Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”), is effective this 3rd day of August, 2015 (the “Effective Date”) between
Michael Halstead (“Executive”) and Intra-Cellular Therapies, Inc. (the “Company”). 
 1. Title; Capacity. Subject
to terms set forth herein, the Company agrees to employ Executive in the position of Senior Vice President, General Counsel. Executive shall serve in an executive capacity and shall perform such duties as are assigned to Executive from time to time,
consistent with the Bylaws of the Company and as required by the Company’s Board of Directors (the “Board”). During the term of his employment with the Company, Executive will devote his best efforts and substantially all of his
business time and attention to the business of the Company. Notwithstanding the foregoing, or any other provision of this Agreement, it shall not be a breach or violation of this Agreement for the Executive to (i) serve on civic or charitable
boards or committees, (ii) with the express written permission of the Company serve on corporate boards of companies that do not present a conflict of interest or compete directly or indirectly with the Company, (iii) deliver lectures,
fulfill speaking engagements or teach at educational institutions, or (iv) manage personal investments, so long as such activities do not significantly interfere with or significantly detract from the performance of the Executive’s
responsibilities to the Company in accordance with this Agreement. The Board has approved the Executive’s participation in the activities listed on Schedule A to this Agreement. 

2. Term. The term of this Agreement shall commence on the Effective Date, and shall continue for three (3) years from that date,
unless terminated prior thereto by either the Company or the Executive as provided in Section 4. If either the Company or the Executive does not wish to renew this Agreement when it expires at the end of the initial or any renewal term hereof,
as hereinafter provided, or if either the Company or the Executive wishes to renew this Agreement on different terms than those contained herein, it or he shall give written notice in accordance with Section 13 below of such intent to the other
party at least sixty (60) days prior to the expiration date. In the absence of such notice, this Agreement shall be renewed on the same terms and conditions contained herein for a term of one year from the date of expiration. The parties
expressly agree that designation of a term and renewal provisions in this Agreement does not in any way limit the right of the parties to terminate this Agreement at any time as hereinafter provided. Reference herein to the term of this Agreement
shall refer both to the initial term and any successive term as the context requires. Should the Company elect not to renew this Agreement for reasons other than death or Disability (as defined in Section 4.3 below), or Cause (as defined in
Section 4.1 below), the Executive shall be eligible for the same severance payments and benefits as Executive would receive under Section 5.2 and on the same conditions as if Executive had been terminated by the Company without Cause,
provided that Executive executes a Release of claims in favor of the Company as defined in Section 5.2(a). Provided however, Executive shall not receive any such severance payments and benefits unless he executes the
Release within the consideration period specified therein and until the Release becomes effective and can no longer be revoked by Executive under its terms. Executive’s ability to receive such payment and benefits is further conditioned upon
his: returning all Company property; complying with his post termination obligations under this Agreement and the Proprietary Information, Inventions, and Non-Competition Agreement between the Executive

  
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and the Company; and complying with the Release including without limitation any non-disparagement and confidentiality provisions contained therein. Executive shall not be eligible for any
severance payments and benefits if either the Executive or the Company wishes to renew this Agreement on different terms than those contained herein. 

3. Compensation and Benefits. 

3.1 Salary. Executive will receive for Executive’s services to be rendered under this Agreement an initial annualized base salary
at the rate of $425,000 per year, subject to annual review and adjustment by the Company in the discretion of the Board, payable subject to standard federal and state payroll withholding requirements in accordance with the Company’s standard
payroll practices (“Base Salary”). 
 3.2 Incentive Compensation. In addition to Executive’s Base
Salary, the Executive shall be eligible during the term of this Agreement for such bonus payments and/or equity grants as awarded to the Executive by the Board. 

3.3 Policies and Fringe Benefits. The employment relationship between the parties shall also be subject to the Company’s personnel
policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion. The Executive will be eligible to participate on the same basis as other executive level employees in the
Company’s benefit plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the
right to change, alter, or terminate any benefit plan in its sole discretion. While this Agreement is in effect, the Company will provide the Executive with life insurance, for which the Executive may designate the beneficiary or beneficiaries in an
amount of $150,000, and long-term disability insurance. 
 3.4 Reimbursement of Certain Expenses. The Company will reimburse
Executive for reasonable business expenses in accordance with the Company’s expense reimbursement policies. 
 4. Termination of
Employment. Either Executive or the Company may terminate the employment relationship at any time, for any reason, in accordance with this Section 4. 

4.1 Termination for Cause. At the election of the Company, the employment relationship may be terminated for Cause upon written notice
by the Company to Executive specifying the provision or provisions of this Section 4.1 upon which the decision to terminate is based. For the purposes of this Section 4.1, “Cause” for termination shall be deemed to exist upon the
occurrence of any of the following: 
 (a) a good faith finding by the Company that Executive has engaged in gross negligence or gross
misconduct that is materially injurious to the Company; 
 (b) Executive’s conviction of a felony or crime involving fraud or
embezzlement of Company property; 

  
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 (c) Executive’s material breach of this Agreement which, if curable, has not been cured by
Executive within 60 days after he shall have received written notice from the Company stating with reasonable specificity the nature of such breach; 

(d) material breach of fiduciary duty; or 

(e) refusal to follow or implement a clear and reasonable directive of the Board as a whole, or an officer of the Company, provided that such
directive is ethical and legal and which, if curable, has not been cured by Executive within 60 days after he shall have received written notice from the Company stating with reasonable specificity the nature of such refusal. 

