Exhibit 10.1


 


 





Indemnification
AND ADVANCEMENT Agreement


 


This Indemnification
Agreement (this “Agreement”) is made as of ________________, 2017, by and between Moleculin Biotech, Inc., a
Delaware corporation (the “Company”), and __________________ (“Indemnitee”). Capitalized
terms used but not otherwise defined herein have the meanings set forth in Section 12.


 


RECITALS


 


WHEREAS, in
the current market and legal environment, qualified persons have become more reluctant to serve corporations as directors unless
they are provided with adequate protection through insurance or adequate indemnification against significant risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation;


 


WHEREAS, directors
and other persons in service to business enterprises are being increasingly subjected to expensive and time consuming litigation;


 


WHEREAS,
the uncertainties relating to liability insurance and to indemnification have increased the difficulty of retaining existing
and attracting future qualified persons to serve on the board and to serve the company in other capacities;


 


WHEREAS, the
Board of Directors of the Company (the “Board”) has determined that, in order to retain current and attract
future qualified individuals to serve on the Board or to act as executive officers of the Company, the Company will attempt to
maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries
from certain liabilities, even if, given current market conditions and trends, such insurance may be available to it in the future
only at higher premiums and with more exclusions;


 


WHEREAS, the
Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;


 


WHEREAS, the
Company desires and intends hereby to provide certain rights to indemnification and advancement of expenses against certain liabilities
asserted against or incurred by Indemnitee as allowed by the General Corporation Law of the State of Delaware (the “DGCL”)
(including section 145 of the DGCL), and further desires and intends that the terms of indemnification and advancement of costs
be reduced to written agreement; and


 


WHEREAS, this
Agreement is a supplement to and in furtherance of the indemnification provisions of the Company’s Certificate of Incorporation,
as amended to date, and any resolutions adopted pursuant thereto, and except as specifically provided herein shall not be a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder or otherwise.


 


NOW THEREFORE,
in consideration of the premises and the covenants contained herein and Indemnitee’s agreement to provide services to the
Company, the receipt and sufficiency of which are hereby acknowledged, the Company and Indemnitee do hereby covenant and agree
as follows:


 






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1.       Indemnification.


 


(a)       Third-Party
Proceedings. To the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee, if Indemnitee was,
is 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 the Company’s favor, for which Indemnitee will be indemnified
pursuant to Section 1(b)), against all reasonable Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred by Indemnitee in connection with such Proceeding 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 Indemnitee’s conduct was unlawful.


 


(b)       Proceedings
By or in the Right of the Company. To the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee,
if Indemnitee was, is 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 the Company’s favor, against all Expenses, judgments, fines and amounts
paid in settlement actually and reasonably incurred by Indemnitee in connection with such Proceeding 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, except that
no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudicated
by court order or judgment to be liable to the Company unless and only to the extent that the Court of Chancery or the court in
which such Proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.


 


(c)       Success
on the Merits. To the fullest extent permitted by applicable law and to the extent that Indemnitee has been successful
on the merits or otherwise in defense of any Proceeding referred to in Section 1(a) or Section 1(b) or the defense of any claim,
issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses, judgments, fines and
amounts paid in settlement actually and reasonably incurred by Indemnitee in connection therewith. No standard of conduct determination
shall be required. Without limiting the generality of the foregoing, if Indemnitee is successful on the merits or otherwise as
to one or more but less than all claims, issues or matters in a Proceeding, the Company shall indemnify Indemnitee against all
Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with such
successfully resolved claims, issues or matters to the fullest extent permitted by applicable law. Without limiting the generality
of the foregoing, Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect to a Proceeding
if such Proceeding is disposed of on the merits or otherwise (including a disposition without prejudice) without (i) the disposition
being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Company, (iii) a plea of guilty by Indemnitee,
(iv) an adjudication that Indemnitee did not act in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company, and (v) with respect to any criminal Proceeding, an adjudication that Indemnitee had reasonable
cause to believe Indemnitee’s conduct was unlawful.


 


(d)       Witness
Expenses. To the fullest extent permitted by applicable law and to the extent that Indemnitee is a witness or otherwise
asked to participate in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee in connection with such Proceeding.


 


(e)       Payment
of Indemnification. To the extent payments are required to be made hereunder, the Company shall pay to Indemnitee such
amounts within ten (10) days after the receipt by the Company of Indemnitee’s request.


 






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2.       Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the
Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including all
liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon
the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment
to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 3 and 4)
to be unlawful.


