice shall be deemed to be given five (5) days after being sent, and if sent
by overnight courier, by hand or by messenger, notice shall be deemed to be given when delivered (if on a business day, and if
not, on the next business day).

 

17.           No
Impairment. Company will not, by amendment of its Amended and Restated Certificate of Incorporation 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 Holder hereof against impairment.

 

18.          WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS WARRANT
OR THE WARRANT SHARES.

 

19.          GOVERNING
LAW. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF, Company has caused
this Warrant to be executed by its officer thereunto duly authorized.

 

ENDOCYTE, INC.

 

	By:	/s/ Mike Sherman	 
	 	Name:  Mike Sherman	 
	 	Title:  Chief Financial Officer	 

 

Dated as of May 16, 2013.

 

ENDOCYTE, INC.

WARRANT SIGNATURE PAGE

 

    	 

    	 

    

 

NOTICE OF EXERCISE

To:

Endocyte, Inc.

8910 Purdue Road

Suite 250

Indianapolis, Indiana 46268

Attn: Chief Financial Officer

 

		1.	The undersigned Warrantholder (“Holder”)
elects to acquire shares of the Common Stock (the “Common Stock”) of Endocyte, Inc. (the “Company”), pursuant
to the terms of the Stock Purchase Warrant dated May 16, 2013 (the “Warrant”).

 

		2.	Holder exercises its rights
under the Warrant as set forth below:

 

		(      )	Holder elects to purchase ______ shares of Common
Stock as provided in Section 3(a) and tenders herewith a check in the amount of $______ as payment of the purchase price.

 

		(     )	Holder elects to convert the purchase rights into
shares of Common Stock as provided in Section 3(b) of the Warrant.

 

3.          Holder
surrenders the Warrant with this Notice of Exercise.

 

Holder represents that it is acquiring
the aforesaid shares of Common Stock for investment and not with a view to or for resale in connection with distribution and that
Holder has no present intention of distributing or reselling the shares.

 

Please issue a certificate representing
the shares of the Common Stock in the name of Holder or in such other name as is specified below:

 

	Name:	 
	 	 
	Address:	 
	 	 
	Taxpayer I.D.: 	 

 

	 	[NAME OF HOLDER]	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title: 	 	 
	 	 	 	 	 
	 	Date:  _____________ __, 20__

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