4.2 Termination by the Company Without Cause or by the Executive for Good Reason. At the election of the Company it may terminate
Executive’s employment for reasons other than Cause, death or Disability, at any time upon written notice by the Company to Executive. The Executive may resign from Executive’s employment for “Good Reason” within sixty
(60) days after the occurrence of one of the events specified below, by giving prior written notice, provided that Executive has not consented in writing to one of the specified events or been notified previously of the Company’s
intention to terminate Executive’s employment. As used in this Agreement Good Reason shall mean: 
 (a) The assignment to Executive of
any duties or responsibilities which result in the material diminution of Executive’s position; 
 (b) a 5% or greater reduction by the
Company in Executive’s annual Base Salary; 
 (c) a material change in the geographic location at which the Executive is required to
perform services; or 
 (d) material breach by the Company of any material provision of this Agreement; provided however, that any
actions taken by the Company to accommodate a disability of the Executive or pursuant to the Family and Medical Leave Act shall not be a Good Reason for purposes of this Agreement. Notwithstanding the occurrence of any of the events enumerated in
Section 4.2 (a) through (d), such occurrence shall not be deemed to constitute Good Reason if, within 30 days after the giving by Executive of notice of the occurrence or existence of an event or circumstance specified above, such event or
circumstance has been fully corrected (provided that such right of correction by the Company shall only apply to the first such notice given by Executive). In the absence of such correction, Executive’s resignation shall be effective thirty
(30) days following the Executive’s notice. 
 4.3 Death or Disability. The Executive’s employment will terminate upon
the death or determination of disability of Executive. As used in this Agreement, the determination of “disability” shall occur when the Executive is unable due to a physical or mental condition to perform the essential functions of his
position with or without reasonable accommodation for 90 consecutive days, or 180 days in the aggregate whether or not consecutive, during any 360-day period, or based on the written certification by a licensed physician of the likely continuation
of such condition for such period. A determination of disability shall be made by a physician satisfactory to both Executive and the Company, provided that if Executive and the Company do 

  
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not agree on a physician, Executive and the Company shall each select a physician and these two together shall select a third physician, whose determination as to disability shall be binding on
all parties. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. 

4.4 Termination by Executive without Good Reason. At the election of Executive, he may terminate employment upon not less than 30 days
prior written notice by Executive to the Company. 
 5. Effect of Termination. 

5.1 General; Termination for Cause or by the Executive Without Good Reason. In the event that Executive’s employment is terminated
for any reason, the Company shall pay to Executive the compensation and benefits, including payment for accrued but untaken vacation days, payable to Executive through the last day of Executive’s actual employment by the Company. If the
termination is by the Company for Cause pursuant to Section 4.1 or at the election of Executive pursuant to Section 4.4, the Company shall have no further obligations under this Agreement. 

5.2 Termination by the Company Without Cause or by the Executive for Good Reason. 

(a) Employee shall not receive any of the benefits pursuant to this Section 5.2 unless he executes a general release in favor of the
Company, in a form acceptable to the Company and substantially similar to the form attached hereto as Schedule B (the “Release”) within the consideration period specified therein (the “Release Review Period”) and
until the Release becomes effective and can no longer be revoked by Employee under its terms. Employee’s ability to receive benefits pursuant to this Section 5.2 is further conditioned upon his: returning all Company property; complying
with his post termination obligations under this Agreement and the Proprietary Information, Inventions and Non-Competition Agreement; and complying with the Release including without limitation any non-disparagement and confidentiality provisions
contained therein. 
 (b) In the event that Executive’s employment is terminated pursuant to Section 4.2 by the Company without
Cause or by the Executive for Good Reason, the Company shall pay to Executive as severance twelve months of his annual Base Salary then in effect, together with an additional amount calculated by dividing by 365 the number of days employed in the
year of termination and multiplying that number by the amount of the Executive’s previous year’s bonus (if any), such amount to be paid in one lump sum on the date the Release becomes effective, subject to standard payroll deductions and
withholdings, provided, however, that if the Release Review Period begins in one tax year and ends in a later tax year, the payments under this Section 5.2(b) will be made following the date that the Release is effective that occurs in the
later tax year . Additionally, if Executive timely elects and remains eligible for continued coverage under COBRA, the Company, as part of this Agreement, will pay that portion of Executive’s COBRA premiums it was paying prior to the Separation
Date for twelve (12) months. 

  
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 (c) In the event Executive’s employment is terminated pursuant to Section 4.2, and not
for Cause, death or Disability, all unvested equity awards shall become fully vested, all unvested stock options shall become fully vested and exercisable and any ISO’s issued to Executive will automatically convert to a non-qualified options
on the 91st day following termination, provided it has not been exercised, subject to the terms of the applicable stock plan and option agreement. 

