Exhibit
10.7 


 





 






 



 


 


INDEMNIFICATION AGREEMENT


 


by and between


 


LATHAM
GROUP, INC.


 


and


 


as Indemnitee


 


	 	 	 
	 	Dated as of [●], 2021	 
	 	 	 


 


 





 






 



 






     


     


    

 


TABLE OF CONTENTS


 


	 	Page
	 	 
	ARTICLE 1 DEFINITIONS	2
	 	 
	ARTICLE 2 INDEMNITY IN THIRD-PARTY PROCEEDINGS	6
	 	 
	ARTICLE 3 INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY	7
	 	 
	ARTICLE 4 INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL	7
	 	 
	ARTICLE 5 INDEMNIFICATION FOR EXPENSES OF A WITNESS	8
	 	 
	ARTICLE 6 ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS	8
	 	 
	ARTICLE 7 CONTRIBUTION IN THE EVENT OF JOINT LIABILITY	8
	 	 
	ARTICLE 8 EXCLUSIONS	9
	 	 
	ARTICLE 9 ADVANCES OF EXPENSES; SELECTION OF LAW FIRM	10
	 	 
	ARTICLE 10 PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT	11
	 	 
	ARTICLE 11 PROCEDURE UPON APPLICATION FOR INDEMNIFICATION	12
	 	 
	ARTICLE 12 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS	13
	 	 
	ARTICLE 13 REMEDIES OF INDEMNITEE	15
	 	 
	ARTICLE 14 SECURITY	16
	 	 
	ARTICLE 15 NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION	16
	 	 
	ARTICLE 16 ENFORCEMENT AND BINDING EFFECT	19
	 	 
	ARTICLE 17 MISCELLANEOUS	19


 






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INDEMNIFICATION AGREEMENT


 


Indemnification
Agreement, dated effective as of [●], 2021 (this “Agreement”), by and between Latham Group, Inc.,
a Delaware corporation (the “Company”), and [•] (“Indemnitee”). Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in Article 1.


 


WHEREAS, the Company desires to attract and
retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;


 


WHEREAS, in order to induce Indemnitee to
provide or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement
of expenses to, Indemnitee to the fullest extent permitted by law;


 


WHEREAS, the Company and Indemnitee further
recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries
to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing
challenges for the Company;


 


WHEREAS, the Company’s Amended and Restated
Bylaws (as the same may be amended and/or restated from time to time, the “Bylaws”) require indemnification
of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to applicable provisions
of the Delaware General Corporation Law (“DGCL”);


 


WHEREAS, the Bylaws and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts providing
for indemnification may be entered into between the Company and members of the board of directors of the Company (the “Board”),
executive officers and other key employees of the Company;


 


WHEREAS, this Agreement is a supplement to
and in furtherance of the Bylaws and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor nor
to diminish or abrogate any rights of Indemnitee thereunder (regardless of, among other things, any amendment to or revocation
of governing documents or any change in the composition of the Board or any Corporate Transaction); and


 


WHEREAS, Indemnitee will serve or continue
to serve as a director, officer or key employee of the Company for so long as Indemnitee is duly elected or appointed or until
Indemnitee tenders his or her resignation or is otherwise terminated by the Company.


 


NOW, THEREFORE, in consideration of the promises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:


 






    


     


    

 



 


ARTICLE 1


 


DEFINITIONS


 


As used in this Agreement:


 


1.1.          “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).


 


1.2.          “Agreement”
shall have the meaning set forth in the preamble.


 


1.3.          “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act (as in effect on the date hereof).


 


1.4.          “Board”
shall have the meaning set forth in the recitals.


 


1.5.          “Bylaws”
shall have the meaning set forth in the recitals.


 


1.6.          “Certificate
of Incorporation” shall mean the Company’s Amended and Restated Certificate of Incorporation (as the same may be
amended and/or restated from time to time).


