Document:

exv4w4

Exhibit 4.4

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUBJECT TO SECTION 6 BELOW, NO SALE OR
DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR HOLDER, SATISFACTORY
TO COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A
NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

WARRANT TO PURCHASE SHARES OF SERIES C-3 PREFERRED STOCK IN THE AMOUNT
OF 1.875% OF THE ACTUAL LOAN AMOUNT

December 31, 2007

THIS CERTIFIES THAT, for value received, Oxford Finance Corporation (“Holder”) is
entitled to subscribe for and purchase SIXTY-SIX THOUSAND, ONE HUNDRED SEVENTY-SEVEN (66,177)
shares of fully paid and nonassessable Series C-3 Preferred Stock of Endocyte, Inc , a Delaware
corporation (the “Company”), at the Warrant Price (as hereinafter defined), subject to the
provisions and upon the terms and conditions hereinafter set forth. As used herein, the term
“Preferred Stock” shall mean Company’s presently authorized Series C-3 Preferred Stock, $0.001
par value per share, and any stock into which such Preferred Stock may hereafter be
converted or exchanged and the term “Warrant Shares” shall mean the shares of
Preferred Stock which Holder may acquire pursuant to this Warrant and any other shares of stock
into which such shares of Preferred Stock may hereafter be converted or exchanged. This Warrant
is issued in connection with that certain loan transaction entered into as of an even date
herewith between Company and Holder, and all agreements entered into by the parties in connection
therewith, including without limitation, the Loan and Security Agreement, all promissory notes
issued pursuant thereto and this Warrant are collectively referred to as the “Loan Agreements”

1. Warrant Price. The “Warrant Price” shall initially be Four and 25/100 dollars ($4.25)
per share,
subject to adjustment as provided in Section 7 below.

2. Conditions to Exercise. The purchase right represented by this Warrant may be exercised at
any time,
or from time to time, in whole or in part during the term commencing on the date hereof and
ending at 5:00 P.M. Pacific time on the tenth anniversary of the date of this Warrant (the
“Expiration Date”).

3. Method of Exercise or Conversion; Payment; Issuance of Shares; Issuance of New
Warrant.

(a) Cash Exercise. Subject to Section 2 hereof, the purchase right represented by this
Warrant
may be exercised by Holder hereof, in whole or in part, by the surrender of the original of
this Warrant (together with a duly executed Notice of Exercise in substantially the form
attached hereto) at the principal office of Company (as set forth in Section 17 below) and by
payment to Company, by certified or bank check, or wire transfer of immediately available
funds, of an amount equal to the
then applicable Warrant Price per share multiplied by the number of Warrant Shares then
being purchased. In the event of any exercise of the rights represented by this Warrant,
certificates for the
shares of stock so purchased shall be in the name of, and delivered to, Holder hereof, or as
such Holder may direct (subject to the terms of transfer contained herein and upon payment
by such Holder hereof of any applicable transfer taxes). Such delivery shall be made within
30 days after exercise of this Warrant and at Company’s expense and, unless this Warrant has
been fully exercised or expired, a new Warrant having terms and conditions substantially
identical to this Warrant and representing the portion of the Warrant Shares, if any, with
respect to which this Warrant shall not
have been exercised, shall also be issued to Holder hereof within 30 days after exercise
of this Warrant.

 

 

(b) Conversion. In lieu of exercising this Warrant as specified in Section 3(a), Holder may from
time to time convert this Warrant, in whole or in part, into Warrant Shares by surrender of the
original of this Warrant (together with a duly executed Notice of Exercise in substantially the
form attached hereto) at the principal office of Company, in which event Company shall issue to
Holder the number of Warrant Shares computed using the following formula:

X
= Y (A-B)
           A

Where:

X = the number of Warrant Shares to be issued to Holder.

Y = the number of Warrant Shares purchasable under this Warrant (at the date of such
calculation).

A = the Fair Market Value of one share of Company’s Preferred Stock (at the date of such
calculation).

B = Warrant Price (as adjusted to the date of such calculation).

(c) Fair Market Value. For purposes of this Section 3, Fair Market Value of one share of
Company’s Preferred Stock shall mean:

(i) In the event of an exercise in connection with an Initial Public Offering, the per
share Fair Market Value for the Preferred Stock shall be the offering price at which the
underwriters initially sell common stock of Company (“Common Stock”) to the public multiplied
by the number of shares of Common Stock into which each share of Preferred Stock is then
convertible; or

(ii) The average of the closing bid and asked prices of Common Stock quoted in the
Over-The-Counter Market Summary, the last reported sale price quoted on the Nasdaq Stock
Market or on any other exchange on which the Common Stock is listed, whichever is applicable,
as published in the Western Edition of the Wall Street Journal for the three (3) trading days
prior to the date of determination of Fair Market Value, multiplied by the number of shares
of Common Stock into which each share of Preferred Stock is then convertible; or

(iii) In the event of an exercise in connection with a merger, acquisition or other
consolidation in which Company is not the surviving entity, the per share Fair Market Value
for the Preferred Stock shall be the value to be received per share of Preferred Stock by all
holders of the Preferred Stock in such transaction as determined by the Board of Directors;
or

(iv) In any other instance, the per share Fair Market Value for the Preferred Stock
shall be as determined in the reasonable good faith judgment of Company’s Board of Directors.

In the event of Sections 3(c)(iii) or 3(c)(iv), above, Company’s Board of Directors shall prepare a
certificate, to be signed by an authorized officer of Company, setting forth in reasonable detail
the basis for and method of determination of the per share Fair Market Value of the Preferred
Stock. The Board of Directors will also certify to Holder that this per share Fair Market Value
will be applicable to all holders of Company’s Preferred Stock. Such certification must be made to
Holder at least

2

 

thirty (30) business days prior to the proposed effective date of the merger, consolidation, sale,
or other triggering event as defined in Sections 3(c)(iii) or 3(c)(iv).

(d) Automatic Exercise. To the extent this Warrant is not previously exercised, it shall be
deemed to have been automatically exercised in accordance with Sections 3(b) and 3(c) hereof (even
if not surrendered) as of immediately before its expiration, involuntary termination or
cancellation if the then-Fair Market Value of a Warrant Share exceeds the then-Warrant Price,
unless Holder notifies Company in writing to the contrary prior to such automatic exercise.

(e) Treatment of Warrant Upon Acquisition of Company.

(i) Certain Definitions. For the purpose of this Warrant, “Acquisition” means any sale,
license, or other disposition of all or substantially all of the assets of Company, or any
reorganization, consolidation, or merger of Company, or sale of outstanding Company
securities by holders thereof, where the holders of Company’s securities before the
transaction beneficially own less than a majority of the outstanding voting securities of
the successor or surviving entity after the transaction. For purposes of this Section 3(e),
“Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten
percent (10%) or more of the voting capital stock of Company, any person or entity that
controls or is controlled by or is under common control with such persons or entities, and
each of such person’s or entity’s officers, directors, joint venturers or partners, as
applicable.