(d) Termination for Death or Disability. In the event that Executive’s employment is terminated by death or because of Disability
pursuant to Section 4.3, in addition to the payment of accrued salary and unused vacation provided in Section 5.1, the Company shall pay to Executive’s estate or to Executive, as the case may be, compensation which would otherwise be
payable to Executive through the end of the month in which such termination occurs, and payment for any accrued but untaken vacation days. 

5.3 Code Sections 409A and 280G.  

(a) In the event that the payments or benefits set forth in Section 5.2 of this Agreement constitute “non-qualified deferred
compensation” subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then the following conditions apply to such payments or benefits: 

(i) Any termination of Executive’s employment triggering payment of benefits under Section 5 must constitute a
“separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of Executive’s employment does not
constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by Executive to Company at the time
Executive’s employment terminates), any such payments under Section 5 that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of
service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section 5.3(a) shall not cause any forfeiture of benefits on Executive’s part, but shall only act as a delay
until such time as a “separation from service” occurs. 
 (ii) Notwithstanding any other provision with respect to
the timing of payments under Section 5.2 if, at the time of Executive’s termination, Executive is deemed to be a “specified employee” of Company (within the meaning of Section 409A(a)(2)(B)(i) of the Code), then limited only
to the extent necessary to comply with the requirements of Section 409A of the Code, any payments to which Executive may become entitled under Section 5 which are subject to Section 409A of the Code (and not otherwise exempt from its
application) shall be withheld until the first (1st) business day of the seventh (7th) month following the termination of
Executive’s employment, at which time Executive shall be paid an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to Executive under the terms of Section 5. 

  
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 (b) It is intended that each installment of the payments and benefits provided under
Section 5 of this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code. Neither Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or
benefits except to the extent specifically permitted or required by Section 409A of the Code. 
 (c) Notwithstanding any other
provision of this Agreement to the contrary, this Agreement shall be interpreted and at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A of the Code, or the payment of increased taxes,
excise taxes or other penalties under Section 409A of the Code. The parties intend this Agreement to be in compliance with Section 409A of the Code. Executive acknowledges and agrees that Company does not guarantee the tax treatment or tax
consequences associated with any payment or benefit arising under this Agreement, including but not limited to consequences related to Section 409A of the Code. 

(d) If any payment or benefit Executive would receive under Section 5.4 of this Agreement, when combined with any other payment or
benefit Executive receives pursuant to a Change of Control (for purposes of this section, a “Payment”) would: (i) constitute a “parachute payment” within the meaning of Section 280G the Code; and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either: (A) the full amount of such Payment; or (B) such lesser amount (with cash payments being
reduced before equity compensation) as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local employments taxes, income taxes, and
the Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. 

5.4 Effect of a Change in Control. 

(a) In the event either (i) Executive’s employment with the Company is terminated by the Company for reasons other than death or
Disability (as defined above) within three months before or 12 months following a Change in Control (as defined below) or (ii) Executive terminates his employment for Good Reason (as defined above) within three months before or 12 months
following a Change in Control (as defined below), or (iii) the Executive terminates his employment for any reason within one (1) month following a Change in Control (as defined below), then provided that Executive executes the Release (as
defined in Section 5.2) within the consideration period specified therein and it becomes effective and can no longer be revoked by Executive under its terms, and provided further that Executive returns all Company property’ complies with
his post termination obligations under this Agreement and the Proprietary Information, Inventions and Non-Competition Agreement, and complies with the Release including without limitation any non-disparagement and confidentiality provisions
contained therein, Executive shall be entitled to the payments, equity acceleration and benefits described in this Section 5.4 in lieu of, and not in addition to, the benefits provided for in Section 5.2. The Company shall pay to the
Executive, in lieu of the severance described in Section 5.2(a), severance equivalent to 18 months of his annual Base Salary then in effect, together with an additional amount calculated by dividing by 365 the number of days employed in the
year of termination and multiplying that number by the amount of the Executive’s previous year’s bonus 

  
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(if any), paid in a lump sum on the eighth day following the date the Release becomes effective, subject to standard payroll deductions and withholdings, provided, however, that if the Release
Review Period begins in one tax year and ends in a later tax year, the payments under this Section 5.4(a) will be made following the date that the Release is effective that occurs in the later tax year. On the date of termination of
Executive’s employment, any unvested equity awards granted to the Executive shall immediately vest and, in the case of stock options, become exercisable. Additionally, if Executive timely elects and remains eligible for continued coverage under
COBRA, the Company, as part of this Agreement, will pay that portion of Executive’s COBRA premiums it was paying prior to the Separation Date for eighteen (18) months. 

(b) Definition of Change in Control. For purposes of this Agreement, a “Change in Control” means the occurrence of any of the
following events: 
 (i) a sale, lease or other disposition of all or substantially all of the assets of the Company; 

(ii) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other
corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than fifty percent (50%) of the outstanding voting power of the surviving entity (and its parent)
following the consolidation, merger or reorganization; or 
 (iii) any transaction (or series of related transactions
involving a person or entity, or a group of affiliated persons or entities) in which in excess of fifty percent (50%) of the Company’s outstanding voting power is transferred. 

