Document:

Exhibit 10.2

 

EMPLOYMENT
AGREEMENT

 

AGREEMENT made as of the 6th day of
November 2014 between Foot Locker, Inc. (the “Company”), a New York corporation with its principal office located at
112 West 34th Street, New York, New York, and Richard A. Johnson (“Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company believes that the establishment
and maintenance of a sound and vital management of the Company is essential to the protection and enhancement of the interests
of the Company and its shareholders;

 

WHEREAS, the Company wishes to provide for the
continued employment of the Executive with the Control Group, and the Executive is willing to commit himself to continue to serve
the Company, on the terms and conditions herein provided; and

 

WHEREAS, this Agreement supersedes any employment
agreement, severance plan, policy and/or practice of the Company in effect on the date hereof for the Executive.

 

NOW, THEREFORE, in consideration of the premises
and mutual covenants herein contained, the parties hereto hereby agree as follows:

 

1. Definitions. The following terms shall
have the meanings set forth in this section as follows:

 

(a) “Affiliate”
shall mean the Company and any entity affiliated with the Company within the meaning of Code Section 414(b) with respect to a controlled
group of corporations, Code Section 414(c) with respect to trades or businesses under common control with the Company, Code Section
414(m) with respect to affiliated service groups and any other entity required to be aggregated with the Company under Section
414(o) of the Code. No entity shall be treated as an Affiliate for any period during which it is not part of the controlled group,
under common control or otherwise required to be aggregated under Code Section 414.

 

(b) “Beneficiary”
shall mean the individual designated by the Executive, on a form acceptable by the Committee, to receive benefits payable under
this Agreement in the event of the Executive’s death. If no Beneficiary is designated, the Executive’s Beneficiary
shall be his spouse, or if the Executive is not survived by a spouse, the Executive’s estate.

 

(c) “Board”
shall mean the Board of Directors of the Company.

 

(d) “Cause”
shall mean (with regard to the Executive’s Termination of Employment with the Control Group): (i) the refusal or willful
failure by the Executive to substantially perform his duties, (ii) with regard to the Control Group or any of their assets or businesses,
the Executive’s dishonesty, willful misconduct, misappropriation, breach of fiduciary

    	 

    	

    

duty or fraud, (iii) the willful breach
by the Executive of any material provision of this Agreement, which breach is not cured within ten (10) business days from the
date of the Company’s notice of the occurrence of such breach to the Executive, or (iv) the Executive’s conviction
of a felony (other than a traffic violation) or any other crime involving, in the sole discretion of the Committee, moral turpitude.

 

(e) “Change
in Control” shall have the meaning set forth in Appendix A attached hereto.

 

(f) “Code”
shall mean the Internal Revenue Code of 1986, as amended and as hereafter amended from time to time.

 

(g) “Committee”
shall mean the Compensation and Management Resources Committee of the Board or an administrative committee appointed by the Compensation
and Management Resources Committee.

 

(h) “Competition”
shall mean participating, directly or indirectly, as an individual proprietor, stockholder, officer, employee, director, joint
venturer, investor, lender, or in any capacity whatsoever (within the United States of America or in any other country where any
of the Executive’s former employing members of the Control Group does business) in (A) a business in competition with the
retail, catalog, or on-line sale of athletic footwear, athletic apparel and sporting goods conducted by the Control Group (the
“Athletic Business”), or (B) a business that in the prior fiscal year supplied product to the Control Group for the
Athletic Business having a value of $20 million or more at cost to the Company or any of its subsidiaries or affiliates; provided,
however, that such participation shall not include (X) the mere ownership of not more than 1 percent of the total outstanding stock
of a publicly held company; or (Y) the performance of services for any enterprise to the extent such services are not performed,
directly or indirectly, for a business in competition with the Athletic Business or for a business which supplies product to the
Control Group for the Athletic Business.

 

(i) “Control
Group” shall mean the Company and its Affiliates.

 

(j) “Good
Reason” shall mean (with respect to an Executive’s Termination of Employment with the Control Group):

 

(i) Prior to a Change in Control, (A) a reduction
in the Executive’s rate of base salary as payable from time to time, other than a reduction that occurs in connection with,
and in the same percentage as, an across-the-board reduction over any three-year period in the base salaries of all senior executives
of the Company and where the reduction is less than 20 percent of the Executive’s base salary measured from the beginning
of such three-year period; or (B) a material and adverse change in the nature and status of the Executive’s authority or
responsibilities, except temporarily as a result of the Executive’s disability, illness or other absence.

 

(ii) On or after a Change in Control, (A) any
reduction in the Executive’s rate of base salary as payable from time to time; (B) a failure of the Company to

    	 

    	

    

continue in
effect the benefits applicable to, or the Company’s reduction of the benefits applicable to, the Executive under any benefit
plan or arrangement (including without limitation, any pension, life insurance, health or disability plan) in which the Executive
participates as of the date of the Change in Control without implementation of a substitute plan(s) providing materially similar
benefits in the aggregate to those discontinued or reduced, except for a discontinuance of, or reduction under, any such plan or
arrangement that is legally required, and provided that in either such event the Company provides similar benefits (or the economic
effect thereof) to the Executive in any manner determined by the Company; or (C) any material demotion of the Executive or any
material reduction in the Executive’s authority or responsibility, except temporarily as a result of the Executive’s
disability, illness or other absence.

 

(iii) At any time, (A) a reduction in the Executive’s
annual bonus classification level other than in connection with a redesign of the applicable bonus plan that affects all comparably
situated senior executives of the Company; (B) the failure of any successor to the Company to assume in writing the obligations
hereunder; or (C) the Company’s failure to renew this Agreement.

 

(k) “Non-Competition
Period” shall mean (i) the period the Executive is employed by the Control Group and (ii) at any time prior to a Change in
Control, the two (2) year period commencing on the Termination Date.

 

(l) “Retirement”
shall mean separation from service with the Control Group in accordance with Section 409A on or after the date that the Participant’s
age added together with his or her Years of Service equals or exceeds the sum of sixty-five (65).

 

(m) “Salary”
shall mean an Executive’s base cash compensation rate for services paid to the Executive by the Company or an Affiliate at
the time of his Termination of Employment from the Control Group. Salary shall not include commissions, bonuses, overtime pay,
incentive compensation, benefits paid under any qualified plan, any group medical, dental or other welfare benefit plan, noncash
compensation or any other additional compensation but shall include amounts reduced pursuant to an Executive’s salary reduction
agreement under Sections 125, 132(f) or 401(k) of the Code (if any) or a nonqualified elective deferred compensation arrangement
to the extent that in each such case the reduction is to base salary.

 

(n) “Section
409A” shall mean Section 409A of the Code including the regulations issued thereunder by the Department of the Treasury.

 

(o) “Substantially
All of the Assets of the Company” shall mean at least 66 percent of the total gross fair market value of the assets of the
Company immediately prior to the acquisition by a non-related third party, determined without regard to any liabilities associated
with such assets.

 

(p) “Termination
Date” shall mean in the case of the Executive’s death, the date of death, or in all other cases, the date specified
in the Notice of Termination of Employment; provided, however, that if the Executive’s Termination of Employment is due to

    	 

    	

    

disability as provided in Section 7(b), the date specified in the Notice of Termination of Employment shall be at least thirty
(30) days from the date the Notice of Termination of Employment is given to the Executive.

 

(q) “Termination
of Employment” shall mean separation from service with the Control Group in accordance with Section 409A for any reason,
including, but not limited to retirement, death, disability, resignation or dismissal with or without Cause; provided, however,
that if an Employer is no longer a member of the Control Group and the Participant is transferred in connection with the sale of
the assets of an Employer and the successor assumes the obligations hereunder in accordance with Section 13 hereof, a Termination
of Employment shall not occur until termination of employment with the new control group.

 

2. Term.
The initial term of this Agreement shall commence on December 1, 2014 and shall end on January 31, 2018 (the “Initial Term”),
unless further extended or sooner terminated as hereinafter provided. Unless the Company notifies Executive or Executive notifies
the Company on or before January 31, 2017 with regard to the Initial Term, and any January 31 of any year thereafter, with regard
to renewal terms, that the term shall not be extended, then as of such date, the term of the agreement shall be automatically extended
for an additional year. The Initial Term together with any renewal terms are hereinafter referred to as the “Employment Period.”
In no event, however, shall the term of the Executive’s employment extend beyond the date of the Executive’s actual
retirement under a retirement plan of the Company.

 

3. Position
and Duties. The Executive shall serve as President and Chief Executive Officer of the Company, reporting to the Board. Executive
shall have such responsibilities, duties, and authority as are commensurate with his status as President and Chief Executive Officer
as may from time to time be determined or directed by the Board. The Executive shall devote substantially all of his working time
and efforts to the business and affairs of the Company and its Affiliates; provided however, that the Executive may serve on the
boards of directors of other for-profit corporations, if such service does not conflict with his duties hereunder or his fiduciary
duty to the Company or its Affiliates and the Board consents in advance to such service, which consent shall not be unreasonably
withheld. It is further understood and agreed that nothing herein shall prevent the Executive from managing his passive personal
investments (subject to applicable Company policies on permissible investments), and (subject to applicable Company policies)
participating in charitable and civic endeavors, so long as such activities do not interfere in more than a de minimis
manner with the Executive’s performance of his duties hereunder.

 

4. Place
of Performance. In connection with the Executive’s employment by the Company, the Executive shall be based at the principal
executive offices of the Company in the New York metropolitan area, or such other place in the United States to which the Company
may hereafter relocate its principal executive offices, except for required travel on Company business.

    	 

    	

    

5. Compensation and Related Matters

 

(a) Salary. During the Employment Period,
the Company shall pay to the Executive a Salary at such rate per year as may be fixed by the Committee from time to time, but in
no event at a rate of less than $1,000,000 per year, such salary to be paid in accordance with the Company’s normal payroll
practices (the “Base Salary”).