(ii) Cash Acquisition. In the event of an Acquisition in which the sole consideration
is cash, Holder may either (a) exercise its conversion or purchase right under this Warrant
and such exercise will be deemed effective immediately prior to the consummation of such
Acquisition or (b) permit the Warrant to expire upon the consummation of such Acquisition.
Company shall provide Holder with written notice of any proposed Acquisition together with
such reasonable information as Holder may request in connection with such contemplated
Acquisition giving rise to such notice, which is to be delivered to Holder not less than ten
(10) business days prior to the closing of the proposed Acquisition.

(iii) Asset Sale. In the event of an Acquisition that is an arms length sale of all or
substantially all of Company’s assets (and only its assets) to a third party that is not an
Affiliate of Company (a “True Asset Sale”), Holder may either (a) exercise its conversion or
purchase right under this Warrant and such exercise will be deemed effective immediately
prior to the consummation of such Acquisition or (b) permit the Warrant to continue until
the Expiration Date if Company continues as a going concern following the closing of any
such True Asset Sale. Company shall provide Holder with written notice of any proposed asset
sale together with such reasonable information as Holder may request in connection with such
asset sale giving rise to such notice, which is to be delivered to Holder not less than ten
(10) business days prior to the closing of the proposed asset sale.

(iv) Public Acquisition. Except with respect to an Acquisition subject to the terms
and conditions of either Section 3(e)(ii) or Section 3(e)(iii) above, Holder agrees that,
in the event of an Acquisition of the Company by a publicly traded acquirer if the acquirer
in the Acquisition does not agree to assume this Warrant at and as of the closing thereof,
the Company may require this Warrant to be deemed automatically exercised and Holder shall
participate in the Acquisition as a holder of the Shares (or other securities issuable upon
exercise of this Warrant) on the same terms as other holders of the same class of
securities of the Company.

3

 

(v) Assumption of Warrant. Upon the closing of any Acquisition other than those
particularly described in subsections (ii) and (iii) above, the successor entity shall
assume the obligations of this Warrant, and this Warrant shall be exercisable for the
same securities, cash, and property as would be payable for the Warrant Shares
issuable upon exercise of the unexercised portion of this Warrant as if such Warrant
Shares were outstanding on the record date for the Acquisition and subsequent closing.
The Warrant Price and/or number of Warrant Shares shall be adjusted accordingly.

4. Representations and Warranties of Holder and Company.

(a) Representations and Warranties by Holder. Holder represents and warrants to Company with
respect to this purchase as follows:

(i) Evaluation. Holder has substantial experience in evaluating and investing in
private placement transactions of securities of companies similar to Company so that
Holder is capable of evaluating the merits and risks of its investment in Company and
has the capacity to protect its interests.

(ii) Resale. Except for transfers to an affiliate of Holder, Holder is acquiring
this Warrant and the Warrant Shares issuable upon exercise of this Warrant
(collectively the “Securities”) for investment for its own account and not with a view
to, or for resale in connection with, any distribution thereof. The Holder understands
that the Securities have not been registered under the Act by reason of a specific
exemption from the registration provisions of the Act which depends upon, among other
things, the bona fide nature of the investment intent as expressed herein.

(iii) Rule 144. The Holder acknowledges that the Securities must be held
indefinitely unless subsequently registered under the Act or an exemption from such
registration is available. The Holder is aware of the provisions of Rule 144
promulgated under the Act.

(iv) Accredited Investor. The Holder is an “accredited investor” within the
meaning of Regulation D promulgated under the Act.

(v) Opportunity To Discuss. The Holder has had an opportunity to discuss
Company’s business, management and financial affairs with its management and an
opportunity to review Company’s facilities. The Holder understands that such
discussions, as well as the written information issued by Company, were intended to
describe the aspects of Company’s business and prospects which Company believes to be
material but were not necessarily a thorough or exhaustive description.

(b) Representations and Warranties by Company. Company hereby represents and warrants to
Holder that the statements in the following paragraphs of this Section 4(b) are true and
correct as of the date hereof

(i) Corporate Organization and Authority. Company (a) is a corporation duly
organized, validly existing, and in good standing in its jurisdiction of
incorporation, (b) has the corporate power and authority to own and operate its
properties and to carry on its business as now conducted and as proposed to be
conducted; and (c) is qualified as a foreign corporation in all jurisdictions where
such qualification is required.

4

 

(ii) Corporate Power . Company has all requisite legal and corporate
power and authority
to execute, issue and deliver this Warrant, to issue the Warrant Shares issuable upon
exercise or conversion of this Warrant, and to carry out and perform its obligations
under this Warrant.

(iii) Authorization; Enforceability. All corporate action on the part of Company,
its officers, directors and shareholders necessary for the authorization, execution,
delivery and performance of its obligations under this Warrant and for the
authorization, issuance and delivery of this Warrant and the Warrant Shares issuable
upon exercise of this Warrant has been taken and this Warrant constitutes the legally
binding and valid obligation of Company enforceable in accordance with its terms.

(iv) Valid Issuance of Warrant and Warrant Shares. This Warrant has been validly
issued and is free of restrictions on transfer other than restrictions on transfer set
forth herein and under applicable state and federal securities laws. The Warrant
Shares issuable upon exercise of this Warrant, when issued. sold and delivered in
accordance with the terms of this Warrant for the consideration expressed herein, will
be duly and validly issued, fully paid and nonassessable, and will be free of
restrictions on transfer other than restrictions on transfer under this Warrant and
under applicable state and federal securities laws. Subject to applicable restrictions
on transfer, the issuance and delivery of this Warrant and the Warrant Shares issuable
upon exercise or conversion of this Warrant are not subject to any preemptive or other
similar rights or any liens or encumbrances except as specifically set forth in
Company’s Certificate of Incorporation or this Warrant. The offer, sale and issuance
of the Warrant Shares, as contemplated by this Warrant, are exempt from the prospectus
and registration requirements of applicable United States federal and state security
laws, and neither Company nor any authorized agent acting on its behalf has or will
take any action hereafter that would cause the loss of such exemption.

(v) No Conflict. The execution, delivery, and performance of this Warrant will
not result in (a) any violation of, be in conflict with, or constitute a default
under, with or without the passage of time or the giving of notice (1) any provision
of Company’s Certificate of Incorporation or by-laws; (2) any provision of any
judgment, decree, or order to which Company is a party, by which it is bound, or to
which any of its material assets are subject; (3) any contract, obligation, or
commitment to which Company is a party or by which it is bound; or (4) any statute,
rule, or governmental regulation applicable to Company, or (b) the creation of any
lien, charge or encumbrance upon any assets of Company.