Notwithstanding the above, a Change in Control shall not be deemed to occur on account of the sale or acquisition of the Company’s capital stock by
institutional investors or venture capital firms for the primary purpose of obtaining financing for the Company. 
 6. No Mitigation.
Executive shall have no obligation to mitigate any amount of any payment or benefit contemplated by this agreement. 
 7.
Cooperation. For one month following termination of the Executive’s employment for any reason, and, additionally, for the number of months for which the Executive is receiving severance following termination, he will reasonably cooperate
with the Company in all matters relating to the winding up of his pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other employees as may be
designated by the Company. The Company will reimburse the Executive for any out-of-pocket expenses associated with such cooperation. 
 8.
Insurance and Indemnification. The Company shall purchase a directors and officers insurance policy for which Executive shall receive usual and customary coverage for all acts undertaken as an officer of the Company. In addition, the Company
shall indemnify Executive to the fullest extent permitted by its charter, bylaws and by law for all costs, charges, damages, fees including without limitation, attorneys fees or other expenses that Executive incurs or potentially may incur in
connection with Executives’ duties herewith and also enter into an indemnification agreement with Executive. 

  
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 9. Pronouns. Whenever the context may require, any pronouns used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 

10. Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject
matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is entered into
without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered into a
separate Proprietary Information, Inventions, and Non-Competition Agreement and have or may enter into separate equity grant agreements. These separate agreements govern other aspects of the relationship between the parties, have or may have
provisions that survive termination of the Executive’s employment under this Agreement, may be amended or superseded by the parties without regard to this agreement and are enforceable according to their terms without regard to the enforcement
provision of this Agreement. In the event of a conflict between this Agreement and any other agreement between the Executive and the Company, this Agreement shall control. 

11. Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and Executive. 

12. Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of New York and
any action arising from or relating to this Agreement shall be commenced in the Federal or State courts located in New York County. 
 13.
Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by electronic mail, telex or confirmed facsimile if sent during normal
business hours on the day sent, and, if not, then on the next business day; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at its primary office location and to Employee at Employee’s address as listed
on the Company payroll, or at such other address as the Company or the Employee may designate by ten (10) days advance written notice to the other. 

14. Successors and Assigns. 

14.1 Assumption by Successors. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise and whether or not after a Change in Control) to all or substantially all of the business or assets of the Company to assume in writing prior to such succession and to agree to perform its obligations under 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. Successions by virtue of the sale of stock shall be governed by operation of law. 

14.2 Successor Benefits. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors
and assigns, including any corporation into which the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of Executive are personal and shall not be assigned by Executive. 

  
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 15. Miscellaneous. 

15.1 No Waiver. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or
any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 

15.2 Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or
affect the scope or substance of any section of this Agreement. 
 15.3 Severability. In case any provision of this Agreement shall
be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 

15.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
set forth above. 
  

							
	INTRA-CELLULAR THERAPIES, INC.	 		 	EXECUTIVE
				
	By:	 	 /s/ Lawrence Hineline
	 		 	 /s/ Michael Halstead

		 	LAWRENCE HINELINE	 		 	MICHAEL HALSTEAD
		 	CHIEF FINANCIAL OFFICER	 		 	SENIOR VICE PRESIDENT, GENERAL COUNSEL

  
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 SCHEDULE A 

PERMITTED ACTIVITIES 

  
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 SCHEDULE B 

RELEASE OF CLAIMS 

This Release of Claims (Release”) is made as of              by
and between              (“the Executive”) and Intra-Cellular Therapies, Inc. (the “Company”)(together, the
“Parties”). 
 1. In consideration for Executive’s execution of this Release, the Company will make a severance
payment to Executive in the amount set forth in the Employment Agreement between the Executive and the Company. This amount will be paid following the Effective Date (as defined below) in accordance with the Employment Agreement, provided the
Company has received the executed Agreement from Executive on or before that date. This payment will be subject to standard payroll deductions and withholdings. If Executive timely elects and remains eligible for continued coverage under COBRA, the
Company will pay that portion of Executive’s COBRA premiums it was paying prior to the Separation Date for the time period set forth in the Employment Agreement between the Executive and the Company. 

2. Executive hereby releases, acquits and forever discharges the Company, its parents and subsidiaries, and their officers, directors, agents,
servants, employees, stockholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law,
equity, or otherwise, which were known or through reasonable diligence should have been known, arising out of or in any way related to Releases, events, acts or conduct at any time prior to the date Executive executes this Settlement Release,
including, but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with Executive’s employment with the Company, including but not limited to, claims of intentional and negligent infliction
of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense
reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, any and all claims and causes of action that the Company, its parents and
subsidiaries, and its and their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors, assigns or affiliates: 
  

	 	•	 	has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing; 

  

	 	•	 	has discriminated against him on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income,
entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: Title VII of the Civil Rights Act of 1964, as amended;
42 U.S.C. § 1981, as amended; the Equal Pay Act; the Americans With Disabilities Act; the Family and Medical Leave Act; the New York State Law Human Rights Law; the New York City Human Rights Law; the Employee Retirement Income Security Act;
Section 510; and the National Labor Relations Act; 

  

	 	•	 	has violated any statute, public policy or common law (including but not limited to claims for retaliatory discharge; negligent hiring, retention or supervision; defamation; intentional or negligent infliction of
emotional distress and/or mental anguish; intentional interference with contract; negligence; detrimental reliance; loss of consortium to him or any member of his family and/or promissory estoppel). 