 

(b) Expenses. During the Employment Period,
subject to Section 20 hereof, the Executive shall be entitled to receive prompt reimbursement for all reasonable and customary
expenses incurred by the Executive in performing services hereunder, including all expenses of travel and living expenses while
away from home on business or at the request of and in the service of the Company or an Affiliate, provided that such expenses
are incurred and accounted for in accordance with the policies and procedures established by the Company.

 

(c) Other Benefits. (i) During the Employment
Period, the Company shall maintain in full force and effect, and the Executive shall be entitled to continue to participate in,
all of the employee benefit plans and arrangements in effect on the date hereof in which the Executive participates or plans or
arrangements providing the Executive with at least equivalent benefits thereunder. These shall include, without limitation, (1)
Company-paid life insurance in the amount of Executive’s annual Base Salary, (2) long-term disability insurance coverage
of $25,000 per month; (3) annual out-of-pocket medical expense reimbursement of up to $7,500 per year; (4) reimbursement for financial
planning expenses of up to $9,000 per year, and (5) participation in the Supplemental Executive Retirement Plan. The Company shall
not make any changes in such plans or arrangements that would adversely affect the Executive’s rights or benefits thereunder;
provided, however, that such a change may be made, including termination of such plans or arrangements, to the extent permitted
by the respective plan or arrangement, if it occurs pursuant to a program applicable to all comparably situated senior executives
of the Company and does not result in a proportionately greater reduction in the rights of or benefits to the Executive as compared
with any other comparably situated senior executive of the Company.

 

(ii) During the Employment Period, the Executive
shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement made available by the Company
in the future to its comparably situated senior executives and key management employees, subject to and on a basis consistent with
the terms, conditions and overall administration of such plans and arrangements. Nothing paid to the Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed to be in lieu of the Base Salary payable to the
Executive pursuant to Section 5(a). Any payments or benefits payable to the Executive hereunder in respect of any calendar year
during which the Executive is employed by the Company for less than the entire year shall, unless otherwise provided in the applicable
plan or arrangement, be prorated in accordance with the number of days in such calendar year during which he is so employed.

 

(iii) During each fiscal year of the Employment
Period, the annual bonus payable to the Executive at target under the Annual Incentive Compensation Plan (the “AICP”)
shall be 125 percent of the Executive’s then-current Base Salary, prorated as of December 1, 2014 with regard to the 2014
fiscal year.

    	 

    	

    

(iv) The Executive shall be entitled to twenty
(20) vacation days in each calendar year, pro-rated for any partial year. Unused vacation days shall be forfeited. The Executive
shall also be entitled to all paid holidays and personal days given by the Company to its executives.

 

(v) Subject to Section 20 hereof, during the
Employment Period, the Company shall reimburse Executive the costs associated with an automobile of a type to be reasonably agreed
upon by the Company and Executive, such costs to include monthly lease payments, garaging, insurance, fuel and maintenance; provided,
however that the total amount of such payments shall not exceed $40,000 per calendar year.

 

(vi) Subject to Section 20 hereof, during the
Employment Period, the Company shall reimburse Executive for reasonable costs which he incurs for use of a car service for transportation
in the New York metropolitan area.

 

(vii) Provided that the Executive continues
to be employed by the Company from the date hereof until December 1, 2014, effective December 1, 2014, Executive shall be granted
shares of restricted stock having a value of $1 million (as determined by the Committee), pursuant to, and subject to the provisions
of, the Foot Locker 2007 Stock Incentive Plan, amended and restated as of May 21, 2014 (the “Stock Incentive Plan”)
and the terms and conditions of a restricted stock agreement, such shares of restricted stock to become unrestricted on December
1, 2017, subject to the Executive’s continued employment by the Company or an Affiliate from the date of grant through such
December 1, 2017.

 

(viii) Provided that the Executive continues
to be employed by the Company from the date hereof until December 1, 2014, effective December 1, 2014, Executive shall be granted
a nonqualified stock option having value of $1 million (as determined by the Committee), pursuant to, and subject to the provisions
of, the Stock Incentive Plan and the terms and conditions of a nonstatutory stock option award agreement, such option to vest in
three equal installments on the first, second, and third anniversary of the grant date, subject to the Executive’s continued
employment by the Company or an Affiliate from the date of grant through each of such dates.

 

(ix) As used herein in this Agreement, “comparably
situated senior executives” shall mean corporate officers holding the position of Senior Vice President or higher.

 

6. Offices. Subject to Sections 3 and
4, the Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director of the Company
and any of its Affiliates and in one or more executive offices of any of the Company’s Affiliates.

 

7. Termination of Employment. The Executive’s
employment hereunder may be terminated without any breach of this Agreement only upon the following circumstances:

 

(a) Death. The Executive’s employment
hereunder shall automatically terminate upon his death.

    	 

    	

    

(b) Disability. If, as a result of the
Executive’s incapacity due to physical or mental illness as determined by the Company in its sole discretion, the Executive
shall have been absent from his duties hereunder on a full-time basis for a period of six consecutive months, and within 30 days
after written Notice of Termination of Employment is given (which may occur before or after the end of such six month period) shall
not have returned to the performance of his duties hereunder on a full-time basis, the Company may immediately terminate
the Executive’s employment hereunder.

 

(c) Cause. The Company may terminate the
Executive’s employment hereunder for Cause by, at any time at its election within six months after the Company shall
obtain knowledge of the grounds for termination, giving the Executive notice of its intention to terminate the Executive for Cause
and stating the date of Termination of Employment and the grounds for termination.

 

(d) Good Reason. The Executive may terminate
his employment hereunder for Good Reason upon 30 days’ prior written notice to the Company; provided, however, that prior
to a Change in Control, if the Company corrects the matter that has given rise to the Good Reason event, and makes the Executive
whole for any loss to the Executive resulting from such Good Reason event, the Executive may not so terminate his employment.

 

(e) Without Cause. The Company may terminate
the Executive’s employment hereunder without Cause upon 30 days’ prior written notice to the Executive.

 

Any Termination of Employment by the Company
or by the Executive (other than termination pursuant to Section 7(a)) shall be communicated by written Notice of Termination of
Employment to the other party hereto in accordance with Section 19. For purposes of this Agreement, a “Notice of Termination
of Employment” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for Termination of Employment under
the provision so indicated. Notwithstanding anything in this Agreement to the contrary, if the Company becomes obligated to make
any payment to the Executive pursuant to the terms hereof, then this Agreement shall remain in effect until all of the Company’s
obligations hereunder are fulfilled.

 

8. Benefits Upon Termination of Employment.

 

(a) Death. In the event of the Executive’s
Termination of Employment with the Control Group due to his death, the Company shall pay any amounts due to the Executive under
Section 5 through the date of his death in accordance with the payment provisions of Section 5 and Section 13.

 

(b) Disability. In the event of the Executive’s
Termination of Employment with the Control Group under Section 7(b), the Company shall pay any amounts due to the Executive under
Section 5 through the Termination Date in accordance with the payment provisions of Section 5 and shall have no other obligation
to the Executive or his dependents

    	 

    	

    

other than amounts due, if any, under the Company’s long-term disability plan, and any
benefits offered by the Company under its then policy to employees who become disabled while employed by the Company.

 

(c) Cause. In the event the Executive’s
employment with the Control Group is terminated for Cause, the Company shall pay any amounts due to the Executive under Section
5 through the Termination Date in accordance with the payment provisions of Section 5 and shall have no other obligation to the
Executive or his dependents other than any amounts, if any, due to Executive under its then existing policies to employees whose
employment is terminated for Cause or under the specific terms of any welfare, pension, fringe benefit or incentive plan.

 

(d) Without Cause or For Good Reason.
(i) Subject to Sections 8(d)(ii) and 12 relating to the Executive’s timely execution and non-revocation of the Release (as
defined in Section 8(d)(ii)) and, to the extent applicable, subject to Section 20, in the event the Executive’s employment
with the Control Group is terminated by the Company without Cause, or the Executive terminates employment with the Control Group
within 60 days after the occurrence of a Good Reason event with regard to the Executive, the Company shall make the following payments
and provide the following benefits to Executive: (A) a lump sum payment of 52 weeks’ salary (the “Clause A Payment”);
(B) beginning on the first anniversary of the Termination Date and continuing until the earliest of (i) the twenty-fourth month
following the Termination Date, (ii) his death, or (iii) his breach of the provisions of Section 9 hereof, the Company shall make
payments to Executive, no less frequently than monthly, calculated at his then-applicable annual rate of Base Salary (the “Clause
B Payments”); (C) the Company shall pay to Executive, with respect to the fiscal year in which such termination occurs, the
annual bonus that Executive would otherwise have earned under the AICP applicable to Executive if such termination had not occurred,
prorated as of the Termination Date (the “Clause C Payment”); (D) with respect to each non-completed long-term performance
period for which Executive received a long-term incentive award, the Company shall pay to Executive the long-term incentive payment
(in cash and stock, as applicable) that the Executive otherwise have earned with respect to such performance periods if such termination
had not occurred, prorated as of the Termination Date (the “Clause D Payment”); (E) with respect to any completed long-term
performance period for which Executive earned a long-term incentive payout that is unvested as of the Termination Date, the Company
shall vest and pay the Executive such earned payout (in cash and stock, as applicable) (the “Clause E Payment”); and
(F) subject to Section 20 hereof, the Company shall provide Executive for a period of one year following the Termination Date with
outplacement at a level commensurate with that provided by the Company to other comparably situated senior executives (the “Clause
F Services”).

