Document:

Exhibit 10.1

 

BIONIK LABORATORIES CORP.

 

PROMISSORY NOTE

 

	Principal Amount: US$420,000.00	Issue Date: April 12, 2018

 

Bionik
Laboratories Corp., a Delaware corporation (the “Company”), for value received, hereby promises
to pay to RGD Investissements S.A.S. or its permitted assigns or successors (the “Holder”), the principal
amount of Four Hundred Twenty Thousand Dollars (US$420,000.00) (the “Principal Amount”), without demand,
on the Maturity Date (as hereinafter defined), together with any accrued and unpaid interest due thereon. This Note shall bear
interest at a fixed rate of 1% per month, beginning on the Issue Date. Interest shall be computed based on a 360-day year of twelve
30-day months and shall be payable, along with the Principal Amount, on the Maturity Date. Payment of all principal and interest
due shall be in such coin or currency of the United States of America as shall be legal tender for the payment of public and private
debts at the time of payment.

 

		1.	Definitions.

 

1.1       Definitions.
The terms defined in this Section 1 whenever used in this Note shall have the respective meanings hereinafter specified.

 

“Event
of Default” shall have the meaning set forth in Section 4.1.

 

“Holder”
or “Holders” means the Person named above or any Person who shall thereafter become a recordholder of
this Note in accordance with the terms hereof.

 

“Issue
Date” means the issue date stated above.

 

“Maturity
Date” shall mean April 30, 2019.

 

“Note”
means this Note, as amended, modified or restated.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.

 

		2.	GENERAL PROVISIONS.

 

2.1       Loss,
Theft, Destruction of Note. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security reasonably
satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Note, the Company
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a new Note of like tenor and unpaid principal
amount dated as of the date hereof. This Note shall be held and owned upon the express condition that the provisions of this Section
2.1 are exclusive with respect to the replacement of a mutilated, destroyed, lost or stolen Note and shall preclude any and
all other rights and remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to
the replacement of negotiable instruments or other securities without their surrender.

 

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2.2       Prepayment.
This Note may be prepaid by the Company in whole or in part.

 

		3.	STATUS; RESTRICTIONS ON TRANSFER.

 

3.1       Status
of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes a valid and legally
binding obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general
principles of equity. This Note does not confer upon the Holder any right to vote or to consent or to receive notice as a stockholder
of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder.

 

3.2       Covenants.
In addition to the other covenants and agreements of the Company set forth in this Note, the Company covenants and agrees that
so long as this Note shall be outstanding, if any one or more events occur which constitute or which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default or if the Holder shall demand payment or take any other action
permitted upon the occurrence of any such Event of Default, the Company will forthwith give notice to the Holder, specifying the
nature and status of the Event of Default or other event or of such demand or action, as the case may be.

 

		4.	REMEDIES.

 

4.1       Events
of Default. “Event of Default” wherever used herein means any one of the following events:

 

(a)       Default
in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest), this Note when
and as the same shall become due and payable;

 

(b)       Default
in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a
default in the performance of which is specifically provided for elsewhere in this Section 4.1), and the continuance of
such default for a period of 10 days after there has been given to the Company by the Holder a written notice specifying such default
and requiring it to be remedied;

 

(c)       The
entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal
Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator
(or other similar official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 calendar days;

 

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(d)       The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under the Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official)
of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;

 

(e)       The
Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an arrangement or
composition with or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments
or other relief of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting all or any
material part of the indebtedness of the Company; or

 

(f)       It
becomes unlawful for the Company to perform or comply with its obligations under this Note.

 

4.2       Effects
of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this
Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall
pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note
is paid in full.

 

4.3       Remedies
Not Waived; Exercise of Remedies. No course of dealing between the Company and the Holder or any delay in exercising
any rights hereunder shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power
or privilege under this Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege.

 

		5.	MISCELLANEOUS.

 

5.1       Severability.
If any provision of this Note shall be held to be invalid or unenforceable, in whole or in part, neither the validity nor the enforceability
of the remainder hereof shall in any way be affected.