 


1.7.          “Change
in Control” shall mean, and shall be deemed to occur upon the earliest to occur after the date of this Agreement of any
of the following events:


 


(a)           Acquisition
of Stock by Third Party. Any Person other than a Permitted Holder is or becomes the Beneficial Owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding Voting
Securities, unless (i) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election
of directors or (ii) such acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute
a Change in Control under part (c) of this definition;


 


(b)           Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment
or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote
of at least a majority of the directors then still in office who were directors on the date hereof or whose appointment, election
or nomination for election was previously so approved or recommended by the directors referred to in this clause (b) (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;


 






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(c)           Corporate
Transactions. The effective date of a reorganization, merger or consolidation of the Company (in each case, a “Corporate
Transaction”), unless following such Corporate Transaction: (i) all or substantially all of the individuals and
entities who were the Beneficial Owners of Voting Securities of the Company immediately prior to such Corporate Transaction beneficially
own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the Company
or other Person resulting from such Corporate Transaction (including, without limitation, a corporation or other Person that as
a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more Subsidiaries) in substantially the same proportions as their ownership of Voting Securities immediately prior to such
Corporate Transaction; (ii) no Person (excluding any corporation resulting from such Corporate Transaction or the Permitted
Holders) is the Beneficial Owner, directly or indirectly, of 50% or more of the combined voting power of the then outstanding Voting
Securities of the Company or other Person resulting from such Corporate Transaction, except to the extent that such ownership existed
prior to such Corporate Transaction; and (iii) at least a majority of the board of directors of the Company or other Person
resulting from such Corporate Transaction were Continuing Directors at the time of the execution of the initial agreement, or of
the action of the Board, providing for such Corporate Transaction; or


 


(d)           Other
Events. The approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company or
the consummation of an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by
the Company of all or substantially all of the Company’s assets, other than such sale or other disposition by the Company
of all or substantially all of the Company’s assets to a Person, at least 50% of the combined voting power of the Voting
Securities of which are Beneficially Owned by (i) the stockholders of the Company immediately prior to such sale or (ii) the
Permitted Holders.


 


1.8.          “Company”
shall have the meaning set forth in the preamble and shall also include, in addition to the resulting corporation or other entity,
any constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merger
that, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees
or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, manager, managing member, employee or agent of another
corporation, partnership, limited liability company, joint venture, trust or other enterprise, Indemnitee shall stand in the
same position under the provisions of this Agreement with respect to the resulting or surviving corporation or other entity as
Indemnitee would have with respect to such constituent corporation if its separate existence had continued.


 


1.9.          “Continuing
Directors” shall have the meaning set forth in Section 1.7(b).


 


1.10.        “Corporate
Status” shall describe the status as such of a person who is or was a director, officer, trustee, general partner, manager,
managing member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at
the request of the Company.


 


1.11.        “Corporate
Transaction” shall have the meaning set forth in Section 1.7(c).


 


1.12.        “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.


 


1.13.        “DGCL”
shall have the meaning set forth in the recitals.


 






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1.14.        “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.


 


1.15.        “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including, without limitation, any constituent of a
constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited
liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving
at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or
agent.


 


1.16.        “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.


 


1.17.        “Expenses”
shall include all reasonable and documented costs, expenses and fees, including, but not limited to, attorneys’ fees, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settling or
negotiating for the settlement of, responding to or objecting to a request to provide discovery in, or otherwise participating
in, any Proceeding. Expenses also shall include expenses incurred in connection with any appeal resulting from any Proceeding,
including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other
appeal bond or its equivalent and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual
or deemed receipt of any payments under this Agreement. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments, fines or penalties against Indemnitee.


 


1.18.        “Indemnification
Arrangements” shall have the meaning set forth in Section 15.2.


 


1.19.        “Indemnitee”
shall have the meaning set forth in the preamble.


 


1.20.        [“Indemnitee-Related
Entities” shall mean any corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise (other than the Company, any other Enterprise controlled by the Company or the insurer under and pursuant
to an insurance policy of the Company or any such controlled Enterprise) from whom an Indemnitee may be entitled to indemnification
or advancement of expenses with respect to which, in whole or in part, the Company or any other Enterprise controlled by the Company
may also have an indemnification or advancement obligation.]