 

(ii) The Executive shall receive payment of
the Clause A Payment in a lump sum payment within 10 days following the six-month anniversary of the Termination Date, provided
that the Executive has signed and returned to the Company the release provided for in Section 12 in a form acceptable to the Company
(the “Release”). The Release shall be provided to the Executive within seven (7) days following the Termination Date.
In order to receive his severance benefit under Section 8(d)(i), the Executive will be required to sign the Release within twenty-one
(21) or forty-five (45) days after the date it is provided to him, whichever is applicable under applicable law, and not revoke
the Release within the seven (7) day period

    	 

    	

    

following the date the Executive signs the Release. If the Company has not received
from the Executive an effective Release as of the six-month anniversary of the Termination Date, no severance benefit shall be
paid to the Executive. Subject to Section 20, to the extent applicable, the Clause B Payments, each of which shall be a separate
payment for purposes of Section 409A, shall commence on the last business day of the month in which falls the one year anniversary
of the Termination Date (unless such business day is such anniversary date, in which case, the Clause B Payments shall commence
on the next succeeding business day); the Clause C Payment shall be paid at the same time as other annual bonuses for the fiscal
year in which the Termination Date occurs are paid (but in no event later than two and one-half months following the end of the
fiscal year in which the employment of Executive is terminated), subject to, and in accordance with the terms and conditions of
the AICP, including the achievement of the applicable performance goals; the Clause D Payment and Clause E Payment shall be paid
at the same time and in the same manner as the long-term incentive payments under the Long-Term Incentive Plan and the 2007 Stock
Incentive Plan, as applicable, are made for the applicable performance periods, subject to, and in accordance with the terms and
conditions of the Long-Term Incentive Plan and the 2007 Stock Incentive Plan, including, without limitation, the achievement of
the applicable performance goals and expiration of applicable vesting periods.

 

(e) Following a Change in Control. Notwithstanding
anything to the contrary contained herein, if, within 24 months following a Change in Control, the Executive’s employment
with the Control Group is terminated without Cause or if the Executive terminates employment with the Control Group within sixty
(60) days after the occurrence of a Good Reason event with regard to the Executive, in lieu of the amounts that would otherwise
be payable to Executive under Sections 8(d)(i)(A) through (B) above and subject to Sections 8(d)(ii) and 12 relating to the Executive’s
timely execution and non-revocation of the Release and, to the extent applicable, subject to Section 20, the Company shall pay
Executive an amount equal to two times the sum of his Base Salary and annual bonus at target, such amount to be paid to him in
a lump sum within 10 days following the Termination Date. The restrictions on Competition and no-hire contained in Sections 9(a)
and 9(b), respectively, shall not apply.

 

(f) The Executive shall not be entitled to continue
to participate in any group disability or voluntary accidental death or dismemberment insurance plan he participated in prior to
his Termination Date and shall not accrue additional benefits under any pension plan of the Company or an Affiliate (whether or
not qualified under Section 401(a) of the Code) following his Termination Date, provided, however, that to the extent provided
for under any applicable plan, the amount of any Severance Benefit may be included in the Executive’s earnings for
purposes of calculating the Executive’s benefit under the Foot Locker Retirement Plan, the Foot Locker Excess Cash Balance
Plan, and the Foot Locker 401(k) Plan.

 

(g)In the event of the Executive’s
death after becoming eligible for the Clause A Payment, Clause C Payment, Clause D Payment or Clause E Payment described in Section
8(d) and prior to payment of such amount, such payments shall be paid to the Executive’s Beneficiary.

 

(h)Notwithstanding anything else herein,
to the extent the Executive would be subject to the excise tax under Section 4999 of the Code on the amounts in Section 8(d) and

    	 

    	

    

such other amounts or benefits he received from the Company and its Affiliates required to be included in the calculation of parachute
payments for purposes of Sections 280G and 4999 of the Code, the amounts provided under this Agreement shall be automatically reduced
to an amount one dollar less than that which, when combined with such other amounts and benefits required to be so included, would
subject the Executive to the excise tax under Section 4999 of the Code if, and only if, the reduced amount received by the Executive
on a net after-tax basis after taking into account federal, state and local income and social security taxes at the maximum marginal
rates would be greater than the unreduced amount to be received by the Executive on a net after-tax basis after taking into account
federal, state and local income and social security taxes at the maximum marginal rates minus the excise tax payable under Section
4999 of the Code on such amount and the other amounts and benefits received by the Executive and required to be included in the
calculation of a parachute payment for purposes of Sections 280G and 4999 of the Code.

 

9. Non-Competition and Confidentiality.

 

(a) The Executive
agrees that he shall not engage in Competition during the Non-Competition Period, subject to the Company’s option to waive
all or any portion of the Non-Competition Period.

 

(b) The Executive
acknowledges that, during the course of his employment with the Company, due to the nature of the position he occupies he will
have access to confidential information of the Company concerning its executives and employees, including, but not limited to,
their background, experience, education, training, capabilities, and potential. He agrees, therefore, that if his employment is
terminated at any time prior to a Change in Control (a) by the Company for any reason or (b) by the Executive for any reason, he
shall not, for a two-year period beginning on the Termination Date, intentionally recruit, solicit or induce any employee or employees
of the Control Group to terminate their employment with, or otherwise cease their relationship with, the former employing members
of the Control Group where such employee or employees do in fact so terminate their employment.

 

(c) The Executive
shall not at any time during the term of this Agreement, or thereafter, communicate or disclose to any unauthorized person, or
use for the Executive’s own account, nonpublic information of any kind concerning the Company or any of its subsidiaries
or affiliates, including, but not limited to, nonpublic information concerning finances, financial plans, accounting methods, strategic
plans, operations, personnel, organizational structure, methods of distribution, suppliers, customers, client relationships, marketing
strategies, real estate strategies or the like. In the event of the termination of Executive’s employment, Executive shall,
on or before the Termination Date, return all Confidential Information in his possession, in whatever form, to the Company. It
is understood, however, that the obligations set forth in this paragraph shall not apply to the extent that the aforesaid matters
(a) are disclosed in circumstances in which the Executive is legally required to do so or (b) become generally known to and available
for use by the public other than by the Executive’s wrongful act or omission.

 

(d) The Executive
agrees that any breach by him of the terms of Section 9 would result in irreparable injury and damage to the Company for which
the Company would

    	 

    	

    

have no adequate remedy at law; the Executive therefore agrees that in the event of a breach or threatened breach
by the Executive of the provisions of Section 9, the Company shall be entitled to an immediate injunction and restraining order
to prevent such breach or threatened breach or continued breach by the Executive, including any and all persons and entities acting
for or with the Executive, without having to prove damages, in addition to any other remedies to which the Company may be entitled
at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any
breach or threatened breach hereof, including but not limited to the recovery of damages from the Executive. The Executive and
the Company further agree that the provisions of the covenant not to compete are reasonable and that the Company would not have
entered into this Agreement but for the inclusion of such covenant herein. If any provision of the covenants set forth in Section
9 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over
too great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of
time, range of activities or geographic area as to which it may be enforceable.

 

(e) The provisions
of Section 9 shall survive any termination of this Agreement and the existence of any claim or cause of action by the Executive
against the Control Group, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of the covenants and agreements of Section 9.

 

10. No Duty
to Mitigate/Set-off. The Company agrees that if the Executive’s employment with the Control Group is terminated during
the term of this Agreement, the Executive shall not be required to seek other employment or to attempt in any way to reduce any
amounts payable to the Executive by the Company pursuant to this Agreement. Further, the amount of the severance benefit provided
for in this Agreement shall not be reduced by any compensation earned by the Executive or benefit provided to the Executive as
the result of employment by another employer or otherwise. Except as otherwise provided in this Agreement, the Company’s
obligations to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any circumstances, including without limitation, any set-off, counterclaim, recoupment, defense or other right which
the Company may have against the Executive. The Executive shall retain any and all rights under all pension plans, welfare plans,
equity plans and other plans, including other severance plans, under which the Executive would otherwise be entitled to benefits.

 

11. Withholding.
The Company shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it may
have to withhold federal, state, or local income or other taxes incurred by reason of payments pursuant to this Agreement. In lieu
thereof, the Company shall have the right to withhold the amount of such taxes from any other sums due or to become due from the
Company or an Affiliate to the Executive upon such terms and conditions as the Committee may prescribe.

 

12.Release.
In consideration of the Executive’s entitlement hereunder to a severance benefit which exceeds the severance benefit provided
for under the Company’s standard severance program and as a condition of receiving any severance benefit hereunder with regard
to a Termination of Employment occurring prior to a Change in Control, the Executive shall be

    	 

    	

    

required to provide the Company with
a release of all claims of the Executive (except with regard to claims for payment of benefits specifically payable or provided
hereunder which have not been paid as of the effective date of the release, claims for vested accrued benefits or claims under
COBRA) of any kind whatsoever against the Control Group, its past or present officers, directors and employees, known or unknown,
as of the date of the release. The release shall be in such form as may reasonably be specified by the Company.

 

13. Successors;
Binding Agreement. In addition to any obligations imposed by law upon any successor to the Company, the Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to expressly assume and agree in writing to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. This Agreement shall
inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amount would still be payable to the
Executive hereunder if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive’s Beneficiary, or the executors, personal representatives or
administrators of the Executive’s estate.

 

14. Termination
of Prior Agreement. The Senior Executive Employment Agreement entered into between the Company and the Executive dated March
18, 2010 is hereby terminated without any further obligation of the parties thereto.

 

15. Miscellaneous.
No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and such officer as may be specifically designated by the Company. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly
set forth in this Agreement. All references to sections of the Code or any other law shall be deemed also to refer to any successor
provisions to such sections and laws.

 

16. Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

17. Severability.
If any provisions of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability
shall not affect the remaining provisions hereof which shall remain in full force and effect.

 

18. Arbitration.
Any dispute or controversy arising under or in connection with this Agreement or the breach thereof, other than injunctive relief
pursuant to Section 9, shall be settled by arbitration, conducted before a panel of three arbitrators in New York, New York, or

    	 

    	

    

in such other city in which the Executive is then located, in accordance with the rules of the American Arbitration Association
then in effect. The determination of the arbitrators, which shall be based upon a de novo interpretation of this Agreement, shall
be final and binding and judgment may be entered on the arbitrators’ award in any court having jurisdiction. The costs assessed
by the American Arbitration Association for arbitration shall be borne by the Company.