(vi) Capitalization. The capitalization table of Company attached hereto as Annex
A is complete and accurate as of the date hereof (after giving effect to the issuance
of this Warrant) and reflects (a) all outstanding capital stock of Company and (b) all
outstanding warrants, options, conversion privileges, preemptive rights or other
rights or agreements to purchase or otherwise acquire or issue any equity securities
or convertible securities of Company. Company has reserved all shares of Common Stock
for issuance upon conversion of the Preferred Stock.

(vii) Warrant Price. The Warrant Price is no greater than the lowest price at
which Company has issued Series C-3 Preferred Stock to an unrelated third party in an
arm’s length transaction.

5

 

5. Legends.

(a) Legend. Each certificate representing the Warrant Shares shall be endorsed with
substantially the following legend:

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY
NOT BE TRANSFERRED (UNLESS SUCH TRANSFER IS TO AN AFFILIATE OF HOLDER) UNLESS
COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT, A “NO ACTION” LETTER
FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A
TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE
COMMISSION, OR (IF REASONABLY REQUIRED BY COMPANY) AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH
REGISTRATION.

Company need not enter into its stock records a transfer of Warrant Shares unless the
conditions specified in the foregoing legend are satisfied. Company may also instruct its
transfer agent not to allow the transfer of any of the Warrant Shares unless the
conditions specified in the foregoing legend are satisfied.

(b) Removal of Legend and Transfer Restrictions. The legend relating to
the Act endorsed on a
certificate pursuant to paragraph 5(a) of this Warrant shall be removed
and Company shall issue a certificate without such legend to Holder if (i) the Securities
are registered under the Act and a prospectus meeting the requirements of
Section 10 of the Act is available or (ii) Holder provides to Company an opinion of counsel
for Holder reasonably satisfactory to Company, a no-action letter or
interpretive opinion of the staff of the Securities and Exchange Commission
(“SEC”) reasonably satisfactory to Company, or other evidence reasonably satisfactory to
Company, to the effect that sale, transfer or assignment of the Securities may
be made without registration and without compliance with any restriction such
as Rule 144.

(c) “Market Stand-Off’ Agreement. Holder (and its affiliates) hereby agrees
that it shall bound by the same “Market Standoff Provision” contained in the Third Amended
and Restated Investors’ Rights Agreement dated as of March 9, 2007, of Company (the
“Registration Rights Agreement”), and that the Warrant Shares shall be similarly bound
under the Registration Rights Agreement.

6. Condition of Transfer or Exercise of Warrant. It shall be a condition to any transfer or
exercise of
this Warrant that at the time of such transfer or exercise, Holder shall provide Company with a
representation
in writing that Holder or transferee is acquiring this Warrant and the shares of
Preferred Stock to be issued
upon exercise for investment purposes only and not with a view to any sale or distribution, or will
provide
Company with a statement of pertinent facts covering any proposed distribution. As a further
condition to
any transfer of this Warrant or any or all of the shares of Preferred Stock issuable upon exercise
of this
Warrant, other than a transfer registered under the Act, Company may request a legal opinion, in
form and
substance satisfactory to Company and its counsel, reciting the pertinent circumstances surrounding
the
proposed transfer and stating that such transfer is exempt from the registration and prospectus
delivery
requirements of the Act. Company shall not require Holder to provide an opinion of counsel if the
transfer is
to an affiliate of Holder. Each certificate evidencing the Warrant Shares issued upon exercise of
this
Warrant or upon any transfer of the Warrant Shares (other than a transfer registered under the Act
or any
subsequent transfer of shares so registered) shall, at Company’s option, if the Warrant Shares are
not freely
saleable under Rule 144(k) under the Act, contain a legend in form and substance satisfactory to
Company
and its counsel, restricting the transfer of the Warrant Shares to sales or other dispositions
exempt from the
requirements of the Act. As further condition to each transfer, at the request of Company, Holder
shall

6

 

surrender this Warrant to Company and the transferee shall receive and accept a Warrant, of like
tenor and date, executed by Company. As of June 1, 2008, if (a) Holder does not fund Holder’s Pro
Rata Share (as defined in the Loan and Security Agreement) of the Subsequent Term Loan (as defined
in the Loan and Security Agreement) despite Company’s request in compliance with Section 2.2 of
the Loan and Security Agreement and (b) such failure to fund was solely a result of Holder’s
unexcused breach of its obligation to fund, this Warrant shall thereafter be exercisable only with
respect to a number of Warrant Shares equal to (i) the aggregate principal amount of the Holder’s
actual advances pursuant to such Holder’s Total Commitment (as defined in the Loan and Security
Agreement), divided by such Holder’s Pro Rata Share of the Total Commitment (as defined in the
Loan and Security Agreement) actually advanced or requested pursuant to the Loan and Security
Agreement, multiplied by (ii) 66,147; provided, however, if (a) Company does not request a
Subsequent Term Loan on or before June 1, 2008 pursuant to Section 2.2 of the Loan and Security
Agreement, or (b) Holder has no obligation to fund Holder’s Pro Rata Share of the Subsequent Term
Loan for any reason, including, without limitation, Company’s failure to satisfy any conditions
provided pursuant to Section 4.2 of the Loan and Security Agreement, then the foregoing limitation
on the exercisability of this Warrant will be of no force or effect.

7. Adjustment for Certain Events. The number and kind of securities purchasable upon the exercise
of
this Warrant and the Warrant Price shall be subject to adjustment from time to time upon the
occurrence of certain events, as follows:

(a) Reclassification or Merger. In case of (i) any reclassification or change of
securities of the
class issuable upon exercise of this Warrant (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination), (ii) any merger of Company with or
into another corporation (other than a merger with another corporation in which Company is
the acquiring and the surviving corporation and which does not result in any
reclassification or change of outstanding securities issuable upon exercise of this
Warrant), or (iii) any sale of all or substantially all of the assets of Company, Company,
or such successor or purchasing corporation, as the case may be, shall duly
execute and deliver to Holder a new Warrant (in form and substance satisfactory to Holder
of this Warrant), or Company shall make appropriate provision without the issuance of a new
Warrant, so that Holder shall have the right to receive, at a total purchase price not to
exceed that payable upon the exercise of the unexercised portion of this Warrant, and in
lieu of the Warrant Shares theretofore issuable upon exercise or conversion of this
Warrant, the kind and amount of shares of stock, other securities, money and property
receivable upon such reclassification, change, merger or sale by a holder of the number of
shares of Preferred Stock then purchasable under this Warrant, or in the case of such a
merger or sale in which the consideration paid consists all or in part of assets other than
securities of the successor or purchasing corporation, at the option of Holder, the
securities of the successor or purchasing corporation having a value at the
time of the transaction equivalent to the value of the Warrant Shares purchasable upon
exercise of this Warrant at the time of the transaction. Any new Warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 7. The provisions of this subparagraph (a) shall similarly
apply to successive reclassifications, changes, mergers and transfers.

