Document:

Exhibit 10.3

 

FOOT LOCKER 2007 STOCK INCENTIVE
PLAN

 

(Amended and Restated as of May 21,
2014)

 

1. Purpose.

 

The purpose of the Foot Locker 2007 Stock
Incentive Plan (Amended and Restated as of May 21, 2014) (the “Plan”) is to align the interests of officers, other
employees and nonemployee directors, of Foot Locker, Inc. and its subsidiaries (collectively, the “Company”) with
those of the shareholders of Foot Locker, Inc. (“Foot Locker”); to reinforce corporate, organizational and business
development goals; to promote the achievement of year to year and long range financial and other business objectives; and to reward
the performance of individual officers, other employees and nonemployee directors in fulfilling their personal responsibilities
for long range achievements.

 

The Plan, in the form set forth herein,
is effective as of May 21, 2014, subject to the requisite approval of the shareholders at Foot Locker’s 2014 annual shareholders’
meeting, and is an amendment and restatement of the Foot Locker 2007 Stock Incentive Plan (the “Initial Plan”), which
was originally effective May 30, 2007 and was amended and restated as of May 19, 2010.

 

2. Definitions.

 

The following terms, as used herein, shall
have the following meanings:

 

(a) “Account” means
the total of the Interest Account and the Deferred Stock Unit Account to which a Nonemployee Director’s deferred Annual
Retainer shall be credited. A separate Account shall be established with respect to the deferred Annual Retainer for each Plan
Year.

 

(b) “Annual Retainer”
shall mean the annual retainer payable for services on the Board as a Nonemployee Director, in any capacity, including the annual
retainer payable to a Nonemployee Director for service as a committee chair. Annual Retainer shall not include expense reimbursements,
meeting attendance fees, amounts realized upon the exercise of Options, or any other amount paid to a Nonemployee Director.

 

(c) “Appreciation Award”
shall mean any Award under the Plan of any Option, SAR or Other Stock-Based Award, provided that such Other Stock-Based Award
is based on the appreciation in value of a share of Stock in excess of an amount equal to at least the Fair Market Value of the
Stock on the date such Other Stock-Based Award is granted.

 

(d) “Award” shall mean
any Option, Restricted Stock, SAR, Stock Unit or Other Stock-Based Award granted pursuant to the Plan.

    	 

    	

    

(e) “Award Agreement”
shall mean any written agreement, contract, or other instrument or document between Foot Locker and a Participant evidencing an
Award.

 

(f) “Beneficiary” shall
mean the individual designated by the Participant, on a form acceptable to the Committee, to receive benefits payable under the
Plan in the event of the Participant’s death. If no Beneficiary designation is in effect at the time of a Participant’s
death, or if no designated Beneficiary survives the Participant, or if such designation conflicts with law, the payment of the
amount, if any, payable under the Plan upon his or her death shall be made to the Participant’s estate, or with respect
to an applicable Award, the person given authority to exercise such Award by his or her will or by operation of law. Upon the
acceptance by the Committee of a new Beneficiary designation, all Beneficiary designations previously filed shall be canceled.
The Committee shall be entitled to rely on the last Beneficiary designation filed by the Participant and accepted by the Committee
prior to the Participant’s death. Notwithstanding the foregoing, no Beneficiary designation, or change or revocation thereof,
shall be effective unless received by the Committee prior to the Participant’s death.

 

(g) “Board” shall mean
the Board of Directors of Foot Locker.

 

(h) “Cause” shall mean,
with respect to a Termination of a Participant other than a Nonemployee Director, (i) in the case where there is no employment
agreement between the Company and the Participant, or where there is an employment agreement, but such agreement does not define
cause (or words of like import), termination due to a Participant’s dishonesty, fraud, material insubordination or refusal
to perform for any reason other than illness or incapacity or materially unsatisfactory performance of his or her duties for the
Company, or (ii) in the case where there is an employment agreement between the Company and the Participant, termination that
is or would be deemed to be for cause (or words of like import) as defined under such employment agreement. With respect to a
Termination of a Nonemployee Director, “cause” shall mean an act or failure to act that constitutes cause for removal
of a director under applicable New York law.

 

(i) “Change in Control”
shall mean, for Awards granted prior to May 21, 2014, the earliest to occur of the following:

 

(1) (i) solely with respect to an Award
granted prior to the date of Foot Locker’s 2010 annual shareholders’ meeting, the making of a tender or exchange offer
by any person or entity or group of associated persons or entities (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) (other than Foot Locker or its subsidiaries) for shares of Stock pursuant to which purchases
are made of securities representing at least twenty percent (20%) of the total combined voting power of Foot Locker’s then
issued and outstanding voting securities; (ii) the consummation of a merger or consolidation of Foot Locker with, or the sale
or disposition of all or substantially all of the assets of Foot Locker to, any Person other than (A) a merger or consolidation
which would result in the voting securities of Foot Locker outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving or parent entity) fifty percent (50%) or
more of the

    	 

    	

    

combined voting power of the voting securities of Foot Locker
or such surviving or parent entity outstanding immediately after such merger or consolidation; or (B) a merger or capitalization
effected to implement a recapitalization of Foot Locker (or similar transaction) in which no Person is or becomes the beneficial
owner, directly or indirectly (as determined under Rule 13d-3 promulgated under the Exchange Act), of securities representing
more than the amounts set forth in (iii) below; (iii) the acquisition of direct or indirect beneficial ownership (as determined
under Rule 13d-3 promulgated under the Exchange Act), in the aggregate, of securities of Foot Locker representing twenty percent
(20%) or more of the total combined voting power of Foot Locker’s then issued and outstanding voting securities by any Person
acting in concert as of the date of the Plan; provided, however, that the Board may at any time and from time to time and in the
sole discretion of the Board, as the case may be, increase the voting security ownership percentage threshold of this item (iii)
to an amount not exceeding forty percent (40%); or (iv) the approval by the shareholders of Foot Locker of any plan or proposal
for the complete liquidation or dissolution of Foot Locker or solely with respect to an Award granted prior to the date of Foot
Locker’s 2010 annual shareholders’ meeting, the approval by the shareholders of Foot Locker for the sale of all or
substantially all of the assets of Foot Locker; or

 

(2) during any period of not more than
two (2) consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than
a director designated by a person who has entered into agreement with the Company to effect a transaction described in clause
(1)) whose election by the Board or nomination for election by Foot Locker’s shareholders was approved by a vote of at least
two thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof.

 

For Awards granted on or after May 21, 2014, the term “Change
in Control” shall mean any of the following:

 

(A)  the consummation of a merger or consolidation
of Foot Locker with, or the sale or disposition of all or substantially all of the assets of Foot Locker to, any Person other
than (a) a merger or consolidation which would result in the voting securities of Foot Locker outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent
entity) fifty percent (50%) or more of the combined voting power of the voting securities of Foot Locker or such surviving or
parent entity outstanding immediately after such merger or consolidation; or (b) a merger or capitalization effected to implement
a recapitalization of Foot Locker (or similar transaction) in which no Person is or becomes the beneficial owner, directly or
indirectly (as determined under Rule 13d-3 promulgated under the Exchange Act), of securities representing more than the amounts
set forth in (B) below;

 

(B)  the acquisition of direct or indirect
beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), in the aggregate, of securities
of Foot Locker representing thirty-five percent (35%) or more of the total

    	 

    	

    

combined voting power of Foot Locker’s then issued and
outstanding voting securities by any Person (other than Foot Locker or any of its subsidiaries, any trustee or other fiduciary
holding securities under any employee benefit plan of Foot Locker, or any company owned, directly or indirectly, by the shareholders
of Foot Locker in substantially the same proportions as their ownership of Stock) acting in concert; or

 

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

 

Notwithstanding anything herein to the contrary, for Awards
that are subject to Section 409A of the Code, the Committee may, in its sole discretion, prescribe in an applicable Award Agreement
or other written agreement approved by the Committee, an alternative definition of “Change in Control” that is intended
to satisfy the requirements of Section 409A of the Code and, to the extent required by Section 409A of the Code, provides that
a Change in Control shall not be deemed to occur unless such event constitutes a “change in control event” within
the meaning of Section 409A of the Code.

 

(j) “Code” shall mean
the Internal Revenue Code of 1986, as amended.

 

(k) “Committee” shall
mean the Compensation and Management Resources Committee of the Board, or a subcommittee thereof, appointed from time to time
by the Board, which committee or subcommittee shall be intended to consist of two (2) or more non-employee directors, each of
whom shall be a “non-employee director” as defined in Rule 16b-3, an “outside director” as defined under
Section 162(m) of the Code, and an “independent director” as defined under Section 303A.02 of the NYSE Listed Company
Manual or such other applicable stock exchange rule. If for any reason the appointed Committee does not meet the requirements
of Rule 16b-3 or Section 162(m) of the Code, such noncompliance shall not affect the validity of the awards, grants, interpretations
or other actions of the Committee. With respect to the application of the Plan to Nonemployee Directors, the Committee shall refer
to the Board. Notwithstanding the foregoing, if and to the extent that no Committee exists which has the authority to administer
the Plan, the functions of the Committee shall be exercised by the Board and all references herein to the Committee shall be deemed
to be references to the Board.

 

(l) “Company” shall
mean, collectively, Foot Locker and its successors by operation of law and all of its subsidiaries now held or hereafter acquired.

 

(m) “Deferral Agreement”
shall mean an irrevocable agreement entered into between a Nonemployee Director and the Company to authorize the Company to
reduce the amount of the Nonemployee Director’s Annual Retainer and credit the amount of such reduction to the Plan consistent
with the requirements of Section 409A of the Code. A Deferral Agreement shall contain such provisions, consistent with the provisions
of the Plan, as may be established from time to time by the Company or the Board, including without limitation:

    	 

    	

    

(1) the dollar amount of the cash component
and the stock component of the Annual Retainer to be deferred or the amount to be deferred in whole percentages;

 

(2) the amount of Deferred Annual Retainer
to be credited to the Interest Account and to the Deferred Stock Unit Account;

 

(3) the form of payment in which the Nonemployee
Director’s distribution from his Deferred Stock Unit Account shall be distributed pursuant to Section 11(f); and

 

(4) any provisions which may be advisable
to comply with applicable laws, regulations, rulings, or guidelines of any government authority.

 

A Deferral Agreement, once made, shall
be irrevocable in all respects. A Deferral Agreement may, to the extent permitted by the Board and by applicable law, be made
by paper or electronic means.

 

(n) “Deferral Period”
shall mean, with regard to the Nonemployee Director’s Deferred Annual Retainer for each Plan Year in which a Deferral Agreement
is in effect, the period commencing upon the effective date of a deferral election and ending on date of the Participant’s
Termination.

 

(o) “Deferred Annual Retainer”
shall mean the amount of Annual Retainer deferred by a Nonemployee Director pursuant to Section 11.

 

(p) “Deferred Stock Unit”
shall mean a Stock Unit that is deferred pursuant to Section 11.

 

(q) “Deferred Stock Unit Account”
shall mean an account established and maintained by the Company for each Nonemployee Director who receives Stock Units under
the Plan.

 

(r) “Disability” shall
mean a disability which would qualify as such under Foot Locker’s Long Term Disability Plan. Notwithstanding the foregoing,
for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled within the meaning
of Section 409A(a)(2)(C)(i) or (ii) of the Code.

 

(s) “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

(t) “Fair Market Value”
of a share of Stock shall mean, as of any date, the closing price of a share of such Stock as reported for such date on the
Composite Tape for New York Stock Exchange-Listed Stocks, or, if Stock was not traded on the New York Stock Exchange on such date,
the “Fair Market Value” of a share of Stock as of such date shall be the closing price of a share of such Stock as
reported on said Composite Tape on the next preceding date on which such trades were reported on said Composite Tape.

    	 

    	

    

(u) “Foot Locker” shall
mean Foot Locker, Inc., a New York corporation, or any successor corporation by operation of law.

 

(v) “Good Reason” shall
mean, with respect to the Termination of a Participant other than a Nonemployee Director, a termination due to “good reason”
(or words of like import), as specifically provided in an employment agreement between the Company and the Participant.

 

(w) “Incentive Stock Option”
shall mean an Option that meets the requirements of Section 422 of the Code, or any successor provision, and that is designated
by the Committee as an Incentive Stock Option.

 

(x) “Interest Account”
shall mean a hypothetical investment account bearing interest at the rate of one hundred and twenty percent (120%) of the
applicable federal long-term rate, compounded annually, and set as of the first day of each Plan Year.

 

(y) “Key Employee”
shall mean a Participant who is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code, and as
determined in accordance with the rules and procedures specified by the Committee in accordance with the requirements of Section
409A of the Code.

 

(z) “Nonemployee Director”
shall mean a member of the Board who is not an employee of the Company or any subsidiary or affiliate of the Company.

 

(aa) “Nonqualified Stock Option”
shall mean an Option other than an Incentive Stock Option.

 

(bb) “Option” shall
mean the right, granted pursuant to the Plan, of a holder to purchase shares of Stock under Sections 6 and 7 hereof at a price
and upon the terms to be specified by the Committee.