 

19. Notice.
Any notice to either party hereunder shall be in writing, and shall be deemed to be sufficiently given to or served on such party,
for all purposes, if the same shall be given personally delivered to such party, or sent to such party by registered mail, postage
prepaid, in the case of the Executive, at his principal residence address as shown in the records of the Company, and in the case
of the Company, to the General Counsel, Foot Locker, Inc., 112 West 34th Street, New York, New York 10120

 

Either party may change the address to which
notices are to be sent to such party hereunder by written notice of such new address given to the other party hereto. Notices shall
be deemed given when received if delivered personally or three days after mailing if mailed as aforesaid.

 

20. Section
409A. This Agreement is intended to comply with, or be exempt from, Section 409A and all provisions hereof shall be construed
in a manner to so comply. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any
taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable
year and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable
year in which the expense was incurred. The parties further agree that there is no guarantee as to the tax consequences of payments
provided for hereunder.

 

21. Governing
Law. The validity, interpretation, construction, enforcement and performance of this Agreement shall be governed by the laws
of the State of New York without regard to its conflicts of laws principles. For purposes of Section 9, the Executive consents
to the jurisdiction of state and federal courts in New York County.

 

22. Notwithstanding
anything herein to the contrary, the Executive agrees that incentive compensation, as defined under the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 and such regulations as are promulgated thereunder from time to time (“Dodd-Frank”),
payable to him under the Company’s bonus plans, this Agreement or any other plan, arrangement or program established or maintained
by the Company shall be subject to any clawback policy adopted or implemented by the Company in respect of Dodd-Frank, or in respect
of any other applicable law or regulation.

    	 

    	

    

IN WITNESS WHEREOF, the Company has caused this
Agreement to be duly executed and the Executive’s hand has hereunto been set as of the date first set forth above.

 

	 	FOOT LOCKER, INC.	 
	 	 	 	 
	 	By:	/s/ Paulette Alviti	 
	 	 	Paulette Alviti	 
	 	 	Senior Vice President and	 
	 	 	Chief Human Resources Officer	 
	 	 	 	 
	 	 	/s/ Richard A. Johnson	 
	 	 	Richard A. Johnson	 

    	 

    	

    

APPENDIX A

 

Change in Control

 

A Change in Control shall mean any of the following:

 

(A) the merger or consolidation of the Company
with, or the sale or disposition of all or Substantially All of the Assets of the Company to, any person or entity or group of
associated persons or entities (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the
“Exchange Act”)) (a “Person”) other than (a) a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving or parent entity) fifty percent (50%) or more of the combined voting power
of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation;
or (b) a merger or capitalization effected to implement a recapitalization of the Company (or similar transaction) in which no
Person is or becomes the beneficial owner, directly or indirectly (as determined under Rule 13d-3 promulgated under the Exchange
Act), of securities representing more than the amounts set forth in (B) below;

 

(B) the acquisition of direct or indirect beneficial
ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), in the aggregate, of securities of the Company representing
thirty-five percent (35%) or more of the total combined voting power of the Company’s then issued and outstanding voting
securities by any Person (other than the Company or any of its subsidiaries, any trustee or other fiduciary holding securities
under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of Common Stock of the Company) acting in concert; or

 

(C) during any period of not more than twelve
(12) months, individuals who at the beginning of such period constitute the Board, and any new director whose election by the Board
or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2⁄3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute at least a majority thereof.

 

This definition is intended to constitute a change
in ownership or effective control of a corporation or change in the ownership of a substantial portion of the assets of a corporation,
in each case, as defined under Section 409A, and shall be construed in a manner consistent with such intent.Exhibit
10.1

 

SEPARATION AGREEMENT AND RELEASE
OF CLAIMS

 

This Separation Agreement
and Release of Claims ("Agreement") is entered into by and between Endocyte, Inc. ("Endocyte"), and David D.
Meek ("Meek") (collectively, the "Parties").

 

Recitals

 

A.           Endocyte
and Meek are parties to a Change in Control and Severance Agreement ("Severance Agreement"), a copy of which is attached
as Exhibit A, which, among other things, conditions Meek's receipt of certain severance benefits on execution of this Agreement.

 

B.           Through
this Agreement, Endocyte is offering special consideration to Meek that he would not otherwise be entitled to receive in exchange
for Meek, among other things, agreeing to the terms by which his employment with Endocyte will terminate and agreeing to waive
and release, to the fullest extent permitted by law, all claims he has or may have against Endocyte up through the date of his
signature on this Agreement, including without limitation claims arising out of his employment with, and service as an officer
of, Endocyte and the termination of that employment and service.

 

C.           Meek's
employment with Endocyte is at-will and is subject to various statutes, regulations, and common laws, including the Age Discrimination
in Employment Act of 1967 ("Age Act"), as amended (29 U.S.C. §621, et seq.). If Meek does not
revoke this Agreement by appropriate notice as defined below, this Agreement will be effective the eighth day after Meek executes
this Agreement ("Effective Date").

 

Agreement

 

In consideration of the
foregoing and the following mutual undertakings, and subject to the terms and conditions of this Agreement, Meek and Endocyte agree
as follows:

 

1.          Endocyte
has decided to terminate Meek's employment as of the end of the day on a date (the "Termination Date") no later than
August 29, 2014. Endocyte may determine that Meek's last day of employment with Endocyte is effective as of a date earlier than
August 29, 2014, in which case the Termination Date will be that last day of employment. Meek agrees to tender his resignation
as an officer of Endocyte effective as of his Termination Date. The Parties acknowledge and agree that the termination of Meek's
employment with Endocyte is involuntary as to Meek. The Parties further acknowledge and agree that the termination of Meek's employment
with Endocyte will be subject to Section 3(a) of the Severance Agreement.

 

2.          Endocyte
will continue to pay Meek's base salary through his Termination Date, and will pay Meek for his accrued but unused vacation time
as of his Termination Date, in each case net of applicable tax withholdings in accordance with Endocyte’s normal payroll
practices. These payments are not contingent upon Meek's execution of this Agreement and will not be considered severance compensation.

 

    	 	1	Meek's Initials DM

    	 

    

 

3.          Contingent
upon this Agreement becoming effective, enforceable, and irrevocable no later than the sixtieth (60th) day following
the Termination Date (the "Effective Date Contingency") and the full satisfaction of any other Conditions to Receipt
of Severance set forth in Section 4 of the Severance Agreement, Endocyte will:

 

(a)          Pay
Meek special severance compensation in the total gross amount of Two Hundred Sixty Thousand One Hundred Eighty-Six Dollars and
No Cents ($260,186.00), minus applicable employment tax withholdings, which represents Seventy Five Percent (75%) of Meek's current
base annual salary. This amount will be paid to Meek in a lump sum within thirty (30) days following the Termination Date (or,
if the Effective Date Contingency is satisfied after that thirtieth (30th) day, then within five (5) days after it is
satisfied). Meek acknowledges and agrees that the payment to be made pursuant to this Section 3(a) fully satisfies Endocyte's obligations
under Section 3(a)(i) of the Severance Agreement.

 

(b)          Accelerate
vesting of stock option and restricted stock unit awards that have been granted to Meek under Endocyte's 2010 Equity Incentive
Plan (the "2010 Plan"), as follows:

 

(i)          The
portion of the stock options that, but for the termination of Meek’s employment, would have vested with respect to Grant
Nos. 2297168 and 2296613 dated August 3, 2012, during the period beginning on the Termination Date and ending on August 3, 2015
(the "Accelerated Vesting Period") will be accelerated and become exercisable as of the Termination Date, but exercise
of the options with respect to those shares will be subject to the satisfaction of the Effective Date Contingency and to the terms
of the 2010 Plan and the applicable stock option grant agreement.

 

(ii)         The
portion of the stock options that, but for the termination of Meek’s employment, would have vested with respect to Grant
Nos. 2393001 and 2363376 dated February 19, 2013, during the Accelerated Vesting Period will be accelerated and become exercisable
as of the Termination Date, but exercise of the options with respect to those shares will be subject to the satisfaction of the
Effective Date Contingency and to the terms of the 2010 Plan and the applicable stock option grant agreement.

 

(iii)        The
portion of the stock options that, but for the termination of Meek’s employment, would have vested with respect to Grant
Nos. 2538390 and 2532386 dated February 6, 2014, during the Accelerated Vesting Period will be accelerated and become exercisable
as of the Termination Date, but exercise of the options with respect to those shares will be subject to the satisfaction of the
Effective Date Contingency and to the terms of the 2010 Plan and the applicable stock option grant agreement.

 

    	 	2	Meek's Initials DM

    	 

    

 

(iv)        With
respect to Grant No. 2533532 dated February 6, 2014, restricted stock units (“RSUs”) that, but for the termination
of Meek’s employment, would have vested on February 6, 2015 will instead become vested as of the Termination Date, and those
RSUs will be settled and paid in the form of Endocyte common stock as soon as practicable after the Effective Date Contingency
is satisfied, but in no event later than the 15th day of the third month following the Termination Date.  As provided
in the applicable RSU award agreement, unless Meek provides notice to Endocyte prior to the Termination Date that Meek desires
to pay cash to satisfy all applicable tax withholding requirements and Meek makes such cash available to Endocyte prior to the
Termination Date, Endocyte will withhold from the payment of common stock upon settlement and payment of the RSUs otherwise deliverable
shares of common stock having a Fair Market Value equal to the minimum statutory amount required to be withheld.

 

Meek acknowledges
and agrees that the actions Endocyte will take pursuant to this Section 3(b) fully satisfy Endocyte's obligations under Section
3(a)(ii) of the Severance Agreement, and that any deviation from the precise terms of Section 3(a)(ii) of the Severance Agreement
has been made at Meek's request.

 

Meek further
acknowledges that the terms applicable to the foregoing options allow for exercise for a limited period of three (3) months following
the Termination Date, which period will not be tolled pending the satisfaction of the Effective Date Contingency.