(b) Subdivision or Combination of Shares. If Company at any time while this Warrant
remains
outstanding and unexpired shall subdivide or combine its outstanding shares of
Preferred Stock, the Warrant Price shall be proportionately decreased and the number of
Warrant Shares issuable hereunder shall be proportionately increased in the case of a
subdivision and the Warrant Price shall be proportionately increased and the number of
Warrant Shares issuable hereunder shall be proportionately decreased in the case of a
combination.

7

 

(c) Stock Dividends and Other Distributions. If Company at any time while this Warrant
is outstanding and unexpired shall (i) pay a dividend with respect to Preferred Stock
payable in Preferred Stock, then the Warrant Price shall be adjusted, from and after the
date of determination of shareholders entitled to receive such dividend or distribution, to
that price determined by multiplying the Warrant Price in effect immediately prior to such
date of determination by a fraction (A) the numerator of which shall be the total number of
shares of Preferred Stock outstanding immediately prior to such dividend or distribution,
and (B) the denominator of which shall be the total number of shares of Preferred Stock
outstanding immediately after such dividend or distribution; or (ii) make any other
distribution with respect to Preferred Stock (except any distribution specifically provided
for in Sections 7(a) and 7(b)), then, in each such case, provision shall be made by Company
such that Holder shall receive upon exercise of this Warrant a proportionate share of any
such dividend or distribution as though it were Holder of the Warrant Shares as of the
record date fixed for the determination of the shareholders of Company entitled to receive
such dividend or distribution.

(d) Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the
number of Warrant Shares purchasable hereunder shall be adjusted, to the nearest whole
share, to the product obtained by multiplying the number of Warrant Shares purchasable
immediately prior to such adjustment in the Warrant Price by a fraction, the numerator of
which shall be the Warrant Price immediately prior to such adjustment and the denominator
of which shall be the Warrant Price immediately thereafter.

(e) Adjustment for Dilutive Issuance. The Warrant Price and the number of Warrant
Shares issuable upon exercise of this Warrant or, if the Warrant Shares are Preferred
Stock, the number of shares of Common Stock issuable upon conversion of the Warrant Shares,
shall be subject to adjustment, from time to time in the manner set forth in Company’s
Certificate of Incorporation as if the Warrant Shares were issued and outstanding on and as
of the date of any such required adjustment. The provisions set forth for the Warrant
Shares in Company’s Certificate of Incorporation relating to the above in effect as of the
date hereof may not be amended, modified or waived, without the prior written consent of
Holder unless such amendment, modification or waiver affects the rights associated with the
Warrant Shares in the same manner as such amendment, modification or waiver affects the
rights associated with all other shares of the same series and class as the Warrant Shares.

8. Notice of Adjustments. Whenever any Warrant Price or the kind or number of securities
issuable under this Warrant shall be adjusted pursuant to Section 7 hereof, Company shall prepare
a certificate signed by an officer of Company setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
calculated, and the Warrant Price and number or kind of shares issuable upon exercise of this
Warrant after giving effect to such adjustment, and shall cause copies of such certificate to be
mailed (by certified or registered mail, return receipt required, postage prepaid) within thirty
(30) days of such adjustment to Holder as set forth in Section 17 hereof.

9. Financial and Other Reports. From time to time up to the earlier of the Expiration Date,
the complete exercise of this Warrant, or the date upon which Company becomes subject to the
reporting requirements of the Securities and Exchange Act of 1934, as amended, Company shall
furnish to Holder (a) unaudited consolidated and, if available, consolidating balance sheets,
statements of operations and cash flow statements within 45 days of each month end, in a form
acceptable to Holder and certified by Company’s president or chief financial officer, and (b)
Company’s complete annual audited consolidated and, if available, consolidating balance sheets,
statements of operations and cash flow statements certified by an independent certified public
accountant selected by Company and satisfactory to Holder within 120 days of the fiscal year end
or, if sooner, at such time as Company’s Board of Directors receives the audit.

8

 

10. Transferability of Warrant. This Warrant is transferable on the books of Company at its
principal office by the registered Holder hereof upon surrender of this Warrant properly
endorsed, subject to compliance with Section 6 and applicable federal and state securities laws.
Company shall issue and deliver to the transferee a new Warrant representing the Warrant so
transferred. Upon any partial transfer, Company will issue and deliver to Holder a new Warrant
with respect to the Warrant not so transferred. Holder shall not have any right to transfer any
portion of this Warrant to any direct competitor of Company, as determined by the Board of
Directors.

11. Registration Rights. Company grants registration rights to Holder of this Warrant for
any Common Stock of Company obtained by Holder upon exercise or conversion of this Warrant, or
subsequent conversion of the Preferred Stock, in parity to the registration rights granted to
other holders of the Preferred Stock and agrees that Holder shall be added as a party to the
Registration Rights Agreement, and that the Warrant Shares shall be “Registrable Securities”
under the Registration Rights Agreement.

12. No Fractional Shares. No fractional share of Preferred Stock will be issued in
connection with any exercise or conversion hereunder, but in lieu of such fractional share
Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect.

13. Charges, Taxes and Expenses. Issuance of certificates for shares of Preferred Stock upon
the exercise or conversion of this Warrant shall be made without charge to Holder for any United
States or state of the United States documentary stamp tax or other incidental expense with
respect to the issuance of such certificate, all of which taxes and expenses shall be paid by
Company, and such certificates shall be issued in the name of Holder.

14. No Shareholder Rights Until Exercise. Except as expressly provided herein, this Warrant
does not entitle Holder to any voting rights or other rights as a shareholder of Company prior to
the exercise hereof.

15. Registry of Warrant. Company shall maintain a registry showing the name and address of
the registered Holder of this Warrant. This Warrant may be surrendered for exchange or exercise,
in accordance with its terms, at such office or agency of Company, and Company and Holder shall
be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

16. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and,
in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and, if
mutilated, upon surrender and cancellation of this Warrant, Company will execute and deliver a
new Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof.

17. Miscellaneous.

(a) Issue Date. The provisions of this Warrant shall be construed and shall be given
effect in all respect as if it had been issued and delivered by Company on the date hereof.

(b) Successors. This Warrant shall be binding upon any successors or assigns of Company.

(c) Headings. The headings used in this Warrant are used for convenience only and are
not to be considered in construing or interpreting this Warrant.

(d) Saturdays, Sundays, Holidays. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall be a Saturday or a
Sunday or shall be a legal

9

 

holiday in the State of California, then such action may be taken or such right may be
exercised on the next succeeding day not a legal holiday.

