Document:

Exhibit

 Exhibit 10.2 -- EXECUTION VERSION

AMENDMENT NO. 3  
TO 
AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 3 dated as of August 2, 2016 (this “Amendment”) is by and among (a) NOODLES & COMPANY (the “Borrower”), (b) each of the Guarantors signatory hereto, (c) BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”), and (d) the lenders signatory hereto and amends that certain Amended and Restated Credit Agreement dated as of November 22, 2013 (as amended, restated, extended, supplemented, modified and otherwise in effect from time to time, the “Credit Agreement”) by and among the Borrower, the other Loan Parties party thereto, the Lenders party thereto, the Administrative Agent, and Bank of America, N.A. as L/C Issuer and Swing Line Lender.  Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement.

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders agree to amend certain of the terms and provisions of the Credit Agreement, as specifically set forth in this Amendment; and
WHEREAS, the Borrower, the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement as provided more fully herein below.
NOW THEREFORE, in consideration of the mutual agreements contained in the Credit Agreement and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
§1.Amendments to the Credit Agreement.
§1.1.    Amendment to Section 1.01.  The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended as of the Third Amendment Effective Date (as defined below) by (i) deleting the table contained therein and (ii) replacing it with the following table:
	
					
	Pricing Level
	Consolidated Total Lease Adjusted Leverage Ratio
	Eurodollar Rate Loans and Letter of Credit Fees
	Base Rate Loans and Canadian Prime Rate Loans
	Commitment Fee

	1
	<3.25:1.00
	1.50%
	0.50%
	0.15%

	2
	>3.25:1.00 but <3.75:1.00
	1.75%
	0.75%
	0.20%

	3
	>3.75:1.00 but <4.25:1.00
	2.00%
	1.00%
	0.25%

	4
	>4.25:1.00 but <4.75:1.00
	2.25%
	1.25%
	0.30%

	5
	>4.75:1.00
	2.50%
	1.50%
	0.35%

For clarification purposes, the foregoing amendment is not intended to change the date of adjustment of the Pricing Level.  Accordingly, on the Third Amendment Effective Date until the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a), with respect to the Fiscal Quarter ended June 28, 2016, the Applicable Rate for (i) Eurodollar Rate Loans and Letter of Credit Fees and (ii) Base Rate Loans and Canadian Prime Rate Loans shall be as set forth in Pricing Level 3 above and for (iii) the Commitment Fee, shall be 0.30%.  All other provisions of the Applicable Rate definition remain in effect.

§1.2.    Amendment to Section 1.01.  The definition of “Arranger” in Section 1.01 of the Credit Agreement is hereby amended by restating such definition in its entirety as follows:
“Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), in its capacity as sole lead arranger and sole bookrunner.
§1.3.    Amendment to Section 1.01.  The definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by (i) replacing the “and” appearing at the end of clause (a)(xi) with “,” and (ii) adding the following immediately following clause (a)(xii) and prior to the words “and minus”:
“(xiii) such reasonable and customary one-time costs associated with the data security incident announced by the company on June 28, 2016, as may be consented to in writing by the Required Lenders, (xiv) any one-time settlement costs associated with certain litigation matters disclosed in writing to the Administrative Agent on the Third Amendment Effective Date, in an aggregate amount reasonably acceptable to and consented to in writing by the Required Lenders and (xv) one-time non-recurring cash expenses or charges and non-recurring non-cash charges, in an aggregate amount not to exceed $2,000,000, associated with the severance and replacement of the Borrower’s Chief Executive Officer and severance of the Borrower’s Chief Marketing Officer”
§1.4.    Amendment to Section 1.01.  The definition of “Fee Letter” in Section 1.01 of the Credit Agreement is hereby amended by restating such definition in its entirety as follows:
“Fee Letter” means, collectively, (a) that certain letter agreement dated as of the date hereof by and between the Administrative Agent and the Borrower, (b) that certain letter agreement dated as of the First Amendment Effective Date by and between the Administrative Agent and the Borrower, (c) that certain letter agreement dated as of the Second Amendment Effective Date by and between the Administrative Agent and the Borrower and (d) that certain letter agreement dated as of the Third Amendment Effective Date by and between the Administrative Agent and the Borrower.
§1.5.    Amendment to Section 1.01.  Section 1.01 of the Credit Agreement is hereby amended by adding the following new definition in the appropriate alphabetical order:
“Third Amendment Effective Date” means August 2, 2016.
§1.6.    Amendment to Section 7.11.  Section 7.11 of the Credit Agreement is hereby amended by amending and restating clause (a) of such section in its entirety as follows:
(a)    Consolidated Total Lease Adjusted Leverage Ratio.  Permit the Consolidated Total Lease Adjusted Leverage Ratio as of the end of any Measurement Period to be greater than or equal to 5.25:1.00; provided, however, that (i) commencing with the end of the second Fiscal Quarter of Fiscal Year 2017, the Consolidated Total Lease Adjusted Leverage Ratio as of the end of any Measurement Period shall not be permitted to be greater than or equal to 5.00:1.00 and (ii) commencing with the end of the fourth Fiscal Quarter of Fiscal Year 2017 and for each Fiscal Quarter 