 

(cc) “Other Stock-Based Award”
shall mean an award, granted pursuant to the Plan, that is valued in whole or in part by reference to, or is payable in or
otherwise based on Stock.

 

(dd) “Participant”
shall mean an officer or other employee of the Company who is, pursuant to Section 4 of the Plan, selected to participate herein,
or a Nonemployee Director.

 

(ee) “Plan” shall mean
the Foot Locker 2007 Stock Incentive Plan (Amended and Restated as of May 21, 2014).

 

(ff) “Plan Year” shall
mean Foot Locker’s fiscal year, except that for purposes of Section 11 hereof, the Plan Year shall mean the calendar year.

 

(gg) “Restricted Stock”
shall mean any shares of Stock issued to a Participant, without payment to the Company to the extent permitted by applicable
law, pursuant to Section 8(a) of the Plan.

    	 

    	

    

(hh) “Restriction Period”
shall have the meaning set forth in Section 8(b)(4).

 

(ii) “Retirement” shall
mean: (A) the Termination of a Participant other than a Nonemployee Director, following attainment of (1) Normal Retirement Age
or, if earlier, Early Retirement Date, as such terms are defined in the Foot Locker Retirement Plan, if such Participant is a
member of such plan or any successor plan thereto or any other tax-qualified, tax-registered or tax-favored retirement plan or
scheme sponsored or maintained by any member of the Company, or (2) his or her 65th birthday, if such Participant is not a member
of any such plan, or (B) the Termination of a Nonemployee Director pursuant to Foot Locker’s retirement policy for directors
or, with the consent of the Board, provided that the exercise of such discretion does not make the applicable Award subject to
Section 409A of the Code, before age 72 but after age 65.

 

(jj) “Rule 16b-3” shall
mean Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provisions.

 

(kk) “SAR” shall mean
a tandem or freestanding stock appreciation right, granted to a Participant under Section 6(a)(7) or 6(b), as the case may be,
to be paid an amount measured by the appreciation in the Fair Market Value of Stock from the date of grant to the date of exercise
of the right.

 

(ll) “Stock” shall
mean shares of common stock, par value $.01 per share, of Foot Locker.

 

(mm) “Stock Option and SAR Program”
shall mean the program set forth in Section 6 hereof.

 

(nn) “Stock Payment Date”
shall mean July 1 (or if such date is not a business day, the next succeeding business day) in any calendar year.

 

(oo) “Stock Unit” shall
mean the equivalent of one share of Stock.

 

(pp) “Ten Percent Shareholder”
shall mean a Participant who, at the time an Incentive Stock Option is to be granted to such Participant, owns (within the
meaning of Section 422(b)(6) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or a parent corporation or subsidiary corporation within the meaning of Code Sections 424(e) or
424(f), respectively.

 

(qq) “Termination”
shall mean: (1) a termination of service for reasons other than a military or personal leave of absence granted by the Company
or a transfer of a Participant from or among the Company and a parent corporation or subsidiary corporation, as defined under
Code Sections 424(e) or 424(f), respectively, or (2) when a subsidiary, which is employing a Participant, ceases to be a subsidiary
corporation, as defined under Section 424(f) of the Code. Notwithstanding the foregoing, with respect to any Award or amount subject
to the requirements of Section 409A of the Code, a Termination will not occur until the Participant has a “separation from
service” within the meaning of Section 409A of the Code. Notwithstanding anything herein to the contrary,

    	 

    	

    

unless otherwise specified in an employment agreement or other
agreement, a Termination will not occur until the Participant is no longer an officer, employee and Nonemployee Director.

 

(rr) “Transfer” or
“Transferred” or “Transferable” shall mean anticipate, alienate, attach, sell, assign, pledge,
encumber, charge, hypothecate or otherwise transfer.

 

(ss) “Valuation” shall
mean valuation of a Deferred Stock Unit based on changes in the Fair Market Value of the Stock, as determined by the Board or
the Administrator pursuant to the Plan.

 

(tt) “Valuation Date”
shall mean the day of any Plan Year on which a Nonemployee Director’s Deferral Period ends.

 

3. Administration.

 

(a) The Committee. The Plan shall
be administered and interpreted by the Committee. The Committee shall have the authority in its sole discretion, subject to and
not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities
either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without
limitation, the authority to grant Awards; to determine the persons to whom and the time or times at which Awards shall be granted;
to determine the type and number of Awards to be granted and the number of shares of Stock to which an Award may relate; to determine
the terms, conditions, restrictions and performance criteria, not inconsistent with the terms of the Plan, relating to any Award
(including, but not limited to, the share price, any restriction or limitation, any vesting schedule or acceleration thereof,
or any forfeiture or waiver thereof, based on such factors, if any, as the Committee shall determine in its sole discretion);
to determine whether, to what extent and under what circumstances grants of Awards are to operate on a tandem basis and/or in
conjunction with or apart from other awards made by the Company outside the Plan; to determine whether, to what extent and under
what circumstances an Award may be settled, cancelled, forfeited, exchanged or surrendered (provided that in no event shall the
foregoing be construed to permit the repricing of an Option or SAR (whether by amendment, cancellation and regrant or otherwise)
to a lower exercise price); to make adjustments in recognition of unusual or non recurring events affecting the Company or the
financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles; to construe
and interpret the Plan and any Award; to determine whether to require, as a condition of the granting of any Award, a Participant
to not sell or otherwise dispose of Stock acquired pursuant to the exercise of an Option or Award for a period of time as determined
by the Committee, in its sole discretion, following the date of the acquisition of such Option or Award; to prescribe, amend and
rescind rules and regulations relating to the Plan; to determine the terms and provisions of Award Agreements; and to make all
other determinations deemed necessary or advisable for the administration of the Plan.

    	 

    	

    

Subject to Section 12(f) hereof, the Committee
shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan and
perform all acts, including the delegation of its administrative responsibilities, as it shall, from time to time, deem advisable;
to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating
thereto); and to otherwise supervise the administration of the Plan. The Committee may correct any defect, supply any omission
or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem
necessary to carry the Plan into effect but only to the extent any such action would be permitted under the applicable provisions
of both Rule 16b-3 and Section 162(m) of the Code. The Committee may adopt special guidelines for persons who are residing in,
or subject to taxes of, countries other than the United States to comply with applicable tax and securities laws.

 

The Committee may appoint a chairperson
and a secretary and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall
keep minutes of its meetings. All determinations of the Committee shall be made by a majority of its members either present in
person or participating by conference telephone at a meeting or by written consent. The Committee may delegate to one or more
of its members or to one or more agents such administrative duties as it may deem advisable, and the Committee or any person to
whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the
Committee or such person may have under the Plan. All decisions, determinations and interpretations of the Committee shall be
final, conclusive and binding on all persons, including the Company, the Participant (or any person claiming any rights under
the Plan from or through any Participant) and any shareholder.

 

The Company, the Board or the Committee
may consult with legal counsel, who may be counsel for the Company or other counsel, with respect to its obligations or duties
hereunder, or with respect to any action or proceeding or any question of law, and shall not be liable with respect to any action
taken or omitted by it in good faith pursuant to the advice of such counsel.

 

(b) Designation of Consultants/Liability.
The Committee may designate employees of the Company and professional advisors to assist the Committee in the administration
of the Plan and may grant authority to employees to execute agreements or other documents on behalf of the Committee.

 

The Committee may employ such legal counsel,
consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from
any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee
or Board in the engagement of any such counsel, consultant or agent shall be paid by the Company. The Committee, its members and
any person designated pursuant to this Section 3(b) shall not be liable for any action or determination made in good faith with
respect to the Plan. To the maximum extent permitted by applicable law, no current or former officer of the Company or

    	 

    	

    

current or former member of the Committee or of the Board shall
be liable for any action or determination made in good faith with respect to the Plan or any Award granted hereunder. To the maximum
extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the Company and to the extent not covered
by insurance, each current or former officer and each current or former member of the Committee or of the Board shall be indemnified
and held harmless by the Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to the
Company) or liability (including any sum paid in settlement of a claim with the approval of the Company), and advanced amounts
necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to
act in connection with the Plan, except to the extent arising out of such officer’s, member’s or former member’s
own fraud or bad faith. Such indemnification shall be in addition to any rights of indemnification the current and former officers
and current and former members of the Committee and of the Board may have under applicable law or under the Certificate of Incorporation
or By-Laws of the Company or Subsidiary. Notwithstanding anything else herein, this indemnification will not apply to the actions
or determinations made by an individual with regard to Awards granted to him or her under the Plan.

 

4. Eligibility.

 

Awards may be granted to officers, other
employees and Nonemployee Directors of the Company in the sole discretion of the Committee. In determining the persons to whom
Awards shall be granted and the type of Award, the Committee shall take into account such factors as the Committee shall deem
relevant in connection with accomplishing the purposes of the Plan. Notwithstanding the foregoing, Incentive Stock Options may
not be granted to Nonemployee Directors.

 

5. Stock Subject to the Plan; Limitation on Grants.

 

(a) The maximum number of shares of
Stock reserved for issuance pursuant to the Plan or with respect to which Awards may be granted shall be fourteen million (14,000,000)
shares, subject to adjustment as provided herein. Such shares may, in whole or in part, be authorized but unissued shares or shares
that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. Solely with
respect to Awards granted on or after the date of Foot Locker’s 2010 annual shareholders’ meeting, any shares of Stock
that are subject to Restricted Stock or Other Stock-Based Awards that are not Appreciation Awards shall be counted against this
limit as two and one-half (2.5) shares for every one share granted; provided, however, that the foregoing shall not apply to payments
made to Nonemployee Directors in connection with their Annual Retainer in Stock in accordance with Section 10 or Deferred Stock
Units pursuant to Section 11 (collectively, “Director Awards”), in which case each share subject to Director Awards
shall be counted against this limit as one share for every one share granted. If any shares subject to an Award are forfeited,
cancelled, exchanged or surrendered, or if an Award otherwise terminates or expires without a distribution of shares to the Participant,
the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender,
termination or expiration, again be available for Awards under the Plan. Notwithstanding the foregoing, solely with

    	 

    	

    

respect to Awards other than Director Awards that are granted
on or after the date of Foot Locker’s 2010 annual shareholders’ meeting, if any shares of Stock that are subject to
Restricted Stock or Other Stock-Based Awards that are not Appreciation Awards are forfeited, cancelled, exchanged or surrendered,
or if an Award otherwise terminates or expires without a distribution of shares to the Participant, two and one-half (2.5) shares
of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination
or expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in tandem with any other Awards,
such related Awards shall be cancelled to the extent of the number of shares of Stock as to which the Award is exercised and,
notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. The number of shares
of Stock available for the purpose of Awards under the Plan shall be reduced by: (i) the total number of Options or SARs exercised,
regardless of whether any of the shares of Stock underlying such Awards are not actually issued to the Participant as the result
of a net settlement; and (ii) any shares of Stock used to pay any exercise price or tax withholding obligation with respect to
any Award. In addition, the Company may not use the cash proceeds it receives from Option exercises to repurchase shares of Stock
on the open market for reuse under the Plan. Awards that may be settled solely in cash shall not be deemed to use any shares of
Stock which may be issued under the Plan. Notwithstanding any provision of the Plan to the contrary, if authorized but previously
unissued shares of Stock are issued under the Plan, such shares shall not be issued for a consideration which is less than as
permitted by applicable law.

 

(b) With respect to Options and SARs,
the maximum number of shares of Stock subject to Awards of Options or SARs which may be granted under the Plan to each Participant
shall not exceed one million five hundred thousand (1,500,000) shares (subject to any adjustment as provided herein) during each
fiscal year of the Company during the entire term of the Plan. Solely with respect to Restricted Stock and Other Stock-Based Awards
that are intended to be “performance-based” compensation under Section 162(m) of the Code, the maximum number of shares
of Stock subject to Awards of Restricted Stock or Other Stock-Based Awards which may be granted under the Plan to each Participant
shall not exceed one million five hundred thousand (1,500,000) shares (subject to any adjustment as provided herein) during each
fiscal year of the Company during the entire term of the Plan.

 

(c) The maximum number of shares of
Stock subject to any Award of Options, Restricted Stock, SARs or Other Stock-Based Awards which may be granted under the Plan
during each fiscal year of the Company to each Nonemployee Director shall be fifty thousand (50,000) shares (subject to any adjustment
as provided herein).

 

(d) The existence of the Plan and the
Awards granted hereunder shall not affect in any way the right or power of the Board or the shareholders of Foot Locker to make
or authorize any adjustment, recapitalization, reorganization or other change in Foot Locker’s capital structure or its
business, any merger or consolidation of the Company or any part thereof, any issue of bonds, debentures, preferred or prior preference
stock ahead of or affecting Stock, the dissolution or liquidation of the

    	 

    	

    

Company or any part thereof, any sale or transfer of all or
part of its assets or business or any other corporate act or proceeding.