(e) Attorney’s Fees. In the event of any dispute between the parties concerning the terms
and
provisions of this Warrant, the party prevailing in such dispute shall be entitled to
collect from the other party all costs incurred in such dispute, including reasonable
attorney’s fees.

18. Addresses. Any notice required or permitted hereunder shall be in writing and shall be mailed
by
overnight courier, registered or certified mail, return receipt requested, and postage prepaid,
or otherwise delivered by hand or by messenger, addressed as set forth below, or at such other
address as Company or Holder hereof shall have furnished to the other party in accordance with
the delivery instructions set forth in this Section 17.

	 	 	 

	If to Company:

	 	Endocyte, Inc.
	 

	 	3000 Kent Avenue
	 

	 	Suite A1-100
	 

	 	West Lafayette, Indiana 47906
	 

	 	Attn: Mike Sherman
	 
	 	 
	If to Holder:

	 	Oxford Finance Corporation
	 

	 	133 North Fairfax Street
	 

	 	Alexandria, VA 22314
	 

	 	Attention: Chief Operating Officer & Executive Vice President
	 
	 	 
	With a copy to:

	 	Oxford Finance Corporation
	 

	 	133 North Fairfax Street
	 

	 	Alexandria, VA 22314
	 

	 	Attention: Chief Operating Officer & Executive Vice President

If mailed by registered or certified mail, return receipt requested, and postage prepaid,
notice shall be deemed to be given five (5) days after being sent, and if sent by
overnight courier, by hand or by messenger, notice shall be deemed to be given when
delivered (if on a business day, and if not, on the next business day).

18. No Impairment. Company will not, by amendment of its Certificate of Incorporation or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in order to protect the
rights of Holder hereof against impairment. Without limiting the breadth of the foregoing,
Company will not cause the Series C-3 Preferred Stock into which this Warrant is exercisable or
convertible to be converted into Common Stock unless such conversion is effected as part of the
conversion of all Company’s outstanding series of preferred stock and other senior securities
into Common Stock.

19. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS WARRANT OR
THE WARRANT SHARES.

10

 

20. GOVERNING LAW. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE.

[Remainder of page intentionally left blank]

11

 

     IN WITNESS WHEREOF, Company has caused this Warrant to be executed by its officer
thereunto duly authorized.

	 	 	 	 	 

	ENDOCYTE, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Mike Sherman	 	 
	 

	 	 	 	 
	 

	 	Name: Mike Sherman	 	 
	 

	 	Title: Chief Financial Officer	 	 

Dated as of December 31, 2007.

ENDOCYTE, INC.

OXFORD WARRANT

SIGNATURE PAGE

 

 

NOTICE OF EXERCISE

To:

Endocyte, Inc.

3000 Kent Avenue

Suite A1-100

West Lafayette, Indiana 47906

Attn:                                         

	1.	 	The undersigned Warrantholder (“Holder”) elects to acquire shares of the Series C-3
Preferred Stock (the “Preferred Stock”) of Endocyte, Inc. (the “Company”), pursuant to the
terms of the Stock Purchase Warrant dated December     , 2007 (the “Warrant”).
	 
	2.	 	Holder exercises its rights under the Warrant as set forth below:

			
	(	 	Holder elects to purchase ______ shares of Preferred
Stock as provided in Section 3(a) and tenders herewith a check in
the amount of $______ as payment of the purchase price.

			
	(	 	Holder elects to convert the purchase rights into shares of Preferred
Stock as provided in Section 3(b) of the Warrant.

	3.	 	Holder surrenders the Warrant with this Notice of Exercise.

Holder represents that it is acquiring the aforesaid shares of Preferred Stock for investment
and not with a view to or for resale in connection with distribution and that Holder has no
present intention of distributing or reselling the shares.

Please issue a certificate representing the shares of the Preferred Stock in the name of Holder
or in such other name as is specified below:

Name:

Address:

Taxpayer I.D.:                                         

	 	 	 	 	 	 	 	 	 

	 	 	[NAME OF HOLDER]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Date:                     , 200 __exv10w1

Exhibit 10.1

ENDOCYTE, INC.

INDEMNIFICATION AGREEMENT

     THIS AGREEMENT is entered into, effective as of                     , 2010 by and between Endocyte,
Inc., a Delaware corporation (the “Company”), and                      (“Indemnitee”),
effective as of the date that the Registration Statement on Form S-1 related to the initial public
offering of the Company’s Common Stock is declared effective by the United States Securities and
Exchange Commission.

     WHEREAS, it is essential to the Company to retain and attract as directors and officers the
most capable persons available;

     WHEREAS, Indemnitee is a director and/or officer of the Company;

     WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other
claims currently being asserted against directors and officers of corporations;

     WHEREAS, the Certificate of Incorporation and Bylaws of the Company require the Company to
indemnify and advance expenses to its directors and officers to the fullest extent permitted under
Delaware law, and the Indemnitee has been serving and continues to serve as a director and/or
officer of the Company in part in reliance on the Company’s Certificate of Incorporation and
Bylaws; and

     WHEREAS, in recognition of Indemnitee’s need for (i) substantial protection against personal
liability based on Indemnitee’s reliance on the aforesaid Certificate of Incorporation and Bylaws,
(ii) specific contractual assurance that the protection promised by the Certificate of
Incorporation and Bylaws will be available to Indemnitee (regardless of, among other things, any
amendment to or revocation of the Certificate of Incorporation and Bylaws or any change in the
composition of the Company’s Board of Directors or acquisition transaction relating to the Company)
and (iii) an inducement to provide effective services to the Company as a director and/or officer,
the Company wishes to provide in this Agreement for the indemnification of and the advancing of
expenses to Indemnitee to the fullest extent (whether partial or complete) permitted under Delaware
law and as set forth in this Agreement, and, to the extent insurance is maintained, to provide for
the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability
insurance policies.

     NOW, THEREFORE, in consideration of the above premises and of Indemnitee continuing to serve
the Company directly or, at its request, with another enterprise, and intending to be legally bound
hereby, the parties agree as follows:

          1. Certain Definitions:

               (a) “Board” shall mean the Board of Directors of the Company.

               (b) “Affiliate” shall mean any corporation or other person or entity that directly, or
indirectly through one or more intermediaries, controls or is controlled by or is under

 

 

common control with, the person specified, including, without limitation, with respect to the
Company, any direct or indirect subsidiary of the Company.