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thereafter, the Consolidated Total Lease Adjusted Leverage Ratio as of the end of any Measurement Period shall not be permitted to be greater than or equal to 4.75:1.00.
§2.    Affirmation and Acknowledgment.  Each Loan Party hereby ratifies and confirms all of its Obligations to the Lenders and the Administrative Agent, and the Borrower hereby affirms its absolute and unconditional promise to pay to the Lenders the Loans, the other Obligations, and all other amounts due under the Credit Agreement as amended hereby.  Each Loan Party hereby ratifies and reaffirms the validity and enforceability of all of the Liens and security interests heretofore granted and pledged by such Loan Party pursuant to the Loan Documents to the Administrative Agent, on behalf and for the benefit of the Secured Parties, as collateral security for the Obligations, and acknowledges that all of such Liens and security interests, and all Collateral heretofore granted, pledged or otherwise created as security for the Obligations continue to be and remain collateral security for the Obligations from and after the date hereof.  Each of the Guarantors party to the Guaranty hereby acknowledges and consents to this Amendment and agrees that the Guaranty and all other Loan Documents to which each of the Guarantors are a party remain in full force and effect, and each of the Guarantors confirms and ratifies all of its Obligations thereunder.
§3.    Representations and Warranties.  Each Loan Party hereby represents and warrants to the Lenders and the Administrative Agent as follows:
(a)    The execution, delivery and performance by each Loan Party of this Amendment and the performance by such Loan Party of its obligations and agreements under this Amendment and the Credit Agreement, as amended hereby, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Loan Party’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (A) any material Contractual Obligation (other than the creation of Liens under the Loan Documents) to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; or (iii) violate any Law, except to the extent that any such violation, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
(b)    This Amendment has been duly executed and delivered by such Loan Party.  Each of this Amendment and the Credit Agreement, as amended hereby, constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles, whether enforcement is sought by a proceeding in equity or at law.
(c)    No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is required in connection with the execution, delivery or performance by such Loan Party of this Amendment or the Credit Agreement as amended hereby.
(d)    The representations and warranties of such Loan Party contained in Article V of the Credit Agreement or in any other Loan Document, or which are contained in any document furnished at any time under or in connection therewith, are true and correct in all material respects on and as of the date hereof (other than to the extent that any representation and warranty is already qualified by materiality, in which case, such representation and warranty shall be true and correct as of the date hereof), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that the representations and warranties contained in Sections 

