Document:

EX-10.15

 Exhibit 10.15 

FORM OF NON-COMPETITION AGREEMENT 

This NON-COMPETITION AGREEMENT (this “Non-Competition Agreement”) is made and entered into as of October
[    ], 2014 by and between Kimberly-Clark Corporation (“Kimberly-Clark”), a Delaware corporation, and Halyard Health, Inc. (“Halyard”), a Delaware corporation. Kimberly-Clark and Halyard are
sometimes hereinafter collectively referred to as the “Parties” and each individually as a “Party.” 

W I T N E S S E T H: 

WHEREAS, Kimberly-Clark and Halyard have entered into a Distribution Agreement dated as of October [    ], 2014 (the
“Distribution Agreement”), pursuant to which, among other things, Kimberly-Clark will transfer and assign, or cause to be transferred or assigned, to the Halyard Parties all or substantially all of the business, operations, assets
and liabilities primarily related to the Healthcare Business (the “Contribution”), after which Kimberly-Clark will distribute the Halyard Common Stock then owned by Kimberly-Clark to the Kimberly-Clark stockholders (the
“Distribution”); 
 WHEREAS, the Parties’ willingness to enter into the Distribution Agreement and to consummate the
Distribution is explicitly conditioned upon Kimberly-Clark and Halyard entering into this Non-Competition Agreement in order to protect the value of the Healthcare Business being contributed to Halyard through the Contribution and entering into a
reciprocal Non-Competition Agreement in order to protect the value of the Retained Business being retained by Kimberly-Clark following the Contribution; and 

WHEREAS, Kimberly-Clark will receive substantial economic benefit upon the closing of the Distribution; 

NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements of the Parties contained herein, Kimberly-Clark
and Halyard agree as follows: 
 1. Capitalized terms used but not defined in this Non-Competition Agreement shall have the meanings
ascribed to them in the Distribution Agreement. 
 2. Subject to the other provisions of this Non-Competition Agreement, for a period of
five years commencing as of the date of this Non-Competition Agreement and ending on October [    ], 2019 (the “Restricted Period”), none of Kimberly-Clark nor any of its Subsidiaries or controlled Affiliates
shall engage, directly or indirectly, in the competing business described on Attachment A (the “Competing Business”) anywhere in the world. 

3. (a) The provisions of Section 2 shall prohibit the acquisition by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates
of all or any part of a business or Person (whether through the acquisition of assets, securities or other ownership interests or the effecting of a merger, consolidation, share exchange, business combination, reorganization or recapitalization or
other similar transaction) (the “Acquired Business”) that is engaged in the Competing Business to the extent that the revenues attributable to such Competing Business during the most recently completed fiscal year of the Acquired
Business represent a majority or more of the aggregate revenues for the Acquired Business during such period. 
 (b) With respect to the
acquisition by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates of any Acquired Business, not otherwise subject to Section 3(a), that is engaged in the Competing Business and is deemed to be a Disqualifying Acquisition
pursuant to Section 3(c), the provisions of Section 3(e) shall control. 

  
 1 

 (c) For purposes of this Section 3, (i) a “Disqualifying Acquisition”
means the acquisition by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates of an Acquired Business, not otherwise subject to Section 3(a), where the revenues attributable to the Competing Business conducted by such Acquired
Business during its most recently completed fiscal year represent the greater of (x) 20% of the aggregate revenues of such Acquired Business during such period or (y) $150 million; and “Disqualified Business” means that
portion of the Disqualifying Acquisition that engages in the Competing Business but is represented only by a stand-alone contract, whether one or more, where the primary stated purpose of such contract is the provision of Competing Business
services. 
 (d) Any acquisition by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates of any Acquired Business, not
otherwise subject to Section 3(a) and not constituting a Disqualifying Acquisition, shall not be subject to the prohibitions of Section 2. 

(e) (i) The provisions of Section 2 shall not prohibit a Disqualifying Acquisition by Kimberly-Clark or any of its Subsidiaries or
controlled Affiliates, provided that Kimberly-Clark or any such Subsidiary or controlled Affiliate, as applicable, offers to sell and assign the Disqualified Business (and associated liabilities) obtained and assumed, directly or indirectly,
in the Disqualifying Acquisition for cash to Halyard within 90 days of the consummation of the Disqualifying Acquisition at the fair market value of such Disqualified Business (and associated liabilities) pursuant to the terms set forth in this
Section 3(e). 
 (ii) A sale made under Section 3(e)(i) shall be made with the benefit of substantially similar representations,
warranties and indemnification provisions as given or made by the transferor in the Disqualifying Acquisition to Kimberly-Clark or any such Subsidiary or controlled Affiliate, as applicable. 

(iii) Representatives of Kimberly-Clark and Halyard shall meet within 15 days of the date such offer is made and attempt to mutually
determine in good faith such fair market value. If Halyard and Kimberly-Clark are unable to determine a mutually acceptable fair market value within 20 days after their initial meeting, Halyard and Kimberly-Clark shall mutually engage (and share
equally in the fees and expenses of) an investment banking firm to determine within 20 days of such firm’s engagement the fair market value of the Disqualified Business (and associated liabilities), which determination shall be binding upon
Halyard and Kimberly-Clark or any such Subsidiary or controlled Affiliate for purposes of Kimberly-Clark’s or any such Subsidiary’s or controlled Affiliate’s offer to sell the Disqualified Business to Halyard as contemplated herein.
Kimberly-Clark or any such Subsidiary or controlled Affiliate shall not be obligated to keep its offer to Halyard open for more than 20 days after final determination of the fair market value of the Disqualified Business (and associated
liabilities). 
 (iv) In the event Halyard does not close on the sale of the Disqualified Business contemplated by Section 3(e)(i)
within 75 days of Halyard’s acceptance of Kimberly-Clark’s or any such Subsidiary’s or controlled Affiliate’s offer or Halyard does not accept such offer within 20 days after final determination of such fair market value (such
applicable date, the “Halyard Sale Termination Date”), then Kimberly-Clark or any such Subsidiary or controlled Affiliate, as applicable, shall be required to undertake good faith and diligent efforts to sell the Disqualified
Business (and associated liabilities) not later than the second anniversary of the Halyard Sale Termination Date at a price approximately equal to the fair market value of the Disqualified Business, determined in the manner set forth elsewhere in
this Section 3(e), and on such other commercially reasonable terms deemed reasonably acceptable to Kimberly-Clark or any such Subsidiary or controlled Affiliate. Notwithstanding 