               (c) A “Change in Control” shall be deemed to have occurred if (i) any “person” (as
such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) (other than a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of
the Company, and other than any person holding shares of the Company on the date that the Company
first registers under the Act or any transferee of such individual if such transferee is a spouse
or lineal descendant of the transferee or a trust for the benefit of the individual, his or her
spouse or lineal descendants), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of
the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during
any period of two consecutive years, 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 the Company’s
stockholders 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 a majority of the Board,
(iii) the stockholders of the Company approve a merger or consolidation of the Company with any
other entity, other than a merger or consolidation that would result in the Voting Securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of
the total voting power represented by the Voting Securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation or (iv) the stockholders of the Company
approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company (in one transaction or a series of transactions) of all or substantially all of the
Company’s assets.

               (d) “Expenses” shall mean any expense, liability or loss, including attorneys’ fees,
judgments, fines, ERISA excise taxes and penalties, amounts paid or to be paid in settlement, any
interest, assessments or other charges imposed thereon, any federal, state, local or foreign taxes
imposed as a result of the actual or deemed receipt of any payments under this Agreement and all
other costs and obligations, paid or incurred in connection with investigating, defending, being a
witness in, participating in (including on appeal) or preparing for any of the foregoing in, any
Proceeding relating to any Indemnifiable Event.

               (e) “Indemnifiable Event” shall mean any event or occurrence that takes place either
prior to or after the execution of this Agreement, related to the fact that Indemnitee is or was a
director or officer of the Company or an Affiliate of the Company, or while a director or officer
is or was serving at the request of the Company or an Affiliate of the Company as a director,
officer, employee, trustee, agent or fiduciary of another foreign or domestic corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise or was a director,
officer, employee or agent of a foreign or domestic corporation that was a predecessor corporation
of the Company or of another enterprise at the request of such predecessor corporation, or related
to anything done or not done by Indemnitee in any such capacity, whether or not the basis of the
Proceeding is alleged action

-2-

 

in an official capacity as a director, officer, employee or agent or in any other capacity
while serving as a director, officer, employee or agent of the Company or an Affiliate of the
Company, as described above.

               (f) “Independent Counsel” shall mean the person or body appointed in connection with
Section 3.

               (g) “Proceeding” shall mean any threatened, pending or completed action, suit or
proceeding or any alternative dispute resolution mechanism (including an action by or in the right
of the Company or an Affiliate of the Company) or any inquiry, hearing or investigation, whether
conducted by the Company or an Affiliate of the Company or any other party, that Indemnitee in good
faith believes might lead to the institution of any such action, suit or proceeding, whether civil,
criminal, administrative, investigative or other.

               (h) “Reviewing Party” shall mean the person or body appointed in accordance with
Section 3.

               (i) “Voting Securities” shall mean any securities of the Company that vote generally
in the election of directors.

          2. Agreement to Indemnify.

               (a) General Agreement. In the event Indemnitee was, is or becomes a party to or
witness or other participant in, or is threatened to be made a party to or witness or other
participant in, a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, the
Company shall indemnify Indemnitee from and against any and all Expenses to the fullest extent
permitted by law, as the same exists or may hereafter be amended or interpreted (but in the case of
any such amendment or interpretation, only to the extent that such amendment or interpretation
permits the Company to provide broader indemnification rights than were permitted prior thereto).
The parties hereto intend that this Agreement shall provide for indemnification in excess of that
expressly permitted by statute, including, without limitation, any indemnification provided by the
Company’s Certificate of Incorporation, its Bylaws, vote of its stockholders or disinterested
directors or applicable law.

               (b) Initiation of Proceeding. Notwithstanding anything in this Agreement to the
contrary, Indemnitee shall not be entitled to indemnification pursuant to this Agreement in
connection with any Proceeding initiated by Indemnitee against the Company or any director or
officer of the Company unless (i) the Company has joined in or the Board has consented to the
initiation of such Proceeding, (ii) the Proceeding is one to enforce indemnification rights under
Section 5 or (iii) the Proceeding is instituted after a Change in Control (other than a Change in
Control approved by a majority of the directors on the Board who were directors immediately prior
to such Change in Control) and Independent Counsel has approved its initiation.

               (c) Expense Advances. If so requested by Indemnitee, the Company shall advance
(within thirty (30) days of such request) any and all Expenses to Indemnitee (an “Expense
Advance”). The Indemnitee shall qualify for such Expense Advances upon the execution and

-3-

 

delivery to the Company of this Agreement which shall constitute an undertaking providing that
the Indemnitee undertakes to repay such Expense Advances if and to the extent that it is ultimately
determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that
Indemnitee is not entitled to be indemnified by the Company. Indemnitee’s obligation to reimburse
the Company for Expense Advances shall be unsecured and no interest shall be charged thereon. This
Section 2(c) shall not apply to any claim made by Indemnitee for which indemnity is excluded
pursuant to Section 2(b) or 2(f).

               (d) Mandatory Indemnification. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee has been successful on the merits or otherwise in defense of any
Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or
matter therein, Indemnitee shall be indemnified against all Expenses incurred in connection
therewith.

               (e) Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of Expenses, but not, however,
for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled.

               (f) Prohibited Indemnification. No indemnification pursuant to this Agreement shall
be paid by the Company on account of any Proceeding in which a final judgment is rendered against
Indemnitee or Indemnitee enters into a settlement, in each case (i) for an accounting of profits
made from the purchase or sale by Indemnitee of securities of the Company pursuant to the
provisions of Section 16(b) of the Exchange Act or similar provisions of any federal, state or
local laws; (ii) for which payment has actually been made to or on behalf of Indemnitee under any
insurance policy or other indemnity provision, except with respect to any excess beyond the amount
paid under any insurance policy or other indemnity provision; or (iii) for which payment is
prohibited by law. Notwithstanding anything to the contrary stated or implied in this Section
2(f), indemnification pursuant to this Agreement relating to any Proceeding against Indemnitee for
an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company
pursuant to the provisions of Section 16(b) of the Exchange Act or similar provisions of any
federal, state or local laws shall not be prohibited if Indemnitee ultimately establishes in any
Proceeding that no recovery of such profits from Indemnitee is permitted under Section 16(b) of the
Exchange Act or similar provisions of any federal, state or local laws.

          3. Reviewing Party. Prior to any Change in Control, the Reviewing Party shall be any
appropriate person or body consisting of a member or members of the Board or any other person or
body appointed by the Board who is not a party to the particular Proceeding with respect to which
Indemnitee is seeking indemnification; provided that if all members of the Board are parties to the
particular Proceeding with respect to which Indemnitee is seeking indemnification, the Independent
Counsel referred to below shall become the Reviewing Party; after a Change in Control, the
Independent Counsel referred to below shall become the Reviewing Party. With respect to all
matters arising before a Change in Control for which Independent Counsel shall be the Reviewing
Party and all matters arising after a Change in Control, in each case concerning the rights of
Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement
or under applicable law or the Company’s Certificate of Incorporation or Bylaws now or

-4-

 

hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall
seek legal advice only from Independent Counsel selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld or delayed), and who has not otherwise performed
services for the Company or the Indemnitee (other than in connection with indemnification matters)
within the last five years. The Independent Counsel shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under
this Agreement. Such counsel, among other things, shall render its written opinion to the Company
and Indemnitee as to whether and to what extent the Indemnitee should be permitted to be
indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent
Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’
fees), claims, liabilities, loss and damages arising out of or relating to this Agreement or the
engagement of Independent Counsel pursuant hereto.