 


3.       Advancement
of Expenses and Indemnification Procedure.


 


(a)       Advancement
of Expenses. The Company shall advance all Expenses actually and reasonably paid or incurred by Indemnitee in connection
with a Proceeding within ten (10) days after receipt by the Company of a statement requesting such advances from time to time,
whether prior to or after final disposition of any Proceeding. Indemnitee’s right to such advancement is not subject to the
satisfaction of any standard of conduct. Such advances shall be unsecured and interest free and shall be made without regard to
Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification
under the other provisions of this Agreement. In connection with any request for Expense advances, Indemnitee shall not be required
to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. Indemnitee shall be entitled to continue to receive advancement of Expenses pursuant to this Section 3(a) unless
and until the matter of Indemnitee’s entitlement to indemnification hereunder has been finally adjudicated by court order
or judgment from which no further right of appeal exists. Indemnitee hereby undertakes to repay such amounts advanced only if,
and to the extent that, it ultimately is determined that Indemnitee is not entitled to be indemnified by the Company under the
other provisions of this Agreement. Indemnitee shall qualify for advances upon the execution and delivery of this Agreement, which
shall constitute the requisite undertaking with respect to repayment of advances made hereunder and no other form of undertaking
shall be required to qualify for advances made hereunder other than the execution of this Agreement. Notwithstanding any of the
foregoing or anything else in this Agreement or any other document to the contrary, except to the extent required by legal service
or court order, any action by an Indemnitee, as determined by a non-appealable decision of a court of competent jurisdiction, that
assists a third party plaintiff or proposed third party plaintiff in formulating or prosecuting a claim against the Company, or
any director or officer or former director and officer of the Company for actions or inactions taken with respect to the Company,
will vitiate the advancement of expenses obligation contemplated hereunder ab initio; provided, however, that such vitiation shall
not be applicable if Indemnitee’s action is in connection with a whistleblower or similar claim or a claim for indemnification
or advancement of expenses.


 


(b)       Notice
and Cooperation by Indemnitee. Indemnitee shall promptly notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter for which indemnification
will or could be sought under this Agreement. Such notice to the Company shall include a description of the nature of, and facts
underlying, the Proceeding, shall be directed to the Chief Executive Officer of the Company and shall be given in accordance with
the provisions of Section 13(d). In addition, Indemnitee shall give the Company such additional information and cooperation as
the Company or its counsel may reasonably request, provided that such documentation and information may exclude any privileged
or similarly protected information. Indemnitee’s failure to so notify, provide information and otherwise cooperate with the
Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, except to the extent
that the Company is adversely affected by such failure.


 






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(c)       Determination
of Entitlement. Notwithstanding any other provision in this Agreement to the contrary, no determination as to entitlement
to indemnification under this Agreement shall be required to be made prior to the final disposition of a Proceeding. Subject to
the foregoing, promptly after receipt of a statement requesting payment with respect to the indemnification rights set forth in
Section 1, to the extent required by applicable law, the Company shall take the steps necessary to authorize such payment
in the manner set forth in Section 145 of the DGCL. If the determination of entitlement to indemnification is to be made by
Independent Counsel (as defined below) pursuant to Section 145(d)(3) of the DGCL, the Independent Counsel shall be selected by
the Board and written notice of such selection shall be given to Indemnitee. Indemnitee may, within ten (10) days after such written
notice of selection shall have been given, deliver to the Company 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 Section 12, 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 a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a
written request for indemnification pursuant to Section 3, no Independent Counsel shall have been selected and not objected to,
either the Company or Indemnitee may petition the Delaware Court or other court of competent jurisdiction for resolution of any
objection which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with
respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting
pursuant to this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Agreement,
regardless of the manner in which such Independent Counsel was selected or appointed. The Company shall pay any claims made under
this Agreement, under any statute, or under any provision of the Company’s Certificate of Incorporation or Bylaws providing
for indemnification or advancement of Expenses, within ten (10) days after a written request for payment thereof has first been
received by the Company, and if such claim is not paid in full within such ten (10) day-period, Indemnitee may, but need not, at
any time thereafter bring an action against the Company in the Delaware Court of Chancery to recover the unpaid amount of the claim
and Indemnitee shall also be entitled to be paid for all Expenses actually and reasonably incurred by Indemnitee in connection
with bringing such action. It shall be a defense to any such action (other than an action brought to enforce a claim for advancement
of Expenses under Section 3(a)) that Indemnitee has not met the standards of conduct which make it permissible under applicable
law for the Company to advance expenses to Indemnitee or to indemnify Indemnitee for the amount claimed. In making a determination
with respect to entitlement to indemnification (but not advancement) hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement and the Company shall have the burden of proof
to overcome that presumption with clear and convincing evidence to the contrary. The termination of any Proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, 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, in the case of a criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s
conduct was unlawful. In addition, it is the parties’ intention that if the Company contests Indemnitee’s right to
indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide, and neither the
failure of the Company (including its Board, any committee or subgroup of the Board, Independent Counsel or its stockholders) to
have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable
standard of conduct required by applicable law, nor an actual determination by the Company (including its Board, any committee
or subgroup of the Board, Independent Counsel or its stockholders) that Indemnitee has not met such applicable standard of conduct,
shall create a presumption that Indemnitee has or has not met the applicable standard of conduct.