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5.05(a) and 5.05(b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and 6.01(b) of the Credit Agreement, respectively.
(e)    As of the date hereof, after giving effect to the provisions hereof, there exists no Default or Event of Default.
§4.    Conditions.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent or concurrent on August 2, 2016 (the “Third Amendment Effective Date”):
(a)    This Amendment shall have been duly executed and delivered by each Loan Party, the Administrative Agent and the Lenders.
(b)    The Administrative Agent shall have received certificates executed by a Responsible Officer of each Loan Party attaching (i) resolutions or other action authorizing the actions under this Amendment and the Credit Agreement as amended hereby, (ii) incumbency certificates, (iii) certified copies of the Organization Documents of such Loan Party, in each case, certified as true, accurate and complete and in effect on the Second Amendment Effective Date (or a certification that there shall have been no changes to the Organization Documents of such Loan Party since such Organization Documents were previously delivered to the Administrative Agent) and (iv) such other documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
(c)    The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower certifying (i) that the conditions specified in this Section 4 have been satisfied, and (ii) that there has been no event or circumstance since December 31, 2015 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect.
(d)    The Administrative Agent shall have received the disclosure referred to in clause (xiv) of the amendment effected by Section 1.3 hereof.
(e)    The representations and warranties set forth in Section 3 hereof shall be true and correct.
(f)    All fees and expenses due and owing to the Administrative Agent and the Lenders and required to be paid on or before the Third Amendment Effective Date pursuant to that certain Third Amendment Fee Letter dated as of the Third Amendment Effective Date by and among the Administrative Agent and the Borrower, shall have been paid (or shall be paid concurrently with the closing of this Amendment).
(g)    The Administrative Agent shall have been reimbursed for all reasonable and documented fees and out-of-pocket charges and other expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees and disbursements of counsel for the Administrative Agent, to the extent documented prior to or on the date hereof (for the avoidance of doubt, a summary statement of such fees, charges and disbursements shall be sufficient documentation for the obligations set forth in this Section 4(g); provided that supporting documentation for such summary statement is provided promptly thereafter).

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§5.    Miscellaneous Provisions.
§5.1.    Except as expressly amended or otherwise modified by this Amendment, the Credit Agreement and all documents, instruments and agreements related thereto, including, but not limited to the other Loan Documents, are hereby ratified and confirmed in all respects and shall continue in full force and effect.  No amendment, consent or waiver herein granted or agreement herein made shall extend beyond the terms expressly set forth herein for such amendment, consent, waiver or agreement, as the case may be, nor shall anything contained herein be deemed to imply any willingness of the Administrative Agent or the Lenders to agree to, or otherwise prejudice any rights of the Administrative Agent or the Lenders with respect to, any similar amendments, consents, waivers or agreements that may be requested for any future period, and this Amendment shall not be construed as a waiver of any other provision of the Loan Documents or to permit the Borrower or any other Loan Party to take any other action which is prohibited by the terms of the Credit Agreement and the other Loan Documents.  The Credit Agreement and this Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement, or any related agreement or instrument, to the Credit Agreement shall hereafter refer to the Credit Agreement, as amended hereby.  This Amendment shall constitute a Loan Document.
§5.2.    THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
§5.3.    THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AMENDMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
§5.4.    This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this 

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Amendment.  In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.
§5.5.    The Borrower hereby agrees to pay to the Administrative Agent, on demand by the Administrative Agent, all reasonable and documented out-of-pocket costs and expenses incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment (including legal fees).
§5.6.    The provisions of this Amendment are solely for the benefit of the Loan Parties, the Administrative Agent and the Lenders and no other Person shall have rights as a third party beneficiary of any of such provisions.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as a document under seal as of the date first above written.

NOODLES & COMPANY,
a Delaware corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 

TNSC, INC., a Colorado corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 

NOODLES & COMPANY SERVICES CORP., 
a Colorado corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 

NOODLES & COMPANY FINANCE CORP.,
a Colorado corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 
    

THE NOODLE SHOP, CO. – COLORADO, INC.,
a Colorado corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

THE NOODLE SHOP, CO. – WISCONSIN, INC.,
a Wisconsin corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 

THE NOODLE SHOP, CO. – MINNESOTA, INC.,
a Minnesota corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 

THE NOODLE SHOP, CO. – ILLINOIS, INC.,
an Illinois corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President 
    

THE NOODLE SHOP, CO. – VIRGINIA, INC.,
a Virginia corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President    

THE NOODLE SHOP, CO. – MARYLAND, INC.,
a Maryland corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

THE NOODLE SHOP, CO. – MONTGOMERY COUNTY, MARYLAND, a Maryland corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – CHARLES COUNTY, INC.,
a Maryland corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – HOWARD COUNTY, INC.,
a Maryland corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – DELAWARE, INC.,
a Delaware corporation