 






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1.21.        “Independent
Counsel” shall mean a law firm, or a person admitted to practice law in any state of the United States or the District
of Columbia who is a member of a law firm, that is of outstanding reputation, experienced in matters of corporation law and neither
is as of the date of selection of such firm, nor has been during the period of three years immediately preceding the date of selection
of such firm, retained to represent: (a) the Company or Indemnitee in any material matter (other than with respect to matters
concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (b) any
other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “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. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and
to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto. For purposes of this definition, a “material matter” shall mean any matter
for which billings exceeded or are expected to exceed $100,000.


 


1.22.        “Permitted
Holder” shall mean Pamplona Capital Partners V, L.P., Wynnchurch Capital Partners IV, L.P., WC Partners Executive IV,
L.P., and their respective Affiliates and Related Parties.


 


1.23.        “Person”
shall have the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act (as in effect on the date hereof); provided,
however, that the term “Person” shall exclude: (a) the Company; (b) any Subsidiaries of the Company;
and (c) any employee benefit plan of the Company or a Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation or other entity
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock
of the Company.


 


1.24.        “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, including, without
limitation, any and all appeals, whether brought by or in the right of the Company or otherwise and whether of a civil (including,
without limitation, intentional or unintentional tort claims), criminal, administrative or investigative nature, whether formal
or informal, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee
is or was a director or officer or key employee of the Company, by reason of any action taken by or omission by Indemnitee, or
of any action or omission on Indemnitee’s part while acting as a director or officer or key employee of the Company, or by
reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent of any other Enterprise; in each case whether or not acting or serving in such capacity
at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided
under this Agreement or Section 145 of the DGCL; including any proceeding pending on or before the date of this Agreement
but excluding any proceeding initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement or Section 145
of the DGCL.


 


1.25.        “Related
Party” shall mean, with respect to any Person, (a) any controlling stockholder, controlling member, general partner,
Subsidiary, spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation,
partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more Permitted
Holders and/or such other Persons referred to in the immediately preceding clause (a), or (c) any executor, administrator,
trustee, manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause (b), acting
solely in such capacity.


 






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1.26.        “Section 409A”
shall have the meaning set forth in Section 17.2.


 


1.27.        “Subsidiary”
with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity
securities or equity interest is owned, directly or indirectly, by that Person.


 


1.28.        “Voting
Securities” shall mean any securities of the Company (or a surviving entity as described in the definition of a “Change
in Control”) that vote generally in the election of directors (or similar body).


 


1.29.        References
to “fines” shall include any excise tax or penalty assessed on Indemnitee with respect to any employee benefit
plan; references to “other enterprise” shall include employee benefit plans; references to “serving
at the request of the Company” shall include, without limitation, any service as a director, officer, employee, agent
or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to
in this Agreement.


 


1.30.        The
phrase “to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law”
shall include, but not be limited to: (a) to the fullest extent authorized or permitted by the provision of the DGCL that
authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement
of the DGCL and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted
after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.


 


ARTICLE 2


 


INDEMNITY IN THIRD-PARTY PROCEEDINGS


 


Subject to Article 8, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 2 if Indemnitee
is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not
prohibited by applicable law, Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties and, subject
to Section 10.3, amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that such conduct was unlawful. No indemnification for Expenses shall be made under this Article 2
in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject to further appeal)
by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court or any court in
which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.


 






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ARTICLE 3


 


INDEMNITY IN PROCEEDINGS BY OR IN THE
RIGHT OF THE COMPANY


 


Subject to Article 8, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 3 if Indemnitee
is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not prohibited by (and
not merely to the extent affirmatively permitted by) applicable law, Indemnitee shall be indemnified, held harmless and exonerated
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in
or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Article 3
in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject to further appeal)
by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court or any court in
which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.


 


ARTICLE 4


 


INDEMNIFICATION FOR EXPENSES OF A PARTY
WHO IS WHOLLY OR PARTLY SUCCESSFUL


 


Notwithstanding any other provisions of this
Agreement, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in
any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify, hold harmless
and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith. For the avoidance of doubt, if Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, then the Company
shall indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with each resolved claim, issue or matter, whether or not Indemnitee was wholly or partly
successful; provided that Indemnitee shall only be entitled to indemnification for Expenses with respect to unsuccessful
claims under this Article 4 to the extent Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause
to believe that such conduct was unlawful. For purposes of this Article 4 and without limitation, the termination of
any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or by settlement, shall be deemed to be
a successful result as to such claim, issue or matter.