 


(d)       Payment
Directions. To the extent payments are required to be made hereunder, the Company shall, in accordance with Indemnitee’s
request (but without duplication), (i) pay such Expenses on behalf of Indemnitee, (ii) advance to Indemnitee funds in an amount
sufficient to pay such Expenses, or (iii) reimburse Indemnitee for such Expenses.


 


(e)       Notice
to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Section 3(b), 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 reasonably necessary
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.


 






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(f)       Defense
of Claim and Selection of Counsel. In the event the Company shall be obligated under Section 3(a) to advance Expenses with
respect to any Proceeding, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel
reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election so to do. After delivery
of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be
liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same
Proceeding, provided that (i) Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee’s
expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) appointed
counsel shall have concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any
such defense that precludes such counsel’s representation of Indemnitee, and the Company shall have failed to appoint alternative
counsel within thirty days’ of being notified in writing that appointed counsel shall have concluded that there may be a
conflict of interest between the Company and Indemnitee in the conduct of any such defense that precludes such counsel’s
representation of Indemnitee or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding,
then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. In addition, if there exists a
potential, but not an actual conflict of interest between the Company and Indemnitee, the actual and reasonable legal fees and
expenses incurred by Indemnitee for separate counsel (approved in advance by the Company) retained by Indemnitee to monitor the
Proceeding (so that such counsel may assume Indemnitee’s defense if the conflict of interest between the Company and Indemnitee
becomes an actual conflict of interest) shall be deemed to be Expenses that are subject to indemnification hereunder. The existence
of an actual or potential conflict of interest, and whether such conflict may be waived, shall be determined pursuant to the rules
of attorney professional conduct and applicable law. The Company shall not be required to obtain the consent of Indemnitee for
the settlement of any Proceeding the Company has undertaken to defend if the Company assumes full and sole responsibility for each
such settlement; provided, however, that the Company shall be required to obtain Indemnitee’s prior written approval, which
shall not be unreasonably withheld, before entering into any settlement which (1) does not grant Indemnitee a complete release
of liability, (2) would impose any penalty or limitation on Indemnitee, or (3) would admit any liability or misconduct by Indemnitee.


 


(g)Further
Instruction. If the person, persons or entity empowered or selected to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) 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 (i) 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 (ii) a prohibition
of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time,
not to exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement
to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 3(g) shall not apply if the determination of entitlement
to indemnification is to be made by the stockholders pursuant to Section 145(d)(4) of the DGCL and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination, the Board or the disinterested directors, if appropriate, resolve
to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five
(75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within
fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
sixty (60) days after having been so called and such determination is made thereat. Indemnitee shall reasonably cooperate with
the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such person, persons or entity 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.
Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity 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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4.       Remedies
of Indemnitee.


 


(a)       In
the event that (i) a determination is made pursuant to Section 3 that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3, (iii) no determination of entitlement
to indemnification is made pursuant to Section 3 within the applicable period of time set forth above after receipt by the Company
of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days
after receipt by the Company of a written request therefor, (v) payment of indemnification is not made within ten (10) days
after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been
made pursuant to Section 3 or (vi) the Company or any other person takes any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee the benefits provided
or intended to be provided hereunder, then, in each case, Indemnitee shall be entitled to an adjudication in an appropriate court
of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.
The Company shall not oppose Indemnitee’s right to seek any such adjudication.


 


(b)       In
the event that a determination shall have been made pursuant to Section 3 that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 4 shall be conducted in all respects as a de novo trial on the merits,
and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 3.


 


(c)       If
a determination shall have been made pursuant to Section 3 that Indemnitee is entitled to indemnification, the Company shall be
bound by such determination in any judicial proceeding commenced pursuant to this Section 4, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable
law.