 

5.2       Notice.
Where this Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided) in writing
and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid or (c) sent by facsimile
or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic
transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as provided in the books
and records of the Company or, if to the Company, to its principal office.

 

5.3       Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Delaware (without giving
effect to any conflicts or choice of law provisions that would cause the application of the domestic substantive laws of any other
jurisdiction).

 

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5.4       Forum.
The Holder and the Company hereby agree that any dispute which may arise out of or in connection with this Note shall be adjudicated
before a court of competent jurisdiction in the State of Delaware and they hereby submit to the exclusive jurisdiction of the courts
of the State of Delaware, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, with respect
to any action or legal proceeding commenced by either of them and hereby irrevocably waive any objection they now or hereafter
may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is
an inconvenient forum.

 

5.5       Headings.
The headings of the Articles and Sections of this Note are inserted for convenience only and do not constitute a part of this Note.

 

5.6       Amendments.
This Note may be amended or waived only with the written consent of the Company and the Holder.

 

5.7       No
Recourse Against Others. The obligations of the Company under this Note are solely obligations of the Company and no
officer, employee or stockholder shall be liable for any failure by the Company to pay amounts on this Note when due or perform
any other obligation.

 

5.8       Assignment;
Binding Effect. This Note may be assigned by the Company without the prior written consent of the Holder. This Note
shall be binding upon and inure to the benefit of both parties hereto and their respective permitted successors and assigns.

 

[Signature
on the Following Page]

 

 

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In
Witness Whereof, the Company has caused this Note to be signed by its duly authorized officer on the date hereinabove
written.

 

	 	Bionik Laboratories Corp.	 
	 	 	 
	 	 	 	 
	 	By:	/s/	 
	 	Name:	Eric Dusseux	 
	 	Title:	CEO	 

 

    
Signature Page to Promissory NoteExhibit 10.1

 

ACCELERATE FUTURE GROWTH AWARD AGREEMENT

(Time-Based
RSUs and Performance-Based RSUs)1

 

This Accelerate Future
Growth Award Agreement (the “Agreement”) made under the Foot Locker 2007 Stock Incentive Plan (the “Stock Incentive
Plan”) as of the 12th day of April 2018 by and between Foot Locker, Inc., a New York corporation with its principal
office located at 330 West 34th Street, New York, New York 10001 (the “Company”) and [Executive].

 

1.         General.
On April 12, 2018, the Compensation and Management Resources Committee (the “Compensation Committee”) of the Board
of Directors of the Company granted you an Accelerate Future Growth Award (“AFG”) covering the 2018-20 fiscal years
of the Company (the “Performance Period”) that will be payable following the end of the Performance Period, subject
to the conditions set forth herein. Unless otherwise indicated, any capitalized term used but not defined herein shall have the
meaning ascribed to such term in the Stock Incentive Plan.

 

The AFG shall be payable
as follows: (i) 25 percent of the award shall be payable in time-vested restricted stock units (“RSUs”) as provided
herein, and (ii) 75 percent of the award shall be payable in performance-based RSUs (“PBRSUs”) provided the performance
goals set by the Compensation Committee on April 12, 2018 for the Performance Period are achieved. The RSUs and PBRSUs are intended
to constitute “Other Stock-Based Awards” under the Stock Incentive Plan.

 

2.         Grant
of Award. You have been granted [      ] RSUs and [      ]
PBRSUs, subject to the conditions set forth herein. Each RSU and PBRSU represents the right to receive one share of the
Company’s Common Stock, par value $.01 per share (“Common Stock”), upon the satisfaction of the terms and
conditions set forth in this Agreement and the Stock Incentive Plan. You shall earn the number of PBRSUs set forth in this
section for achievement at the maximum performance goal as specified in Appendix A attached hereto, subject to adjustment for
achievement below the maximum performance goal in accordance with the provisions of Appendix A attached hereto. If the
threshold performance level set forth in Appendix A is not achieved, none of the PBRSUs granted to you shall be earned. The
Compensation Committee shall certify the level of achievement of the performance goals during the Company’s first
fiscal quarter in 2021 and at such time shall determine the number of PBRSUs you are eligible to receive, subject to the
provisions of Section 3 below.