 






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ARTICLE 5


 


INDEMNIFICATION FOR EXPENSES OF A WITNESS


 


Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.


 


ARTICLE 6


 


ADDITIONAL INDEMNIFICATION, HOLD HARMLESS
AND EXONERATION RIGHTS


 


In addition to and notwithstanding any limitations
in Articles 2, 3 or 4, but subject to Article 8, the Company shall indemnify, hold harmless and exonerate Indemnitee to the
fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law if Indemnitee is, was or is threatened
to be made a party to or a participant in, any Proceeding (including a Proceeding by or in the right of the Company to procure
a judgment in its favor) against all Expenses, judgments, fines, penalties and, subject to Section 10.3, penalties
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with the Proceeding. No indemnity shall be available under this Article 6 on
account of Indemnitee’s conduct that constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders
or is an act or omission not in good faith or that involves intentional misconduct or a knowing violation of the law.


 


ARTICLE 7


 


CONTRIBUTION IN THE EVENT OF JOINT LIABILITY


 


7.1.        To
the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law, if the indemnification rights
provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding
without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution
it may have at any time against Indemnitee.


 






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7.2.          The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.


 


7.3.          The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable with Indemnitee subject
to the other terms and provisions of the Agreement.


 


ARTICLE 8


 


EXCLUSIONS


 


8.1.          Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity, contribution or
advancement of Expenses in connection with any claim made against Indemnitee:


 


(a)           except
[as provided in Section 15.4, for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy of the Company or its Subsidiaries or other indemnity provision of the Company or its Subsidiaries,] except with respect
to any excess beyond the amount paid under any insurance policy, contract, agreement, other indemnity provision or otherwise; or


 


(b)           for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (or any similar successor statute) or similar provisions of state statutory
law or common law; or


 


(c)           in
connection with any Proceeding (or any part of any Proceeding) initiated or brought voluntarily by Indemnitee, including, without
limitation, any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers,
managers, managing members, employees or other indemnitees, other than a Proceeding initiated by Indemnitee to enforce its rights
under this Agreement, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) or (ii) the Company
provides the indemnification payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law;
or


 


(d)           for
the payment of amounts required to be reimbursed to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002,
as amended, or any similar successor statute; or


 


(e)           for
any payment to Indemnitee that is determined to be unlawful by a final judgment or other adjudication of a court or arbitration,
arbitral or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time
within which an appeal must be filed has expired without such filing and under the procedures and subject to the presumptions of
this Agreement; or


 






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(f)            in
connection with any Proceeding initiated by Indemnitee to enforce its rights under this Agreement if a court or arbitration, arbitral
or administrative body of competent jurisdiction determines by final judicial decision that each of the material assertions made
by Indemnitee in such Proceeding was not made in good faith or was frivolous.


 


The exclusions in this Article 8
shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.


 


ARTICLE 9


 


ADVANCES OF EXPENSES; SELECTION OF LAW
FIRM


 


9.1.          Subject
to Article 8, the Company shall, unless prohibited by applicable law, advance the Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding within ten business days after the receipt by the Company of a statement or statements
requesting such advances, together with a reasonably detailed written explanation of the basis therefor and an itemization of legal
fees and disbursements in reasonable detail, from time to time, whether prior to or after final disposition of any Proceeding.
Advances shall be unsecured and interest free. Indemnitee shall qualify for advances, to the fullest extent permitted by this Agreement,
solely upon the execution and delivery to the Company of an undertaking providing that Indemnitee undertakes to repay the advance
to the extent that it is ultimately determined, by final judicial decision of a court or arbitration, arbitral or administrative
body of competent jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to be indemnified
by the Company under the provisions of this Agreement or pursuant to applicable law. This Section 9.1 shall not apply
to any claim made by Indemnitee for which an indemnification payment is excluded pursuant to Article 8.