 


(d)       In
the event that Indemnitee, pursuant to this Section 4, seeks a judicial adjudication of Indemnitee’s rights under, or to
recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all expenses (of the
types described in the definition of Expenses in Section 12) actually and reasonably incurred by Indemnitee in such judicial adjudication,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance
recovery. The Company irrevocably authorizes Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the
expense of the Company to the extent provided hereunder or under applicable law, to advise and represent Indemnitee in connection
with any such judicial adjudication or recovery, including the initiation or defense of any litigation or other legal action, whether
by or against the Company or any director, officer, stockholder or other person affiliated with the Company. Notwithstanding any
existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to Indemnitee’s
entering into an attorney-client relationship with such counsel, and in that connection the Company and Indemnitee agree that a
confidential relationship shall exist between Indemnitee and such counsel.


 


(e)       The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 4 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 Company shall indemnify Indemnitee against any and all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not
prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled
to such indemnification, advancement of Expenses or insurance recovery, as the case may be.


 


(f)       Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.


 






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5.       Additional
Indemnification Rights.


 


(a)       Scope.
Notwithstanding any other provision of this Agreement, the Company shall indemnify Indemnitee to the fullest extent permitted by
law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s
Certificate of Incorporation, the Company’s Bylaws, in each case, as may be then in effect, or by statute. In the event of
any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation
to indemnify a member of its board of directors or an officer, such changes shall be deemed to be within the purview of Indemnitee’s
rights and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule
which narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer, such changes,
to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this
Agreement or the parties’ rights and obligations hereunder. The Company shall not adopt any amendment to, or otherwise repeal
or alter, any of the Certificate of Incorporation, the Bylaws or other constituent documents containing indemnification rights
to the extent such action would have the effect of denying, diminishing or encumbering Indemnitee’s right to indemnification
under this Agreement or any other indemnity rights. 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.


 


(b)       Nonexclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled
under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested members
of the Board, the DGCL, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity
while holding such office.


 


(c)       Interest
on Unpaid Amounts. If any payment to be made by the Company to Indemnitee hereunder is delayed by more than thirty (30)
days from the date the duly prepared request for such payment is received by the Company, interest shall be paid by the Company
to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies or is obligated to indemnify for the
period commencing with the date on which Indemnitee actually incurs such Expense or pays such judgment, fine or amount in settlement
and ending with the date on which such payment is made to Indemnitee by the Company.


 


(d)       Insurance.
For the duration of Indemnitee’s service as a director or officer of the Company, and thereafter for so long as
Indemnitee shall be subject to any pending claim relating to an indemnifiable event hereunder, the Company shall use commercially
reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to
maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most
favorably insured of the Company’s directors by such policy. Upon request, the Company shall provide to Indemnitee copies
of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and
other related materials.


 


6.       Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for
some or a portion of the Expenses, judgments, fines or amounts paid in settlement, actually and reasonably incurred in connection
with a Proceeding, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the
portion of such Expenses, judgments, fines and amounts paid in settlement to which Indemnitee is entitled.


 






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7.       Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act
in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this
Agreement shall not constitute a breach of this Agreement. If this Agreement or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted
by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated
shall be enforceable in accordance with its terms.


 







8.       Exclusions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:


 


(a)       Claims
Initiated or Assisted by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Proceedings initiated
or brought voluntarily by Indemnitee, except with respect to Proceedings (i) the initiation of which was consented to by the Board
or (ii) brought to establish, enforce or interpret a right to indemnification under this Agreement or any other statute or law
or otherwise as required under Section 145 of the DGCL, provided, that, in each case, such indemnification or advancement
of Expenses may be provided by the Company in specific cases if the Board finds it to be appropriate and in the Company’s
interest; provided, further, however, that, notwithstanding the foregoing, the Company shall be obligated to indemnify Indemnitee
and advance Expenses in the event of any investigation initiated or brought by Indemnitee to the extent reasonably necessary or
advisable in support of Indemnitee’s defense of a Proceeding to which Indemnitee was, is or is threatened to be made, a party;


 


(b)       Lack
of Good Faith. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding instituted
by Indemnitee to establish, enforce or interpret a right to indemnification under this Agreement or any other statute or law or
otherwise as required under Section 145 of the DGCL, if a court of competent jurisdiction determines that each of the material
assertions made by Indemnitee in such proceeding was not made in good faith;


 