 

(e) In the event of any dividend or
other distribution (whether in the form of cash, Stock or other property), recapitalization, Stock split, reverse Stock split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, reclassification of any capital stock,
issuance of warrants or options to purchase Stock or securities convertible into Stock, or other similar corporate transaction
or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of
Participants under the Plan, the Committee shall in good faith make such equitable changes or adjustments as it deems necessary
or appropriate to any or all of (i) the number and kind of shares of Stock which may thereafter be issued in connection with Awards,
(ii) the number and kind of shares of Stock issued or issuable in respect of outstanding Awards, and (iii) the exercise price,
grant price or purchase price relating to any Award; provided that, with respect to Incentive Stock Options, such adjustment shall
be made in accordance with Section 424 of the Code; and provided, further, that, with respect to Nonqualified Stock Options, such
adjustment shall be made in accordance with Treasury Regulation § 1.409A-1.

 

(f) Fractional shares of Stock resulting
from any adjustment in Options and other Awards pursuant to this Section shall be aggregated until, and eliminated at, the time
of exercise by rounding down for fractions less than one half (1⁄2) and rounding up for fractions equal to or greater than
one half (1⁄2). No cash settlements shall be made with respect to fractional shares of Stock eliminated by rounding. Notice
of any adjustment shall be given by the Committee to each Participant whose Option or other Award has been adjusted and such adjustment
(whether or not such notice is given) shall be effective and binding for all purposes of the Plan.

 

(g) In the event of a merger or consolidation
in which Foot Locker is not the surviving entity or in the event of any transaction that results in the acquisition of substantially
all of Foot Locker’s outstanding Stock by a single person or entity or by a group of persons and/or entities acting in concert,
or in the event of the sale or transfer of all of Foot Locker’s assets (all of the foregoing being referred to as “Acquisition
Events”), then the Committee may, in its sole discretion, terminate all outstanding Options and/or any Award, effective
as of the date of the Acquisition Event, by delivering notice of termination to each Participant at least twenty (20) days prior
to the date of consummation of the Acquisition Event; provided, that during the period from the date on which such notice of termination
is delivered to the consummation of the Acquisition Event, each Participant shall have the right to exercise in full all of his
or her Options and Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in
the Option or Award Agreements) but contingent on occurrence of the Acquisition Event, and, provided that, if the Acquisition
Event does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise
shall be null and void.

 

6. Stock Option and SAR Program for Participants other
than Nonemployee Directors.

    	 

    	

    

No Option or freestanding SAR shall be
granted to a Nonemployee Director pursuant to this Section 6. Each Option or freestanding SAR granted pursuant to this Section
6 shall be evidenced by an Award Agreement, in such form and containing such terms and conditions as the Committee shall from
time to time approve, which Award Agreement shall comply with and be subject to the following terms and conditions, as applicable:

 

(a) Stock Options.

 

(1) Number of Shares. Each Award Agreement
shall state the number of shares of Stock to which the Option relates.

 

(2) Type of Option. Each Award Agreement
shall specifically state that the Option constitutes an Incentive Stock Option or a Nonqualified Stock Option. To the extent that
any Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of exercise
or otherwise), such Option or portion thereof which does not qualify, shall constitute a separate Nonqualified Stock Option.

 

(3) Option Price. Except as set forth
in Section 6(a)(8)(ii) herein relating to Incentive Stock Options granted to a Ten Percent Shareholder, each Award Agreement shall
state the Option price, which shall not be less than one hundred percent (100%) of the Fair Market Value of the shares of Stock
covered by the Option on the date of grant. The Option price shall be subject to adjustment as provided in Section 5 hereof. The
date on which the Committee adopts a resolution expressly granting an option shall be considered the date on which such Option
is granted.

 

(4) Method and Time of Payment. The
Option price shall be paid in full, at the time of exercise, as follows: (i) in cash or by check, bank draft or money order payable
to the order of Foot Locker, (ii) a cashless exercise through a broker (in accordance with a methodology determined by the Committee
and consistent with the Sarbanes-Oxley Act of 2002 and any other applicable law), (iii) in shares of Stock by means of a Stock
Swap (as described below), or (iv) in a combination of cash and Stock. Options may contain provisions permitting the use of shares
of Stock to exercise and settle an Option (“Stock Swaps”). With respect to Stock Swaps, shares of Stock that are used
to exercise and settle an Option shall (i) be free and clear of any liens and encumbrances, (ii) be valued at the Fair Market
Value on the date of exercise, and (iii) be on such other terms and conditions as may be acceptable to the Committee.

 

(5) Term and Exercisability of Options.
Each Award Agreement shall provide that each Option shall become exercisable in substantially equal annual installments over
a three-year period, beginning with the first anniversary of the date of grant of the Option, unless the Committee prescribes
an exercise schedule of shorter or longer duration; provided, that, the Committee shall have the authority to accelerate the exercisability
of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. Except as
set forth in Section 6(a)(8)(ii) herein,

    	 

    	

    

the exercise period shall be ten (10) years from the date of
the grant of the Option or such shorter period as is determined by the Committee. The exercise period shall be subject to earlier
termination as provided in Section 6(a)(6) hereof. An Option may be exercised, as to any or all full shares of Stock as to which
the Option has become exercisable, by written notice delivered in person or by mail to the Secretary of Foot Locker, specifying
the number of shares of Stock with respect to which the Option is being exercised. For purposes of the preceding sentence, the
date of exercise will be deemed to be the date upon which the Secretary of Foot Locker receives such notification.

 

(6) Termination. Unless otherwise
determined by the Committee at grant (or, if no rights of the Participant are reduced, thereafter), upon a Participant’s
Termination, Options granted to such Participant prior to such Termination shall remain exercisable following the effective date
of such Termination as follows:

 

(i) Cause. If a Participant’s
Termination is for Cause, all Options granted to such Participant shall be cancelled as of the effective date of such Termination.

 

(ii) Retirement, Termination for
Good Reason or Disability. Upon a Participant’s Retirement, Termination for Good Reason or Disability, all Options
granted to such Participant that are “deemed exercisable” (as defined in the following sentence) on the effective
date of such Participant’s Retirement, Termination for Good Reason or Disability shall remain exercisable for a period
of three (3) years following such effective date (or for such longer period as may be prescribed by the Committee, but in no
event beyond the expiration date of such Option). Those Options that are “deemed exercisable” on and after the
effective date of a Participant’s Retirement, Termination for Good Reason or Disability, as provided above, shall
consist of all unexercised Options (or portions thereof) that are immediately exercisable on such date plus those Options (or
portions thereof) that would have become exercisable had such Participant not retired or had his employment not terminated
until after the next succeeding anniversary of the date of grant of each such Option.

 

(iii) Other Terminations of Employment.
If a Participant’s Termination by the Company is for any reason other than those described in subsections (i) or (ii)
above, his “deemed exercisable” Options, which, for purposes of this subsection, shall mean all Options (or portions
thereof) granted to such Participant that are immediately exercisable on the effective date of such Termination shall remain exercisable
as follows: (A) if such Participant has ten (10) or more years of service with the Company, such period of service to be determined
as of such effective date of termination, for a period of one year from the effective date of such Termination (or for such longer
period as may be prescribed by the Committee, but in no event beyond the expiration date of such Option), or (B) if a Participant
has less than ten (10) years of service with the Company, for a period of three (3) months from the effective date of such Termination
(or for such longer period as may be prescribed by the Committee, but in no event beyond the expiration date of such Option).

 

(iv) Death.

    	 

    	

    

(A) If a Participant dies during the applicable
Option exercise period following the effective date of his Retirement, Disability or other Termination, as described in subsections
(ii) or (iii) above, his Beneficiary shall have a period expiring on the date one year from the date of his death (or for such
longer period as may be prescribed by the Committee, but in no event beyond the expiration date of such Option) within which to
exercise his “deemed exercisable” Options, as described in such applicable subsection.

 

(B) If a Participant dies while employed
by the Company, his Beneficiary shall have a period expiring on the date one year from the date of his death (or for such longer
period as may be prescribed by the Committee, but in no event beyond the expiration date of such Option) within which to exercise
his “deemed exercisable” Options, which shall consist of all unexercised Options (or portions thereof) that are immediately
exercisable on such date of death plus those Options (or portions thereof) that would have become exercisable had such Participant
not died until after the next succeeding anniversary of the date of grant of each such Option.

 

(7) Tandem Stock Appreciation Rights.
The Committee shall have authority to grant a tandem SAR to the grantee of any Option under the Plan with respect to all or
some of the shares of Stock covered by such related Option. A tandem SAR shall, except as provided in this paragraph (7), be subject
to the same terms and conditions as the related Option. Each tandem SAR granted pursuant to the Plan shall be reflected in the
Award Agreement relating to the related Option.

 

(i) Time of Grant. A tandem SAR
may be granted either at the time of grant, or at any time thereafter during the term of the Option; provided, however that tandem
SARs related to Incentive Stock Options may only be granted at the time of grant of the related Option.

 

(ii) Payment. A tandem SAR shall
entitle the holder thereof, upon exercise of the tandem SAR or any portion thereof, to receive payment of an amount computed pursuant
to paragraph (iv) below.

 

(iii) Exercise. A tandem SAR shall
be exercisable at such time or times and only to the extent that the related Option is exercisable, and will not be Transferable
except to the extent the related Option may be Transferable. A tandem SAR granted in connection with an Incentive Stock Option
shall be exercisable only if the Fair Market Value of a share of Stock on the date of exercise exceeds the purchase price specified
in the related Incentive Stock Option. Upon the exercise of a tandem SAR, the related Option or part thereof to which such SAR
relates, shall be deemed to have been exercised for the purpose of the limitations set forth in Section 5(a) of the Plan on the
number of shares of Stock to be issued under the Plan.

 

(iv) Amount Payable. Upon the exercise
of a tandem SAR, the Participant shall be entitled to receive an amount determined by multiplying (A) the excess of the Fair Market
Value of a share of Stock on the date of exercise of such SAR over the price of the Option, by (B) the number of shares of Stock
as to which such

    	 

    	

    

tandem SAR is being exercised. Notwithstanding the foregoing,
the Committee may limit in any manner the amount payable with respect to any tandem SAR by including such a limit at the time
it is granted.

 

(v) Treatment of Related Options and
Tandem SARs Upon Exercise. Upon the exercise of a tandem SAR, the related Option shall be cancelled to the extent of the number
of shares of Stock as to which the tandem SAR is exercised and upon the exercise of an Option granted in connection with a tandem
SAR, the tandem SAR shall be cancelled to the extent of the number of shares of Stock as to which the Option is exercised.

 

(vi) Method of Exercise. Tandem
SARs shall be exercised by a Participant only by a written notice delivered in person or by mail to the Secretary of Foot Locker,
specifying the number of shares of Stock with respect to which the tandem SAR is being exercised. If requested by the Committee,
the Participant shall deliver the Award Agreement evidencing the tandem SAR and the related Option to the Secretary of Foot Locker,
who shall endorse thereon a notation of such exercise and return such Award Agreement to the Participant. For purposes of this
paragraph (vi), the date of exercise will be deemed to be the date upon which the Secretary of Foot Locker receives such notification.

 

(vii) Form of Payment. Payment of
the amount determined under paragraph (iv) above may be made solely in whole shares of Stock in a number determined based upon
their Fair Market Value on the date of exercise of the tandem SAR or, alternatively, at the sole discretion of the Committee,
solely in cash, or in a combination of cash and shares of Stock as the Committee deems advisable.

 

(viii) Limited SARs. The Committee
may, in its sole discretion, grant tandem SARs or freestanding SARs either as general SARs or as limited SARs. Limited SARs may
be exercised only upon the occurrence of a Change in Control or such other event as the Committee may, in its sole discretion,
designate at the time of grant or thereafter.

 

(8) Incentive Stock Options. Options
granted as Incentive Stock Options shall be subject to the following special terms and conditions, in addition to the general
terms and conditions specified in this Section 6.

 

(i) Value of Shares. The aggregate
Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the shares of Stock with respect to which
Incentive Stock Options granted under the Plan and all other Plans of the Company become exercisable for the first time by each
Participant during any calendar year shall not exceed one hundred thousand dollars ($100,000). To the extent that such aggregate
Fair Market Value exceeds such one hundred thousand dollars ($100,000) limitation, such Options shall be treated as Options which
are not Incentive Stock Options and shall be treated as Nonqualified Stock Options.

    	 

    	

    

(ii) Ten Percent Shareholder. In
the case of an Incentive Stock Option granted to a Ten Percent Shareholder, (x) the Option Price shall not be less than one hundred
ten percent (110%) of the Fair Market Value of the shares of Stock on the date of grant of such Incentive Stock Option, and (y)
the exercise period shall not exceed five (5) years from the date of grant of such Incentive Stock Option.

 

(iii) Exercise Following Termination.
If an Eligible Employee does not remain employed by the Company, any parent corporation or subsidiary corporation (within
the meaning of Code Sections 424(e) and 424(f), respectively) at all times from the time the Option is granted until three (3)
months prior to the date of exercise (or such other period as required by applicable law), such Option shall be treated as a Nonqualified
Stock Option.