 






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9.2.          If
the Company shall be obligated under Section 9.1 hereof to pay the Expenses of any Proceeding against Indemnitee, then
the Company shall be entitled to assume the defense of such Proceeding upon the delivery to Indemnitee of written notice of its
election to do so. If the Company elects to assume the defense of such Proceeding, then unless the plaintiff or plaintiffs in such
Proceeding include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined
voting power of the Company’s then outstanding Voting Securities, the Company shall assume such defense using a single law
firm (in addition to local counsel) selected by the Company representing Indemnitee and other present and former directors or officers
of the Company. The retention of such law firm by the Company shall be subject to prior written approval by Indemnitee, which approval
shall not be unreasonably withheld, delayed or conditioned. If the Company elects to assume the defense of such Proceeding and
the plaintiff or plaintiffs in such Proceeding include one or more Persons holding, together with his, her or its Affiliates, in
the aggregate, a majority of the combined voting power of the Company’s then outstanding Voting Securities, then the Company
shall assume such defense using a single law firm (in addition to local counsel) selected by Indemnitee and any other present or
former directors or officers of the Company who are parties to such Proceeding. After (x) in the case of retention of any
such law firm selected by the Company, delivery of the required notice to Indemnitee, approval of such law firm by Indemnitee and
the retention of such law firm by the Company, or (y) in the case of retention of any such law firm selected by Indemnitee,
the completion of such retention, the Company will not be liable to Indemnitee under this Agreement for any Expenses of any other
law firm incurred by Indemnitee after the date that such first law firm is retained by the Company with respect to the same Proceeding;
provided, that in the case of retention of any such law firm selected by the Company (a) Indemnitee shall have the
right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense; and (b) if (i) the retention
of a law firm by Indemnitee has been previously authorized by the Company in writing, (ii) Indemnitee shall have reasonably
concluded that (1) there may be a conflict of interest between either (x) the Company and Indemnitee or (y) Indemnitee
and another present or former director or officer of the Company also represented by such law firm in the conduct of any such defense,
or (2) there may be defenses available to Indemnitee that are incompatible or inconsistent with those available to the Company
or another present or former director represented by such law firm in the conduct of such defense, or (iii) the Company shall
not, in fact, have retained a law firm to prosecute the defense of such Proceeding within thirty days, then the reasonable Expenses
of a single law firm retained by Indemnitee shall be at the expense of the Company. Notwithstanding anything else to the contrary
in this Section 9.2, the Company will not be entitled without the written consent of the Indemnitee to assume the defense
of any Proceeding brought by or in the right of the Company.


 


ARTICLE 10


 


PROCEDURE FOR NOTIFICATION; DEFENSE OF
CLAIM; SETTLEMENT


 


10.1.        Indemnitee
shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in
writing promptly of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement; provided,
however, that a delay in giving such notice shall not deprive Indemnitee of any right to be indemnified under this Agreement
unless, and then only to the extent that, such delay is materially prejudicial to the defense of such claim. The omission or delay
to notify the Company will not relieve the Company from any liability for indemnification which it may have to Indemnitee otherwise
than under this Agreement. The General Counsel of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification.


 


10.2.        The
Company will be entitled to participate in the Proceeding at its own expense.


 


10.3.        The
Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any claim effected
without the Company’s prior written consent, provided the Company has not breached its obligations hereunder. The Company
shall not settle any claim, including, without limitation, any claim in which it takes the position that Indemnitee is not entitled
to indemnification in connection with such settlement, nor shall the Company settle any claim which would impose any fine or obligation
on Indemnitee or attribute to Indemnitee any admission of liability, without Indemnitee’s prior written consent. Neither
the Company nor Indemnitee shall unreasonably withhold, delay or condition their consent to any proposed settlement.


 






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ARTICLE 11


 


PROCEDURE UPON APPLICATION FOR INDEMNIFICATION


 


11.1.        Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 10.1, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (a) by
a majority of the Company’s stockholders, (b) if a Change in Control shall have occurred, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (c) if a Change in Control shall not
have occurred, (i) by a majority vote of the Disinterested Directors (provided there is a minimum of three Disinterested Directors),
even though less than a quorum of the Board, (ii) by a committee of Disinterested Directors designated by a majority vote
of the Disinterested Directors (provided there is a minimum of three Disinterested Directors), even though less than a quorum of
the Board, or (iii) if there are less than three Disinterested Directors or, if such Disinterested Directors so direct, by
Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, and, if it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten business days after such determination
and any future amounts due to Indemnitee shall be paid in accordance with this Agreement. Indemnitee shall cooperate with the Persons
making such determination with respect to Indemnitee’s entitlement to indemnification, including, without limitation, providing
to such Persons 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, provided,
that nothing contained in this Agreement shall require Indemnitee to waive any privilege Indemnitee may have. Any costs or Expenses
(including, without limitation, reasonable and documented attorneys’ fees and disbursements) incurred by Indemnitee in so
cooperating with the Persons making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.