(c)       Insured
Claims. To indemnify Indemnitee for Expenses to the extent such Expenses have been paid directly to Indemnitee by an insurance
carrier under an insurance policy maintained by the Company; or


 


(d)       Certain
Securities Exchange Act of 1934 Claims. To indemnify Indemnitee in connection with any claim made against Indemnitee for
(i) 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 any similar provisions of state
statutory law or common law, (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under
the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section
304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising
from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), or (iii) any fines
payable under state or federal securities laws; provided, however, that to the fullest extent permitted by applicable law and to
the extent Indemnitee is successful on the merits or otherwise with respect to any such Proceeding, the Expenses actually and reasonably
incurred by Indemnitee in connection with any such Proceeding shall be deemed to be Expenses that are subject to indemnification
hereunder.


 


9.       Contribution.


 


(a)       Whether
or not the indemnification provided in this Agreement is available, in respect of any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or 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. The Company shall not enter into any settlement of any action, suit or proceeding in
which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement
provides for a full and final release of all claims asserted against Indemnitee.


 






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(b)       Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action,
suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent
necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors
or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transactions or events that resulted
in such Expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may
require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than
Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand,
and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree
to which their conduct is active or passive.


 


(c)       The
Company shall fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors
or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.


 


(d)       To
the fullest extent permissible under applicable law and without diminishing or impairing the obligations of the Company set forth
in the preceding subparagraphs of this Section 9, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion 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 directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).


 


10.       No
Imputation. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company
or the Company itself shall not be imputed to Indemnitee for purposes of determining any rights under this Agreement.


 


11.       Determination
of Good Faith. For purposes of any determination of good faith, 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 Enterprise, including financial statements, or
on information, opinion, reports or statements supplied to Indemnitee by the officers or employees of the Enterprise in the course
of their duties, or on the advice of legal counsel for the Enterprise or the Board of Directors of the Enterprise or any counsel
selected by any committee of the Board of Directors of the Enterprise or on information or records given or reports made to the
Enterprise by an independent certified public accountant or by an appraiser, investment banker, compensation consultant, or other
expert selected with reasonable care by the Enterprise or the Board of Directors of the Enterprise or any committee thereof. The
provisions of this Section 11 shall not be deemed to be exclusive or to limit in any way the other circumstances in which
Indemnitee may be deemed to have met the applicable standard of conduct. Whether or not the foregoing provisions of this Section
are satisfied, it shall in any event 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.


 






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12.       Defined
Terms and Phrases. For purposes of this Agreement, the following terms shall have the following meanings:


 


(a)       
“Company” shall include, in addition to the resulting corporation, any constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have
had power and authority to indemnify its directors, officers, and 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, trustee, general partner, managing member, fiduciary, employee or agent of any other enterprise, Indemnitee
shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation
as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.


 


(b)       “Enterprise”
means the Company and any other enterprise that Indemnitee was or is serving at the request of the Company as a director, officer,
partner (general, limited or otherwise), member (managing or otherwise), trustee, fiduciary, employee or agent.


 


(c)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


(d)       “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including all attorneys’
fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators
and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any
federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payment under
this Agreement (including taxes that may be imposed upon the actual or deemed receipt of payments under this Agreement with respect
to the imposition of federal, state, local or foreign taxes), fax transmission charges, secretarial services and all other disbursements,
obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, settlement or appeal of, or otherwise participating in a Proceeding. Expenses also shall include any of the
forgoing expenses incurred in connection with any appeal resulting from any Proceeding, including the principal, premium, security
for, and other costs relating to any costs bond, supersedes bond, or other appeal bond or its equivalent. Expenses also shall
include any interest, assessment or other charges imposed thereon and costs incurred in preparing statements in support of payment
requests hereunder. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or
fines against Indemnitee. For the purposes of any advancement of Expenses for which Indemnitee has made written demand to the
Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s
counsel as being reasonable shall be presumed conclusively to be reasonable. 


 


(e)       
“Independent Counsel” means a law firm, or a member of a law firm, that is of regional or national recognition
and experienced in matters of corporation law, and neither presently is, nor in the past five years has been, retained to represent:
(i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee
under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) 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 shall pay the reasonable fees 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.