 

(iv) Should either (i), (ii) or (iii)
above not be necessary in order for the Options to qualify as Incentive Stock Options, or should any additional provisions be
required, the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the shareholders of
Foot Locker.

 

(b) Freestanding Stock Appreciation
Rights.

 

The Committee shall have authority to grant
a freestanding SAR which is not related to any Option. Freestanding SARs shall be subject to the following terms and conditions:

 

(1) Number of Shares. Each Award Agreement
relating to freestanding SARs shall state the number of shares of Stock to which the freestanding SARs relate.

 

(2) Exercise Price. Each Award Agreement
shall state the exercise price, which shall not be less than one hundred percent (100%) of the Fair Market Value of the shares
of Stock (to which the freestanding SARs relate) on the date of grant. The exercise price shall be subject to adjustment as provided
in Section 5 hereof.

 

(3) Term and Exercisability of Freestanding
SARs. Each Award Agreement shall provide the exercise schedule for the freestanding SAR as determined by the Committee, provided
that the Committee shall have the authority to accelerate the exercisability of any freestanding SAR at such time and under such
circumstances as it, in its sole discretion, deems appropriate. The exercise period shall be ten (10) years from the date of the
grant of the freestanding SAR or such shorter period as is determined by the Committee. The exercise period shall be subject to
earlier termination as provided in paragraph (b)(7) hereof. A freestanding SAR may be exercised, as to any or all full shares
of Stock as to which the freestanding SAR has become exercisable, by written notice delivered in person or by mail to the Secretary
of Foot Locker, specifying the number of shares of Stock with respect to which the freestanding SAR is being exercised. For purposes
of the preceding sentence, the date of exercise will be deemed to be the date upon which the Secretary of Foot Locker receives
such notification.

    	 

    	

    

(4) Payment. A freestanding SAR shall
entitle the holder thereof, upon exercise of the freestanding SAR or any portion thereof, to receive payment of an amount computed
pursuant to paragraph (5) below.

 

(5) Amount Payable. Upon the exercise
of a freestanding SAR, the Participant shall be entitled to receive an amount determined by multiplying (i) the excess of the
Fair Market Value of a share of Stock on the date of exercise of such SAR over the exercise price of such SAR, by (ii) the number
of shares of Stock as to which such freestanding SAR is being exercised. Notwithstanding the foregoing, the Committee may limit
in any manner the amount payable with respect to any freestanding SAR by including such a limit at the time it is granted.

 

(6) Form of Payment. Payment of the
amount determined under paragraph (5) above may be made solely in whole shares of Stock in a number determined based upon their
Fair Market Value on the date of exercise of the freestanding SAR or, alternatively, at the sole discretion of the Committee,
solely in cash, or in a combination of cash and shares of Stock as the Committee deems advisable.

 

(7) Termination. The terms and conditions
set forth in Section 6(a)(6) hereof, relating to exercisability of Options in the event of Termination with the Company, shall
apply equally with respect to the exercisability of freestanding SARs following Termination.

 

(c) No Rights to Dividends or Dividend
Equivalents. Except as set forth in Section 5 hereof (relating to certain adjustments), a Participant shall have none of the
rights of a shareholder (including the right to vote shares), and no dividends will be paid with respect to any Option or SAR,
in each case prior to the date such Option or SAR is exercised and settled.

 

7. Stock Option Grants to Nonemployee Directors

 

(a) Number of Shares.

 

(1) Options shall be granted to Nonemployee
Directors at such times, in such amounts and subject to such terms as may be determined by the Board in its sole discretion.

 

(2) In no event shall any Nonemployee
Director receive more than one Option grant under the Plan in any fiscal year.

 

(b) Type of Option. Each Award
Agreement granted to a Nonemployee Director under this Section 7 shall state that the Option constitutes a Nonqualified Stock
Option not intended to qualify under Section 422 of the Code and shall have the following terms and conditions:

 

(1) Option Price. Each Award Agreement
shall state the Option price, which shall not be less than one hundred percent (100%) of the Fair Market Value of the shares of
Stock covered by the Option on the date of grant.

    	 

    	

    

(2) Method and Time of Payment. The
Option price shall be paid in full, at the time of exercise, as follows: (i) in cash or by check, bank draft or money order payable
to the order of Foot Locker, (ii) a cashless exercise through a broker (in accordance with a methodology determined by the Committee
and consistent with the Sarbanes-Oxley Act of 2002 and any other applicable law), (iii) in shares of Stock by means of a Stock
Swap, or (iv) in a combination of cash and Stock.

 

(3) Term and Exercisability of Options.
Unless otherwise specified in the applicable Award Agreement, Options granted to Nonemployee Directors shall fully vest one
year following the date of grant, provided that the holder of such Option is a Nonemployee Director on such date. Options shall
be exercisable until the earlier of ten years from the date of grant or the expiration of the one-year period following the date
of Termination as provided in Section 7(b)(4).

 

(4) Termination. If a Nonemployee
Director’s Termination is for Cause, all Options granted to such Nonemployee Director shall be cancelled as of the effective
date of such Termination. Upon Termination other than for Cause, all outstanding Options held by such Nonemployee Director, to
the extent then exercisable, shall be exercisable in whole or in part for a period of one year from the date of Termination. If
a Nonemployee Director’s Termination is by reason of death, all Options, to the extent exercisable, shall remain exercisable
by the Nonemployee Director’s Beneficiary for a period of one year following the Nonemployee Director’s date of death.
In no event, however, shall any Option be exercisable beyond ten years from its date of grant.

 

8. Restricted Stock.

 

Awards granted pursuant to this Section
8 shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve and the terms and conditions
of such Awards shall be set forth therein. Shares of Restricted Stock may be issued either alone or in addition to other Awards
granted under the Plan.

 

(a) Restricted Stock. The Committee
shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be made, the number
of shares to be awarded, the price (if any) to be paid by the recipient, the time or times within which such Awards may be subject
to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The
Committee may condition the grant or vesting of Restricted Stock upon the attainment of specified performance goals (including
without limitation, the Performance Goals set forth in Exhibit A hereto) or such other factors as the Committee may determine,
in its sole discretion, which comply with the requirements of Section 162(m) of the Code.

 

(b) Objective Performance Goals, Formulae
or Standards. Notwithstanding the foregoing, if the Award of Restricted Stock is intended to comply with the “performance
based” compensation exception under Section 162(m) of the Code and if the grant of such Award or the lapse of restrictions
is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and

    	 

    	

    

the applicable number of shares of Restricted Stock to be granted
or the applicable vesting percentage of the Restricted Stock applicable to each Participant or class of Participants in writing
prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee in accordance
with Section 162(m) of the Code, and while the outcome of the Performance Goals are substantially uncertain. Such Performance
Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including,
without limitation, dispositions and acquisitions) and other similar type events or circumstances. With respect to a Restricted
Stock Award that is intended to comply with Section 162(m) of the Code, to the extent any such provision would create impermissible
discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force
or effect. The Performance Goals are set forth in Exhibit A hereto.

 

(c) Awards and Certificates. The
prospective Participant selected to receive Restricted Stock shall not have any rights with respect to such Award, unless and
until such Participant has delivered a fully executed copy of the Award Agreement to the Company and has otherwise complied with
the applicable terms and conditions of such Award. Further, such Award shall be subject to the following conditions:

 

(1) Purchase Price. Subject to the
last sentence of Section 5(a), the purchase price for shares of Restricted Stock may be less than their par value and may be zero,
to the extent permitted by applicable law.

 

(2) Acceptance. Awards of Restricted
Stock must be accepted within a period of sixty (60) days (or such shorter period as the Committee may specify at grant) after
the Award date, by executing a Restricted Stock Award Agreement and by paying whatever price (if any) the Committee has designated
thereunder.

 

(3) Certificates/Legend. Upon an Award
of Restricted Stock, the Committee may, in its sole discretion, decide to either have the Company or other escrow agent appointed
by the Committee hold the share certificates representing such shares of Restricted Stock in escrow or issue share certificates
to the Participant. Regardless of whether the certificates are held in escrow or are given to Participants, each certificate shall
be registered in the name of such Participant, and shall bear an appropriate legend referring to the terms, conditions and restrictions
applicable to such Award, substantially in the following form:

 

“The anticipation, alienation, attachment, sale,
transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) of the Foot Locker (the “Company”) 2007 Stock Incentive Plan (Amended and Restated as of May
21, 2014) and an Agreement entered into between the registered owner and the Company dated ________________. Copies of such Plan
and Agreement are on file at the principal office of the Company.”

    	 

    	

    

(4) Custody. If stock certificates
are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares
be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted
Stock, the Participant shall have delivered a duly signed stock power, endorsed in blank, relating to the Stock covered by such
Award. The Company may determine in its sole discretion, to evidence such shares of Restricted Stock by uncertificated book entry.

 

(5) Restrictions. During a period
set by the Committee commencing with the date of an Award of Restricted Stock (the “Restriction Period”), shares of
Restricted Stock may not be sold, assigned, Transferred, pledged, hypothecated or otherwise disposed of, except by will or the
laws of descent and distribution, as set forth in the Award Agreement and such Award Agreement shall set forth a vesting schedule
and any events which would accelerate vesting of the shares of Restricted Stock. Any attempt to dispose of any such shares of
Stock in contravention of such restrictions shall be null and void and without effect. Notwithstanding the foregoing, subject
to Section 12(h) hereof, for Awards of Restricted Stock granted prior to May 21, 2014, no vesting limitation shall apply, and
the Participant’s interest in such shares shall be fully vested, in the event of a Change in Control which occurs prior
to the expiration of the vesting period set forth in the Award Agreement; and, subject to Section 12(h) hereof, for Awards of
Restricted Stock granted on or after May 21, 2014 to a Participant other than a Nonemployee Director, no vesting limitation shall
apply, and the Participant’s interest in such shares shall be fully vested, in the event that the Participant holding such
Award of Restricted Stock incurs a Termination by the Company without Cause, or by the Participant for Good Reason, in either
case occurring on a Change in Control or within twenty-four (24) months following such Change in Control. Within these limits,
based on service, performance and/or such other factors or criteria as the Committee may determine in its sole discretion, the
Committee may provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of
all or any part of any Restricted Stock Award and/or waive the deferral limitations for all or any part of such Award (including,
without limitation, any deferral of dividends).

 

(6) Forfeiture. Subject to such exceptions
as may be determined by the Committee, if the Participant’s continuous employment with the Company shall terminate for any
reason prior to the expiration of the Restriction Period of an Award, or to the extent any goals for the Restriction Period are
not met, any shares of Stock remaining subject to restrictions shall thereupon be forfeited by the Participant and Transferred
to, and reacquired by, Foot Locker at no cost to Foot Locker.

 

(7) Ownership. Except to the extent
otherwise set forth in the Award Agreement, during the Restriction Period the Participant shall possess all incidents of ownership
of such shares, subject to Section 8(c)(5), including the right to receive dividends with respect to such shares and to vote such
shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The
Committee, in its sole discretion, as determined at the time of the Award, may permit or require the payment of dividends to be
deferred. Notwithstanding anything to the contrary herein, the payment of dividends shall be deferred until, and

    	 

    	

    

conditioned upon,
the expiration of the applicable Restriction Period with respect to a Restricted Stock Award that vests based upon the attainment
of Performance Goals.

 

(8) Lapse of Restrictions. If and
when the Restriction Period expires without a prior forfeiture of the Restricted Stock subject to such Restriction Period, the
certificates for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at the
time of delivery to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee.

 

9. Other Stock-Based Awards.

 

(a) Other Awards. Other Awards
of Stock and other Awards that are valued in whole or in part by reference to, or are payable in or otherwise based on, Stock
(“Other Stock-Based Awards”), including, without limitation, Awards valued by reference to performance of a subsidiary,
may be granted either alone or in addition to or in tandem with Options, SARs or Restricted Stock.

 

Subject to the provisions of the Plan, the
Committee shall have authority to determine the persons to whom and the time or times at which such Awards shall be made, the number
of shares of Stock to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide
for the grant of Stock under such Awards upon the completion of a specified performance goal or period.

 

The Committee may condition the grant or
vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals set forth on Exhibit A as the Committee
may determine, in its sole discretion; provided that to the extent that such Other Stock-Based Awards are intended to comply with
Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the vesting of such Other Stock-Based
Awards based on a performance period applicable to each Participant or class of Participants in writing prior to the beginning
of the applicable performance period or at such later date as permitted under Section 162(m) of the Code and while the outcome
of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted
under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions
(including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent any
such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the
Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more of the performance
criteria set forth on Exhibit A hereto.

 

(b) Terms and Conditions. Other
Stock-Based Awards made pursuant to this Section 9 shall be subject to the following terms and conditions:

 

(1) Dividends. Unless otherwise determined
by the Committee at the time of Award, subject to the provisions of the Award Agreement and the Plan, the 

    	 

    	

    

recipient of an Award
under this Section 9 shall be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect
to the number of shares of Stock covered by the Award, as determined at the time of the Award by the Committee, in its sole discretion.
Notwithstanding the foregoing, (i) no dividends or dividend equivalents shall be paid on any Other Stock-Based Award for which
the value thereof is based solely on the appreciation of the Stock and (ii) the payment of dividends and dividend equivalents
shall be deferred until, and conditioned upon, the expiration of the vesting period with respect to an Other Stock-Based Award
that vests based upon the attainment of Performance Goals. In the event that the dividend or dividend equivalent constitutes a
nonqualified deferred compensation arrangement under Section 409A of the Code, it is intended that such dividend or dividend equivalent
arrangement complies with Section 409A of the Code.