 

For the avoidance
of doubt, Meek's rights with respect to option shares that were vested and exercisable prior to the Termination Date shall continue
to be governed by the terms of the 2010 Plan and the applicable stock option grant agreement.

 

(c)          Pay
Meek within 30 days following the Termination Date (or, if the Effective Date Contingency is satisfied after the thirtieth (30th)
day, then within five (5) days after it is satisfied) a gross lump sum amount of $13,920.21, which is subject to applicable tax
withholdings.. This gross amount represents the amount required to pay nine months of COBRA premiums for health, dental, and vision
insurance Meek had through Endocyte as of the Termination Date. Meek may use this amount to fund COBRA continuation coverage or
for any other purpose of his choosing. Meek acknowledges and agrees that this payment fully satisfies Endocyte's obligations under
Section 3(a)(iii) of the Severance Agreement and that any deviation from the precise terms of Section 3(a)(iii) of the Severance
Agreement has been made at Meek's request.

 

4.          Upon
receipt of the payments, accelerated options and RSUs, and other consideration set forth in Sections 2 and 3 of this Agreement,
Meek acknowledges and agrees that: a) Endocyte has paid him all salary, compensation, bonuses, benefits, stock options and
awards, vacation and other paid time off, and remuneration of any kind that it owes him in connection with his service as an officer
for Endocyte and his employment with Endocyte under any grant, award, agreement, policy, plan, practice, law, statute, regulation,
or obligation of any kind or nature, b) Endocyte has satisfied all obligations it has or may have to Meek under the Severance
Agreement, and c) Endocyte owes Meek nothing beyond that which is set forth in Sections 2 and 3 of this Agreement.

 

    	 	3	Meek's Initials DM

    	 

    

 

5.          To
the fullest extent permitted by law, Meek irrevocably and unconditionally releases, forever discharges, and covenants not
to sue a) Endocyte, b) all of Endocyte's officers, directors, managers, employees, representatives, stockholders,
benefit plans and programs, trusts, trustees, administrators, fiduciaries, insurers, attorneys, assigns, agents, both individually
and in their representative capacities, and c) all persons acting by, through, under, or in concert with any of the foregoing entities
or individuals (collectively "Releasees") as to all claims and actions (including for attorneys' fees and costs actually
incurred), whether known or unknown, suspected or unsuspected, that have accrued as of the date Meek signs this Agreement, whether
or not the claim has been asserted or could have been asserted in any forum, including but not limited to all claims i) arising
from Meek's service as an officer of Endocyte, from Meek's employment with Endocyte, and/or from the termination of such service
and/or employment, ii) arising under the Severance Agreement, iii) arising under the Age Act and its state and local
law equivalents, the Older Worker Benefit Protection Act, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights
Act of 1991, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, as amended, 42 U.S.C. 1981,
and the Americans With Disabilities Act, as amended, iv) arising under any contract or agreement Meek may have with Endocyte,
written, oral, or otherwise, v) arising under all federal, state, and local laws, and vi) based on contract, tort, common
law, and other legal theories. This release shall be construed as broadly as lawfully possible and is intended, to the fullest
extent permitted by law, to include all claims that Meek may have against any of the Releasees as of the date Meek signs this Agreement.
Notwithstanding the foregoing, the Parties acknowledge and agree that the release does not extend to w) any of Meek's rights
as a holder of stock, options or RSUs of Endocyte, including any of his rights under any Award Agreement (as defined in the 2010
Plan) entered into between Endocyte and Meek, x) any of Meek's rights under this Agreement, y) any rights Meek may have
for indemnification of any third-party claim relating to Meek’s service as an employee or officer of Endocyte, or z) any
claims that cannot by law be released through this Agreement.

 

Nothing in this Agreement
shall constitute or be construed as a waiver of future claims or a waiver of Meek's right to file a charge with the U.S. Equal
Employment Opportunity Commission or its state or local counterpart or to participate in an investigation of any such charge. However,
Meek does release to the fullest extent permitted by law his right to file a court action and to seek or to accept individual remedies
or damages in any action filed on his behalf, and this release shall apply with full force and effect to any proceeding arising
from or relating to such recourse including, but not limited to, the right to monetary damages or other individual legal or equitable
relief.

 

6.          Meek
represents, warrants, and agrees that he has not disclosed and will not disclose to any person or entity, either directly or indirectly,
or by implication or innuendo, the terms of this Agreement or the amount Endocyte will pay pursuant to this Agreement unless explicitly
required by law to the contrary. Meek further agrees that, unless explicitly required by law to the contrary, neither he nor anyone
acting under his control or at his direction will disclose any information concerning the terms of this Agreement or the amount
Endocyte will pay pursuant to this Agreement. Notwithstanding the foregoing, nothing in this Agreement prohibits Meek from disclosing
its terms to (a) the EEOC or any comparable state or local agency, or (b) his counsel, present spouse, or professional financial
adviser or tax preparer (any such disclosee under this clause (b) being referred to as a “disclosee”) if he first informs
the disclosee of the foregoing confidentiality provisions and the disclosee agrees to abide by them. Meek understands that a breach
by any disclosee will be deemed a breach by Meek.

 

    	 	4	Meek's Initials DM

    	 

    

 

7.          Meek
agrees not to seek employment or work in any other capacity with Endocyte, and Meek agrees that Endocyte has the right not to hire
him or utilize his services. Meek further agrees that if he becomes employed by Endocyte, then Endocyte has the right to terminate
his employment or cancel his services, and Meek releases all Releasees from all liability and waives all claims that may relate
to such action.

 

8.          Meek
agrees to return promptly to Endocyte all Endocyte's property, documents, and materials in Meek's possession or subject to Meek's
control, including equipment, computers and electronic devices, access cards, keys, manuals, and written literature (including
electronically stored data in any form).

 

9.          Meek
affirms that he is not aware of any undisclosed or unresolved compliance issues arising under any federal, state or local
law. Meek also affirms that he has not and will not alter, destroy, remove, or inappropriately limit Endocyte's access to its records
or documents.

 

10.         Meek
agrees not to make comments about Endocyte's management, policies, practices, or services that may jeopardize or have a negative
impact on the Releasees' economic interests or reputation; provided, however, that nothing in this Agreement shall limit Meek's
right to communicate with the EEOC or a comparable state or local agency for purposes of filing a charge with such agency or participating
or cooperating in the agency’s investigation of any charge. Subject to this provision, Meek and Endocyte agree not to make
false, negative or disparaging statements about the other (or, in the case of Meek, about Endocyte's management, policies, practices
or services) to any other person or entity, except as may be legally required.

 

11.         Meek
represents and warrants that he has not commenced an action of any kind in any forum against Endocyte or any of the other Releasees.

 

12.         This
Agreement does not constitute an admission by the Releasees that any has violated any law or committed any wrongful act, and each
specifically denies having done so. This Agreement may not be introduced into evidence or relied upon by either Party in legal
proceedings except proceedings regarding breach of the terms of this Agreement or by the Releasees in defending legal claims.

 

13.         This
Agreement contains the entire agreement between the Parties relating to the matters addressed in this Agreement and supersedes
all prior written or oral negotiations, representations, or understandings relating to the matters addressed in this Agreement
unless otherwise preserved in this Agreement. However, all intellectual property assignment, dispute resolution, restrictive stock
transfer, voting, right of first refusal, lock up, confidentiality, nondisclosure, non-compete, non-solicitation and other post-employment
restrictions and covenants that apply to Meek by virtue of his employment with Endocyte, Endocyte's plans, policies, and practices,
or other prior agreements, statutes or common law remain in full force and effect and are not in any way affected, diminished or
superseded by this Agreement. Furthermore, this Agreement does not affect Meek's legal obligation to protect the confidentiality
of Endocyte's information, including but not limited to personnel and personal (including medical) information, research, trade
secrets, proprietary information, business plans and models, and financial data that Meek obtained in connection with
his employment with Endocyte. This Agreement can only be modified by a writing signed by both Parties.

 

    	 	5	Meek's Initials DM

    	 

    

 

14.         Meek
acknowledges that he is not relying on any oral or written representations, statements, promises, or other inducements made by
Endocyte or its representatives except those expressly stated in this Agreement.

 

15.         A
court of competent jurisdiction's declaration that any portion of this Agreement is illegal or unenforceable will not affect the
legality, enforceability, or validity of the remainder of this Agreement so long as the economic or legal substance this Agreement
contemplates is not affected in any manner materially adverse to any Party.

 

16.         This
Agreement will be binding upon and inure to the benefit of the Parties' heirs, personal representatives, successors and assigns.

 

17.         This
Agreement will be construed and enforced in accordance with Indiana law without regard to conflict of laws principles. Endocyte
and Meek agree that any legal action relating to this Agreement will be commenced and maintained exclusively before an appropriate
state or federal court of record in Indiana. The Parties will submit to the jurisdiction of those courts and waive any right to
challenge personal jurisdiction or venue in any action commenced or maintained in those courts.

 

18.         This
Agreement may be executed in counterparts or using facsimile or electronic signatures, each of which will have the same force and
effect as original signatures.

 

19.         The
Parties agree that neither shall be deemed to be the drafter of this Agreement, which will be interpreted and construed without
presumption or inference based upon or against the Party responsible for its drafting.

 

20.         Meek
acknowledges that he has had a reasonable opportunity to read and discuss all aspects of this Agreement with counsel, fully understands
all provisions of it, and is entering into this Agreement voluntarily and entirely of his own free will under no duress or coercion.