 

3.         Vesting and
Delivery.

 

(a)        Subject to the terms
and conditions of the Stock Incentive Plan and this Agreement, the RSUs and any earned PBRSUs shall become vested on March 24,
2021 (the “Vesting Date”), and shares of Common Stock equal to the number of RSUs you were granted plus the number
of PBRSUs you earn shall be delivered to you if you have been continuously employed by the Company or one of its subsidiaries within
the meaning of Section 424 of the Internal Revenue Code of 1986, as amended (the “Control Group”) from the Date of
Grant until the Vesting Date.

 

 

 

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Alternate: For AFG award that is 100% PBRSUs, delete references to RSUs.

    	 

    	

    

(b)        Other than as
specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to the Vesting Date, and
all vesting shall occur only on the Vesting Date, subject to your continued employment with the Control Group as described in Section
3(a).

 

(c)        In the event
of your Termination by reason of death or Disability (within the meaning of Code Section 409A(a)(2)(C)(i) or (ii)) prior to the
Vesting Date, on the Vesting Date you (or in the event of your death, your estate) shall receive (i) a pro rata portion of the
RSUs that you would have received if you had been employed by the Company on the Vesting Date and (ii) the PBRSUs that you would
have received if you had been employed by the Company on the Vesting Date based on the actual level of achievement of the performance
goals set forth in Appendix A. The prorated portion of the RSUs and PBRSUs shall be determined by multiplying the number of RSUs
or PBRSUs, as applicable, you would have been entitled to receive if you had not incurred such Termination by a fraction, the numerator
of which is the number of days from February 4, 2018 to the date of your Termination and the denominator of which is the total
number of days in the Performance Period, and shall be paid in accordance with Section 3(f).

 

(d)        If the Company
terminates your employment without Cause or you terminate your employment for Good Reason upon, or within twenty-four (24) months
following, a Change in Control as defined in Appendix B hereto, the RSUs shall become immediately vested.

 

(e)        If the Company
terminates your employment without Cause or you terminate your employment for Good Reason upon, or within twenty-four (24) months
following, a Change in Control as defined in Appendix B hereto and your Termination occurs prior to the end of the Performance
Period or coincident with or following the end of the Performance Period and prior to the certification by the Compensation Committee
of the achievement of the performance goals, you shall be entitled to receive a pro rata portion of the PBRSUs that you would have
been entitled to receive based on the actual performance level achieved for the Performance Period and the achievement of a target
performance level for the remainder of the Performance Period, as set forth in Appendix A, such PBRSUs shall become immediately
vested upon your Termination and shall be paid in accordance with Section 3(f). The prorated portion shall be determined by multiplying
the number of PBRSUs you would have been entitled to receive if you had not incurred such Termination by a fraction, the numerator
of which is the number of days from February 4, 2018 to the earlier of your date of Termination or the last day of the Performance
Period and the denominator of which is the total number of days in the Performance Period.

 

(f)        Subject to Section
8, the Company shall issue and deliver to you shares of the Company’s Common Stock equal to the number of RSUs and the number
of PBRSUs you earn within 30 days following the earlier of a Change in Control or the Vesting Date.

 

4.         Forfeiture.
Except as expressly set forth in Sections 3(c), 3(d), and 3(e), in the event of your Termination prior to the Vesting Date or your
breach of the Non-Competition Provision in Section 10, all unvested RSUs and PBRSUs shall be forfeited to the Company, without
compensation. Any PBRSUs that are not earned in accordance with Section 2 shall be

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forfeited without compensation
following the Compensation Committee’s certification of the actual results for the Performance Period.

 

5.         Adjustments.
RSUs and PBRSUs shall be subject to the adjustment provisions included in Section 5(e) of the Stock Incentive Plan.

