Company: RAIN
Filing Date: 2025-02-11
Form Type: S-1/A
Source: 0001213900-25-012215
Chunk: 3

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-02-11
Form: S-1/A
Chunk 3
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 inclusive, provide that a corporation may, subject to
certain limitations, indemnify its directors, officers, employees and other agents, and individuals serving with respect to any employee
benefit plan, and must, in certain cases, indemnify a director or officer for his reasonable costs if he is wholly successful in his defense
in a proceeding to which he was a party because he was a director or officer of the corporation. In certain circumstances, a court may
order a corporation to indemnify its officers or directors or advance their expenses. Chapter 156D, Section 8.58 allows a corporation
to limit or expand its obligation to indemnify its directors, officers, employees and agents in the corporation’s articles of organization,
a bylaw adopted by the shareholders, or a contract adopted by its board of directors or shareholders.

Both chapter 156D, Section 8.57
and the Holdco A&R Articles provide that the corporation may purchase and maintain insurance against liability incurred by an officer
or director in his capacity as officer or director or while serving at Holdco’s request as a director, officer, partner, trustee,
employee, or agent of another domestic or foreign corporation, partnership, joint venture, trust, employee benefit plan, or other entity,
or arising out of his or her status as such. Holdco has obtained directors’ and officers’ liability insurance for Holdco,
the First Surviving Company, and the Second Surviving Company that covers (i) those persons who were directors and officers of RET
prior to the Closing and (ii) those persons who will be the directors and officers of Holdco and its subsidiaries (including the
Second Surviving Company after the effective time of the Company Merger) at and after the Closing on terms not less favorable than the
better of (x) the terms of the current directors’ and officers’ liability insurance in place for RET’s directors
and officers and (y) the terms of a typical directors’ and officers’ liability insurance policy for a company whose equity
is listed on Nasdaq, which policy has a scope and amount of coverage that is reasonably appropriate for a company of similar characteristics
(including the line of business and revenues) as RET.

Under Chapter 156D, Section 8.51(d),
Holdco may not indemnify a director unless ordered to do so by a court if his or her conduct (i) did not satisfy the requirements
that he or she (A) has conducted himself or herself in good faith, (B)