 

    	 	6	Meek's Initials DM

    	 

    

 

21.         Meek
acknowledges that Endocyte (a) provided him this Agreement on June 17, 2014; (b) advised him at that time to consult
an attorney prior to signing the Agreement; (c) informed Meek at the time he was provided this Release that he would have
a minimum of twenty-one (21) days (i.e., until the later of (i) twenty-one (21) days from the date he is provided this Agreement
or (ii) his Termination Date) to accept this offer by signing this Agreement; (d) informed him that the earliest date he may sign
this Agreement for it to be effective is his Termination Date; and (e) informed him that this Agreement will not be effective
or enforceable against Meek or Endocyte if Meek revokes it by written notice to Katherine Parker at Endocyte received not later
than seven (7) days after Meek signs the Agreement. If not revoked, the Agreement will become binding and enforceable on the eighth
day following Employee's signing the Agreement, i.e., on the "Effective Date." Meek agrees that changes to
this Agreement do not restart the time period set forth above. 

 

22.         The
Recitals are an integral part of this Agreement and specifically are incorporated by reference.

 

Meek and Endocyte have
executed this Separation Agreement and Release of Claims on the date(s) stated below.

 

	"MEEK"	 	"ENDOCYTE"
	 	 	 
	DAVID D. MEEK	 	ENDOCYTE, INC.
	 	 	 	 
	/s/ D. D. Meek	 	By	/s/ Mike Sherman
	[Signature]	 	 	 
	 	 	Title	CFO
	 	 	 	 
	Date	7/13/2014	 	Date	July 13, 2014

 

    	 	7	Meek's Initials DM

    	 

    

  

Exhibit A

 

ENDOCYTE,
INC.

 

CHANGE IN CONTROL AND
SEVERANCE AGREEMENT

 

This
Change in Control and Severance
Agreement (the "Agreement
") is made
and entered into by and between
David D. Meek ("Executive")
and Endocyte, Inc.,
a Delaware corporation
(the "Company"), effective
as of August 3, 2012 (the
"Effective Date").

 

RECITALS

 

1.          It
is possible that
the Company could te1minate Executive's
employment with
the Company and it
is expected that the
Company from time to time will
consider the
possibility of an acquisition
by another company
or other change in control. The Board
of Directors of the Company
(the "Board') recognizes
that such considerations can be a
distraction to Executive
and can cause Executive to consider
alternative employment
opportunities. The Board has
determined that it is in the
best interests of the
Company and its stockholders
to assure that the Company will
have the continued dedication and objectivity of Executive,
notwithstanding the
possibility , threat or occurrence of such
a termination of employment
or the occurrence of
a Change in Control (as defined herein)
of the Company.

 

2.          The
Board believes that it is in the best interests
of the Company and
its stockholders
to provide Executive with
an incentive
to continue his employment
and to motivate Executive
to maximize the value
of the Company for the
benefit of its stockholders.

 

3.          The
Board believes that it is imperative
to provide Executive
with certain severance benefit
s upon Executive's
termination of employment
and with certain additional benefits
upon a Change in Control.
These benefit s will
provide Executive
with enhanced financial
security, incentive
and encouragement
to remain with the
Company.

 

4.          Certain
capitalized terms used
in the Agreement
are defined in Section 6 below.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration
of the mutual covenant s contained herein,
the parties hereto agree as
follows:

 

1.
This Agreement will have an initial
term of three (3) years commencing on the
Effective Date (the "Initial
Term").
On the third anniversary of
the Effective Date,
this Agreement will
renew automatically
for additional one (1) yea
r terms (each an "Additional
Term") , unless either
party provides the other party with written
notice of non-renewal
at least
sixty
(60) days prior to the date of
automatic renewal.
Notwithstanding
the foregoing provisions
of this paragraph,
if a Change
in Control occurs
when there are fewer than
twelve (12) months remaining
during the Initial
Term or an Additional
Term, the term
of this Agreement will
extend automatically
through the date that is twelve (12) months
following the effective
date of the Change
in Control. If Executive
becomes entitled to benefits
under Section
3 during the
term of this Agreement
, the Agreement
will not terminate until
all of the obligations
of the parties hereto
with respect to this
Agreement have been
satisfied.

 

    	 

    	 

    

 

2.          At-Will
Employment. The Company
and Executive acknowledge
that Executive's
employment is
and will
continue to be
at-will,
as defined under
applicable law.

 

3.          Severance
Benefits.

 

(a)          Termination
Without Cause
or Other than
Death or Disability, or
Resignation 
for Good Reason Prior
to a Change
in Control
or After
Twelve Months
Following
a Change
in Control.
If the Company
terminates Executive's
employment
with the
Company for a reason
other than
Cause or Executive's
death or Disability
, or if
Executive resigns for
Good Reason , and
such
termination
occurs prior to a
Change
in Control
or after twelve (
12) months
following
a Change in Control,
then, in
each case
subject to Section
4, Executive will
receive
the following
severance benefits from
the Company:

 

Severance
Payment. The Company
will pay Executive
a lump sum payment
in an amount equal
to seventy-five
(75%) of Executive's
base salary,
as in effect
immediately prior to Executive's
termination of employment
(unless such
termination occurs
as a result
of clause (ii) of
the good reason definition.

 

(i)          of
the definition
of "Good Reason"
under Section
6(d) below,
in which
case the amount
will be
equal
to Executive's
base salary
as in effect
immediately prior to
such reduction),
less applicable
withholdings,
payable
within thirty (30)
days following
the date of Executive
's termination of
employment.

 

(ii)         Equity.
The
unvested portion
of Executive's
then outstanding
equity awards
(the
"Awards") covering
shares
of the
Company 's
common
stock that otherwise
would have vested
over a nine
(9) month period following
such termination pursuant
to the vesting
schedule set
forth in the
award agreement
will immediately vest
and, if applicable,
become exercisable.

 

If,
however, an Award is
to vest, and/or
the amount
of the Award to
vest, is
to be determined,
in part or in whole,
based on
the achievement of
performance criteria,
then the
Award will vest as
to the amount of the
Award that would
have vested had
Executive remained
employed through
such
nine (9) month period
subject to the
determination of the achievement
of the performance criteria
(with the amount
of the Award vesting
based upon the extent
to which the performance
criteria was so determined
to have been achieved).
The settlement
of any Awards that
vest pursuant to
the preceding sentence
shall take place
at the time of
the determination as to
what extent the
performance criteria
for the performance period
have been achieved.

 

The
Awards will remain
exercisable,
to the extent applicable,
following
Executive's termination
for the period
prescribed in
the respective equity
plan and agreement for each
Award.

 

    	 	-2-	 

    	 

    

 

(iii)        Continued
Employee
Benefits. If Executive
elects
continuation
coverage pursuant to the Consolidated
Omnibus Budget Reconciliation
Act of 1985,
as amended ("COBRA")
for Executive
and Executive' s
eligible
dependent s (as
applicable),
within
the time
Period prescribed pursuant to COBRA,
the Company
will reimburse
Executive for,
or pay directly on Executive
's behalf,
the COBRA premiums for such
coverage (at the coverage
levels in
effect immediately prior
to Executive 's termination
of employment)
until the earlier of (A)
a period of nine (9)
months from the
last
date of employment of
the Executive with the Company,
or (B) the
date upon which Executive
and/or
Executive 's eligible
dependents becomes
covered under similar
plans.

 

(b)          Termination
without Cause
or Resignation for Good Reason Within Twelve Months Following a Change
in Control.         If
within twelve (12) month s
following a Change in
Control,
the Company
terminates Executive's
employment
with the Company for
a reason
other than Cause
or Executive's death
or Disability or Executive
resigns for
Good Reason, then,
in each case subject
to Section 4,
Executive will receive the following
severance from
the Company:

 

Base Salary
Severance. Executive will receive a
lump sum severance payment
equal to one hundred percent (100%) of
Executive's base
salary as in
effect immediately
prior to Executive's
termination of employment (unless
the termination occurs as a result of clause
(ii) of the good reason
definition.

 

(i)          of
the definition of "Good
Reason " under Section
6(d) below, in which
case the amount
will be
equal to Executive's
annual base salary
in effect prior
to such reduction)
or, if greater,
at the level
in effect immediately
prior to the Change
in Control,
less applicable
withholdings, payable
within thirty (30) days
following the
date of Executive's
termination of employment.

 

(ii)         Bonus
Severance.         Executive
will receive a lump
sum severance
payment equal
to one hundred
percent (100%) of Executive's
target bonus as
in effect for
the fiscal
year in which
Executive's termination
of employment
occurs or, if
greater,
for the
fiscal year
in which the
Change in
Control occurs, less
applicable
withholdings,
payable within
thirty (30) days
following
the date of Executive's
termination of employment.

 

(iii)        Equity.
one hundred percent (100%)
of the unvested
portion of the Awards will
immediately
vest and, if applicable,
become exercisable
as of the
date of such termination.

 

If,
however,
an Award is
to vest and/or
the amount of
the Award to vest
is to be
determined based,
in part or
in whole, on the achievement
of performance criteria,
then the equity
award will vest as
to one hundred percent (100%) of the
unvested portion of
the Award assuming
the performance criteria
had been achieved
at target levels
for the relevant
performance period(s).

 

The
Awards will remain exercisable,
to the extent applicable,
following Executive's
termination
for the period prescribed in
the respective
equity plan
and agreement for each
Award.

 

    	 	-3-	 

    	 

    

 

(iv)        Continued Employee Benefits. If Executive elects continuation
coverage pursuant to
COBRA for Executive and Executive's
eligible dependent s (as
applicable),
within the time
period prescribed pursuant to COBRA, the Company
will reimburse Executive
for, or pay directly on
Executive's behalf, the COBRA premiums for
such coverage (at the coverage levels in effect immediately prior to Executive's termination of
employment) until the earlier
of (A) a period of twelve (12)
months from the last
date of employment of the
Executive with the Company , or
(B) the date upon which Executive and/or Executive's eligible
dependent s becomes
covered under similar plans.