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – COLLEGE PARK, LLC,
a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation, 
its Class A Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

Title:    Executive Vice President

THE NOODLE SHOP, CO. – BALTIMORE 
COUNTY, LLC, a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation,
its Class A Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – ANNAPOLIS, LLC,
a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation, 
its Class A Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – KANSAS, LLC, 
a Kansas limited liability company

By:    TNSC, Inc., a Colorado corporation,
its Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – FREDERICK 
COUNTY, LLC, a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation,
its Managing Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President    

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

THE NOODLE SHOP, CO. – ST MARY’S 
COUNTY, LLC, a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation,
its Managing Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President    

THE NOODLE SHOP, CO. – WASHINGTON 
COUNTY, LLC, a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation,
its Managing Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – HARFORD 
COUNTY, LLC, a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation,
its Managing Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

THE NOODLE SHOP, CO. – CARROLL 
COUNTY, LLC, a Maryland limited liability company

By:    Noodles & Company, a Delaware corporation,
its Class A Member

By:         /s/ Paul A. Strasen        
Name:    Paul A. Strasen
Title:    Executive Vice President

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

BANK OF AMERICA, N.A.,
as Administrative Agent

By:     /s/ Mollie S. Canup     
Name:    Mollie S. Canup    
Title:    Vice President

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

BANK OF AMERICA, N.A.,
as a Lender, L/C Issuer and Swing Line Lender

By:     /s/ Anthony Luppino     
Name:    Anthony Luppino    
Title:    Vice President

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]

U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By:     /s/ Robert P. Naughton     
Name:    Robert P. Naughton    
Title:    Assistant Vice President

[Noodles – Signature Page to Amendment No. 3 to Credit Agreement]Exhibit 10.1

 

SEPARATION AGREEMENT

 

This SEPARATION
AGREEMENT (the “Agreement”), dated as of August 4, 2016 (the “Notice Date”) and effective
as of the Effective Date (as defined in this Agreement), is made by and between Neurotrope, Inc., a Nevada corporation and its
operating subsidiary, Neurotrope BioScience, Inc., a Delaware corporation (collectively, the “Company”), and
Charles S. Ramat (“Executive”).

 

WHEREAS, the Company
and the Executive entered into an Employment Agreement dated as of September 28, 2015 (the “Employment Agreement”)
pursuant to which the Company employed Executive to serve as President and Chief Executive Officer; and

 

WHEREAS, the Company
and the Executive desire to provide for an amicable and mutually agreed transition of executive management; to implement the provisions
in the Employment Agreement for termination of Executive by the Company without Cause and to make certain amendments to the Employment
Agreement, all in accordance with the terms and conditions of this Separation Agreement;

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, the parties agree as follows (capitalized terms not otherwise defined
herein shall have the meanings assigned to them in the Employment Agreement).

 

1.           Interim CEO.
Executive’s employment and Employment Term as Chief Executive Officer (CEO) of the Company shall continue for 60 days
after the Notice Date (the “Notice Period”). During the Notice Period, the Company will continue to pay Executive
his current Base Salary and will continue Executive’s participation in the Company’s benefit plans, except that his
Base Salary shall be reduced $10,000 per month.

 

2.           Reporting.
Executive shall report solely to the entire Board of Directors of the Company (and not to an Executive Committee or other person
or group) during the Notice Period, and will resign from the Board and all other positions Executive holds with the Company at
the end of the Notice Period, or earlier if requested by the Board. Executive hereby waives his rights to be a management nominee
to the Board. As provided in the Employment Agreement, Executive need only follow “reasonable and lawful directions”
given by the Board.

 

3.           Transition
Responsibilities. Executive’s responsibilities during the Notice Period will be primarily to assist in transition of
his duties to other employees of the Company and Joshua Silverman, consultant to the Company, and such other duties as the Board
may request from time to time. Executive will not participate in or be responsible for any negotiations, terminations or modification
of arrangements between the Company and other Company directors, officers, employees and shareholders, unless otherwise requested
by the Board.