 






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11.2.        If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11.1 hereof,
the Independent Counsel shall be selected as provided in this Section 11.2. If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee
of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within thirty days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Article 1 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the
person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel
so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court or arbitration, arbitral
or administrative body has determined that such objection is without merit. If, within thirty days after submission by Indemnitee
of a written request for indemnification pursuant to Section 10.1 hereof, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may seek arbitration for resolution of any objection which shall have been
made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the arbitrator or by such other person as the arbitrator shall designate, and the person with respect
to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11.1
hereof. Such arbitration referred to in the previous sentence shall be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association, and Article 13 hereof shall apply in respect of such
arbitration and the Company and Indemnitee. Upon the due commencement of any arbitration pursuant to Section 13.1 of
this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
to the applicable standards of professional conduct then prevailing).


 


ARTICLE 12


 


PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS


 


12.1.        In
making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10.1 of this Agreement. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its Board,
its Independent Counsel and its stockholders) to have made a determination prior to the commencement of any action pursuant to
this Agreement that indemnification or advancement of expenses is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its Board, its Independent Counsel and its stockholders)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.


 


12.2.        If
the Person empowered or selected under Article 11 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty days after receipt by the Company of the request therefor, the
requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to
such indemnification, absent (a) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (b) a
final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided,
however, that such sixty-day period may be extended for a reasonable time, not to exceed an additional thirty days, if the
Person making the determination with respect to entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating of documentation and/or information relating thereto, provided further that, if final selection of
Independent Counsel has not occurred within thirty days after receipt by the Company of the request for indemnification, such sixty-day
period may be after the final selection of Independent Counsel pursuant to Section 11.2.


 






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12.3.            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval),
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.


 


12.4.            For
purposes of any determination of good faith pursuant to this Agreement, Indemnitee shall be deemed to have acted in good faith
if, among other things, Indemnitee’s action is based on the records or books of account of the Enterprise, including
financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of
their duties, or on the advice of legal counsel for the Enterprise, its board of directors, any committee of the board of directors
or any director, or on information or records given or reports made to the Enterprise, its board of directors, any committee of
the board of directors or any director, by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Enterprise, its board of directors, any committee of the board of directors or any director. The provisions
of this Section 12.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee
may be deemed or found to have met the applicable standard of conduct set forth in this Agreement. In any event, it shall be presumed
that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence.


 


12.5.            The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement.


 


12.6.            The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.


 



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ARTICLE 13


 


REMEDIES OF INDEMNITEE


 


13.1.            In
the event that (a) a determination is made pursuant to Article 11 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (b) advancement of Expenses, to the fullest extent permitted by applicable law, is
not timely made pursuant to Article 9 of this Agreement, (c) no determination of entitlement to indemnification
shall have been made pursuant to Section 11.1 of this Agreement within thirty days after receipt by the Company of
the request for indemnification and of reasonable documentation and information which Indemnitee may be called upon to provide
pursuant to Section 11.1, (d) payment of indemnification is not made pursuant to Articles 4, 5,
6 or the last sentence of Section 11.1 of this Agreement within ten business days after receipt by the Company
of a written request therefor, (e) a contribution payment is not made in a timely manner pursuant to Article 7
of this Agreement, (f) payment of indemnification pursuant to Article 3 or 6 of this Agreement is not made
within thirty days after a determination has been made that Indemnitee is entitled to indemnification or (g) the Company or
any representative thereof takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee
hereunder, Indemnitee may either (a) be entitled to an adjudication by a court of competent jurisdiction of Indemnitee’s
entitlement to such indemnification, contribution or advancement of Expenses or (b) seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set
forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. The award rendered
by such arbitration will be final and binding upon the parties hereto, and final judgment on the arbitration award may be entered
in any court of competent jurisdiction.