 

(2) Vesting. Any Award under this
Section 9 and any Stock covered by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement,
as determined by the Committee, in its sole discretion.

 

(3) Waiver of Limitation. In the
event of the Participant’s Retirement, Termination for Good Reason, Disability or death, or in cases of special circumstances,
the Committee may, in its sole discretion, to the extent consistent with Section 409A of the Code, waive in whole or in part any
or all of the limitations imposed hereunder (if any) with respect to any or all of an Award under this Section 9.

 

(4) Price. Stock issued on a bonus
basis under this Section 9 may be issued for no cash consideration; Stock purchased pursuant to a purchase right awarded under
this Section shall be priced as determined by the Committee, provided that any Other Stock-Based Award for which the value thereof
is based solely on the appreciation of the Stock shall be priced at the Fair Market Value of the Stock on the date of grant.

 

(5) Term of Certain Awards. The term
of any Other Stock-Based Award that is based solely on the appreciation of Stock shall be fixed by the Committee, provided that
no such Other Stock-Based Award shall be exercisable more than ten (10) years after the date of grant.

 

10. Payment of Nonemployee Director’s Annual Retainer
in Stock

 

(a) Mandatory Portion. For each
calendar year commencing with the calendar year beginning January 1, 2007, each Nonemployee Director who is a director of the
Company on or before the date of an annual meeting of shareholders in any calendar year shall receive a whole number of shares
of Stock equal in value to 50 percent of his or her Annual Retainer payable for services as a director during such calendar year
in lieu of payment of such percentage of such director’s Annual Retainer in cash. Such shares shall be issued to each such
Nonemployee Director on the Stock Payment Date. Each such share of Stock shall be valued at the Fair Market Value on the last
business day preceding the Stock Payment Date. Notwithstanding any other provision herein, the value of fractional shares shall
be paid to the Nonemployee Director in cash.

    	 

    	

    

(b) Elective Portion. For each
calendar year commencing with the calendar year beginning January 1, 2007, each person who will be a Nonemployee Director on January
1 of such year may elect to receive, in addition to the mandatory stock portion of his or her Annual Retainer provided under (a)
above, a whole number of shares of Stock equal in value (based on the Fair Market Value on the last business day preceding the
Stock Payment Date) of up to the remaining 50 percent of his or her Annual Retainer in lieu of payment of such percentage in cash
so that, if such election is exercised in full, 100 percent of his or her Annual Retainer would be paid in shares of Stock. Such
election may be made in incremental amounts of five percent of the total Annual Retainer. Such shares shall be delivered to each
Nonemployee Director on the Stock Payment Date. Notwithstanding any other provision herein, the value of fractional shares shall
be paid to the Nonemployee Director in cash. Any such election shall be irrevocable and shall be made in writing no later than
December 31 of the year preceding such year. Any such elections made by Nonemployee Directors under any prior plan of the Company
for the calendar year beginning January 1, 2007 shall remain in effect under the Plan.

 

11. Deferral of Nonemployee Director’s Annual Retainer

 

(a) Deferral Election. During the
term of the Plan, a Nonemployee Director may elect to defer all or any specified portion of the cash component of his or her Annual
Retainer in the form of Deferred Stock Units or to have such amounts placed in an Interest Account. During the term of the Plan,
a Nonemployee Director may also elect to defer all or part of the stock component of his or her Annual Retainer in the form of
Deferred Stock Units. A Nonemployee Director’s election to defer his or her Annual Retainer hereunder pursuant to a Deferral
Agreement is irrevocable and is valid only for the Plan Year following the election. If no new Deferral Agreement is timely executed
and delivered with respect to any subsequent Plan Year, the Annual Retainer earned in such Plan Year shall not be deferred under
the Plan. Once a Nonemployee Director designates the allocation of his or her Deferred Annual Retainer, the Nonemployee Director
may not change the allocation. Any election made by a Nonemployee Director during 2006 to defer all or any portion of his or her
2007 Annual Retainer made under the Foot Locker 2002 Directors Stock Plan shall be transferred to the Plan and shall be governed
by the terms of such deferral agreement.

 

(b) Timing and Manner of Deferral.
Any election to defer all or a portion of the Annual Retainer, as provided in this Section 11, shall be made by the Nonemployee
Director in writing on a Deferral Agreement and provided to the Secretary of the Company on or before the December 31 preceding
the Plan Year in which the Annual Retainer is earned, and shall apply on a pro rata basis with respect to the entire amount of
the Annual Retainer earned for such Plan Year, whenever payable. Any such election made by December 31 shall become effective
on the following January 1.

 

(c) Book Entry of Deferred Fees.
The amount of the Annual Retainer that is deferred shall be credited as a book entry to an Account in the name of the Nonemployee
Director not later than the date such amount would otherwise be payable to the Nonemployee Director.

    	 

    	

    

(d) Vesting.

 

(1) Interest Account. A Nonemployee
Director’s Interest Account shall be fully vested at all times. Each Interest Account shall be the record of the cash amounts
of the Annual Retainer deferred by the Nonemployee Director, together with interest thereon, is maintained solely for accounting
purposes, and shall not require a segregation of any Company assets.

 

(2) Deferred Stock Units. A Nonemployee
Director’s Deferred Stock Unit Account shall be fully vested at all times.

 

(e) Deferred Stock Units.

 

(1) Number. The number of Deferred
Stock Units to be granted in connection with an election pursuant to Section 11(a) shall equal the portion of the Annual Retainer
being deferred into Stock Units divided by the Fair Market Value on the scheduled payment date of the amount deferred or, in the
case of the stock portion of the Annual Retainer, the Stock Payment Date.

 

(2) Deferred Stock Unit Account.
A Deferred Stock Unit Account shall be established and maintained by the Company for each Nonemployee Director who elects to defer
his or her Annual Retainer in the form of Deferred Stock Units under the Plan. As the value of each Deferred Stock Unit changes
pursuant to Section 11(e), the Nonemployee Director’s Deferred Stock Unit Account shall be adjusted accordingly. Each Deferred
Stock Unit Account shall be the record of the Deferred Stock Units acquired by the Nonemployee Director on each applicable acquisition
date, is maintained solely for accounting purposes, and shall not require a segregation of any Company assets.

 

(3) Value. Each Deferred Stock Unit
shall have an initial value that is equal to the Fair Market Value determined in accordance with Section 11(e)(1). Subsequent
to such date of acquisition, the value of each Deferred Stock Unit shall change in direct relationship to changes in the value
of a share of Stock as determined pursuant to a Valuation.

 

(4) Dividend Equivalents. In the
event the Company pays dividends on the Stock, dividend equivalents shall be earned on Deferred Stock Units acquired under the
Plan. Such dividend equivalents shall be converted into an equivalent amount of Deferred Stock Units based upon the Valuation
of a Deferred Stock Unit on the date the dividend equivalents are converted into Deferred Stock Units. The converted Deferred
Stock Units will be fully vested upon conversion.

 

(5) Amount of Payout. Subject to
Section 11(f)(2), the payout of the amount in the Nonemployee Director’s Deferred Stock Unit Account shall be made in a
lump sum in Stock. The number of shares of Stock to be so distributed to the Nonemployee Director shall equal the number of Stock
Units then in his or her Deferred Stock Unit Account.

    	 

    	

    

(f) Distribution.

 

(1) Upon the first business day of the month
coincident with or next following the end of the Deferral Period (or as soon as administratively feasible thereafter), the Nonemployee
Director shall receive a cash lump sum distribution equal to any balance of the Deferred Annual Retainer allocated to his or her
Interest Account, as calculated on the Valuation Date, plus a distribution in shares of Stock equal to the value of the balance
of the Deferred Annual Retainer allocated to his or her Deferred Stock Unit Account, based on the Fair Market Value on the Valuation
Date.

 

(2) In the event the Nonemployee Director
elected in his Deferral Agreement to receive the distribution from his or her Deferred Stock Unit Account in the form of three
annual installments, the first such installment will be paid on the first business day of the month coincident with or next following
the end of the Deferral Period (or as soon as administratively feasible thereafter) and the remaining two payments will be paid
on the first and second anniversaries of the first installment payment date, respectively. The amount of each installment payment,
including the number of shares to be distributed with respect to the Deferred Stock Unit Account, shall be frozen as of the date
of distribution of the first installment payment, so that the Nonemployee Director’s balance in his or her Account shall
not be subject to increase or decrease.

 

(g) Death. If a Nonemployee Director
dies prior to receiving the total amount of his or her Account, the unpaid portion of his or her Account shall be paid to the
Nonemployee Director’s Beneficiary upon the first business day of the month coincident with or next following the Nonemployee
Director’s death (or as soon as administratively feasible thereafter). If the Administrator is in doubt as to the right
of any person to receive any amount, the Administrator may retain such amount, without liability for any interest thereon, until
the rights thereto are determined, or the Administrator may pay such amount into any court of appropriate jurisdiction, and such
payment shall be a complete discharge of the liability of the Plan, the Administrator and the Company therefor.

 

(h) No Transfer of Deferred Annual
Retainer. A Nonemployee Director shall have no right to transfer all or any portion of his or her Deferred Annual Retainer
between the Interest Account and the Deferred Stock Unit Account.

 

(i) Employee Directors. If a Nonemployee
Director becomes an employee of the Company, he or she may not make any future deferrals under the Plan and the Nonemployee Director’s
Deferral Agreement shall terminate. Amounts already deferred under the Plan shall continue to be deferred until such employee
incurs a “separation of service” within the meaning of Section 409A of the Code. Notwithstanding the foregoing, if
such employee is a Key Employee, payment of amounts deferred hereunder shall be delayed in accordance with the requirements of
Section 409A of the Code until the day immediately following the six month anniversary of such employee’s “separation
from service.”

    	 

    	

    

(j) Cessation of Future Deferrals.
The Board may direct at any time that Nonemployee Directors shall no longer be permitted to make future deferrals of Annual
Retainer Fees under the Plan.

 

(k) Rights of Nonemployee Directors;
No Funding Obligation. Nothing contained in the Plan and no action taken pursuant to the Plan shall create or be construed
to create a trust of any kind, or a fiduciary relationship, among the Company and any Nonemployee Director or his or her Beneficiary,
or any other persons. Funds allocated to a Deferred Stock Unit Account or an Interest Account established by the Company in connection
with the Plan shall continue to be a part of the general funds of the Company, and no individual or entity other than the Company
shall have any interest in such funds until paid to a Nonemployee Director or his or her Beneficiary. If and to the extent that
any Nonemployee Director or his or her executor, administrator, or other personal representative or Beneficiary, as the case may
be, acquires a right to receive any payment from the Company pursuant to the Plan, such right shall be no greater than the right
of an unsecured general creditor of the Company. The Company may, in its sole discretion, establish a “rabbi trust”
to pay amounts payable hereunder. If the Company decides to establish any accrued reserve on its books against the future expense
of benefits payable hereunder, or if the Company establishes a rabbi trust under the Plan, such reserve or trust shall not under
any circumstances be deemed to be an asset of the Plan.

 

12. General Provisions.

 

(a) Plan Provisions Control. A
Participant shall not be entitled to, and the Company shall not be obligated to pay to such Participant, the whole or any part
of the amounts deferred under the Plan, except as provided in the Plan.

 

(b) Compliance with Legal Requirements.
The Plan and the granting and exercising of Awards, and the other obligations of the Company under the Plan and any Award
Agreement or other agreement shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals
by any regulatory or governmental agency as may be required. The Company, in its discretion, may postpone the issuance or delivery
of Stock under any Award as the Company may consider appropriate, and may require any Participant to make such representations
and furnish such information as it may consider appropriate in connection with the issuance or delivery of Stock in compliance
with applicable laws, rules and regulations.

 

(c) Nontransferability. No Award
shall be Transferred by the Participant otherwise than by will or by the laws of descent and distribution. All Awards shall be
exercisable, during the Participant’s lifetime, only by the Participant. No Award shall, except as otherwise specifically
provided by law or herein, be Transferred in any manner, and any attempt to Transfer any such Award shall be void, and no such
Award shall in any manner be used for the payment of, subject to, or otherwise encumbered by or hypothecated for the debts, contracts,
liabilities, engagements or torts of any person who shall be entitled to such Award, nor shall it be subject to attachment or
legal process for or against such person. Notwithstanding the foregoing, the Committee may determine at the time of grant or thereafter,
that a Nonqualified Stock Option that is otherwise not 

    	 

    	

    

Transferable pursuant to this Section 12(c) is Transferable to a “family
member” (as such term is defined in Form S-8 of the Securities Act of 1933) in whole or part and in such circumstances,
and under such conditions, as specified by the Committee.