  
 2 

 
the foregoing sentence, Kimberly-Clark or any such Subsidiary or controlled Affiliate shall not be required to sell the Disqualified Business at a price materially less than such fair market
value or upon any other terms that are not deemed thereby to be commercially reasonable. In the event that, notwithstanding such good faith and diligent efforts to sell the Disqualified Business within such two year period, Kimberly-Clark or any
such Subsidiary or controlled Affiliate is unable to consummate such a sale, then Kimberly-Clark’s or any such Subsidiary’s or controlled Affiliate’s continued ownership and operation of the Disqualified Business (including during the
two year sale period referenced above) shall not be deemed to be a violation of the prohibitions set forth in Section 2. 
 4. The
prohibitions of Section 2 shall not apply to: 
 (a) any Acquired Business where the acquisition thereof by
Kimberly-Clark or any of its Subsidiaries or controlled Affiliates is permitted in accordance with Section 3; provided that in the case of any such acquisition, the Competing Business was being conducted by the Acquired Business as of
the closing of the acquisition thereof by Kimberly-Clark or any such Subsidiary or controlled Affiliate; or 
 (b) the
acquisition by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates solely as an investment of not greater than 5% of the voting securities of any Person engaged in the Competing Business which are publicly traded on a national or
regional stock exchange or on the over-the-counter market if Kimberly-Clark or any such Subsidiary or controlled Affiliate (i) is not a controlling Person of, or a member of a group which controls, such Person, (ii) does not have, or
exercise any rights to manage other than rights as a stockholder thereof, and (iii) does not directly or indirectly, own 5% or more of any class of securities of such Person. 

5. Notwithstanding the provisions of Section 2 or Section 3, nothing in this Non-Competition Agreement shall prevent Kimberly-Clark
or any of its Subsidiaries or controlled Affiliates from: 
 (a) continuing to engage directly or indirectly and without
impediment in any other business, including but not limited to the unrestricted sale of existing products or services or new products or services directly related to that business, conducted directly or indirectly by Kimberly-Clark or any of its
Subsidiaries prior to the date hereof (excluding the Competing Business conducted by Kimberly-Clark and its Subsidiaries solely through the Healthcare Business immediately prior to the Distribution Date); or 

(b) engaging directly or indirectly in any existing or new business under a contract, the initial purpose of which is not
within the definition of Competing Business but may later, through no direct action of Kimberly-Clark or any of its Subsidiaries or controlled Affiliates, fall within such definition because of the way in which the recipient of the products or
services of such existing or new business utilizes such products or services provided by Kimberly-Clark or its Subsidiaries or controlled Affiliates; or 

(c) engaging in the provision of non-Competing Business products or services to a Person who owns or conducts a Competing
Business or to a Person who has a subcontract with any such other Person. 
 6. (a) Kimberly-Clark acknowledges and agrees that damages
at law may be insufficient for breach by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates of any of the covenants in this Non-Competition Agreement. Accordingly, Kimberly-Clark agrees that in the event of

  
 3 

 
a breach by Kimberly-Clark or any of its Subsidiaries or controlled Affiliates of any provisions of this Non-Competition Agreement, Halyard shall be entitled to equitable relief, subject to the
discretion of a court in determining whether to grant or not grant any such equitable relief, in the form of a temporary restraining order, preliminary injunction and/or injunction to prevent irreparable injury without posting and or showing actual
damages; provided, however, that Halyard shall not be entitled to seek any form of temporary restraining order, preliminary injunction and/or injunction to prevent the acquisition by Kimberly-Clark or any of its Subsidiaries or
controlled Affiliates of any Acquired Business not subject to the restrictions set forth in Section 3(a), and, under such circumstances, Halyard shall only be entitled to seek the remedy of specific performance or pursue a claim for damages
with respect to a breach by Kimberly-Clark or any such Subsidiary or controlled Affiliate of its obligations under Section 3(e). 

(b) Nothing in this Non-Competition Agreement shall be construed as prohibiting Halyard from pursuing any other remedies, including damages,
for breach of this Non-Competition Agreement. The remedies of Halyard under this Non-Competition Agreement are cumulative, not exclusive, and may be exercised alternatively, successively or concurrently. 

7. (a) The Parties agree and acknowledge (i) that the duration, scope and geographic areas applicable to the covenants contained in this
Non-Competition Agreement are fair, reasonable and necessary, and do not impose a greater restraint than is necessary to protect the goodwill or other business interest of Halyard and the Healthcare Business, and (ii) that adequate
consideration has been received by Kimberly-Clark for such obligations. 
 (b) If any provision of this Non-Competition Agreement is held
to be illegal, invalid or unenforceable under present or future laws effective during the term of this Non-Competition Agreement, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this
Non-Competition Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision (but not broader in any aspect) as may be possible and be legal, valid and enforceable. 

(c) If the automatic reformation provision contained in the preceding subsection for any reason fails or is held to be illegal, invalid or
unenforceable, the Parties request that the governmental body making such determination interpret, alter, amend and modify the terms of this Non-Competition Agreement to include as much of the scope, time period and geographic area specified in this
Non-Competition Agreement as may be possible without rendering any provision of this Non-Competition Agreement illegal, invalid or unenforceable. 

8. All notices, requests, claims, demands and other communications required or permitted hereunder shall be in writing and shall be deemed
given or delivered (i) when delivered personally, (ii) if transmitted by facsimile when confirmation of transmission is received, (iii) if sent by registered or certified mail, postage prepaid, return receipt requested, on the third
business day after mailing or (iv) if sent by private courier when received; and shall be addressed as follows: 
 If to
Kimberly-Clark, to: 
 Kimberly-Clark Corporation 

351 Phelps Drive 

Irving, Texas 75309 

Attention: General Counsel 

Facsimile: 972-281-1492 

If to Halyard, to: 

Halyard Health, Inc. 