 

(c)          Voluntary
Resignation Without Good Reason; Termination for
Cause; Death or Disability.         If
Executive's employment with the
Company terminates voluntarily
by Executive (except upon resignation
for Good Reason),
for Cause by the Company
or due to Executive's death
or Disability, then (i)
all vesting will terminate
immediately with respect to Executive's
outstanding Awards, (ii) all payments of compensation
by the Company to
Executive hereunder will
terminate immediately (except as to amounts already earned),
and (iii) Executive will only be eligible for severance
benefits in accordance with the
Company's established policies, if any, as
then in effect.

 

(d)          Exclusive
Remedy. In the event
of a termination of Executive's employment as set forth
in Sections 3(a) and 3(b) of this
Agreement , the provisions
of Section 3 are intended to be and
are exclusive and in lieu of and supersede any
other rights or remedies
to which Executive or
the Company otherwise may be entitled, whether
at law, tort or contract
or in equity, or under this Agreement (other than the
payment of accrued but unpaid wages,
as required by law, and
any unreimbursed reimbursable expenses). Executive will be
entitled to no benefits,
compensation or other payments
or rights upon termination of employment other than
those benefits expressly set forth in
Section 3 of this
Agreement.

 

4.          Conditions
to Receipt of Severance

 

(a)          Release
of Claims Agreement.         The
receipt of any severance payments
or benefits pursuant to this
Agreement is subject to Executive
signing and not revoking
a separation agreement
and release
of claims in a form
acceptable to the Company (the "Release"
), which must become effective
and irrevocable no later than the sixtieth
(60th) day following
Executive's termination of employment (the "Release
Deadline ") .
If the Release
does not become effective and irrevocable
by the Release Deadline,
Executive will
forfeit any right to severance
payments or benefits under this
Agreement. In no event
will severance payment
s or benefits be paid
or provided until the Release
actually becomes
effective and irrevocable.

 

(i)          In
the event the termination occurs
at a time during the calendar year when the Release
could become effective in the calendar
year following the calendar year in which Executive's termination of employment occurs
(whether or not it actually becomes effective in
the following year), then
any severance payment s and benefit s under
Section 3 of this Agreement
that would be considered Deferred
Payments (as defined in Section 4(b) below) will be
paid on the first payroll date to occur during the calendar year following the calendar year in which such termination
occurs, or, if later, (A) the date
the Release actually becomes effective, (B) such time as required
by the payment schedule applicable to each payment
or benefit as
set forth in Section 4(a)(ii), or (C) such time as required by
Section 4(b).

 

    	 	-4-	 

    	 

    

 

(ii)         No
severance payments
and benefits under
Section 3 of this Agreement will
be paid or provided until the
Release becomes effective and irrevocable,
and any such severance payments and benefits
otherwise payable between the
date of Executive 's
termination of employment and the date the
Release becomes effective
and irrevocable will be paid on the
date the Release becomes effective and irrevocable.

 

(b)          Confidential
Information and
Invention Assignment
Agreements. Executive 's
receipt of any payment
s or benefits
under Section 3 will be
subject to Executive
continuing to comply
with the terms of any
confidential information and invention assignment
agreement executed by
Executive in favor
of the Company and the
provisions of this Agreement.

 

(c)          Section
409A.

 

(i)          Notwithstanding
anything to the contrary
in this Agreement, no
severance payments or
benefits payable to Executive,
if any, pursuant
to this Agreement that,
when considered together with
any other severance payments
or separation benefits,
is considered deferred
compensation under Internal
Revenue Code Section 409A
(together, the "Deferred
Payments ")
will be payable until
Executive has a
"separation from
service" within the meaning of
Section 409A ("Section
409A") of the Internal Revenue
Code of 1986, as
amended (the "Code").
Similarly, no
severance payable to
Executive, if any,
pursuant to this Agreement
that otherwise would
be exempt from Section
409A pursuant to Treasury Regulation Section 1.409A-l (b)(9) will
be payable until
Executive has a
"separation from
service" within the
meaning of Section 409A.

 

(ii)         Further,
if Executive is a "specified
employee "
within the meaning of
Section 409A at the time
of Executive's
separation from service
(other than due to death), any Deferred Payments that otherwise are payable within
the first six (6)
months following Executive's
separation from service
will become payable
on the first
payroll date that occurs
on or after the date
six
(6) months and one (1) day
following the date of
Executive's separation from service.
All subsequent
Deferred Payments,
if any,
will be payable in accordance with the payment schedule applicable to
each payment or benefit.
Notwithstanding anything
herein
to the contrary, in
the event of Executive
's death following Executive
's separation from service
but prior to the six
(6) month anniversary
of Executive's separation from
service
(or any later delay
date), then any payments
delayed in accordance with
this paragraph will be
payable in a lump
sum as
soon as
administratively practicable after the date of Executive 's
death and all other Deferred
Payments will be payable in
accordance with the payment schedule
applicable to each payment
or benefit. Each
payment and benefit payable
under the
Agreement is
intended to constitute
a separate payment
for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations.

 

(iii)        Any
amount paid under
this Agreement
that satisfies
the requirements of the
"short-term
deferral" rule set
forth in Section
1.409A- l (b)(4) of the
Treasury Regulations will not
constitute Deferred Payments for purposes
of clause (i)
above. Any amount paid
under this Agreement that qualifies as a payment made
as a result
of an involuntary separation from service
pursuant to Section 1.409A-l
(b)(9)(iii) of the Treasury Regulations that
does not exceed
the Section 409A Limit (as defined below)
will not constitute
Deferred
Payments for purposes
of clause (i) above.

 

    	 	-5-	 

    	 

    

 

(iv)        The
foregoing provisions
are intended to
comply with, or
be exempt from, the
requirements of Section 409A so that
none of the
severance payment s and
benefits to be provided under the Agreement will
be subject to
the additional tax imposed under Section 409A,
and any ambiguities herein
will be interpreted to so comply
or be exempt. Executive and
the Company agree to
work together in good
faith to consider amendments to the Agreement and to take
such reasonable
actions which are
necessary , appropriate
or desirable to avoid imposition
of any additional tax or income recognition prior to actual
payment to Executive under Section 409A. In
no event will the Company reimburse
Executive for any taxes
that may be imposed
on Executive as result
of Section 409A.

 

5.          Limitation
on Payments. In the event that
the severance and other
benefits provided for in this Agreement or otherwise
payable to Executive (i) constitute "parachute payments"
within the
meaning
of Section 2800 of the Code
and (ii) but for this Section 5, would be
subject to the excise
tax imposed
by Section 4999 of the Code, then
Executive's
severance benefits under Section 3
will be either:

 

(a)          delivered
in full,
or

 

(b)          delivered
as to such lesser
extent which
would result
in no portion of
such severance benefits
being subject to
excise tax under
Section 4999 of the Code,

 

whichever
of the foregoing amounts, taking into account the
applicable federal,
state
and local income taxes
and the excise tax imposed by Section 4999,
results in the receipt
by Executive on an after-tax basis,
of the greatest amount of severance
benefits, notwithstanding
that all or some portion
of such severance benefits
may be taxable under
Section
4999 of the
Code. If a reduction in severance and other benefit
s constituting "parachute
payments" is necessary so that
benefits are delivered to a
lesser extent,
reduction will occur
in the following
order: (i)
reduction of cash payments;
(ii) cancellation
of awards granted
"contingent on
a change in ownership
or control"
(within the meaning
of Code Section 2800),
(iii) cancellation
of accelerated vesting
of equity awards; (iv)
reduction of employee
benefits. In the
event that acceleration
of vesting of equity award compensation is
to be reduced, such acceleration
of vesting will be
cancelled in
the reverse order of the date of grant of Executive's
equity awards.

 

Unless
the Company and Executive
otherwise agree in writing,
any determination required under
this Section 5 will be made in writing
by the Company
's independent public
accountants immediately prior to the
Change in Control
(the "Accountants")
, whose determination
will be conclusive
and binding upon
Executive and the Company for
all purposes.
For purposes of
making the calculations
required by this Section
5, the Accountants
may make reasonable
assumptions and approximations
concerning applicable
taxes and may rely
on reasonable,
good faith interpretation s
concerning the application
of Sections 2800 and 4999 of the Code. The
Company and Executive will
furnish to the Accountants
such information
and documents as the Accountants may
reasonably request
in order to make a
determination under this Section.
The Company will bear
all costs the
Accountants may reasonably
incur in connection
with any calculations
contemplated by this
Section 5. If a reduction
in severance and other benefits constituting
"parachute payments"
is necessary
so that benefit s are
delivered to a
lesser extent, reduction
will occur in
the following
order:

(1)         reduction
of the cash severance payments;
(2) cancellation
of accelerated vesting
of equity awards; and (3)
reduction of continued
employee benefits.
In the event that
the accelerated vesting
of equity awards is to
be cancelled, such vesting acceleration will be
cancelled in the reverse
chronological order of the Executive's
equity awards' grant dates.

 

    	 	-6-	 

    	 

    

 

6.          Definition
of Terms.
For purposes of this Agreement,
the following terms referred
to in this Agreement
will have the following
meanings:

 

(a)          Cause.
"Cause" means
(i) an act of personal
dishonesty taken by Executive
in connection with his
or her responsibilities as an employee and intended
to result in Executive's substantial personal
enrichment; (ii) Executive being
convicted of, or pleading
no contest or guilty to, a
felony or misdemeanor
that the Company reasonably
believes has had or will have
a material detrimental effect on
the Company; (iii) a willful act
by Executive that constitutes gross misconduct
and that is injurious to the Company; (iv)
following delivery to Executive of a written demand
for performance that
describes the basis for the
Company's reasonable
belief that Executive has
not substantially performed
his or her duties, Executive
's continued
violations of his or
her obligations to the
Company that are demonstrably
willful and deliberate
on Executive 's
part; and (v) Executive
's material
violation of any written
employment policy or standard
of conduct of the Company.