  
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 Excluded from this Release are any claims which cannot be waived by law. Executive is waiving, however, his right
to any monetary recovery should any governmental agency or entity, such as the EEOC or the DOL, pursue any claims on his behalf. Executive acknowledges that he is knowingly and voluntarily waiving and releasing any rights he may have under the ADEA,
as amended. Executive also acknowledges that (i) the consideration given to his in exchange for the waiver and release in this Release is in addition to anything of value to which he was already entitled, and (ii) that he has been paid for
all time worked, have received all the leave, leaves of absence and leave benefits and protections for which he is eligible, and have not suffered any on-the-job injury for which he has not already filed a claim. Executive further acknowledges that
he has been advised by this writing that: (a) his waiver and release do not apply to any rights or claims that may arise after the execution date of this Release; (b) he has been advised hereby that he has the right to consult with an
attorney prior to executing this Release; (c) he has twenty-one (21) days to consider this Release (although Executive may choose to voluntarily execute this Release earlier and if he does he will sign the Consideration Period waiver
below); (d) he has seven (7) days following his execution of this Release to revoke the Release; and (e) this Release shall not be effective until the date upon which the revocation period has expired unexercised (the “Effective
Date”), which shall be the eighth day after Executive executes this Release. 
 3. On or before the last day of Executive’s
employment, Executive agrees to return to the Company all Company documents (and all copies thereof) and other Company property that Executive has had in his possession at any time, including, but not limited to, Company files, notes, drawings,
records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys; and, any materials
of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). Executive shall coordinate the return of Company property with Allen Fienberg, Vice President of Business Development or
an appropriated officer designated by the Board of Directors. 
 4. Executive further agrees that both during and after Executive’s
employment Executive acknowledges his continuing obligations under his Proprietary Information, Inventions and Non-Competition Agreement not to use or disclose any confidential or proprietary information of the Company and to refrain from certain
solicitation and competitive activities. 
 5. It is understood that Executive shall hold the provisions of this Release in strictest
confidence and shall not publicize or disclose it in any manner whatsoever; provided, however, that: (a) Executive may disclose this Release to his immediate family; (b) Executive may disclose this Release in confidence to his
attorney, accountant, auditor, tax preparer, and financial advisor; and (c) Executive may disclose this Release insofar as such disclosure may be required by law. 

  
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 6. Executive agrees not to disparage the Company, and the Company’s attorneys, directors,
managers, partners, employees, agents and affiliates, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that Executive may respond accurately and fully to any question, inquiry or
request for information when required by legal process. 
 7. This Release does not constitute an admission by the Company of any wrongful
action or violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights. 

8. Executive agrees that upon any breach of this Release Executive will forfeit all amounts paid or owing to Executive under this Release.
Executive further acknowledges that it may be impossible to assess the damages caused by violation of the terms of paragraphs 3, 4, 5 and 6 of this Release and further agree that any threatened or actual violation or breach of those paragraphs of
this Release will constitute immediate and irreparable injury to the Company. Executive therefore agrees that any such breach of this Release is a material breach of this Release, and, in addition to any and all other damages and remedies available
to the Company upon Executive’s breach of this Release, the Company shall be entitled to an injunction to prevent Executive from violating or breaching this Release. Executive agrees that if the Company is successful in whole or part in any
legal or equitable action against Executive under this Release, Executive agree to pay all of the costs, including reasonable attorney’s fees, incurred by the Company in enforcing the terms of this Release. 

9. This Release constitutes the complete, final and exclusive embodiment of the entire Release between the Parties with regard to this subject
matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. This Release may not be modified or
amended except in a writing signed by both Executive and a duly authorized officer of the Company. This Release will bind the heirs, personal representatives, successors and assigns of the Parties, and inure to the benefit of the Parties, their
heirs, successors and assigns. If any provision of this Release is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Release and the provision in question will be modified
by the court so as to be rendered enforceable. This Release will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of New York as applied to contracts made and to be performed entirely
within New York. 
 IN WITNESS WHEREOF, the Parties have duly authorized
and caused this Agreement to be executed as follows: 
  

									
		 		 		 	INTRA-CELLULAR THERAPIES, INC.
				
	  
	 		 	By:	 	  

	[NAME]	 		 		 		 	[NAME]
			
	  
	 		 	  

	Date	 		 		 	Date

  
 13Exhibit

Exhibit 10.1

September  9,  2015
Mr. Gary D. Black
Calamos Asset Management, Inc.
2020 Calamos Court
Naperville, IL 60563

Dear Mr. Black:

This letter sets forth our agreement related to your transition of your duties and separation from the Company (for purposes of this letter agreement, “Company” shall mean Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC and each of their respective subsidiaries and “affiliated persons” as defined under Section 2(a)(3) of the Investment Company Act of 1940, as amended).  
1.Defined Terms:  To the extent not otherwise defined in this letter agreement, capitalized terms shall have the same meaning ascribed to them in the Executive Employment Agreement between you and the Company dated August 31, 2012 (as amended) (the “Employment Agreement”).  