5405 Windward Parkway 

Suite 100, South 

Alpharetta, GA 30004 

Attention: General Counsel 

Facsimile: 770-587-7749 

  
 4 

 or to such other address as such Party may indicate by a notice delivered to the other Party. 

9. This Non-Competition Agreement shall not be amended, modified or supplemented except by a written instrument signed by an authorized
representative of each of the Parties. 
 10. Any term or provision of this Non-Competition Agreement may be waived, or the time for its
performance may be extended, by the Party or Parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the purposes of this Non-Competition Agreement if, as to any Party, it is in writing signed by an
authorized representative of such Party. The failure of any Party to enforce at any time any provision of this Non-Competition Agreement shall not be construed to be a waiver of such provision, or in any way to affect the validity of this
Non-Competition Agreement or any part hereof or the right of any Party thereafter to enforce each and every such provision. No waiver of any breach of this Non-Competition Agreement shall be held to constitute a waiver of any other or subsequent
breach. 
 11. The provisions of this Non-Competition Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and assigns; provided, however, that the rights and obligations of either Party under this Non-Competition Agreement shall not be assignable by such Party without the prior written consent of the other Party. The
successors and permitted assigns hereunder shall include, without limitation, any permitted assignee as well as the successors in interest to such permitted assignee (whether by merger, liquidation (including successive mergers or liquidations) or
otherwise). Notwithstanding the foregoing, the provisions of this Non-Competition Agreement shall not apply to any Subsidiaries or businesses of Kimberly-Clark or its Subsidiaries to the extent that such companies or businesses are no longer
Subsidiaries or businesses of Kimberly-Clark or its Subsidiaries. 
 12. As used in this Non-Competition Agreement, any reference to the
plural shall include the singular, and the singular shall include the plural. With regard to each and every term and condition of this Non-Competition Agreement, the Parties understand and agree that the same have or has been mutually negotiated,
prepared and drafted, and that if at any time the Parties desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which Party actually
prepared, drafted or requested any term or condition of this Non-Competition Agreement. 
 13. This Non-Competition Agreement constitutes
the entire agreement among the Parties with respect to the subject matter hereof, and supersedes all prior agreements, negotiations, discussions, understandings, writings and commitments between the Parties with respect to such subject matter. 

14. This Non-Competition Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of
Delaware and the federal laws of the United States of America applicable therein, as though all acts and omissions related hereto occurred in Delaware. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of the state and federal
courts located in the State of Delaware, and each Party hereby irrevocably agrees that all disputes, controversies or claims may be heard and determined in the state and federal courts located in the State of

  
 5 

 
Delaware. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute
brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. 
 15. EACH OF THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW IN ANY ACTION OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NON-COMPETITION AGREEMENT. THIS WAIVER APPLIES TO ANY ACTION OR OTHER LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE. EACH OF THE PARTIES ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE OF COMPETENT LEGAL COUNSEL REGARDING THIS WAIVER AS WELL AS ALL OTHER PROVISIONS OF THIS NON-COMPETITION AGREEMENT. 

16. This Non-Competition Agreement may be executed in one or more counterparts, each of which shall be deemed an original instrument, but all
of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by and delivered to each of the Parties. 

17. Except to the extent otherwise provided herein, the provisions of this Non-Competition Agreement are solely for the benefit of the Parties
and their respective Affiliates, successors and permitted assigns and shall not confer upon any third Person any remedy, claim, liability, reimbursement or other right in excess of those existing without reference to this Non-Competition Agreement.

 [Signature Page Follows] 

  
 6 

 IN WITNESS WHEREOF, the Parties hereto have executed this Non-Competition Agreement as of the
date first set forth above. 
  

									
		 		 	KIMBERLY-CLARK CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

			
		 		 	HALYARD HEALTH, INC.
				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  
 7 

 ATTACHMENT A 

Competing Business 
 As used in this
Non-Competition Agreement, the term “Competing Business” means the provision of medical exam gloves, cleanroom gloves, laboratory gloves, sterile gloves, facial protection, surgical gowns or sterilization wrap (“Restricted
Products”) in the Healthcare Market (as defined below); provided, however, that the Competing Business shall not include provision of Restricted Products in the Professional Market or to any Existing KCP Customer; provided,
further, that incidental passive sales of Restricted Products by Kimberly-Clark in the Healthcare Market shall not be deemed to be within the scope of the Competing Business. 

For purposes of the foregoing: 
 “Existing KCP
Customer” shall mean any Person that purchases Restricted Products from Kimberly-Clark’s Global Professional Business and Global Partnership Products Business immediately prior to the Effective Time, including but not limited to those
customers set forth on Attachment B hereto. In the event that any such Person consists of multiple divisions, departments, branches, offices, or other subdivisions, the Existing KCP Customer shall include only such divisions, departments, branches,
offices or other subdivisions that purchase Professional Products from Kimberly-Clark’s Global Professional Business and Global Partnership Products Business immediately prior to the Effective Time. 

“Healthcare Market” shall mean end users whose primary business is the delivery of medical, veterinary or patient care or treatment, medical
diagnostic services, or medical care provided in connection with disaster relief, including, but not limited to: (1) professional medical and healthcare service companies, businesses, institutions and enterprises, (2) medical diagnostics
facilities and laboratories having patient interaction, (3) government and private organizations providing medical care in connection with disaster relief and (4) firms selling products or services into such end users; 

examples of such end users are: 
  

	 	•	 	Hospitals, including their pharmacies; 

  

	 	•	 	Integrated medical service provider networks and their member facilities; 

  

	 	•	 	Surgery centers, including their pharmacies; 

  

	 	•	 	Blood banks; 

  

	 	•	 	Bone and tissue centers; 

  

	 	•	 	Physician and medical clinic offices including their pharmacies; 

  

	 	•	 	Psychiatric health facilities, including their pharmacies; 

  

	 	•	 	Clinics in retail outlets that perform or provide medical services or care; 

  

	 	•	 	Long-term medical care facilities, including their pharmacies; 

  

	 	•	 	Medical care components of the Red Cross or other disaster relief organizations; 

  

	 	•	 	Veterinary and other facilities that primarily provide medical care to animals; and 

  

	 	•	 	Dental care facilities.