 

(d) No Right to Continued Employment.
Nothing in the Plan or in any Award granted or any Award Agreement or other agreement entered into pursuant hereto shall confer
upon any Participant the right to continue in the employ of the Company or to be entitled to any remuneration or benefits not
set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company
to terminate such Participant’s employment.

 

(e) Withholding Taxes. Where a
Participant or other person is entitled to receive shares of Stock pursuant to the exercise of an Option or is otherwise entitled
to receive shares of Stock or cash pursuant to an Award hereunder, the Company shall have the right to require the Participant
or such other person to pay to the Company the amount of any taxes which the Company may be required to withhold before delivery
to such Participant or other person of cash or a certificate or certificates representing such shares, or otherwise upon the grant,
vesting, exercise or disposition of shares pursuant to an Option or Award.

 

Unless otherwise prohibited by the Committee
or by applicable law, a Participant may satisfy any such withholding tax obligation by any of the following methods, or by a combination
of such methods: (a) tendering a cash payment; (b) authorizing the Company to withhold from the shares of Stock or cash otherwise
payable to such Participant (1) one or more of such shares having an aggregate Fair Market Value, determined as of the date the
withholding tax obligation arises, less than or equal to the amount of the total minimum statutorily required withholding tax obligation
or (2) cash in an amount less than or equal to the amount of the total withholding tax obligation; or (c) delivering to the Company
previously acquired shares of Stock (none of which shares may be subject to any claim, lien, security interest, community property
right or other right of spouses or present or former family members, pledge, option, voting agreement or other restriction or encumbrance
of any nature whatsoever) having an aggregate Fair Market Value, determined as of the date the withholding tax obligation arises,
less than or equal to the amount of the total withholding tax obligation. A Participant’s election to pay his or her withholding
tax obligation (in whole or in part) by the method described in (b)(1) above is irrevocable once it is made.

 

(f) Amendment and Termination of the
Plan. Notwithstanding any other provision of the Plan, the Board or the Committee may at any time and from time to time alter,
amend, suspend, or terminate the Plan in whole or in part; provided that, no amendment which requires shareholder approval under
applicable New York law or in order for the Plan to continue to comply with Rule 16b-3, Section 162(m) of the Code, or applicable
stock exchange requirements shall be effective unless the same shall be approved by the requisite vote of the shareholders of
the Company. Notwithstanding the foregoing, no amendment shall affect adversely any of the rights of any Participant, without
such Participant’s consent, under any Award theretofore granted under the Plan. Notwithstanding any other provision of the
Plan to the contrary, unless such action is

    	 

    	

    

 approved by the shareholders of the Company, (i) the terms of outstanding Options
and SARs shall not be amended to reduce the exercise price thereof and (ii) outstanding Options and SARs shall not be replaced
or canceled (where prior to the replacement, reduction or cancellation the exercise price equals or exceeds the fair market value
of the shares of Stock underlying such Awards) in exchange for cash, other Awards or Options or SARs with an exercise price that
is less than the exercise price of the original Options or SARs, in each case, other than adjustments or substitutions in accordance
with Section 5.

 

The power
to grant Options under the Plan will automatically terminate ten years after the earlier of the adoption of the Plan by the Board
and the approval of the Plan by the shareholders, but Awards granted prior to such date may, and the Committee’s authority
to administer the terms of such Awards shall, extend beyond that date; provided that no Award (other than an Option or Stock Appreciation
Right) that is intended to be “performance-based” under Section 162(m) of the Code shall be granted on or after the
fifth anniversary of the later of the shareholder approval of (i) the Plan as amended on May 19, 2010 or (ii) the Plan as amended
and restated as of May 21, 2014, unless the Performance Goals set forth on Exhibit A are reapproved (or other designated performance
goals are approved) by the shareholders no later than the first shareholder meeting that occurs in the fifth year following the
year in which shareholders approve the Performance Goals set forth on Exhibit A.

 

Notwithstanding anything herein to the contrary,
the Board or the Committee may amend the Plan or any Award granted hereunder at any time without a Participant’s consent
to comply with Section 409A of the Code or any other applicable law.

 

(g) Section 409A of the Code. Although
the Company does not guarantee the particular tax treatment of an Award granted under the Plan, Awards made under the Plan are
intended to comply with, or be exempt from, the applicable requirements of Section 409A of the Code and the Plan and any Award
agreement hereunder shall be limited, construed and interpreted in accordance with such intent. In no event whatsoever shall the
Company or any of its affiliates be liable for any additional tax, interest or penalties that may be imposed on a Participant
by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

 

Notwithstanding anything herein or in any
Award Agreement to the contrary, in the event that a Participant is a “specified employee” within the meaning of Section
409A of the Code as of the date of such Participant’s separation from service (as determined pursuant to Section 409A of
the Code and any procedure set by the Company), any Awards subject to Section 409A of the Code payable to such Participant as a
result of separation from service shall be paid on the first business day following the six (6) month anniversary of the date of
the Participant’s separation from service, or, if earlier, the date of the Participant’s death.

 

(h) Change in Control. Notwithstanding
any other provision of the Plan to the contrary, with respect to any Award granted on or after May 21, 2014 to a Participant 

    	 

    	

    

other
than a Nonemployee Director that is continued, assumed or substituted upon a Change in Control in accordance with Section 12(h)(1)
hereof, if a Participant holding such Award incurs a Termination by the Company without Cause, or by the Participant for Good
Reason, in either case occurring on a Change in Control or within twenty-four (24) months following such Change in Control (a
“Qualifying Termination”), then unless the Committee determines otherwise at the time of grant pursuant to an Award
Agreement or other arrangement or plan granting such Award, upon such Qualifying Termination: (i) all Options and freestanding
SARs granted under the Plan that are outstanding at the time of such Qualifying Termination shall become immediately exercisable
in full, without regard to the years that have elapsed from the date of grant; (ii) all restrictions with respect to shares of
Restricted Stock shall lapse, and such shares shall be fully vested and nonforfeitable; and (iii) with respect to Other Stock-Based
Awards, any performance periods or goals outstanding at the time of a Qualifying Termination shall be deemed to have been attained
or any restrictions outstanding at the time of a Qualifying Termination shall lapse. Unless the Committee determines otherwise
at the time of grant pursuant to an Award Agreement or other arrangement or plan granting such Award, with respect to any Award
granted on or after May 21, 2014 to a Participant other than a Nonemployee Director that is not continued, assumed or substituted
upon a Change in Control in accordance with Section 12(h)(1) hereof, and with respect to any Award granted to a Nonemployee Director
at any time and any Award granted to a Participant prior to May 21, 2014, upon a Change in Control: (i) all Options and freestanding
SARs granted under the Plan that are outstanding at the time of such Change in Control shall become immediately exercisable in
full, without regard to the years that have elapsed from the date of grant; (ii) all restrictions with respect to shares of Restricted
Stock shall lapse, and such shares shall be fully vested and nonforfeitable; and (iii) with respect to Other Stock-Based Awards,
any performance periods or goals outstanding at the time of a Change in Control shall be deemed to have been attained or any restrictions
outstanding at the time of a Change in Control shall lapse.

 

Upon a
Change in Control, a Participant’s Awards shall be treated in accordance with one of the following methods (or any combination
thereof) as determined by the Committee in its sole discretion:

 

(1) Awards,
whether or not then vested, shall be continued, assumed, have new rights substituted therefor in accordance with Section 5(e) hereof
or be treated in accordance with Section 5(g) hereof, as determined by the Committee in its sole discretion, and restrictions to
which any shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon
a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive
the same distribution as other Common Stock on such terms as determined by the Committee; provided that, the Committee may, in
its sole discretion, decide to award additional Restricted Stock or other Award in lieu of any cash distribution. Notwithstanding
anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Option shall comply with the
requirements of Treasury Regulation § 1.424-1 (and any amendments thereto), and for 

    	 

    	

    

purposes of Nonqualified Stock Options,
such adjustment shall be made in accordance with Treasury Regulation § 1.409A-1.

 

(2) The Committee, in its sole discretion,
may provide for the purchase of any Awards (whether or not then vested) by the Company (or the cancellation and extinguishment
thereof with payment pursuant to the terms of a merger agreement entered into by the Company) for an amount of cash equal to the
excess of the Change in Control Price (as defined below) of the shares of Stock covered by such Awards, over the aggregate exercise
price of such Awards. “Change in Control Price” shall mean the highest price per share of Stock paid in any transaction
related to a Change in Control of the Company.

 

(3) The Committee may, in its sole discretion,
provide for the cancellation of any particular Award or Awards (whether or not then vested) without payment, if the Change in Control
Price is less than the Fair Market Value of such Award(s) on the date of grant.

 

(4) Notwithstanding anything herein to the
contrary, the Committee, in its sole discretion, may provide for accelerated vesting or lapsing of restrictions of any Award at
any time.

 

(i) Participant Rights. No Participant
shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment for Participants.
Except as provided specifically herein, a Participant or a transferee of an Award shall have no rights as a shareholder with respect
to any shares covered by any Award until the date of the issuance of a Stock certificate to him for such shares.

 

(j) Unfunded Status of Awards.
The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant
any rights that are greater than those of a general creditor of the Company.

 

(k) No Fractional Shares. Except
with respect to fractional shares resulting from any adjustment in Awards pursuant to Section 5, no fractional shares of Stock
shall be issued or delivered pursuant to the Plan or any Award.

 

(l) Legend. The Committee may require
each person purchasing shares pursuant to an Option or other Award under the Plan to represent to and agree with the Company in
writing that the Participant is acquiring the shares without a view to distribution thereof. In addition to any legend required
by the Plan, the certificates for such shares may include any legend which the Committee deems appropriate to reflect any restrictions
on Transfer.

 

All certificates for shares of Stock delivered
under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange 

    	 

    	

    

Commission, any stock exchange upon which the Stock is
then listed or any national securities association system upon whose system the Stock is then quoted, any applicable Federal or
state securities law, and any applicable corporate law, and the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

 

(m) Other Plans. Nothing contained
in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval
if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

 

(n) Listing and Other Conditions.

 

(1) As long as the Stock is listed on a
national securities exchange or system sponsored by a national securities association, the issue of any shares of Stock pursuant
to an Option or other Award shall be conditioned upon such shares being listed on such exchange or system. The Company shall have
no obligation to issue such shares unless and until such shares are so listed, and the right to exercise any Option or other Award
with respect to such shares shall be suspended until such listing has been effected.

 

(2) If at any time counsel to the Company
shall be of the opinion that any sale or delivery of shares of Stock pursuant to an Option or other Award is or may in the circumstances
be unlawful, result in the violation of any regulations of any governmental authority or any national securities exchange, or
result in the imposition of excise taxes under the statutes, rules or regulations of any applicable jurisdiction, the Company
shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification
or registration under the Securities Act of 1933, as amended, or otherwise with respect to shares of Stock or Awards, and the
right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall
be lawful, will not result in the violation of any regulations of any governmental authority or any national securities exchange,
or will not result in the imposition of excise taxes.

 

(3) Upon termination of any period of suspension
under this Section, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated
as to all shares available before such suspension and as to shares which would otherwise have become available during the period
of such suspension, but no such suspension shall extend the term of any Option.

 

(o) Governing Law. The Plan and
all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of New York without giving
effect to the conflict of laws principles thereof.

 

(p) Effective Date. The Initial
Plan was originally adopted by the Board in its resolution adopting the Initial Plan on March 31, 2007 and was thereafter approved
by the shareholders of the Company on May 30, 2007. The Plan was thereafter amended and restated as of May 19, 2010. The Board
subsequently approved this amendment and 

    	 

    	

    

restatement of the Plan in the form set forth herein (the “Amended and Restated
Plan”) subject to, and to be effective upon, the requisite approval of the shareholders of the Company at Foot Locker’s
2014 annual shareholders’ meeting to be held on May 21, 2014. If the Amended and Restated Plan is not so approved by the
shareholders, all provisions of the Plan in effect prior to May 21, 2014 shall remain effective.

 

(q) Death. The Committee may in
its sole discretion require the transferee of a Participant to supply it with written notice of the Participant’s death
or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as
the Committee deems necessary to establish the validity of the Transfer of an Option. The Committee may also require that the
agreement of the transferee to be bound by all of the terms and conditions of the Plan.

 

(r) Interpretation. The Plan is
designed and intended to comply with Rule 16b-3 promulgated under the Exchange Act and, to the extent applicable, with Section
162(m) of the Code, and all provisions hereof shall be construed in a manner to so comply.

 

(s) Severability of Provisions.
If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any
other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

 

(t) Headings and Captions. The
headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall
not be employed in the construction of the Plan.