2.Duties; Transition Period; Date of Termination.  During the period beginning on the date hereof and ending on the earlier of: (a) a date mutually agreed to by the Company and you, (b) a date determined by the Company and communicated to you with no less than seven (7) days advance written notice, (c) the date of your death or (d) October 31, 2015 (such period referred to as the “Transition Period”), you will continue to be an employee of the Company and perform duties relating to the transition of your responsibilities as Executive Vice President, Global Co-Chief Investment Officer (“Co-CIO”) of the Company.  Your duties during the Transition Period shall include: (i) working with and assisting the Chief Executive Officer in the transition of your Co-CIO responsibilities, and (ii) such other duties reasonably requested by the Chief Executive Officer (or his designee) (collectively the “Transition Duties”).  You acknowledge and agree that during the Transition Period you will not have any authority to bind or act on behalf of the Company in any material way.  The Transition Duties shall be provided at the Company’s New York or Naperville offices, or by telephone or e-mail, as the Chief Executive Officer (or his designee) shall determine.  You agree to perform the Transition Duties in the best interest of the Company and in a manner requested by the Chief Executive Officer.  Your employment shall terminate as of the last day of the Transition Period (the “Termination Date”).  

3.Resignation:  This letter agreement serves as your resignation from the Board of Directors and the Executive Committee of Calamos Asset Management, Inc., from your position as Executive Vice President and Global Co-Chief Investment Officer and from each other officer, director and/or fiduciary positions with the Company, and/or each regulated investment company, mutual fund, closed-end fund or other entity in which you are serving, effective as of the date hereof, except your position as a co-portfolio manager of the Calamos Long/Short Fund (the “L/S Fund”), for which you resignation will be effective 

October 31, 2015, or such earlier date as the Company may request.  You agree to execute and deliver such additional documents as the Company may reasonably request to evidence such resignations.

4.Compensation through Termination Date; Unpaid Vacation; Termination of Benefit Plan Coverage; COBRA Costs:  You will be paid your full base salary through the Termination Date.  You will be paid for any earned but unused vacation through the Termination Date, expense reimbursements and other cash entitlements accrued by you as of the Termination Date to the extent not theretofore paid.  Your medical, dental and vision coverage will end on the Termination Date.  You shall separately receive any required separate notice of your right to any applicable continuation coverage under the Covered Plans.

5.Severance Benefits:  In consideration of your agreements set forth herein, and subject to your timely execution, delivery and non-revocation of the General Release attached hereto, the Company shall pay you the following amounts: 

(a)Subject to Paragraph 9 below, $250,000, representing an amount equal to six (6) months of your annual base salary, to be paid in six (6) monthly installments (such six (6) month period, the “Salary Continuation Period”), commencing within sixty (60) days following the Termination Date, and the first installment will include any monthly installments not yet paid during such sixty (60) day period; 

(b)Reimbursement of the monthly cost of COBRA continuation health and dental coverage paid by you during the Salary Continuation Period under health and dental plans of the Company pursuant to Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), less the amount that you would be required to contribute for health and dental coverage if you were an active employee of the company reimbursements will commence within sixty (60) days following the Termination Date; and

(c)A lump-sum payment equal to $900,000 multiplied by a fraction, the numerator of which is the number of days in calendar year in which the date of your termination occurs prior to the Termination Date, and the denominator of which is 365 (such prorated annual cash bonus amount to be paid after the end of 2015 when annual bonuses are paid to non-terminated employee participants in the applicable Annual Bonus Programs, but in no event shall such payment, if any, occur later than March 15, 2016).

6.Additional Payments.  In further consideration for the General Release described above and your satisfactory completion of your Transition Duties and compliance with your covenants and obligations set forth in this letter agreement, you will be entitled to receive cash payments in the aggregate amount of $1,750,000, payable in four quarterly installments, the first of which shall be $625,000, and the remaining three of which shall be $375,000. The quarterly installments will be paid on January 31, 2016, April 30, 2016, July 31, 2016 and October 31, 2016, respectively.  In the event you fail to timely execute and deliver the General Release, your revocation of the General Release, your continued willful failure to satisfactorily perform your Transition Duties, or your breach of any of your covenants or other obligations, you will forfeit your right to receive any unpaid installments, and you agree to repay to the Company the full amount of any installments you may have received.  In addition to the foregoing, the Company will assume or enter into a sublease under your current downtown Chicago lease.  

7.No Additional Entitlements; Cancellation of Equity Awards:  You understand and acknowledge that after the Termination Date you will have no further entitlements, other than those included in this letter agreement and except with respect to rights, if any, that have vested or accrued as of the Termination Date under the Company’s retirement or welfare plans.  For avoidance of doubt, with the exception of the amounts described in Paragraphs 4, 5 and 6 above, you understand and agree that after the Termination Date you will not be entitled to any base salary, bonus, severance or other payments, 

compensation or grants or awards under any long-term incentive program, and all restricted stock units held by you shall be cancelled and forfeited as of the Termination Date and shall not thereafter vest or become exercisable.