 “Professional Market” shall mean end users whose primary business is
performed in an industrial, commercial, or institutional setting, including but not limited to: 
  

	 	(1)	manufacturing facilities or factories; 

  

	 	(2)	repair and service facilities (e.g., equipment, machines, vehicles, etc.); 

  

	 	(3)	lodging, entertainment and hospitality facilities; 

  
 8 

	 	(4)	professional offices other than components directed to the provision of medical care and treatment to patients; 

  

	 	(5)	food preparation and processing facilities; 

  

	 	(6)	facilities directed to natural resource extraction and processing (e.g., mining, drilling, refining, etc.); 

  

	 	(7)	schools and academic institutions (including research laboratories in hospitals associated with academic institutions); 

  

	 	(8)	technology development, research, or scientific facilities or labs; 

  

	 	(9)	non-medical care components of relief agencies; 

  

	 	(10)	non-medical care components of long term medical care facilities; 

  

	 	(11)	pharmacies other than components directed to the provision of medical care and treatment to patients;

  

	 	(12)	components of hospitals, clinics or other medical care facilities other than those that relate to the diagnosis, treatment or prevention of disease, injury or a medical condition or other activities that are typically
administered by or under the direction of a medical professional (e.g., laboratory work, facility maintenance, janitorial services, etc.); 

  

	 	(13)	non-veterinary care components of animal shelters or animal care facilities; and 

  

	 	(14)	firms selling products or services into such end users. 

 The Professional Market specifically does not include
the patient interaction components of veterinary facilities, hospitals, pharmacies, medical care facilities and/or components of such facilities used for the delivery of medical care. 

  
 9Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

 

This Employment Agreement
is made and entered into effective as of October 13, 2014, (the “Effective Date”), by and between Navidea Biopharmaceuticals,
Inc., a Delaware corporation with a place of business at 5600 Blazer Parkway, Suite 200, Dublin, Ohio 43017-7550 (the “Company”
or “Navidea”) and Ricardo Gonzalez, residing at 19360 SW 30th St., Miramar, FL 33029 (the “Executive”).
The Company and Executive are hereinafter sometimes collectively referred to as the “Parties.”

 

WHEREAS, the Company
has offered to employ Executive as its Chief Executive Officer, and the Executive desires to accept such employment; and

 

WHEREAS, the Parties
wish to establish terms, covenants, and conditions for the Executive’s employment with the Company through this Employment
Agreement (the “Agreement").

 

NOW, THEREFORE, in
consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

		1.	Duties. From and after the Effective Date,
and based upon the terms and conditions set forth herein, the Company agrees to employ the Executive and the Executive agrees
to be employed by the Company, as the Company’s President and Chief Executive Officer and in such additional executive level
position or positions as shall be assigned to him by the Company’s Board of Directors. While serving in such executive level
position or positions, the Executive shall report to, be responsible to, and shall take direction from the the Board of Directors
of the Company (the “Board”). The Executive shall, if requested, also serve as a member of Board or as an officer
or director of any affiliate of the Company for no additional compensation. During the Term of this Agreement (as defined in Section
2 below), the Executive agrees to devote substantially all of his working time to the position he holds with the Company and to
faithfully, industriously, and to the best of his ability, experience and talent, perform the duties that are assigned to him.
The Executive shall also observe and abide by the reasonable corporate policies and decisions of the Company in all business matters.

 

			The Executive represents and warrants to the Company that Exhibit A attached hereto sets forth
a true and complete list of (a) all offices, directorships and other positions held by the Executive in corporations and firms
other than the Company and its subsidiaries, and (b) any investment or ownership interest in any corporation or firm other than
the Company beneficially owned by the Executive (excluding investments in life insurance policies, bank deposits, publicly traded
securities that are less than five percent (5%) of their class and real estate). The Executive will promptly notify the Board of
Directors of the Company of any additional positions undertaken or investments made by the Executive during the Term of this Agreement
if they are of a type which, if they had existed on the date hereof, should have been listed on Exhibit A hereto. As long as the
Executive’s other positions or investments in other firms do not create a conflict of interest, violate the Executive’s
obligations under Section 7 below or cause the Executive to neglect his duties hereunder, such activities and positions shall not
be deemed to be a breach of this Agreement.

 

		2.	Term of this Agreement. Subject to Sections 4 and 5 hereof, the Term of this Agreement shall
be for a period commencing on October 13, 2014 and terminating October 13, 2017 (the “Term”), unless terminated earlier
pursuant to the termination provisions set forth in Section 4 of this Agreement.

 

		3.	Compensation. During the Term, the Company
shall pay, and the Executive agrees to accept as full consideration for the services to be rendered by the Executive hereunder,
compensation consisting of the following:
	 	 	 

    	 

    	 

    

 

		A.	Salary. Beginning on the first day of the Term, the Company shall pay the Executive a salary
of Three Hundred Seventy-Five Thousand Dollars ($375,000) per year, payable in semi-monthly or monthly installments as requested
by the Executive (the “Base Salary”). The Compensation, Nominating and Governance Committee of the Board of Directors
(the “Committee”) shall review the Executive's Base Salary on an annual basis and may increase, but not decrease, the
Base Salary at its discretion.