 


13.2.            In
the event that a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Article 13 shall be
conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of
that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Article 13, Indemnitee
shall be presumed to be entitled to receive advances of Expenses under this Agreement and the Company shall have the burden of
proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer
to or introduce into evidence any determination pursuant to Section 11.1 of this Agreement adverse to Indemnitee for
any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Article 13, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Article 9 until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal shall have been exhausted
or lapsed).


 



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13.3.            If
a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article 13,
absent (a) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification or (b) a prohibition of such indemnification
under applicable law.


 


13.4.            The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article 13
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.


 


13.5.            The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten business days after the Company’s receipt of such written request) pay to Indemnitee, to
the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee (a) to enforce his or her rights under, or to recover damages for breach of,
this Agreement or any other indemnification, advancement or contribution agreement or provision of the Certificate of Incorporation,
or the Bylaws now or hereafter in effect; or (b) for recovery or advances under any insurance policy maintained by any person
for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration
was not brought by Indemnitee in good faith).


 


13.6.            Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, or is
obliged to indemnify, for the period commencing with the date on which Indemnitee requests indemnification, contribution, reimbursement
or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.


 


ARTICLE 14


 


SECURITY


 


Notwithstanding anything herein to the contrary,
to the extent requested by Indemnitee and approved by the Board, the Company may, as permitted by applicable securities laws, at
any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable
bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released
without the prior written consent of Indemnitee.


 



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ARTICLE 15


 


NON-EXCLUSIVITY; SURVIVAL OF RIGHTS;
INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION


 


15.1.            The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders
or a resolution of directors, or otherwise. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification or advancement of Expenses than would be afforded currently under the Certificate of Incorporation,
the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other right or remedy.


 


15.2.            The
DGCL, the Certificate of Incorporation and the Bylaws permit the Company to purchase and maintain insurance or furnish similar
protection or make other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf
of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status
as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of
this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment and maintenance of any such Indemnification
Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement
except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in
any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.


 


15.3.            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such person
serves at the request of the Company, 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 such director, officer, trustee, partner, manager, managing member,
fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding
as to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to
cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the
terms of such policies and Indemnitee shall promptly cooperate with any request by the Company or insurers in connection with such
action.


 



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15.4.            [The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of Expenses and/or insurance provided
by the Indemnitee-Related Entities. The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations
to Indemnitee are primary and any obligation of the Indemnitee-Related Entities to advance Expenses or to provide indemnification
for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the
full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines
and amounts paid in settlement to the extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable
law and as required by the terms of this Agreement and the Certificate of Incorporation or the Bylaws (or any other agreement between
the Company and Indemnitee), without regard to any rights Indemnitee may have against the Indemnitee-Related Entities and (iii) that
it irrevocably waives, relinquishes and releases the Indemnitee-Related Entities from any and all claims against the Indemnitee-Related
Entities for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Indemnitee-Related Entities on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall reduce or otherwise alter the rights of Indemnitee or the obligations of the
Company hereunder. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related
Entities. In the event that any of the Indemnitee-Related Entities shall make any advancement or payment on behalf of Indemnitee
with respect to any claim for which Indemnitee has sought indemnification from the Company, the Indemnitee-Related Entity making
such payment shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the
rights of recovery of Indemnitee against the Company, and Indemnitee shall execute all papers reasonably required and take all
action reasonably necessary to secure such rights, including, without limitation, execution of such documents as are necessary
to enable the Indemnitee-Related Entities to bring suit to enforce such rights. The Company and Indemnitee agree that the Indemnitee-Related
Entities are express third party beneficiaries of the terms of this Section 15.4, entitled to enforce this Section 15.4
as though each of the Indemnitee-Related Entities were a party to this Agreement.]


 


15.5.            [Except
as provided in Section 15.4,] in the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee [(other than against the Indemnitee-Related Entities)],
who shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including, without
limitation, execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.


 


15.6.            [Except
as provided in Section 15.4,] the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise.


 


15.7.            [Except
as provided in Section 15.4,] the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee
or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification payments or
advancement of Expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (a) Indemnitee
shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification advancement, contribution or insurance
coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance
of all its obligations under this Agreement, and (b) the Company shall perform fully its obligations under this Agreement
without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, contribution or insurance
coverage rights against any person or entity other than the Company.