8.Withholding:  All payments required to be made by the Company hereunder to you shall be subject to withholding of such amounts relating to taxes as the Company reasonably determines it should withhold pursuant to any applicable law or regulation.

9.Executive’s Covenants: You acknowledge the provisions of and reaffirm your obligations and the Company’s rights under Section 11 of the Employment Agreement as if the provisions thereof were set forth in full in this letter agreement (“Section 11 Obligations”).  You acknowledge that you have abided by and will continue to abide by the terms and provisions of said Section 11 of the Employment Agreement.  Notwithstanding the foregoing, and provided you comply with your agreements and obligations hereunder:

(a)Long-Short Track Record: Notwithstanding anything to the contrary in this  letter agreement and in the Employment  Agreement, it is expressly agreed that on or within five business days after the Termination Date, the Company shall provide you with the copies of, or access to, documents maintained by the Company in support of the performance history generated by the Long/Short Fund (CALSX) and the Calamos Arista long/short funds (the "Fund(s)”) during which you acted as Chief Investment Officer, portfolio manager or co-portfolio manager, from the inception of the Fund(s) through your Termination Date (the "Track Record(s)”). The Company will not object to your disclosure and use of the Track Record(s) for any lawful purpose including in offering materials and for other marketing purposes, provided such disclosure and use is accompanied by disclosure that is appropriate and necessary to ensure that the performance information complies with applicable laws;  

(b)Post-Termination Non-Compete Period: The Post-Termination Non-Compete Period set forth in Section 5(d) of the Employment Agreement shall terminate on and be of no effect after your Termination Date;

(c)Long/Short Team:  Your solicitation for employment or hiring of the current or former long/short team members which have been separately identified by you and agreed to by the Company shall not constitute a breach of your Section 11 Obligations; and

(d)Non-Solicitation:  For purposes of your non-solicitation obligations under Section 11(e)(i) of the Employment Agreement effective for the period following your Termination Date (i) those investors who signed investor consents in connection with the Company’s acquisition of Black Capital LLC shall be excluded from clients whom you may not solicit, and (ii) with respect to non-solicitation of clients and intermediaries other than those separately identified by the Company, “services and products of the kind generally offered by the Company” shall exclude equity long/short products and services, and with respect to those separately identified by the Company, the foregoing exclusion of equity long/short products and services shall be effective January 1, 2016.

10.Cooperation:  You reaffirm your obligations under Section 13 of the Employment Agreement and agree that, following Termination Date, you will cooperate with the Company and its affiliates, upon the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of your duties and responsibilities to the Company and any of its affiliates during the Term (including, without limitation, your being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to 

the Company all relevant documents of the Company or any of its affiliates, which are or may come into your possession).  The Company agrees to pay reasonable out-of-pocket expenses you incur in connection therewith upon presentation of receipts therefor.

11.Return of Property:  To the extent you have any property of the Company, such as computer equipment, cell phones, personal mobile devices, credit cards, keys, books, records and other materials (in any medium, including, but not by way of limitation, e-mails, facsimiles, memoranda, notes, spreadsheets and texts), you agree to return such property on or before the Termination Date.  You represent that you will not retain in your possession or control any such property.  You and the SVP, Head of Human Resources of the Company will mutually agree on arrangements to remove any personal property you may have on the Company’s premises.

12.Acknowledgment and Timing of General Release:  You acknowledge that the benefits due to you under this letter agreement constitute good and valuable consideration in exchange for your acknowledgments, agreements and covenants set forth in this letter agreement and the Employment Agreement, including, but not limited to, your agreement to execute and deliver to the Company, no sooner than on the Termination Date, the General Release which is attached to this letter agreement.  In the event of any material breach by you of this letter agreement, including any material breach of your agreements and covenants set forth in Section 11 of the Employment Agreement, in addition to any other remedies to which the Company may be entitled, you shall not be entitled to any the benefits to which you would otherwise be entitled to under Paragraphs 5 and 6 above.

13.Breach of Agreement:  If either party brings a claim for breach of the terms of this letter agreement, the prevailing party shall be entitled to its reasonable attorneys’ fees and expenses incurred in prosecuting or defending such an action.  Prior to any party being entitled to bring a claim for breach hereunder against the other party, the party claiming a breach shall give notice to the other party of such claimed breach and afford the other party an opportunity to cure any such breach, but only with respect to such breaches that are capable of being cured.  Upon receipt of any such breach notice, the receiving party shall have thirty (30) days to cure such breach and to provide reasonable evidence of such cure to the claiming party.  Any claimed breach that has been cured shall be deemed hereunder not to have been a breach of this letter agreement.

14.Counterparts; Binding Effect:  This letter agreement may be executed and delivered in  counterparts (including facsimile or electronically transmitted signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement. This letter agreement shall be binding upon and inure to the benefit of you and the Company, and its officers, directors, employees, agents, legal counsel, heirs, successors and assigns.