 

		B.	Bonus. For each complete calendar year of the Term, the Executive
shall have the opportunity to earn an annual bonus (the “Annual Bonus”) equal to 50% of Base Salary (the "Target
Bonus"), as in effect at the beginning of the applicable calendar year, based on achievement of annual target performance
goals established by the Committee. The Committee will, on an annual basis, review the performance of the Company and of the Executive
in relation to the target performance goals and will pay such Annual Bonus, as it deems appropriate, in its discretion, to the
Executive based upon such review. Any bonus earned in any calendar year will be payable in the first calendar quarter of the following
calendar year. For the period beginning on the Effective Date and ending on the last day of 2014, the Executive shall be eligible
to receive a prorated Annual Bonus (calculated as the Annual Bonus that would have been paid for the entire calendar year multiplied
by a fraction the numerator of which is equal to the number of days the Executive worked in the calendar year and the denominator
of which is equal to 365 days). In order to be eligible to receive an Annual Bonus, the Executive
must be employed by the Company on the last day of the applicable calendar year with respect to which the Annual Bonuses is to
be paid.

 

		C.	Benefits. During the Term of this Agreement, the Executive will receive such employee benefits
as are generally available to all employees of the Company.

 

		D.	Stock Options. The Committee may, from time to time, grant to the Executive stock options,
restricted stock purchase opportunities and such other forms of equity-based incentive compensation as it deems appropriate, in
its discretion, under the Company’s 2014 Stock Incentive Plan (the “Stock Plan”). Additionally, in consideration
of entering this Agreement and as an inducement to Executive joining the Company, the Committee will grant Executive non-statutory
stock options to purchase 1,000,000 shares of the Company’s common stock, $0.001 par value, at the closing market price on
the trading day immediately preceding Effective Date, to become vested and exercisable in three tranches. The first tranche of
300,000 shares will vest and become exercisable on the first anniversary of the Effective Date. The second tranche of 300,000 shares
will vest and become exercisable on or after the second anniversary of the Effective Date, provided that the options will not be
exercisable unless and until the average closing price per share of the Company’s stock for the ten trading days prior to
exercise equals or exceeds $2.50 per share. The third tranche of 400,000 shares will vest and become exercisable on or after the
third anniversary of the date of grant, provided that the options would not be exercisable unless and until the average closing
price per share of the Company’s stock for the ten trading days prior to exercise equals or exceeds $3.50 per share. All
awards of equity incentives shall be governed by a separate equity incentive award agreement, the terms of which shall govern the
rights of the Executive and the Company in the event of any conflict between such agreement and this Agreement.

 

		E.	Vacation. The Executive shall be entitled to twenty-five (25) days of vacation during each
calendar year (prorated for partial years) during the Term of this Agreement, in accordance with the Company's vacation policies,
as in effect from time to time.

 

		F.	Expenses. The Company shall reimburse the Executive for all reasonable out-of-pocket expenses
incurred by him in the performance of his duties hereunder, including expenses for travel, entertainment and similar items, promptly
after the presentation by the Executive, from time-to-time, of an itemized account of such expenses.
	 	 	 

    	-2-

    	 

    

 

 

		G.	Clawback Policy. The Company’s obligation to pay any bonus or stock-based incentive
compensation under paragraphs B. or D. of this Section 3, and the Executive’s right to receive or retain such compensation,
shall be subject to any policy adopted by the Board of Directors or the Committee (or any successor committee of the Board of Directors
with authority over executive compensation) pursuant to the “clawback” provisions of Section 304 of the Sarbanes-Oxley
Act of 2002, Section 10D of the Securities Exchange Act of 1934, or regulations promulgated thereunder, or pursuant to any rule
of any national securities exchange on which the equity securities of the Company are listed implementing Section 10D of the Securities
Exchange Act of 1934, or regulations promulgated thereunder.

 

		4.	Termination.

 

		A.	For Cause. The Company may terminate the employment of the Executive prior to the end of
the Term of this Agreement “for cause.” Termination “for cause” shall be defined as a termination by the
Company of the employment of the Executive occasioned by:

 

                             
i.        the failure
by the Executive to cure a willful breach of a material duty imposed on the Executive under this Agreement or any other written
agreement between Executive and the Company within 15 days after written notice thereof by the Company;

                            
ii.        the continuation
by the Executive after written notice by the Company of a willful and continued neglect of a duty imposed on the Executive under
this Agreement;

                           
iii.        acts by Executive
of fraud, embezzlement, theft or other material dishonesty directed against Navidea;

                           
iv.        the Executive
is formally charged with a felony (other than a traffic offense), or a crime involving moral turpitude, that in the reasonable
good faith judgment of the Board of Directors, results in material damage to the Company or its reputation, or would materially
interfere with the performance of Executive’s obligations under this Agreement; or

                            
v.        any condition
which either results from the Executive’s substantial dependence, as reasonably determined in good faith by the Board of
Directors, on alcohol, or on any narcotic drug or other controlled or illegal substance.

 

In the event of termination
by the Company “for cause,” all salary, benefits and other payments shall cease at the time of termination, and the
Company shall have no further obligations to the Executive.

 

		B.	Resignation. If the Executive resigns for any reason, all salary, benefits and other
payments (except as otherwise provided in paragraph G of this Section 4) shall cease at the time such resignation becomes effective.
At the time of any such resignation, the Company shall pay the Executive the value of any accrued but unused vacation time, and
the amount of all accrued but previously unpaid base salary through the date of such termination. The Company shall promptly reimburse
the Executive for the amount of any expenses incurred prior to such termination by the Executive as required under paragraph F
of Section 3 above.

 

		C.	Disability, Death. The
                                         Company may terminate the employment of the Executive prior to the end of the Term of
                                         this Agreement if the Executive has been unable to perform his duties hereunder or a
                                         similar job for a continuous period of six (6) months due to a physical or mental condition
                                         that, in the opinion of a licensed physician, will be of indefinite duration or is without
                                         a reasonable probability of recovery for a period of at least six (6) months. The Executive
                                         agrees to submit to an examination by a licensed physician of his choice in order to
                                         obtain such opinion, at the request of the Company, made after the Executive has been
                                         absent from his place of employment for at least six (6) months. The Company shall pay
                                         for any requested examination. However, this provision does not abrogate either the Company’s
                                         or the Executive’s rights and obligations pursuant to the Family and Medical Leave
                                         Act of 1993, and a termination of employment under this paragraph C shall not be deemed
                                         to be a termination “for cause.”