 

4.           Termination
Without Cause; Entitled to Payments and Benefits. The parties agree that Executive is being terminated by the Company without
Cause and that Executive will receive all of the Accrued Benefits described in the first paragraph of Section 9 of the Employment
Agreement and all of the payments and benefits set forth in Section 9(a) of the Employment Agreement upon such event, including
the “Severance” payment as defined therein. The “Date of Termination” for purposes of the Employment Agreement
shall be 60 days after the Notice Date (or earlier, if the Company terminates the Notice Period). No other notices of termination
shall be required of either party.

 

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5.           Payment of
Severance. The Severance payment of $200,000 shall be paid to Executive on the Company’s first practical payroll date
following the Date of Termination, provided the Executive has not exercised his right to revoke this Agreement.

 

6.           Restoration
of Consulting Agreement. As provided in Section 14 of the Employment Agreement, on the Date of Termination, the Consulting
Agreement effective February 28, 2013, as amended, between Ramat Consulting Group and Neurotrope Bioscience, Inc. (the “Consulting
Agreement”), shall automatically and without any further action by any party hereto, be restored and become fully effective
and reinstated on the same terms and conditions of such Consulting Agreement for the balance of its five (5) year term and which
shall expire on February 28, 2018, including without limitation, payment of consulting fees at the rate of $50,000 per annum, payable
monthly.

 

7.           Vesting and
Exercisability of Stock Options. On the Date of Termination, (i) all unvested options under all of the Stock Option Agreements
between the Company and Executive (including without limitation, those set forth on Schedule A to this Agreement) shall
immediately vest, automatically and without any further action by the parties hereto notwithstanding that Executive, on the previously
scheduled vesting dates, may no longer be an employee, director, or service provider to the Company, and (ii) all vested options
(including those whose vesting occurs pursuant the preceding clause) under all of the Stock Option Agreements between the Company
and Executive (including without limitation, those set forth on Schedule A to this Agreement) shall continue to be exercisable
for a period of ten (10) years following the respective dates of grant.

 

8.           Successors.
Section 26 of the Employment Agreement shall continue to require any successor to the Company as described therein to assume expressly
and agree in writing to perform the obligations of the Company under the Employment Agreement and this Agreement in the same manner
and to the same extent that the Company would be required to perform if no such succession had taken place.

 

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9.           Continuing
Obligations. The Company and the Executive hereby agree that the obligations in Sections 10, 12, 13, 25 and 27 of the Employment
Agreement shall continue in full force in effect in accordance with the terms therein following the Date of Termination notwithstanding
the termination of Executive’s employment without Cause; provided, however, that the non-compete provision set forth in Section
27(b) of the Employment Agreement is hereby amended to read as follows:

 

“b.           Non
– Compete. For and in consideration of this exposure to confidential and sensitive information, and further in consideration
of the salary, bonuses, stock and other incentives set forth in this Agreement, Executive agrees that during his employment with
the Company and for twelve (12) months following the termination of his employment by any party or for any reason other than a
Change of Control, by the Company without Cause, or Non-Renewal or by the Executive with Good Reason he will not (i) directly or
indirectly engage in or associate in any country in which the Company is doing or has plans to do business with any entity engaging
in the business engaged in by the Company (i.e., research, development and sale of products using bryostatin or bryologs (collectively,
the “Specified Products”); or (ii) solicit, for competitive business purposes with respect to the Specified Products,
any customer or partner of the Company. Notwithstanding the foregoing, the Executive and his affiliates shall at all times be permitted
to (i) own passive investments (where he is not a director or officer) of less than twenty (20 %) percent of any other enterprise,
(ii) own investments (where he is not a director or officer) in large capitalization publicly traded companies in the pharmaceutical
or medical industry, even if by chance such large companies engage in activities covering the Specified Products and (iii) participate
in a business that is engaged in the development and/or sale of products using bryologs only for the indication of AIDS.”