15.Governing Law, Jurisdiction and Waiver of Jury Trial:  The Company and you agree that the governing law, jurisdiction and waiver of jury trial provisions set forth in Section 9 of the Employment Agreement shall apply to this letter agreement as if the provisions of said Section 9 were set forth in full in this letter agreement.  

16.Limited Power of Attorney:  This letter agreement shall serve as your revocation of the Limited Power of Attorney for Section 16 Reporting Purposes previously executed by you, such revocation to be effective, and such Power of Attorney shall no longer be of force and effect, as of the Termination Date.

Please confirm your agreement to the terms and conditions set forth herein by returning a signed copy of this letter agreement to Christopher Jackson at cjackson@calamos.com by 2:00pm CDT on September 9, 2015.  In the event you do not timely sign and return a copy of this letter agreement, this letter agreement is 

rescinded and shall be of no force or effect. Please do not sign and return the General Release prior to the Termination Date.  
	
		
	 
	Sincerely,

/s/ John P. Calamos, Sr.
John P. Calamos, Sr.
Chairman and Chief Executive Officer

	Accepted and Agreed to this 9th day of September,  2015
/s/ Gary D. Black
Gary D. Black
	 

GENERAL RELEASE
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Gary D. Black (“Black”), with the intention of binding himself, his heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors, LLC and each of their respective subsidiaries and “affiliated persons” as defined under Section 2(a)(3) of the Investment Company Act of 1940, as amended, and their present and former members, managers, directors, officers, agents, employees, affiliated entities, divisions, subsidiaries, successors, predecessors and assigns (the “Company”) of and from any and all claims, actions, causes of action, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, which Black, individually or as a member of a class, now has, owns or holds or has at any time heretofore had, owned or held against the Company, arising out of or in any way connected with Black’s employment relationship with the Company, or the termination thereof, including, without limitation, any claims for severance or vacation benefits, unpaid wages, salary or bonus, breach of contract, wrongful discharge, impairment of economic opportunity, reimbursement for fines paid, intentional infliction of emotional harm or other tort, or employment discrimination under any applicable federal, state or local statutes, provisions, orders or regulations (including, but not limited to, any claims arising under any federal civil rights statutes including Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; 42 U.S.C. §§ 1981, 1983, 1985, 1986; the Age Discrimination in Employment Act (ADEA), as amended, 29 U.S.C. § 621 et seq.; the Americans with Disabilities Act (ADA), as amended, 42 U.S.C. § 12101 et seq.; the Fair Labor Standards Act (FLSA), as amended, 29 U.S.C. § 201 et seq.; the Family Medical Leave Act (FMLA), 29 U.S.C. § 2601 et seq.; the Employee Retirement Income Security Act of 1974 (ERISA), as amended, 29 U.S.C. § 1001 et seq.; and any other claims that may arise under state or local civil rights acts, workers’ compensation laws, and wage and hour laws, and all claims for wages, vacation pay, severance pay, back pay, front pay or other compensation, benefits or damages at law or in equity that may have been created as a result of Black’s employment with the Company or the termination thereof, excepting only (i) those obligations of the Company under that certain letter agreement between the Company and Black (the “Letter”), in connection with which this General Release is being executed and delivered, and (ii) any right to indemnification Black may have under applicable corporate law, the organizational documents of the Company or any right as an insured under any D&O or liability insurance policy now or previously in force.
Black understands that by releasing employment discrimination claims against the Company, he also forever releases and discharges any right he may have to file or recover in a lawsuit he may bring himself on the same claims and also any right he may have to any relief that he might otherwise be entitled to as a result of any proceeding instituted by the Equal Employment Opportunity Commission or any other comparable enforcement authority.
Black acknowledges and agrees that neither the Letter nor this General Release are to be construed in any way as an admission of any liability whatsoever by the Company under Title VII, ADEA or any other federal or state statute or principle of common law, any such liability having been expressly denied.
Black further declares and represents that he has carefully read and fully understands the terms of this General Release, that he has had the opportunity to seek the advice and assistance of counsel with this General Release and that he knowingly and voluntarily, of his own free will without any duress, being fully informed and after due deliberation, accepts the terms of and signed the same of his own free act.

Black acknowledges that the benefits due to him under Paragraph 5 of the Letter constitute consideration in exchange for executing this General Release in that this includes an amount to which he would not have been entitled had he not signed this release.
Black acknowledges that the Company advised him in writing to consult with an attorney before executing this General Release (and this paragraph also constitutes written direction), that he was given a period of twenty-one (21) days within which to consider this General Release, that he had an adequate opportunity to review it, that he fully understands its terms, that he was not coerced into signing it and that he has signed it knowingly and voluntarily.
Black shall have the right to revoke this General Release during a period of seven (7) days following his execution of this General Release.  In order to revoke the General Release, he must notify the Company, in writing, of his decision to revoke, and said notice must be received by no later than seven (7) days following the execution of this General Release.  If he revokes this General Release, he shall promptly repay all payments and employee benefits that he may have received pursuant to this General Release.
PLEASE READ THIS RELEASE CAREFULLY.  IT CONTAINS RELEASES OF KNOWN AND UNKNOWN CLAIMS.
	
		
	 
	______________________________________Gary D. Black
(Signature)

	 
	                                                                                              (Date)

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