 

    	-3-

    	 

    

If during the Term of this Agreement,
the Executive dies or the Executive’s employment is terminated because of the Executive’s disability, all salary, benefits
and other payments shall cease at the time of death or termination due to disability, provided, however, that the Company shall
pay such other amounts or provide such other benefits required to be paid or provided to the Executive or the Executive's estate
under any plan, program, policy, practice, contract, or arrangement in which the Executive or the Executive's estate is eligible
to receive such payments or benefits from the Company, for the longer of twelve (12) months after such death or termination or
the full unexpired Term of this Agreement on the same terms and conditions (including cost) as were applicable before such death
or termination. In addition, for the first six (6) months of any disability, as defined under Section 409A of the Internal Revenue
Code of 1986, as amended, and any guidance thereunder, that results in the Executive being unable to perform any gainful activity,
the Company shall pay to the Executive the difference, if any, between any cash benefits received by the Executive from a Company-sponsored
disability insurance policy and the Executive’s salary hereunder in accordance with paragraph A of Section 3 above. At the
time of any such termination, the Company shall pay the Executive or Executive’s estate, the value of any accrued but unused
vacation time, and the amount of all accrued but previously unpaid base salary through the date of such termination. The Company
shall promptly reimburse the Executive or Executive’s estate for the amount of any expenses incurred prior to such termination
by the Executive as required under paragraph F of Section 3 above.

 

Notwithstanding
the foregoing, if the Company reasonably determines that any of the benefits described in this paragraph C may not be exempt from
federal income tax, then for a period of six (6) months after the date of the Executive’s termination, the Executive shall
pay to the Company an amount equal to the stated taxable cost of such coverages. After the expiration of the six-month period,
the Executive or Executive’s estate shall receive from the Company a reimbursement of the amounts paid by the Executive.

 

		D.	Termination Without Cause. A termination “without cause” is a termination of
the employment of the Executive by the Company that is not “for cause” and not occasioned by the resignation, death
or disability of the Executive. If the Company terminates the employment of the Executive without cause (whether before the end
of the Term of this Agreement or, if the Executive is employed by the Company under paragraph E of this Section 4, after the Term
of this Agreement has ended), the Company shall, at the time of such termination, pay to the Executive the severance payment provided
in paragraph F of this Section 4 together with the value of any accrued but unused vacation time and the amount of all accrued
but previously unpaid base salary through the date of such termination and shall provide him with all benefits to which he is entitled
under paragraph C of Section 3 above for the longer of eighteen (18) months or the full unexpired Term of this Agreement. The Company
shall promptly reimburse the Executive for the amount of any expenses incurred prior to such termination by the Executive as required
under paragraph F of Section 3.

 

If the Company terminates the
employment of the Executive because it has ceased to do business or substantially completed the liquidation of its assets or because
it has relocated to another city and the Executive has decided not to relocate also, such termination of employment shall be deemed
to be without cause.

 

		E.	End of the Term of this Agreement. Except as otherwise provided in paragraphs F and G of
this Section 4 below, the Company may terminate the employment of the Executive at the end of the Term of this Agreement without
any liability on the part of the Company to the Executive, provided that if the Executive continues to be an employee of the Company
after the Term of this Agreement ends, his employment shall be governed by the terms and conditions of this Agreement, but he shall
be an employee at will and his employment may be terminated at any time by either the Company or the Executive without notice and
for any reason not prohibited by law or no reason at all. If the Company terminates the employment of the Executive at the end
of the Term of this Agreement, the Company shall, at the time of such termination, pay to the Executive the severance payment provided
in paragraph F of this Section 4 together with the value of any accrued but unused vacation time and the amount of all accrued
but previously unpaid base salary through the date of such termination. The Company shall promptly reimburse the Executive for
the amount of any reasonable expenses incurred prior to such termination by the Executive as required under paragraph F of Section
3 above.

 

    	-4-

    	 

    

 

		F.	Severance. If the employment of the Executive
is terminated by the Company at the end of the Term of this Agreement, or if the employment of the Executive is terminated by
the Company without cause (whether before the end of the Term of this Agreement or, if the Executive is employed by the Company
under paragraph E of this Section 4 above, after the Term of this Agreement has ended), then the Executive shall be paid, as a
severance payment at the time of such termination the amount of Three Hundred Seventy Five Thousand Dollars ($375,000), together
with the value of any accrued but unused vacation time.

 

		G.	Change of Control Severance. In addition
to the rights of the Executive under the Company’s employee benefit plans (paragraph C of Section 3 above) but in lieu of
any severance payment under paragraph F of this Section 4 above, if there is a Change in Control of the Company (as defined below)
during the Term and within six (6) months thereafter, the employment of the Executive is concurrently or subsequently terminated
(i) by the Company without cause, (ii) by the expiration of the Term of this Agreement, or (iii) by the resignation of the Executive
because he has reasonably determined in good faith that his titles, authorities, responsibilities, salary, bonus opportunities
or benefits have been materially diminished, that a material adverse change in his working conditions has occurred, that his services
are no longer required in light of the Company’s business plan, or the Company has breached this Agreement, the Company
shall pay the Executive, as a severance payment, at the time of such termination, the amount of Seven Hundred Fifty Thousand Dollars
($750,000) together with the value of any accrued but unused vacation time, and the amount of all accrued but previously unpaid
base salary through the date of termination and shall provide him with all of the Executive benefits under paragraph C of Section
3 above for the longer of twelve (12) months or the full unexpired Term of this Agreement. The Company shall promptly reimburse
the Executive for the amount of any expenses incurred prior to such termination by the Executive as required under paragraph F
of Section 3 above. Notwithstanding the foregoing, before the Executive may resign pursuant to clause (iii) of this paragraph,
the Executive shall deliver to the Company a written notice of the Executive’s intent to terminate his employment thereunder,
and the Company shall have been given a reasonable opportunity to cure any such act, omission or condition within thirty (30)
days after the Company’s receipt of such notice.