 

6.         Withholding.
You agree that:

 

(a)        The Company shall
have the right to withhold the number of shares of stock from the award sufficient to satisfy any federal, state, international,
or local taxes of any kind required by law to be withheld with respect to the vesting of any RSUs and PBRSUs which shall have become
so vested, as calculated by the Company; and

 

(b)        The Company
shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to you any federal,
state, international or local taxes of any kind required by law to be withheld with respect to any RSUs and PBRSUs which shall
have become so vested.

 

7.         Special Incentive
Compensation. You agree that this award is special incentive compensation and that the RSUs and PBRSUs will not be taken into
account as “salary” or “compensation” or “bonus” in determining the amount of any payment under
any pension, retirement, profit-sharing plan, life insurance, disability or other benefit plan of the Company, except as specifically
provided in any such plan or in the calculation of any severance benefit, whether pursuant to contract, a Company program, or otherwise.

 

8.         Delivery Delay.
Notwithstanding anything herein, the delivery of any shares of Common Stock for vested RSUs and PBRSUs may be postponed by the
Company for such period as may be required for it to comply with any applicable national, federal or state securities law, or any
national securities exchange listing requirements and the Company is not obligated to issue or deliver any securities if, in the
opinion of counsel for the Company, the issuance of such shares shall constitute a violation by you or the Company of any provisions
of any law or of any regulations of any governmental authority or any national securities exchange.

 

9.         Restriction
on Transfer. You shall not sell, negotiate, transfer, pledge, hypothecate, assign or otherwise dispose of the RSUs or PBRSUs.
Any attempted sale, negotiation, transfer, pledge, hypothecation, assignment or other disposition of the RSUs and PBRSUs or unvested
shares in violation of the Stock Incentive Plan or this Agreement shall be null and void.

 

10.       Non-Competition.

 

(a)        Competition.
By accepting this award, as provided below, you agree that during the “Non-Competition Period” you will not
engage in “Competition” with the Control Group. As used herein, “Competition” means:

 

 (i)        participating,
directly or indirectly, as an individual proprietor, stockholder, officer, employee, director, joint venturer, investor, lender,
or in any capacity whatsoever within the United States of America or in any other country where any of your former employing members
of the Control Group does business, in (A) a business in competition

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with the retail, catalog, or on-line sale
of athletic footwear, athletic apparel and sporting goods conducted by the Control Group (the “Athletic Business”),
or (B) a business that in the prior fiscal year supplied product to the Control Group for the Athletic Business having a value
of $20 million or more at cost to the Control Group; provided, however, that such participation shall not include (X) the
mere ownership of not more than 1 percent of the total outstanding stock of a publicly held company; (Y) the performance of services
for any enterprise to the extent such services are not performed, directly or indirectly, for a business in competition with the
Athletic Business or for a business which supplies product to the Control Group for the Athletic Business; or (Z) any activity
engaged in with the prior written approval of the Chief Executive Officer of the Company; or

 

(ii)       intentionally
recruiting, soliciting or inducing, any employee or employees of the Control Group to terminate their employment with, or otherwise
cease their relationship with the former employing members of the Control Group where such employee or employees do in fact so
terminate their employment.

 

(b)        “Non-Competition
Period”. As used herein, “Non-Competition Period” means: the period commencing on the Date of Grant and ending
on the Vesting Date, or any part thereof, during which you are employed by the Control Group and (ii) if your employment with the
Control Group terminates for any reason during such period, the [one-year/two-year] period commencing on the date your employment
with the Control Group terminates. Notwithstanding the foregoing, the Non-Competition Period shall not extend beyond the date your
employment with the Control Group terminates if such termination of employment occurs following a “Change in Control”
as defined in Attachment A hereto.