 

10.           Inventions;
Records. The Company and the Executive hereby confirm that with respect to Section 28 of the Employment Agreement, Executive
does not have any inventions, discoveries, improvements or patentable or copyrightable works made by the Executive during the Employment
Term and related to the Specified Products in the Company’s business and the Company does not require or expect to receive
any assignment or transfer of any such intellectual property from Executive. The Company and Executive hereby confirm that with
respect to Section 12 of the Employment Agreement, that Executive does not have any separate files, records, reports or, electronic
storage media relating to the Company nor any computer hardware or software or cell phones provided by or relating to the Company,
nor any other property belonging to the Company.

 

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11.           Press Releases
and Communications. Both the Company and Executive shall have mutual consent rights over any press releases, public communications
and references to Executive in the Company’s securities filings, relating to Executive’s separation from the Company,
which generally shall describe that there has been an amicable, mutually agreed transition without cause by the Company or Executive.
Executive agrees that he will not make or cause to be made any disparaging or negative statements about the Company or any of its
directors, officers or employees, and the Company agrees that it will not, and it will direct its directors and officers not to,
make any disparaging or negative statements about Executive.

 

12.           Mutual Releases.
(a) Executive, on behalf of himself and his heirs, personal representatives, successors and assigns, hereby releases, discharges
and waives any and all claims, counterclaims, actions or causes of action whether asserted or unasserted and whether known or unknown
which he, she or they have possessed or may possess up until the time of the Effective Date against the Company and its affiliates,
and covenants not to sue any of them for any of such claims including, without limitation, claims (x) under the Employment Agreement
or any other agreement between the Executive and the Company, or (y) under any state or federal law relating to Employment or prohibited
discrimination or retaliation in employment including, without limitation, Title VII of the Civil Rights Act, the Age Discrimination
in Employment Act or the Older Workers’ Benefit Protection Act, the New York State Human Rights Law, the New York City Human
Rights Law, and the New Jersey Law Against Discrimination, excepting from such release (1) the terms and conditions of this Agreement
and documents contemplated to be delivered hereby, (2) Executive’s entitlement to the Accrued Benefits and Severance and
rights under all executive and employee benefit plans of the Company in which Executive participates, (3) continued indemnification
pursuant to Section 25 of the Employment Agreement as well as under the Company’s Certificate of Incorporation, By-Laws,
and applicable law, (4) continued coverage as a named insured under all of the Company’s D&O insurance policies, (5)
all rights under stock option and stock award agreements, shareholder, registration rights, investor rights and similar agreements
to which Executive and the Company are a party, (6) all rights as a shareholder of the Company and (7) restoration of the Consulting
Agreement as referred to in Section 6 of this Agreement, and (b) effective on the Effective Date, and excepting only the terms
and conditions of this Agreement and the documents contemplated to be delivered hereby, the Company, on behalf of itself and its
affiliates and its and their successors and assigns, hereby releases, discharges and waives any and all claims, counterclaims,
actions and causes of action whether asserted or unasserted and whether known or unknown which it, he or they may have possessed
or may possess up until the time of the Effective Date against Executive, and his heirs, personal representatives, successors and
assigns, including without limitation, any claims in any way related to Executive’s employment with the Company or his acts
or omissions as a director or officer of the Company, or any possible legal, equitable, contract or tort claim, whether based on
breach of contract, fraud, libel, slander, tortious interference with business relations or otherwise, and covenants not to sue
any of them for any such claims. The foregoing releases to Executive shall include, without limitation, any signatures, evaluations,
certifications and actions taken with respect to the Company's 10-Q for the quarter ending June 30, 2016 and related management
representation letters to the Company's accountants, even if these occur after the Effective Date or the date of this Agreement.
Notwithstanding the foregoing, the Company’s release of the Executive shall not include any claims arising out of or relating
to any conduct of the Executive that is criminal or fraudulent as determined in a final non-appealable judgment.

 

    	 	 	4

     

    

 

13.           Additional
Releases. Simultaneously with the execution and delivery of this Agreement, Executive shall have received release and immunity
agreements (the “Investor Releases”) (substantially similar to the provisions of Section 12 above) from Iroquois
Master Fund Ltd., Ellis International and Katalyst Securities and their respective affiliates.