 






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(f)       “Proceeding”
shall include any actual, threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by a third
party, a government agency, the Company or its Board or a committee thereof, whether in the right of the Company or otherwise and
whether of a civil (including intentional or unintentional tort claims), criminal, administrative, legislative or investigative
(formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is, will or might be involved as a party,
potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s
part while acting as a director, officer, employee or agent 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, partner (general, limited or otherwise), member (managing or otherwise),
trustee, fiduciary, employee or agent of any other enterprise, in each case whether or not 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, including one pending on or before the date of this Agreement, but excluding one initiated by Indemnitee pursuant
to Section 4 to enforce Indemnitee’s rights under this Agreement.


 


(g)       In
addition, references to “other enterprise” shall include another corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or any other enterprise; references to “fines” shall include
any excise taxes assessed on Indemnitee with respect to an employee benefit plan; references to “serving at the request
of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties
on, or involves services by Indemnitee 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 interest 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; references to “applicable law” in Section 1 refer to applicable
law (including the laws of the State of Delaware) in effect on the date hereof, or as such laws may hereafter be amended from time
to time to increase the scope of permitted indemnification; references to “include” or “including”
shall mean include or including, without limitation; references to Sections, paragraphs or clauses are to Sections, paragraphs
or clauses in this Agreement unless otherwise specified; and the Company and Indemnitee are individually referred to herein as
a “party” and collectively as the “parties.”


 


13.       Miscellaneous.


 


(a)       Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles
of conflicts of law.


 


(b)       Entire
Agreement; Binding Effect. Without limiting any of the rights of Indemnitee described in Section 5(b), this Agreement sets
forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions
and supersedes any and all previous agreements between them covering the subject matter herein. The indemnification provided under
this Agreement applies with respect to events occurring before or after the effective date of this Agreement, and shall continue
to apply even after Indemnitee has ceased to serve the Company in any and all indemnified capacities.


 


(c)       Amendments
and Waivers. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall
be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under
this Agreement shall not be construed as a waiver of any rights of such party.


 






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(d)       Notices.
Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be deemed sufficient
(i) when delivered personally, (ii) 48 hours after being sent by nationally-recognized courier or deposited in the U.S. mail, as
certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as
set forth below or as subsequently modified by written notice, or (iii) upon confirmation of receipt by the recipient when sent
by electronic mail or facsimile. All communications shall be sent:


 


To Indemnitee
at:


 







 



 


To the
Company at:


 


2575 West Bellfort


Suite


Houston, TX 77054


Attn: Chief Executive Officer


 


or to such other address as may have been
furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.


 


(e)       Successors
and Assigns. This Agreement shall be binding upon the Company and its 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) and assigns,
and inure to the benefit of Indemnitee and Indemnitee’s heirs, executors, administrators, legal representatives and assigns.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all or substantially all 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.


 


(f)       No
Employment Rights. Nothing contained in this Agreement is intended to create in Indemnitee any right to continued employment.


 


(g)       Company
Position. The Company shall be precluded from asserting, in any Proceeding brought for purposes of establishing, enforcing
or interpreting any right to indemnification under this Agreement, 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
and is precluded from making any assertion to the contrary.


 


(h)       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 documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company to effectively bring suit to enforce such rights.


 


(i)       Third
Party Beneficiaries. There are no intended third party beneficiaries of this Agreement.


 






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(j)       Reliance
and Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations
imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. The Company shall not seek
from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting Indemnitee’s
rights to receive advancement of expenses under this Agreement.


 


(k)       Headings;
Recitals. The headings in this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof. The recitals hereto are incorporated herein and made a part hereof.


 


(l)       Security.
To the extent requested by Indemnitee and approved by the Board (not to be unreasonably withheld, conditioned or delayed), the
Company may 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.


 


(m)       Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or
officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Proceeding and (ii)
throughout the pendency of any Proceeding commenced by Indemnitee to enforce or interpret Indemnitee’s rights under this
Agreement, even if, in either case, Indemnitee may have ceased to serve in such capacity at the time of any such Proceeding.


 


(e)       Counterparts.
This Agreement may be executed by original, facsimile signature, electronic mail or other transmission method in two or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one and the same instrument.


 


[Signature Page Follows]





 






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The parties have executed this Agreement
as of the date first set forth above.


 


	 	 	the company:
	 	 	 	 	 
	 	 	MOLECULIN BIOTECH, inc.
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	(Signature)	 
	 	 	Name: 	 	 
	 	 	 	 	 
	 	 	Title:	 	 
	 	 	 	 	 
	 	 	 	 	 
	AGREED TO AND ACCEPTED:	 	 	 	 
	 	 	 	 	 
	INDEMNITEE:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	(print name)	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	(Signature)	 	 	 	 


 






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