 

(c)        Breach of
Non-Competition Provision. You agree that your breach of the provisions included herein under Section 10 under the heading
“Non-Competition” (the “Non-Competition Provision”) would result in irreparable injury and damage to the
Company for which the Company would have no adequate remedy at law. You agree, therefore, that in the event of a breach or a threatened
breach of the Non-Competition Provision, the Company shall be entitled to (i) an immediate injunction and restraining order to
prevent such breach, threatened breach, or continued breach, including by any and all persons acting for or with you, without having
to prove damages, and (ii) any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph
shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach of the Non-Competition
Provision, including, but not limited to, recovery of damages. In addition, in the event of your breach of the Non-Competition
Provision, the RSUs and PBRSUs covered by this Agreement that are then unvested shall be immediately forfeited. You and the Company
further agree that the Non-Competition Provision is reasonable and that the Company would not have granted the award provided for
in this Agreement but for the inclusion of the Non-Competition Provision herein. If any provision of the Non-Competition Provision
is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too
great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of time,
range of activities, or geographic area as to which it may be enforceable. The validity, construction, and performance of the Non-Competition
Provision shall be governed by the laws of the State of New York without regard to its conflicts of laws principles. For purposes
of the Non-Competition Provision, you and the Company consent to the jurisdiction of state and federal courts in New York County,
New York.

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11.       Not an Employment
Agreement. The award of RSUs and PBRSUs hereunder does not constitute an agreement by the Company to continue to employ you
during the entire, or any portion of the, term of this Agreement, including but not limited to any period during which the RSUs
and PBRSUs are outstanding.

 

12.       Miscellaneous.

 

(a)        In no event shall
any dividends or dividend equivalents accrue or be paid on any RSUs or PBRSUs.

 

(b)        This Agreement
shall inure to the benefit of and be binding upon all parties hereto and their respective heirs, legal representatives, successors
and assigns.

 

(c)        This Agreement
shall be subject to any compensation recoupment policy that the Company may adopt.

 

(d)        This Agreement
constitutes the entire agreement between the parties and cannot be changed or terminated orally. No modification or waiver of any
of the provisions hereof shall be effective unless in writing and signed by the party against whom it is sought to be enforced.

 

(e)        This Agreement
may be executed in one or more counterparts, all of which taken together shall constitute one contract.

 

(f)         The failure of
any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right
of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement
shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself,
or a waiver of any right under this Agreement.

 

(g)        This Agreement
is subject, in all respects, to the provisions of the Stock Incentive Plan, and to the extent any provision of this Agreement contravenes
or is inconsistent with any provision of the Stock Incentive Plan, the provisions of the Stock Incentive Plan shall govern.

 

(h)        The headings
of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any
of the terms or provisions hereof.

 

(i)         All notices,
consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given
or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever
is earlier, to the persons entitled or required to receive the same, at, in the case of the Company, the address set forth at the
heading of this Agreement and, in the case of you, your principal residence address as shown in the records of the Company, or
to such other address as either party may designate by like notice. Notices to the Company shall be addressed to the General Counsel.

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(j)         This Agreement
shall be governed and construed and the legal relationships of the parties determined in accordance with the laws of the State
of New York without regard to its conflicts of laws principles.

 

(k)        Although the
Company does not guarantee the tax treatment of the RSUs or PBRSUs, this Agreement is intended to comply with, or be exempt from,
the applicable requirements of Code Section 409A and shall be limited, construed and interpreted in accordance with such intent.
Accordingly, in the event that you are a “specified employee” within the meaning of Code Section 409A as of the date
of your separation from service (as determined pursuant to Code Section 409A and any procedure set by the Company), any award of
RSUs and PBRSUs payable as a result of such separation from service shall be settled no earlier than the day following the six-month
anniversary of your separation from service, or, if earlier, your death.

 

(l)         To indicate your
acceptance of the terms of this Agreement, you must sign and deliver a copy of this Agreement to the General Counsel of the Company
at the address provided in the heading of this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year first above written.

 

	 	FOOT LOCKER, INC.	 
	 	 	 	 
	 	By:	 	 
	 	 	[Officer]	 
	 	 	 	 
	 	 	 	 
	 	 	[Executive]	 

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APPENDIX B

 

Change in Control

 

A Change in Control shall mean any of the
following:

 

(A)       the 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.

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