 

(b)          Change
in Control.
"Change
in Control" means the occurrence of any
of the following:

 

(i)          A
change in the ownership of
the Company which occurs
on the date that any
one person, or
more than one person
acting as a group ("Person"),
acquires ownership of the stock
of the Company that, together with the
stock held
by such Person,
constitutes more than 50% of the total voting
power of the stock
of the Company; provided
, however,
that for purposes
of this subsection (i),
the acquisition of additional stock
by any one Person, who is
considered to own
more than 50% of the
total voting power of
the stock of
the Company will not be considered
a Change in Control;
or

 

(ii)         A
change in the effective
control of the Company
which occurs on the date
that a majority of members
of the Board (each,
a "Director")
is replaced during
any twelve (12) month period by Directors whose
appointment or election is
not endorsed by
a majority of the members
of the Board
prior to the date
of the appointment or election. For
purposes of this
subsection (ii), if
any Person
is considered to be in
effective control of the
Company, the acquisition
of additional control of the Company by
the same Person will not
be considered a Change in
Control; or

 

(iii)        A
change in the ownership
of a substantial
portion of the
Company's assets
which occurs
on the date that any Person acquires (or has acquired
during the twelve (12)
month period ending on
the date
of the most recent acquisition
by such
person or persons) assets from the Company that have
a total gross fair market value
equal to or more than
50% of the total gross fair market value
of all of the assets of the Company immediately
prior to such acquisition
or acquisitions ;
provided, however ,
that for purposes of this subsection (iii),
the following
will not constitute a
change in the ownership
of a substantial portion
of the Company's
assets: (A) a transfer to
an entity that is
controlled by the Company's
stockholders
immediately
after the transfer, or
(B) a transfer of assets by the Company to: (I)
a stockholder
of the Company
(immediately before the
asset transfer) in exchange
for or with respect
to the Company 's
stock, (2) an entity,
50% or more of the total
value or voting power of which is owned, directly or
indirectly, by
the Company, (3) a Person, that
owns, directly or
indirectly,
50% or more of the total value
or voting power of
all the outstanding stock of
the Company , or (4)
an entity,
at least 50%
of the total value
or voting
power of which is
owned , directly
or indirectly,
by a Person described
in this subsection
(iii)(B)(3). For purposes of this subsection
(iii), gross fair market
value
means
the value
of the assets
of the Company,
or the value of the assets being
disposed of,
determined without regard
to any liabilities
associated with such assets.

 

    	 	-7-	 

    	 

    

 

For
purposes of this definition of Change in Control, persons
will be considered to be
acting as a
group if they are
owners of a corporation that enters into
a merger, consolidation,
purchase or acquisition
of stock, or similar
business transaction
with the Company.

 

(c)          Disability.
"Disability"
means Executive is
unable to engage in any substantial gainful activity by
reason of any medically determinable physical
or mental impairment that
can be expected to
result in death or
can be expected
to last for a continuous period of
not less than twelve
(12) months.

 

(d)          Good
Reason. "Good Reason"
means Executive
's termination of employment
within ninety (90)
days following the expiration of any cure period (discussed
below) following the occurrence of one or more of the
following, without Executive's express written consent:
(i) a material reduction of Executive 's
duties, position
, or responsibilities ,
relative to Executive
's duties,
position,
or responsibilities in
effect immediately
prior to such reduction
, unless Executive
is provided with a
comparable position (i.e.,
a position of equal
or greater organizational level,
duties, authority,
compensation and status),
provided, however, that a reduction
in duties, position
, or responsibilities solely
by virtue of
the Company being
acquired and mad e
part of a larger
entity (as, for example,
when the Chief Executive Officer of the Company remains
as such following
a Change
of Control but is not
the Chief Executive
Officer of
the acquiring corporation)
will not constitute
"Good Reason "; (ii)
a material reduction
by the Company
in Executive's
annualized base pay
as in effect immediately
prior to such reduction
; (iii) the relocation
of Executive's principal place
of performing his or
her duties
as an employee
of the Company
by more than fifty (50) miles;
or (iv) the failure
of the Company
to obtain the assumption
of this Agreement by
a successor. In
order for an event to qualify as Good
Reason, Executive must
not terminate employment with
the Company
without first providing
the Company with written
notice of the
acts or omissions constituting
the grounds
for "Good Reason"
within ninety
(90) days of the
initial existence
of the ground s
for "Good Reason"
and a reasonable cure
period of not less
than thirty (30) days following
the date of such
notice.

 

(e)          Section
409A Limit. "Section
409A Limit " means the
lesser of
two (2) times: (i)
Executive 's annualized
compensation based
upon the annual
rate of pay paid
to Executive during the Executive's taxable
year preceding the
Executive 's taxable
year of Executive 's
termination of employment
as determined under,
and with such
adjustments
as are set
forth in, Treasury
Regulation 1.409A-l(b)(9)(iii)(A)(l
) and any Internal
Revenue Service guidance
issued
with respect thereto
; or (ii) the
maximum amount
that may be taken
into account under
a qualified
plan pursuant to Section
401(a)(l7) of the Code for the
year in which
Executive's employment
is terminated.

 

    	 	-8-	 

    	 

    

 

7.          Successor
s.

 

(a)          The
Company's Successors. Any successor
to the Company
(whether direct or indirect
and whether by
purchase, merger,
consolidation, liquidation
or otherwise) to all or substantially
all of the Company's business and/or
assets will assume the
obligations under
this Agreement and agree
expressly to perform the
obligations under this
Agreement in the same manner
and to the
same extent as the Company would be
required to perform such
obligations in the absence
of a succession. For
all purposes under
this Agreement, the term
"Company"
will include any successor to
the Company's
business
and/or
assets which executes and delivers
the assumption agreement described in
this Section 7(a) or which
becomes bound by
the terms
of this Agreement by
operation of law.

 

(b)          Executive's
Successors. The term s
of this Agreement and
all rights
of Executive hereunder
will inure to
the benefit of,
and be enforceable by,
Executive's personal
or legal representatives,
executors, administrators,
successors,
heirs, distributees,
devisees and legatees.

 

8.          Notice.

 

(a)          General.         Notices
and all other communications contemplated by
this Agreement
will be
in writing and will be
deemed to have been
duly given when
personall y delivered
or when
mailed by U.S. registered
or certified mail,
return receipt requested
and postage prepaid.
In the case of Executive,
mailed notices will
be addressed
to him or her
at the
home address which
he or she most
recently
communicated to the
Company in writing.
In the case of the
Company,
mailed
notices will
be addressed to its
corporate headquarters,
and all
notices will
be directed to
the General Counsel
of the Company.

 

(b)          Notice
of Termination.         Any
termination by the
Company for
Cause or by Executive
for Good
Reason or as a result
of a voluntary
resignation
will be
communicated by a notice
of termination to the other party hereto
given
in accordance
with Section
8(a) of this Agreement.
Such notice
will indicate
the specific
termination provision in
this Agreement
relied upon , will
set forth
in reasonable
detail the
facts and circumstances
claimed to
provide
a basis
for termination
under the
provision
so indicated, and
will specify
the termination date (which
will be
not more
than
thirty (30) days after the
giving of such
notice). The failure
by Executive
to include in the
notice any fact or
circumstance which
contributes to a showing
of Good Reason
will not
waive
any right of Executive
hereunder
or preclude Executive
from asserting such
fact or circumstance in
enforcing Executive's
rights hereunder.

 

9.          Miscellaneous
Provisions.

 

(a)          No
Duty to Mitigate.
Executive will
not be required
to mitigate the amount
of any payment
contemplated
by this Agreement,
nor will
any
such payment be
reduced
by any earnings
that Executive
may receive
from any other source.

 

(b)          Waiver.         No
provision
of this
Agreement will
be modified,
waived or
discharged
unless the
modification, waiver
or discharge
is agreed
to in writing
and signed by Executive
and by an
authorized
officer of the Company
(other than
Executive)
. No waiver
by either
party of any breach
of, or of compliance with, any condition or provision
of this Agreement
by the other party
will be considered a waiver of
any other condition or provision or of
the same condition or provision
at another time .

 

    	 	-9-	 

    	 

    

 

(c)          Headings.
All captions and section headings
used in this Agreement are for convenient reference
only and do not form a part
of this Agreement.

 

(d)          Entire
Agreement. This Agreement
constitutes the entire
agreement of the parties hereto and supersedes
in their entirety all
prior representations, understandings, undertakings or
agreements (whether oral or written
and whether expressed or implied) of
the parties with respect
to the subject matter
hereof. No waiver, alteration, or modification
of any of the provisions
of this Agreement will be binding unless
in writing and signed by
duly authorized representatives of the
parties hereto and which specifically
mention this Agreement.

 

(e)          Choice
of Law. The validity, interpretation, construction,
and performance of this Agreement
will be governed by
the laws of the State of Indiana (with the
exception of its conflict
of laws provisions).
Any claims or legal actions
by one party
against the other
arising out of the relationship
between the parties contemplated herein
(whether or not arising
under this Agreement)
will be commenced or
maintained in any state
or federal court located in Tippecanoe
County, Indiana , and
Executive and the Company
hereby
submit to the jurisdiction
and venue
of any such court.

 

(f)          Severability.
The invalidity or unenforceability
of any provision or provision s of
this Agreement will not affect the validity or enforceability
of any other provision hereof,
which will remain in
full force and effect.

 

(g)          Withholding.
All payments made pursuant to this Agreement
will be subject
to withholding of applicable income and employment
taxes.

 

(h)          Counterparts.
This Agreement may be executed in counterparts,
each of which
will be
deemed an original,
but all of which together
will constitute
one and
the same instrument.

 

o O o

 

    	 	-10-	 

    	 

    

 

IN WITNESS
WHEREOF, each of the
parties has executed this Agreement,
in the case of the Company
by its duly authorized
officer, as of the day and year set forth
below.

 

	COMPANY	ENDOCYTE, INC.
	 	 
	 	By:	/s/ P. Ron Ellis
	 	Title:	CEO
	 	 	 
	EXECUTIVE	By:	/s/ D. D. Meek
	 	Title:	Chief Commercial Officer

 

    	 	-11-

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