          4. Indemnification Process and Appeal.

               (a) Indemnification Payment. Indemnitee shall be entitled to indemnification of
Expenses, and shall receive payment thereof, from the Company in accordance with this Agreement as
soon as practicable after Indemnitee has made written demand on the Company for indemnification,
but in no event later than thirty (30) business days after demand, unless the Reviewing Party has
given a written opinion to the Company that Indemnitee is not entitled to indemnification under
applicable law. Indemnitee shall cooperate with the Reviewing Party making a determination with
respect to Indemnitee’s entitlement to indemnification, including providing to the Reviewing Party
upon reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination.

               (b) Suit to Enforce Rights. Regardless of any action by the Reviewing Party, if
Indemnitee has not received full indemnification within thirty (30) days after making a demand in
accordance with Section 4(a), Indemnitee shall have the right to enforce its indemnification rights
under this Agreement by commencing litigation in any court in the State of California or the State
of Delaware having subject matter jurisdiction thereof seeking an initial determination by the
court or challenging any determination by the Reviewing Party or any aspect thereof. The Company
hereby consents to service of process and to appear in any such proceeding. Any determination by
the Reviewing Party not challenged by the Indemnitee shall be binding on the Company and
Indemnitee. The Company shall be precluded from asserting in any such proceeding that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court that the Company is bound by all the provisions of this Agreement. The
remedy provided for in this Section 4 shall be in addition to any other remedies available to
Indemnitee at law or in equity.

               (c) Defense to Indemnification, Burden of Proof, and Presumptions. It shall be a
defense to any action brought by Indemnitee against the Company to enforce this Agreement (other
than an action brought to enforce a claim for Expenses incurred in defending a Proceeding in
advance of its final disposition) that it is not permissible under applicable law for the Company
to indemnify Indemnitee for the amount claimed. In connection with any such action or

-5-

 

any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to
be indemnified hereunder, the burden of proving such a defense or determination shall be on the
Company. Neither the failure of the Reviewing Party or the Company (including its Board,
independent legal counsel or its stockholders) to have made a determination prior to the
commencement of such action by Indemnitee that indemnification of the claimant is proper under the
circumstances because Indemnitee has met the standard of conduct set forth in applicable law, nor
an actual determination by the Reviewing Party or Company (including its Board, independent legal
counsel or its stockholders) that the Indemnitee had not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that the Indemnitee has not met the
applicable standard of conduct. For purposes of this Agreement, the termination of any claim,
action, suit or proceeding, by judgment, order, settlement (whether with or without court
approval), conviction or upon a plea of nolo contendere or its equivalent, shall not create a
presumption that Indemnitee did not meet any particular standard of conduct or have any particular
belief or that a court has determined that indemnification is not permitted by applicable law. For
purposes of any determination of good faith under any applicable standard of conduct, Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books
of account of the Company, including financial statements, or on information supplied to Indemnitee
by the officers of the Company in the course of their duties, or on the advice of legal counsel for
the Company or the Board or counsel selected by any committee of the Board or on information or
records given or reports made to the Company by an independent certified public accountant or by an
appraiser, investment banker or other expert selected with reasonable care by the Company or the
Board or any committee of the Board. The provisions of the preceding sentence shall not be deemed
to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be
deemed to have met the applicable standard of conduct. The knowledge and/or actions, or failure to
act, or any director, officer, agent or employee of the Company shall not be imputed to Indemnitee
for purposes of determining the right to indemnification under this Agreement.

          5. Indemnification for Expenses Incurred in Enforcing Rights. The Company shall
indemnify Indemnitee against any and all Expenses that are incurred by Indemnitee in connection
with any action brought by Indemnitee for

                    (i) indemnification or advance payment of Expenses by the Company under this Agreement or any
other agreement or under applicable law or the Company’s Certificate of Incorporation or Bylaws now
or hereafter in effect relating to indemnification for Indemnifiable Events, and/or

                    (ii) recovery under directors’ and officers’ liability insurance policies maintained by the
Company; but only in the event that Indemnitee ultimately is determined to be entitled to such
indemnification or insurance recovery, as the case may be. In addition, the Company shall, if so
requested by Indemnitee, advance the foregoing Expenses to Indemnitee, subject to and in accordance
with Section 2(c).

          6. Notification and Defense of Proceeding.

               (a) Notice. Promptly after receipt by Indemnitee of notice of the commencement of any
Proceeding, Indemnitee shall, if a claim in respect thereof is to be made

-6-

 

against the Company under this Agreement, notify the Company of the commencement thereof; but
the omission so to notify the Company will not relieve the Company from any liability that it may
have to Indemnitee, except as provided in Section 6(c).

               (b) Defense. With respect to any Proceeding as to which Indemnitee notifies the
Company of the commencement thereof, the Company will be entitled to participate in the Proceeding
at its own expense and except as otherwise provided below, to the extent the Company so wishes, it
may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice
from the Company to Indemnitee of its election to assume the defense of any Proceeding, the Company
shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently
incurred by Indemnitee in connection with the defense of such Proceeding other than reasonable
costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ
legal counsel in such Proceeding, but all Expenses related thereto incurred after notice from the
Company of its assumption of the defense shall be at Indemnitee’s expense unless: (i) the
employment of legal counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee has
reasonably determined that there may be a conflict of interest between Indemnitee and the Company
in the defense of the Proceeding, (iii) after a Change in Control, the employment of counsel by
Indemnitee has been approved by the Independent Counsel or (iv) the Company shall not in fact have
employed counsel to assume the defense of such Proceeding, in each of which cases all Expenses of
the Proceeding shall be borne by the Company. The Company shall not be entitled to assume the
defense of any Proceeding brought by or on behalf of the Company, or as to which Indemnitee shall
have made the determination provided for in (ii) above or under the circumstances provided for in
(iii) and (iv) above.