 

14.           Company
Authorization. The Company represents and warrants to Executive that this Agreement has been duly authorized by all necessary
corporate action of its Board of Directors, has been duly executed and delivered by an authorized signatory of the Company, and
is the legally valid, binding and enforceable obligation of the Company in accordance with its terms. The Executive represents
and warrants to the Company that this Agreement has been duly executed and delivered by him and is the legally valid, binding and
enforceable obligation of the Executive in accordance with its terms.

 

15.           Entire Agreement
and Amendment. This Agreement embodies the entire agreement and understanding of the parties hereto in respect of the subject
matter of this Agreement, and to the extent any provision of the Employment Agreement is inconsistent herewith, it shall be deemed
amended to conform to this Agreement, and in the event of any conflict between the provisions of this Agreement and the Employment
Agreement, this Agreement shall control and govern. This Agreement may be amended only by a written document signed by both parties
to this Agreement.

 

16.           Governing
Law. This Agreement and the Employment Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation
of the Agreement to the substantive law of another jurisdiction, and any action brought hereunder shall be brought in a court of
competent jurisdiction in the State of New York. The Company and the Executive do hereby submit to personal jurisdiction of the
federal and state courts located in the State of New York for purposes of any action brought hereunder.

 

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

 

18.           Severability.
If any section, subsection or provision hereof is found for any reason whatsoever to be invalid or inoperative, that section, subsection
or provision shall be deemed severable and shall not affect the force and validity of any other provision of this Agreement. If
any covenant herein is determined by a count to be overly broad thereby making the covenant unenforceable, the parties agree and
it is their desire that such court shall substitute a reasonable judicially enforceable limitation in place of the offensive part
of the covenant and that as so modified the covenant shall be as fully enforceable as if set for the herein by the parties themselves
in the modified form.

 

    	 	 	5

     

    

 

19.           Warranties.
By signing this Agreement, Executive acknowledges the following:

 

		A.	He has carefully read and understands this Agreement.

 

		B.	The Company advised him to consult with an attorney,
Executive did consult with an attorney and his attorney prepared the initial draft of this Agreement, and reviewed this Agreement
in its final form;

 

		C.	He has been given twenty-one (21) days to consider his
rights and obligations under this Agreement and to consult with an attorney about both;

 

		D.	He understands that this Agreement is legally
binding and by signing it he gives up certain rights;

 

		E.	He has voluntarily chosen to enter into this Agreement
and have not been forced or pressured in any way to sign it;

 

		F.	He has seven (7) days after he signs this Agreement to
revoke it by notifying the Company in writing. This Agreement will not become effective or enforceable until this seven (7) day
revocation period has expired (such date, the “Effective Date”); and

 

		G.	This Agreement includes a waiver
of all rights and claims he may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621 et
seq.).

 

20.           Notices.
Any notice, request, or instruction to be given hereunder shall be in writing and shall be deemed given when personally delivered
or three (3) days after being sent by United States Certified Mail, postage prepaid, with Return Receipt Requested, or by courier
delivery or by email with confirmed receipt, to the parties at their respective addresses set forth below or to such other address
as shall be designated by such party by notice given in accordance herewith:

 

To the Company:

 

Robert Weinstein

Chief Financial Officer

Neurotrope, Inc.

50 Park Place, Suite 1401

Newark, New Jersey 07102

rweinstein@neurotropebioscience.com

 

 

To Executive:

 

Charles Ramat

20 W. 86th St., Apt. 4a

New York, New York 10024

 

    	 	 	6

     

    

 

IN WITNESS WHEREOF
the parties have executed this Agreement on the date first set forth above.

 

	 	NEUROTROPE, INC.
	 	 	 
	 	By: 	/s/ Robert Weinstein	 
	 	 	 
	 	Printed Name: Robert Weinstein
	 	 	 
	 	Title: Chief Financial Officer
	 	 	 
	 	NEUROTROPE BIOSCIENCE, INC.
	 	 	 
	 	By:	 /s/ Robert Weinstein	 
	 	 	 
	 	Printed Name: Robert Weinstein
	 	 	 
	 	Title: Chief Financial Officer
	 	 	 
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Charles S. Ramat	 
		Charles S. Ramat

 

 

 

 

 

 

 

 

    	 	 	7

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