 

For the purpose of this Agreement,
a Change in Control of the Company has occurred when: (a) any person (defined for the purposes of this paragraph G to mean any
person within the meaning of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)), other than
Navidea, an employee benefit plan created by its Board of Directors for the benefit of its employees, or a participant in a transaction
approved by its Board of Directors for the principal purpose of raising additional capital, either directly or indirectly, or an
Affiliate of such participant, acquires beneficial ownership (determined under Rule 13d-3 of the Regulations promulgated by the
Securities and Exchange Commission under Section 13(d) of the Exchange Act) of securities issued by Navidea having thirty percent
(30%) or more of the voting power of all the voting securities issued by Navidea in the election of Directors at the next meeting
of the holders of voting securities to be held for such purpose; (b) a majority of the Directors elected at any meeting of the
holders of voting securities of Navidea are persons who were not nominated for such election by the Board of Directors or a duly
constituted committee of the Board of Directors having authority in such matters; (c) the stockholders of Navidea approve a merger
or consolidation of Navidea with another person other than a merger or consolidation in which the holders of Navidea’s voting
securities issued and outstanding immediately before such merger or consolidation continue to hold voting securities in the surviving
or resulting corporation (in the same relative proportions to each other as existed before such event) comprising eighty percent
(80%) or more of the voting power for all purposes of the surviving or resulting corporation; or (d) the stockholders of Navidea
approve a transfer of substantially all of the assets of Navidea to another person other than: (i) a transfer to a transferee,
eighty percent (80%) or more of the voting power of which is owned or controlled by Navidea or by the holders of Navidea’s
voting securities issued and outstanding immediately before such transfer in the same relative proportions to each other as existed
before such event, or (ii) a transfer following which Navidea continues the operation of one or more lines of business that were
operated by Navidea prior to the transfer, and a class of common stock of Navidea remains registered under Section 12 of the Securities
Exchange Act of 1934. The parties hereto agree that for the purpose of determining the time when a Change of Control has occurred
that if any transaction results from a definite proposal that was made before the end of the Term of this Agreement but which continued
until after the end of the Term of this Agreement and such transaction is consummated after the end of the Term of this Agreement,
such transaction shall be deemed to have occurred when the definite proposal was made for the purposes of the first sentence of
this paragraph G of Section 4. Notwithstanding the foregoing, before the Executive may resign pursuant to clause (iii) of the first
paragraph of this Section 4(G), the Executive shall deliver to the Company a written notice of the Executive’s intent to
terminate his employment thereunder, and the Company shall have been given a reasonable opportunity to cure any such act, omission
or condition within thirty (30) days after the Company’s receipt of such notice.

 

    	-5-

    	 

    

		H.	Benefit and Stock Plans. In the event that a benefit plan, Stock Plan or award agreement
which covers the Executive has specific provisions concerning termination of employment, or the death or disability of an employee
(e.g., life insurance or disability insurance), then such benefit plan, Stock Plan or award agreement shall control the
disposition of the benefits or stock options.

 

		I.	Resignation of All Other Positions. Upon termination of the Executive's employment hereunder
for any reason, the Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member
of the board of directors (or a committee thereof) of the Company or any of its affiliates.

 

		J.	Cooperation. The parties agree that certain matters in which the Executive will be involved
during the Term may necessitate the Executive's cooperation following termination of his employment. Accordingly, following the
termination of the Executive's employment for any reason, to the extent reasonably requested by the Board, the Executive shall
cooperate with the Company in connection with matters arising out of the Executive's service to the Company; provided that, the
Company shall make reasonable efforts to minimize disruption of the Executive's other activities. The Company shall reimburse the
Executive for reasonable expenses incurred in connection with such cooperation and, to the extent that the Executive is required
to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on the Executive's
Base Salary on the date of termination.

 

		5.	Proprietary Information Agreement. Executive has executed a Proprietary Information Agreement
as a condition of employment with the Company. The Proprietary Information Agreement shall not be limited by this Agreement in
any manner, and the Executive shall act in accordance with the provisions of the Proprietary Information Agreement at all times
during the Term of this Agreement.

 

		6.	Non-Competition. Executive agrees that for so long as he is employed by the Company under
this Agreement and for one (1) year thereafter, the Executive will not:

 

    	-6-

    	 

    

		A.	enter into the employ of or render any services to any person, firm, or corporation, which is engaged,
in any part, in a Competitive Business (as defined below);

 

		B.	engage in any directly Competitive Business for his own account;

 

		C.	become associated with or interested in through retention or by employment any Competitive Business
as an individual, partner, shareholder, creditor, director, officer, principal, agent, employee, trustee, consultant, advisor,
or in any other relationship or capacity; or

 

		D.	solicit, interfere with, or endeavor to entice away from the Company, any of its customers, strategic
partners, or sources of supply.

 

			Nothing in this Agreement shall preclude Executive from taking employment in the banking or related
financial services industries nor from investing his personal assets in the securities or any Competitive Business if such securities
are traded on a national stock exchange or in the over-the-counter market and if such investment does not result in his beneficially
owning, at any time, more than one percent (1%) of the publicly-traded equity securities of such Competitive Business. “Competitive
Business” for purposes of this Agreement shall mean any business or enterprise:

 

		a.	which is engaged in the development, commercialization or distribution of drugs and/or systems
for use in detection, diagnosis or treatment of cancer, inflammatory or immune-related diseases, including without limitation the
development, commercialization or distribution of radiopharmaceuticals for such purposes, or

 

		b.	which reasonably could be understood to be competitive in the relevant market with products and/or
systems described in clause a above, or

 

		c.	in which the Company engages in during the Term of this Agreement pursuant to a determination of
the Board of Directors and from which the Company derives a material amount of revenue or in which the Company has made a material
capital investment.

 

			The covenant set forth in this Section 6 shall terminate immediately upon the substantial completion
of the liquidation of assets of the Company or the termination of the employment of the Executive by the Company without cause
or at the end of the Term of this Agreement.