    	 

    	

    

EXHIBIT A

 

PERFORMANCE GOALS

 

	1.	Performance
                                         goals established for purposes of the grant, vesting or payment of Awards of Restricted
                                         Stock and/or Other Stock-Based Awards, each intended to be “performance-based”
                                         under Section 162(m) of the Code, shall be based on the attainment of certain target
                                         levels of, or a specified increase or decrease (as applicable) in one or more of the
                                         following performance goals (“Performance Goals”) with respect to Foot Locker
                                         (or a subsidiary, division, or other operational unit of Foot Locker): 

 

		(a)	the
                                         attainment of certain target levels of, or percentage increase in, consolidated net income;
                                         

 

		(b)	the
                                         attainment of certain target levels of, or a specified increase in, return on invested
                                         capital or return on investment;

 

		(c)	the
                                         attainment of certain target levels of, or percentage increase in, pre-tax profit;

 

		(d)	the
                                         attainment of certain target levels of, or a percentage increase in, after-tax profits;

 

		(e)	the
                                         attainment of certain target levels of, or a specified increase in, operational cash
                                         flow; 

 

		(f)	the
                                         achievement of a certain level of, reduction of, or other specified objectives with regard
                                         to limiting the level of increase in, all or a portion of, bank debt or other long-term
                                         or short-term public or private debt or other similar financial obligations, if any,
                                         which may be calculated net of such cash balances and/or other offsets and adjustments
                                         as may be established by the Committee; 

 

		(g)	the
                                         attainment of a specified percentage increase in earnings per share or earnings per share
                                         from continuing operations;

 

		(h)	the
                                         attainment of certain target levels of, or a specified percentage increase in, revenues,
                                         net income, or earnings before (A) interest, (B) taxes, (C) depreciation and/or (D) amortization;
                                         

 

		(i)	the
                                         attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax
                                         return on shareholders’ equity; or 

 

		(j)	the
                                         attainment of a certain target level of, or reduction in, selling, general and administrative
                                         expense as a percentage of revenue. 

    	 

    	

    

	2.	To
                                         the extent permitted under Section 162(m) of the Code, the Committee may, in its sole
                                         discretion, also exclude, or adjust to reflect, the impact of an event or occurrence
                                         which the Committee determines should be appropriately excluded or adjusted, including
                                         without limitation:

 

		(a)	restructurings,
                                         discontinued operations, extraordinary items or events, and other unusual or non-recurring
                                         charges as described in Accounting Principles Board Opinion No. 30 and/or management’s
                                         discussion and analysis of financial condition and results of operations appearing or
                                         incorporated by reference in the Company’s Form 10-K for the applicable year;

 

		(b)	any
                                         acquisition or divestiture of an operating business during the Plan Year or performance
                                         period;

 

		(c)	any
                                         impairment charges taken under relevant accounting rules;

 

		(d)	an
                                         event either not directly related to the operations of the Company or not within the
                                         reasonable control of the Company’s management; or 

 

		(e)	a
                                         change in tax law or accounting standards required by generally accepted accounting principles.
                                         

 

	3.	Performance
                                         goals may also be based upon individual Participant performance goals, as determined
                                         by the Committee, in its sole discretion. 

 

	4.	In
                                         addition, such Performance Goals may be based upon the attainment of specified levels
                                         of Company (or subsidiary, division, other operational unit or administrative department
                                         of the Company) performance under one or more of the measures described above relative
                                         to the performance of other corporations. To the extent permitted under Section 162(m)
                                         of the Code, but only to the extent permitted under Section 162(m) of the Code (including,
                                         without limitation, compliance with any requirements for shareholder approval), the Committee
                                         may: 

 

		(a)	designate
                                         additional business criteria on which the performance goals may be based; or 
	 	 	 
	 	(b)	adjust, modify or amend the aforementioned business criteria.EX 10-1 Murphy Employment Agreement

EXHIBIT 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of December 1, 2014 between IZEA, INC., a Nevada corporation (the “Company”), and EDWARD H. (TED) MURPHY (the “Executive”).  This Agreement supersedes, amends and restates in its entirety that certain Employment Agreement, dated as of May 14, 2011, between the Company and the Executive.
W I T N E S S E T H:
WHEREAS, the Company desires to retain the services of the Executive and to that end desires to enter into a contract of employment with him, upon the terms and conditions herein set forth; and
WHEREAS, the Executive desires to be employed by the Company upon such terms and conditions;
NOW, THEREFORE, in consideration of the premises and of the mutual benefits and covenants contained herein, the parties hereto, intending to be bound, hereby agree as follows:

		
	1.
	APPOINTMENT AND TERM

Subject to the terms hereof, the Company hereby employs the Executive, and the Executive hereby accepts employment with the Company, all in accordance with the terms and conditions set forth herein, for a period of three years (the “Initial Term”) commencing as of December 1, 2014 (the “Commencement Date”) and ending on November 30, 2017.  After the Initial Term, this Agreement shall automatically renew for successive one-year terms under the same terms and conditions set forth herein unless: (a) the Agreement is earlier terminated or amended as provided herein, or (b) the Company or Executive gives written notice of non-

1

renewal at least sixty (60) days prior to the end of the Initial Term or any renewal term of this Agreement. If the Company gives notice later than 60 days prior to the end of the contract term, then the term of this Agreement shall be extended until the date which is 60 days after the date such notice is given, during which time the Executive may seek alternative employment while still being employed by the Company.  The Executive shall hold the positions of President and Chief Executive Officer of the Company.

		
	2.
	DUTIES

(a)The Executive shall, unless prevented by incapacity, devote all of his business time, attention and ability during normal corporate office business hours to the discharge of his duties hereunder and to the faithful and diligent performance of such duties and the exercise of such powers as may be assigned to or vested in him by the Board of Directors of the Company (the "Board"), such duties to be consistent with his position.  The Executive shall obey the lawful directions of the Board, and shall use his diligent efforts to promote the interests of the Company and to maintain and promote the reputation thereof.
(b)With the exception of existing investments and ownership positions previously disclosed to the Company, the Executive shall not during his term of employment (except as a representative of the Company or with the consent in writing of the Board) be directly engaged as an employee, board member or general partner of any business. The Executive may purchase an investment interest of up to 20% in entities that do not directly compete with the Company, provided it does not impair the ability of the Executive to discharge fully and faithfully his duties hereunder.
(c)Notwithstanding the foregoing provisions, the Executive shall be entitled to serve in various leadership capacities in civic, charitable and professional organizations.  The 

2

Executive recognizes that his primary and paramount responsibility is to the Company. The Executive shall be based in the Orlando, Florida metropolitan area, except for required travel on the Company's business.

		
	3.
	REMUNERATION

(a)Base Salary. As compensation for his services pursuant hereto, the Executive shall be paid a base salary of no less than $225,000 per annum during his employment. The Executive will receive a guaranteed base salary increase of no less than 2% in April of each calendar year beginning in 2015.  This amount shall be payable in equal periodic installments in accordance with the usual payroll practices of the Company.
(b)Signing Bonus. The Executive shall receive a signing bonus equal to $20,000 no later than ten (10) business days after the execution of this Agreement by the Executive.   
(c)Signing Bonus - Stock Options. The Executive shall be granted stock options no later than ten (10) business days after the execution of this Agreement by the Executive, which entitle him to purchase shares of common stock of the Company valued at $150,000 based on standard Black-Scholes modeling (but, in any event, the number of underlying shares of common stock shall not exceed 800,000 shares (as adjusted for stock splits and similar events)), at an exercise price per share equal to the market price of the common stock on the date of grant, which options shall vest 15% upon grant and the remaining in forty-one (41) equal installments, commencing on December 31, 2014 and on the last day of each succeeding month thereafter until all options are vested, and pursuant to a customary stock option agreement which will contain the terms pertaining to the stock options contained in this Section 3(c), which the Executive and the Company shall enter into within ten (10) days after this Agreement is executed by both of the parties. In the event that the fair market value of the stock option grant is less 

3

than $150,000 as limited by the 800,000 share cap, the Executive shall be entitled to receive either 50% of the difference in fair market value in cash or 100% of the value in Restricted Stock Units at the then current stock price and with the same vesting schedule as the above stock options, at the sole option of the Board.
(d)Annual Stock Options. The Executive shall be granted stock options annually beginning November 30, 2015 and each November 30 thereafter, which entitle him to purchase shares of common stock of the Company valued at $150,000 based on standard Black-Scholes modeling (but, in any event, the number of underlying shares of common stock shall not exceed 800,000 shares (as adjusted for stock splits and similar events)), at an exercise price per share equal to the market price of the common stock on the date of grant, which options shall vest in forty-eight (48) equal installments, commencing on the grant date and on the last day of each succeeding month thereafter until all options are vested, and pursuant to a customary stock option agreement which will contain the terms pertaining to the stock options contained in this Section 3(c), which the Executive and the Company shall enter into within ten (10) days after this Agreement is executed by both of the parties. In the event that the fair market value of the stock option grant is less than $150,000 as limited by the 800,000 share cap, the Executive shall be entitled to receive either 50% of the difference in fair market value in cash or 100% of the value in Restricted Stock Units at the then current stock price and with the same vesting schedule as the above stock options, at the sole option of the Board.
(e)CEO Cash Bonus. The Executive will be entitled to an annual each bonus of no less than $85,000 per year based upon achieving specified key performance indicators (the “CEO Cash Bonus KPIs”), as determined prior to the start of each calendar year by the Board of Directors in collaboration with the Executive.  The bonus will be split twenty percent (20%) per quarter for quartile goals and twenty percent (20%) annually for annual goals.  Within the 

4

earlier of (a) fifteen (15) days following the filing of the Company's Quarterly Report on Form 10-Q for such quarter or Annual Report on Form 10-K for such year or (b) the third pay period after such quarterly or annual report filing, the Executive will be paid the bonus in accordance with the Company's regular payroll practices. 
(f)CEO Stock Bonus. The Executive shall also be entitled to receive additional stock options as a bonus, which would entitle him to purchase shares of common stock of the Company valued at up to $150,000 per year based on standard Black-Scholes modeling (but, in any event, the number of underlying shares of common stock shall not exceed 800,000 shares (as adjusted for stock splits and similar events)), at an exercise price per share equal to the market price of the common stock on the date of grant, based upon the Company’s and the Executive’s achievement of specified key performance indicators (the “CEO Stock Bonus KPIs”). The bonus will be split twenty percent (20%) per quarter for quartile goals and twenty percent (20%) annually for annual goals. Within the earlier of (a) fifteen (15) days following the filing of the Company’s Quarterly Report on Form 10-Q for such quarter or Annual Report on Form 10-K for such year or (b) the third pay period after such quarterly or annual report filing, the Executive will be issued the bonus stock options.  The options shall vest in forty-eight (48) equal installments, commencing on the last day of the month in which the grant occurred and on the last day of each succeeding month thereafter until all options are vested, and pursuant to a customary stock option agreement which will contain the terms pertaining to the stock options contained in this Section 3(f).
(i)In the event of termination of the employment (A) by the Executive pursuant to Section 7(a)(i) or (B) by the Company pursuant to Section 7(b)(ii), all stock options not theretofore vested will lapse and be forfeited. In the event the Executive’s employment is terminated for any other reason (including for Good Reason or disability and death), all stock 

5

options not theretofore vested will thereupon become immediately vested on the date of termination, and, in the event of Executive’s death, all stock options provided for under this Agreement will transfer to the Executive’s estate.  Upon a Change of Control, as provided in Section 7(d), 50% of all unvested stock options granted to the Executive will vest immediately and the remaining 50% of all stock options granted to the Executive will vest upon the earlier of eighteen (18) months after such Change of Control or the date of the Executive’s termination for any reason, other than pursuant to Section 7(b)(ii), by the acquiring company.  Except as otherwise provided in the next paragraph, each stock option will expire ten years after it is granted.
(ii)In the event of termination of the employment of the Executive, all unexercised and exercisable stock options granted to him hereunder must be exercised by him, or his estate (or heir(s)), as the case may be: (A) within twelve (12) months after the date of termination, if the termination is due to disability, as provided in Section 7(b)(iii), (B) in the event of death of the Executive, within twelve (12) months after the date of termination, as provided in Section 7(b)(iv), if the termination is due to death or within three (3) months after the date of death if the termination was pursuant to disability, or (C) within six (6) months after the date of termination if the termination is for any other reason; provided, however, that in the event of the Executive’s employment is terminated pursuant to Section 7(b)(ii), all unexercised and exercisable stock options granted to him hereunder become null and void immediately upon termination. 

		
	4.
	HEALTH INSURANCE AND OTHER FRINGE BENEFITS

The Executive shall be entitled to participate in regular employee fringe benefit programs to the extent such programs are offered by the Company to its executive employees, including, 

6

but not limited to, medical, hospitalization and disability insurance and life insurance that are substantially consistent with the programs of the Company in effect prior to the Commencement Date.  
		
	5.
	VACATION

The Executive shall be entitled to five (5) weeks of paid vacation days (in addition to the usual national holidays) during each contract year during which he serves hereunder.  Such vacation shall be taken at such time or times as will be mutually agreed between the Executive and the Company.  Vacation not taken during a calendar year may not be carried forward.  Upon the termination of the Executive’s employment with the Company, he shall be paid for all unused vacations days accrued through the date of termination in the calendar year in which the termination occurs.
		