 



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ARTICLE 16


 


ENFORCEMENT AND BINDING EFFECT


 


16.1.            The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve or continue to serve as a director, officer or key employee of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director, officer or key employee
of the Company.


 


16.2.            This
Agreement shall be effective as of the date set forth on the first page and may apply to acts or omissions of Indemnitee which
occurred prior to such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the
request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of another
corporation, limited liability company, partnership, joint venture, trust or other enterprise, at the time such act or omission
occurred.


 


16.3.            The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or
specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.
The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief,
including, without limitation, temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity
of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond
or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of such a bond or
undertaking.


 


ARTICLE 17


 


MISCELLANEOUS


 


17.1.            Successors
and Assigns. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of Indemnitee and Indemnitee’s assigns, heirs, executors and administrators. The Company shall require and cause any successor
(whether direct or indirect successor 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 reasonably 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.


 



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17.2.            Section 409A.
It is intended that any indemnification payment or advancement of Expenses made hereunder shall be exempt from Section 409A
of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant
to Treasury Regulation Section 1.409A-1(b)(10). Notwithstanding the foregoing, if any indemnification payment or advancement
of Expenses made hereunder shall be determined to be “nonqualified deferred compensation” within the meaning of Section 409A,
then (i) the amount of the indemnification payment or advancement of Expenses during one taxable year shall not affect the
amount of the indemnification payments or advancement of Expenses during any other taxable year, (ii) the indemnification
payments or advancement of Expenses must be made on or before the last day of the Indemnitee’s taxable year following the
year in which the expense was incurred and (iii) the right to indemnification payments or advancement of Expenses hereunder
is not subject to liquidation or exchange for another benefit.


 


17.3.            Severability.
In the event that any provision of this Agreement is determined by a court to require the Company to do or to fail to do an act
which is in violation of applicable law, such provision (including, without limitation, any provision within a single Article,
Section, paragraph or sentence) shall be limited or modified in its application to the minimum extent necessary to avoid a violation
of law, and, as so limited or modified, such provision and the balance of this Agreement shall be enforceable in accordance with
their terms to the fullest extent permitted by law.


 


17.4.            Entire
Agreement. Without limiting any of the rights of Indemnitee under the Certificate of Incorporation or Bylaws, this Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.


 


17.5.            Modification,
Waiver and Termination. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding
unless executed in writing by each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute
a continuing waiver.


 


17.6.            Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been
directed or (b) mailed by certified or registered mail with postage prepaid on the third business day after the date on which
it is so mailed:


 


(i)        If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall
provide in writing to the Company.


 



    20


     


    

 


(ii)          If
to the Company, to:


 


Latham Group, Inc.

787 Watervliet Shaker Road

Latham, New York 12110

Attention: General Counsel

E-mail:       


 


or to any other address as may have been furnished to Indemnitee
in writing by the Company.


 


17.7.            Applicable
Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws rules. If, notwithstanding the foregoing sentence,
a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware
govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances
be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.


 


17.8.            Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.


 


17.9.            Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.


 


17.10.          Representation
by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal counsel in connection with
the negotiation and execution of this Agreement. No provision of this Agreement shall be construed against or interpreted to the
disadvantage of any party by any court or arbitrator or any governmental authority by reason of such party having drafted or being
deemed to have drafted such provision.


 


17.11.          Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company,
the Indemnitee, or Indemnitee’s spouse, heirs, executors or personal or legal representatives against the Company, Indemnitee,
or Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the
date of accrual of such cause of action, and any claim or cause of action of the Company, the Indemnitee, or Indemnitee’s
spouse, heirs, executors or personal or legal representatives, shall be extinguished and deemed released unless asserted by the
timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to any such cause of action, such shorter period shall govern.


 


17.12.          Additional
Acts. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is
required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner
that will enable the Company to fulfill its obligations under this Agreement.


 


[Signature page follows]


 



    21


     


    

 


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


 


	 	COMPANY:
	 	 	 
	 	LATHAM GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INDEMNITEE:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	 
	 	Address:



 


[Signature page to Indemnification Agreement]