 

		7.	Arbitration. Any dispute
                                         or controversy arising under or in connection with this Agreement shall be settled exclusively
                                         by arbitration in Columbus, Ohio, in accordance with the non-union employment arbitration
                                         rules of the American Arbitration Association (“AAA”) then in effect. If
                                         specific non-union employment dispute rules are not in effect, then AAA commercial arbitration
                                         rules shall govern the dispute. If the amount claimed exceeds $100,000, the arbitration
                                         shall be before a panel of three arbitrators. Judgment may be entered on the arbitrator’s
                                         award in any court having jurisdiction. The Company shall indemnify the Executive against
                                         and hold him harmless from any attorney’s fees, court costs and other expenses
                                         incurred by the Executive in connection with the preparation, commencement, prosecution,
                                         defense, or enforcement of any arbitration, award, confirmation or judgment in order
                                         to assert or defend any right or obtain any payment under paragraph C of Section 4 above
                                         or under this sentence; without regard to the success of the Executive or his attorney
                                         in any such arbitration or proceeding.

  

		8.	Attorneys’ Fees and Expenses. Except as
otherwise provided in Section 7, in the event that any action, suit, or other legal or equitable proceeding is brought by either
party to enforce the provisions of this Agreement, or to obtain money damages for the breach thereof, then the party which substantially
prevails in such action (whether by judgment or settlement) shall be entitled to recover from the other party all reasonable expenses
of such litigation (including any appeals), including, but not limited to, reasonable attorneys' fees and disbursements.

 

    	-7-

    	 

    

		9.	Governing Law. The Agreement shall be governed by and construed in accordance with the laws
of the State of Ohio without regard to its conflicts of laws principles.

 

		10.	Jurisdiction; Service of Process. Except as otherwise provided in Section 7, any action
or proceeding arising out of or relating to this Agreement shall be brought exclusively in the state or federal courts located
in Franklin County, Ohio, and each of the parties irrevocably submits to the jurisdiction of each such court in any such action
or proceeding, waives any objection it may now or hereafter have to venue or to convenience of forum, agrees that all claims in
respect of the action or proceeding shall be heard and determined only in any such court and agrees not to bring any action or
proceeding arising out of or relating to this Agreement in any other court. The parties agree that either or both of them may file
a copy of this Section with any court as written evidence of the knowing, voluntary and bargained agreement between the parties
irrevocably to waive any objections to venue or to convenience of forum. Process in any action or proceeding referred to in the
first sentence of this section may be served on any party anywhere in the world

 

		11.	Waiver of Jury Trial. THE PARTIES HEREBY UNCONDITIONALLY WAIVE THEIR RESPECTIVE RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING DIRECTLY OR INDIRECTLY OUT OF, RELATED TO, OR IN ANY WAY CONNECTED WITH THE
PERFORMANCE OR BREACH OF THIS AGREEMENT, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN THEM. The scope of this waiver
is intended to be all encompassing of any and all disputes that may be filed in any court or other tribunal (including, without
limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims). THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT AND RELATED DOCUMENTS. In the event of litigation, this Agreement may
be filed as a written consent to a trial by the court.

 

		12.	Validity. The invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision of the Agreement, which shall remain in full force and effect.

 

		13.	Compliance with Section 409A of the Internal Revenue Code.
It is intended that this Agreement comply with Section 409A of the Internal Revenue Code of 1986,
as amended, and any guidance thereunder (“Section 409A”). If, when the Executive's employment with the Company terminates,
the Executive is a "specified employee" as defined in Section 409A(a)(1)(B)(i), and if any payments under this Agreement,
including payments under Section 4, will result in additional tax or interest to the Executive under Section 409A(a)(1)(B) ("Section
409A Penalties"), then despite any provision of this Agreement to the contrary, the Executive will not be entitled to payments
until the earliest of (a) the date that is at least six months after termination of the Executive's employment for reasons other
than the Executive's death, (b) the date of the Executive's death, or (c) any earlier date that does not result in Section 409A
Penalties to the Executive. As soon as practicable after the end of the period during which payments are delayed under this provision,
the entire amount of the delayed payments shall be paid to the Executive in a lump sum. Additionally, if any provision of this
Agreement would subject the Executive to Section 409A Penalties, the Company will apply such provision in a manner consistent with
Section 409A during any period in which an arrangement is permitted to comply operationally with Section 409A and before a formal
amendment to this Agreement is required. For purposes of this Agreement, any reference to the Executive's termination of employment
will mean that the Executive has incurred a "separation from service" under Section 409A. No payments to be made under
this Agreement may be accelerated or deferred except as specifically permitted under Section 409A. Any payments that qualify for
the “short-term deferral” exception or another exception under Section 409A of the Code shall be paid under the applicable
exception. Each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes
of Section 409A. To the extent that any reimbursements provided under this Agreement constitute deferred compensation subject to
Section 409A, such amounts shall be paid or reimbursed to Executive promptly, but in no event later than December 31 of the year
following the year in which the expense is incurred. The amount of any such payments eligible for reimbursement in one year shall
not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and Executive’s
right to such payments or reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

    	-8-

    	 

    

		14.	Entire Agreement. This Agreement, together with the Proprietary Information Agreement referenced
above, constitutes the entire understanding between the parties with respect to the subject matter hereof, and supersedes all negotiations,
prior discussions, and preliminary agreements to this Agreement. This Agreement may not be amended except in writing executed by
the parties hereto.

 

		15.	Effect on Successors of Interest. This Agreement shall inure to the benefit of and be binding
upon heirs, administrators, executors, successors and assigns of each of the parties hereto. Notwithstanding the above, the Executive
recognizes and agrees that his obligation under this Agreement may not be assigned without the consent of the Company. The Company,
however, may assign its rights and obligations under this Agreement.

 

[signature
page follows]

 

 

    	-9-

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the date first written above.

 

	NAVIDEA BIOPHARMACEUTICALS, INC.	EXECUTIVE
	 	 
	 	 
	 	 
	By:  /s/ Gordon A. Troup                

	/s/ Ricardo J. Gonzalez                
	             Gordon A. Troup	     Ricardo J. Gonzalez
	             Chairman of the Board
of Directors	 

 

 

    	-10-

    	 

    

 

Exhibit A 

 

 

 

 

None.

 

 

    	-11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]