	6.
	REIMBURSEMENT FOR EXPENSES

The Executive shall be reimbursed for reasonable documented business expenses incurred in connection with the business of the Company in accordance with practices and policies established by the Company.
		
	7.
	TERMINATION

This Agreement and the Executive’s employment by the Company shall or may be terminated, as the case may be, as provided below; provided, however, that such termination shall not affect the obligations of the Executive pursuant to the terms of Sections 8 and 9.
(a)Termination by the Executive.  The Executive may terminate this Agreement and his employment by the Company:
(i)  At any time and for any reason, other than reasons set forth in Section 7(a)(ii), ninety (90) days after written notice of the Executive's resignation is received by the Company ("Voluntary Resignation"); or

7

(ii)For "Good Reason."  "Good Reason" shall be deemed to exist upon (a) any material reduction in the annual base compensation payable to the Executive; (b) the relocation of the place of business at which the Executive is principally located to a location that is outside of Florida; (c) the failure of the Company to comply with a material term of this Agreement; or (d) significant reduction in the Executive’s duties or responsibilities, inconsistent in any material respect with his current position (provided that removal of the Executive as a member of the Board of Directors or, following a Change of Control, as the President and Chief Executive Officer so long as he is the head of any continuing IZEA subsidiary, division or group of the surviving company, shall not constitute a significant reduction in the Executive’s duties or responsibilities under this Agreement); provided that Good Reason shall not be deemed to exist unless (x) notice of the Good Reason condition is given by the Executive to the Company within ninety (90) days of the condition’s initial existence, (y) the Company fails to remedy the condition within thirty (30) days of such notice, and (z) the termination from employment occurs within three (3) months following the initial existence of the Good Reason condition. 
(b)Termination by the Company.  The Company may terminate this Agreement and the Executive’s employment by the Company upon notice to the Executive (or his personal representative):
(i)Without Cause.  At any time and for any reason (“Without Cause”), other than reasons set forth in Sections 7(b)(ii), (iii) or (iv); or
(ii)For "Cause." Upon the written notice to the Executive by the Company at any time, because of: (a) the willful and material malfeasance, dishonesty or habitual drug or alcohol abuse by the Executive related to or affecting the performance of his duties, (b) the Executive's continuing and intentional breach, non-performance or non-observance of any of the terms or provisions of this Agreement, but only after notice by the Company of such breach, 

8

nonperformance or nonobservance and the failure of the Executive to cure such default as soon as practicable (but in any event within ten (10) days following written notice from the Company), (c) the conduct by the Executive which the Board in good faith determines could reasonably be expected to have a material adverse effect on the business, assets, properties, results of operations, financial condition, personnel or prospects of the Company (within each category, taken as a whole), but only after notice by the Company of such conduct and the failure of the Executive to cure same as soon as practicable (but in any event within ten (10) days following written notice from the Company), or (d) upon the Executive's conviction of a felony, any crime involving moral turpitude (including, without limitation, sexual harassment) related to or affecting the performance of his duties or any act of fraud, embezzlement, theft or willful breach of fiduciary duty against the Company.
(iii)For Disability.  In the event the Executive, by reason of physical or mental disability, shall be unable to perform the services required of him hereunder for a period of more than 60 consecutive days, or for more than a total of 90 non-consecutive days in the aggregate during any period of twelve (12) consecutive calendar months, on the 61st consecutive day, or the 91st day, as the case may be.  The Executive agrees, in the event of any dispute under this Section 7(b)(iii), and after written notice by the Board, to submit to a physical examination by a licensed physician practicing in the Orlando, Florida metropolitan area selected by the Board, and reasonably acceptable to the Executive.
(iv)For Death.  In the event the Executive dies while employed pursuant hereto, on the day in which his death occurs, provided that such termination shall not prejudice any benefits payable to the Executive’s spouse or beneficiaries that are fully vested as of the date of death.

9

(c)Obligations of the Company Upon Termination.
(i)If this Agreement is terminated pursuant to Section 7(a)(ii) or 7(b)(iv), the Company will have no further liability to the Executive after the date of termination  other than the payment of all compensation and other benefits payable to the Executive through the date of such termination.
(ii)If this Agreement is terminated pursuant to Section 7(b)(iii), the Executive will receive his then current salary until such time (but not more than 120 days after such disability) as payments begin under any disability insurance plan of the Executive.
(iii)If this Agreement is terminated pursuant to Section 7(a)(ii) or 7(b)(i), the Executive will receive his then current salary (and any earned, unpaid bonus payments) for a severance period of six (6) months (the “Severance Period”) and the Company will pay Executive's monthly COBRA (Consolidated Omnibus Budget Reconciliation Act) payments for a period of 12 months following Executive's termination.  It is the Executive's obligation, however, to submit the necessary documentation and paperwork required for COBRA coverage following his separation from employment.
(d)If there is a Change of Control (as defined below), and subsequent thereto the Executive's employment with the Company terminates at any time within six (6) months after such Change of Control for reasons other than as provided in Section 7(a)(i) or 7(b)(ii), then the Executive shall be paid pursuant to this Agreement an amount for the greater period of: (i) the Severance Period set forth in (7)(c)(iii) or (ii) the period remaining between the date of such termination and the six (6) month anniversary of the Change of Control at the Executive's then current salary (pursuant to Section 3) at the date of termination (unless the Executive is otherwise paid for such period pursuant to Section 15(b) hereof, or otherwise). A “Change of Control” shall be deemed to have occurred at such time as any person, other than the Company, its existing 

10

shareholders or any of its or their affiliates on the date hereof, purchases the "beneficial ownership" (as defined in Rule 13d‐3 under the Securities Exchange Act of 1934), directly or indirectly, of 50% or more of the combined voting power of voting securities then ordinarily having the right to vote for directors of the Company.

8.CONFIDENTIAL INFORMATION

(a)The Executive covenants and agrees that he will not at any time during the continuance of this Agreement or at any time thereafter (i) print, publish, divulge or communicate to any person, firm, corporation or other business organization (except in connection with the Executive's employment hereunder) or use for his own account any secret or confidential information relating to the business of the Company (including, without limitation, information relating to any customers, suppliers, employees, products, services, formulae, technology, know-how, trade secrets or the like, financial information or plans) or any secret or confidential information relating to the affairs, dealings, projects and concerns of the Company, both past and planned (“Confidential Information”), which the Executive has received or obtained or may receive or obtain during the course of his employment with the Company (whether or not developed, devised or otherwise created in whole or in part by the efforts of the Executive), or (ii) take with him, upon termination of his employment hereunder, any information in paper or document form or on any computer-readable media relating to the foregoing.  The term "Confidential Information" does not include information which is or becomes generally available to the public other than as a result of disclosure by the Executive or which is generally known in the social media sponsorship industry.  The Executive further covenants and agrees that he shall retain the Confidential Information received or obtained during such service in trust for the sole benefit of the Company or its successors and assigns.

11

(b)The term Confidential Information as defined in Section 8(a) hereof shall include information obtained by the Company from any third party under an agreement including restrictions on disclosure known to the Executive.
(c)In the event that the Executive is requested pursuant to subpoena or other legal process to disclose any of the Confidential Information, the Executive will provide the Company with prompt notice so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with Section 8 of this Agreement.  In the event that such protective order or other remedy is not obtained or that the Company waives compliance with the provisions of Section 8 of this Agreement, the Executive will furnish only that portion of the Confidential Information which is legally required.
		
	9.
	RESTRICTIONS DURING EMPLOYMENT AND FOLLOWING TERMINATION

(a)The Executive shall not, anywhere within the United States, during his full term of employment under Section 1 hereof and for a period of one (1) year thereafter, notwithstanding any earlier termination pursuant to Section 7(a) hereof, without the prior written consent of the Company, directly or indirectly, and whether as principal, agent, officer, director, partner, employee, consultant, broker, dealer or otherwise, alone or in association with any other person, firm, corporation or other business organization, carry on, or be engaged, have an interest in or take part in, or render services to any person, firm, corporation or other business organization (other than the Company) engaged in a business which is competitive with all or part of the Business of the Company.  The term “Business of the Company” shall mean operating platforms that facilitate social media sponsorships.
(b)The Executive shall not, for a period of one (1) year after termination of his employment hereunder, either on his own behalf or on behalf of any other person, firm, 

12

corporation or other business organization, endeavor to entice away from the Company any person who, at any time during the continuance of this Agreement, was an employee of the Company within one year before the Executive’s termination date.
(c)The Executive shall not, for a period of one (1) year after termination of his employment hereunder, either on his own behalf or on behalf of any other person, firm, corporation or other business organization, solicit or direct others to solicit, any of the Company's customers or prospective customers (including, but not limited to, those customers with whom the Executive had a business relationship during his term of employment) for any purpose or for any activity which is competitive with all or part of the Business of the Company.
(d)It is understood by and between the parties hereto that the foregoing covenants by the Executive set forth in this Section 9 are essential elements of this Agreement and that, but for the agreement of the Executive to comply with such covenants, the Company would not have entered into this Agreement.  It is recognized by the Executive that the Company currently operates in, and may continue to expand its operations throughout, the United States.  The Company and the Executive have independently consulted with their respective counsel and have been advised in all respects concerning the reasonableness and propriety of such covenants.
10.REMEDIES
(a)Without intending to limit the remedies available to the Company, it is mutually understood and agreed that the Executive's services are of a special, unique, unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which may not be reasonably or adequately compensated in damages in an action at law, and, therefore, in the event of any material breach by the Executive that continues after any applicable cure period, the Company shall be entitled to equitable relief by way of injunction or otherwise.

13

(b)The covenants of Sections 8 and 9 shall be construed as independent of any other provisions contained in this Agreement and shall be enforceable as aforesaid notwithstanding the existence of any claim or cause of action of the Executive against the Company, whether based on this Agreement or otherwise.  In the event that any of the provisions of Sections 8 or 9 hereof should ever be adjudicated to exceed the time, geographic, product/service or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in any such jurisdiction to the maximum time, geographic, product/service or other limitations permitted by applicable law.
11.COMPLIANCE WITH OTHER AGREEMENTS
The Executive represents and warrants to the Company that the execution of this Agreement by him and his performance of his obligations hereunder will not, with or without the giving of notice or the passage of time or both, conflict with, result in the breach of any provision of or the termination of, or constitute a default under, any agreement to which the Executive is a party or by which the Executive is or may be bound.
		
	12.
	WAIVERS

The waiver by the Company or the Executive of a breach of any of the provisions of this Agreement shall not operate or be construed as a waiver of any subsequent breach.
		
	13.
	BINDING EFFECT; BENEFITS

This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, assigns, heirs and legal representatives, including any corporation or other business organization with which the Company may merge or consolidate or sell all or substantially all of its assets.  Insofar as the Executive is concerned, this contract, being personal, cannot be assigned.

14

		
	14.
	NOTICES

All notices and other communications which are required or may be given under this Agreement shall be in writing and shall be deemed to have been duly given when delivered to the person to whom such notice is to be given at his or its address set forth below, or such other address for the party as shall be specified by notice given pursuant hereto:
		
	(a)
	If to the Executive, to him at:

Mr. Edward H. (Ted) Murphy
xxxxxx
xxxxxx

and

(b)    If to the Company, to it at:

IZEA, Inc.
480 N. Orlando Avenue, Suite 200
Winter Park, Florida  32789
Attention: Chairman of the Board

		
	15.
	MISCELLANEOUS

(a)This Agreement contains the entire agreement between the parties hereto and supersedes all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof.  This Agreement may not be changed, modified, extended or terminated except upon written amendment approved by the Board and executed by a duly authorized officer of the Company.  
(b)The Company shall have no obligation actually to utilize the Executive's services; if the Company elects not to use the Executive's services at any time, the Company's obligations to the Executive shall be satisfied, in all respects, by the payment to the Executive for a period of six (6) months at the then current salary provided in Section 3, payment of COBRA benefits for 12 months, plus any other amounts payable to the Executive and the continuation of benefits under Section 4, as described below.  During such remaining term of employment, the Executive 

15

shall be entitled to seek other employment provided that such employment would not violate the terms of this Agreement, including Sections 8 and 9 hereof; and the seeking of such employment shall not be deemed a violation of this Agreement.  
(c)This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
(d)All questions pertaining to the validity, construction, execution and performance of this Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard to its conflict of law principles.
(e)Any controversy or claim arising from, out of or relating to this Agreement, or the breach hereof (other than controversies or claims arising from, out of or relating to the provisions in Sections 8, 9 and 10), shall be determined by final and binding arbitration in Orlando, Florida, in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association, by a panel of not less than three (3) arbitrators appointed by the American Arbitration Association.  The decision of the arbitrators may be entered and enforced in any court of competent jurisdiction by either the Company or the Executive.
The parties indicate their acceptance of the foregoing arbitration requirement by initialing below:

      L.G.                                   E.H.M
	
			
	For the Company
	 
	Executive

16

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
IZEA, INC.

By: /s/ Lindsay Gardner        
Name: Lindsay Gardner
Title: Director, Member of Compensation Committee

EXECUTIVE

/s/ Edward H. Murphy
___________________________________
Edward H. (Ted) Murphy

17

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