               (c) Settlement of Claims. The Company shall not be liable to indemnify Indemnitee
under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected
without the Company’s written consent, such consent not to be unreasonably withheld; provided,
however, that if a Change in Control has occurred, the Company shall be liable for indemnification
of Indemnitee for amounts paid in settlement if the Independent Counsel has approved the
settlement. The Company shall not settle any Proceeding in any manner that would impose any penalty
or limitation on Indemnitee without Indemnitee’s written consent. The Company shall not be liable
to indemnify the Indemnitee under this Agreement with regard to any judicial award if the Company
was not given a reasonable and timely opportunity as a result of Indemnitees’ failure to provide
notice, at its expense, to participate in the defense of such action, and the lack of such notice
materially prejudiced the Company’s ability to participate in defense of such action. The
Company’s liability hereunder shall not be excused if participation in the Proceeding by the
Company was barred by this Agreement.

          7. Non-Exclusivity. The rights of Indemnitee hereunder shall be in addition to any
other rights Indemnitee may have under the Company’s Certificate of Incorporation, Bylaws,
applicable law or otherwise; provided, however, that this Agreement shall supersede any prior
indemnification agreement between the Company and the Indemnitee. To the extent that a change in
applicable law (whether by statute or judicial decision) permits greater indemnification than would
be afforded currently under the Company’s Certificate of Incorporation, Bylaws, applicable law or
this Agreement, it is the intent of the parties that Indemnitee enjoy by this Agreement the greater
benefits so afforded by such change.

-7-

 

          8. Primary Responsibility. The Company acknowledges that Indemnitee may have certain
rights to indemnification and advancement of expenses provided by venture or other investment funds
that Indemnitee is associated with, and certain affiliates thereof (collectively, the “Secondary
Indemnitors”). The Company agrees that, as between the Company and the Secondary Indemnitors, the
Company is primarily responsible for amounts required to be indemnified or advanced under the
Company’s certificate of incorporation or bylaws or this Agreement and any obligation of the
Secondary Indemnitors to provide indemnification or advancement for the same amounts is secondary
to those Company obligations. To the extent not in contravention of any insurance policy or
policies providing liability or other insurance for the Company or any director, trustee, general
partner, managing member, officer, employee, agent or fiduciary of the Company or any other
Enterprise, the Company waives any right of contribution or subrogation against the Secondary
Indemnitors with respect to the liabilities for which the Company is primarily responsible under
this Section 8. In the event of any payment by the Secondary Indemnitors of amounts otherwise
required to be indemnified or advanced by the Company under the Company’s certificate of
incorporation or bylaws or this Agreement, the Secondary Indemnitors shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee for indemnification or
advancement of expenses under the Company’s certificate of incorporation or bylaws or this
Agreement or, to the extent such subrogation is unavailable and contribution is found to be the
applicable remedy, shall have a right of contribution with respect to the amounts paid. The
Secondary Indemnitors are express third-party beneficiaries of the terms of this Section 8.”

          9. Liability Insurance. To the extent the Company maintains an insurance policy or
policies providing general and/or directors’ and officers’ liability insurance, Indemnitee shall be
covered by such policy or policies, in accordance with its or their terms, to the maximum extent of
the coverage available for any Company director or officer.

          10. Period of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or on behalf of the Company or any Affiliate of the Company against
Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the
expiration of two (2) years from the date of accrual of such cause of action or such longer period
as may be required by state law under the circumstances. Any claim or cause of action of the
Company or its Affiliate shall be extinguished and deemed released unless asserted by the timely
filing and notice of a legal action within such period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, the shorter period shall
govern.

          11. Amendment of this Agreement. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be binding unless in the form of a writing signed by
the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a
waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a
continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in
exercising any right or remedy hereunder shall constitute a waiver thereof.

          12. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and shall do everything that may be necessary to secure such rights,

-8-

 

including the execution of such documents necessary to enable the Company effectively to bring
suit to enforce such rights.

          13. No Duplication of Payments. The Company shall not be liable under this Agreement
to make any payment in connection with any claim made against Indemnitee to the extent Indemnitee
has otherwise received payment (under any insurance policy, Bylaw or otherwise) of the amounts
otherwise indemnifiable hereunder.

          14. Duration of Agreement. This Agreement shall continue until and terminate upon the
later of (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director
or officer of the Company or (b) one (1) year after the final termination of any Proceeding,
including any appeal, then pending in respect of which Indemnitee is granted rights of
indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee
pursuant to Section 4(b) of this Agreement relating thereto.

          15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
and be enforceable by the parties hereto and their respective successors (including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business and/or assets of the Company), assigns, spouses, heirs and personal and legal
representatives. The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of
the business and/or assets of the Company, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform 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. The indemnification provided under this Agreement shall continue as to Indemnitee for any
action taken or not taken while serving in an indemnified capacity pertaining to an Indemnifiable
Event even though Indemnitee may have ceased to serve in such capacity at the time of any
Proceeding.

          16. Severability. If any provision (or portion thereof) of this Agreement shall be
held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, (a) the
remaining provisions shall remain enforceable to the fullest extent permitted by law; (b) such
provision or provisions shall be deemed reformed to the extent necessary to conform to applicable
law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of
this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that
is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, void or unenforceable.

          17. Contribution. To the fullest extent permissible under applicable law, whether or
not the indemnification provided for in this Agreement is available to Indemnitee for any reason
whatsoever, the Company shall pay all or a portion of the amount that would otherwise be incurred
by Indemnitee for Expenses in connection with any claim relating to an Indemnifiable Event, as is
deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to
reflect (i) the relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its

-9-

 

directors, officers, employees and agents) and Indemnitee in connection with such event(s)
and/or transaction(s).

          18. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware applicable to contracts made and to be performed
in such State without giving effect to its principles of conflicts of laws. The Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising
out of or in connection with this Agreement may be brought in the Delaware Court of Chancery, (ii)
consent to submit to the jurisdiction of the Delaware Court of Chancery for purposes of any action
or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the
laying of venue of any such action or proceeding in the Delaware Court of Chancery, and (iv) waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court of Chancery has been brought in an improper or inconvenient forum.

          19. Notices. All notices, demands and other communications required or permitted
hereunder shall be made in writing and shall be deemed to have been duly given if delivered by
hand, against receipt or mailed, postage prepaid, certified or registered mail, return receipt
requested and addressed to the Company at:

Endocyte, Inc.

3000 Kent Avenue, Suite A1-100

West Lafayette, IN 47906

Attention: President

and to Indemnitee at the address set forth below Indemnitee’s signature hereto. Notice of change
of address shall be effective only when given in accordance with this Section. All notices
complying with this Section shall be deemed to have been received on the date of hand delivery or
on the third business day after mailing.

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

* * * * *

-10-

 

     IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the day specified above.

	 	 	 	 	 
	 	ENDOCYTE, INC.

a Delaware corporation

 	 
	 	By:  	 	 
	 	 	P. Ron Ellis, President and Chief Executive Officer	 
	 
	 	INDEMNITEE,

an individual

 	 
	 	
 	 
	 	Indemnitee 	 
	 	 	 
	 	
 	 
	 	
 	 
	 	(Address)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]