Exhibit 10.8


 


INDEMNITY AGREEMENT


 


This Indemnity Agreement (the
“Agreement”), dated as of October __, 2021, is entered into by and among Laffin Acquisition Corp., a Delaware
corporation (the “Parent”), Guerrilla RF, Inc., a Delaware corporation (“Guerrilla”
and together with the Parent, the “Companies”), and the undersigned Indemnitee (the “Indemnitee”).


 


W I T N E S S E T H:


 


WHEREAS, Indemnitee is a director
on the board of directors of the Parent (the “Board of Directors”) and/or an officer of the Parent, as well as a director
and/or an officer of Merger Sub (hereinafter defined), and in such capacity(ies) is performing valuable services for the Parent; and


 


WHEREAS, the Parent, Guerrilla
RF Acquisition Corp. (the “Merger Sub”), a Delaware corporation, and Guerrilla plan to enter into an Agreement and
Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which Merger Sub shall merge with and into
Guerrilla, with Guerrilla remaining as the surviving entity and a wholly-owned operating subsidiary of the Parent (the “Merger”);
\ and


 


WHEREAS, it is intended that
Indemnitee shall be paid promptly by the Companies all amounts necessary to effectuate in full the indemnity provided herein;


 


NOW, THEREFORE, in consideration
of the premises and the covenants in this Agreement, and of Indemnitee and the Companies intending to be legally bound hereby, the parties
hereto agree as follows:


 


1. Reserved


 


2. Indemnification.
Subject to the limitations set forth herein and in Section 6 hereof, the Companies hereby agree to indemnify Indemnitee as follows:


 


The Companies shall, from
and after the Effective Time, with respect to any Proceeding (as hereinafter defined), indemnify Indemnitee to the fullest extent permitted
by (in the case of the Parent) Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) and
the certificate of incorporation and by-laws of the Parent or Merger Sub in effect on the date hereof or as such law or constitutive document
may from time to time be amended (but, in the case of any such amendment, only to the extent such amendment permits the relevant Company
to provide broader indemnification rights than applicable law or constitutive document permitted the applicable Company to provide before
such amendment). Notwithstanding the foregoing, the Companies shall not be required to indemnify Indemnitee for acts or omissions of Indemnitee
constituting fraud, bad faith, gross negligence or intentional misconduct. The right to indemnification conferred herein and in the constitutive
documents of the Companies shall be presumed to have been relied upon by Indemnitee in serving the Parent and shall be enforceable as
a contract right. Without in any way diminishing the scope of the indemnification provided by this Section 2, the Companies will,
from and after the Effective Time, indemnify Indemnitee against Expenses (as hereinafter defined) and Liabilities (as hereinafter defined)
actually and reasonably incurred by Indemnitee or on their behalves in connection with the investigation, defense, settlement or appeal
of such Proceeding. In addition to, and not as a limitation of, the foregoing, the rights of indemnification of Indemnitee provided under
this Agreement shall include those rights set forth in Section 8 below. Notwithstanding the foregoing, from and after the Effective
Time, the Companies shall be required to indemnify Indemnitee in connection with a Proceeding commenced by Indemnitee (other than a Proceeding
commenced by Indemnitee to enforce Indemnitee’s rights under this Agreement) only if the commencement of such Proceeding was authorized
by the Board of Directors following the Effective Time. Notwithstanding anything to the contrary contained herein, the Parent shall have
no obligation to indemnify the Indemnitee to the extent such indemnification would not be permitted under Section 145 of the DGCL or the
Parent’s certificate of incorporation in effect on the date hereof.


 






     


     


    

 


3. Presumptions and Effect
of Certain Proceedings. Upon making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification
under this Agreement, and the Companies shall have the burden of proof to overcome that presumption in reaching any contrary determination.
Except as determined by a judgment or other final adjudication adverse to Indemnitee, the termination of any Proceeding by judgment, order,
settlement, arbitration award or conviction, or upon a plea of nolo contendere or its equivalent, shall not affect this presumption or
establish a presumption with regard to any factual matter relevant to determining Indemnitee’s rights to indemnification hereunder.


 


4. Advancement of Expenses.
To the extent not prohibited by law, from and after the Effective Time, the Companies shall advance the Expenses or Liabilities incurred
by Indemnitee in connection with any Proceeding, and such advancement shall be made within thirty (30) calendar days after the receipt
by the Companies of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection
with such Expenses or Liabilities but, in the case of invoices in connection with legal services, any references to legal work performed
or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice)
and upon request of the Companies, an undertaking to repay the advancement of Expenses or Liabilities if and to the extent that it is
ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled
to be indemnified by the Companies. Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay
the expenses. Advances shall include any and all Expenses and/or Liabilities actually and reasonably incurred by Indemnitee pursuing an
action to enforce Indemnitee’s right to indemnification under this Agreement, or otherwise and this right of advancement, including
Expenses and/or Liabilities incurred preparing and forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges
that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent
required by law, repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final
judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this Section
shall continue until final disposition of any proceeding, including any appeal therein. This Section 4 shall not apply to any claim
made by Indemnitee for which indemnity is excluded pursuant to Section 15(d)(ii).


 






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5. Procedure for Determination
of Entitlement to Indemnification.


 


(a) Whenever Indemnitee believes
that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit a written request for indemnification
or advancement of expenses to the Companies. Any request for indemnification or advancement of expenses shall include sufficient documentation
or information reasonably available to Indemnitee for the determination of entitlement to indemnification or advancement of expenses.
In any event, Indemnitee shall submit Indemnitee’s claim for indemnification or advancement of expenses within a reasonable time,
not to exceed sixty calendar (60) days after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of
a plea of nolo contendere or its equivalent, or final termination, whichever is the later date for which Indemnitee requests indemnification.


 


(b) Independent Legal Counsel
(as hereinafter defined) shall determine whether Indemnitee is entitled to indemnification or advancement of expenses. Determination of
Indemnitee’s entitlement to indemnification or advancement of expenses shall be made not later than ninety calendar (90) days after
the Companies’ receipt of Indemnitee’s written request for such indemnification or advancement of expenses, provided that
any request for indemnification or advancement of expenses for Liabilities, other than amounts paid in settlement, shall have been made
after a determination thereof in a Proceeding.


 


6. Specific Limitations
on Indemnification. Notwithstanding anything in this Agreement to the contrary, the Companies shall not be obligated under this Agreement
to make any indemnity or payment to Indemnitee in connection with any claim against Indemnitee:


 


(a) to the extent that payment
is actually made to Indemnitee under any insurance policy, contract, agreement or otherwise or is made to Indemnitee by either of the
Companies or affiliates otherwise than pursuant to this Agreement. Notwithstanding the availability of such insurance, Indemnitee also
may claim indemnification from the Companies pursuant to this Agreement by assigning to the Companies any claims under such insurance
to the extent Indemnitee is paid by the Companies;


 


(b) for Liabilities in connection
with Proceedings settled without the Companies’ consent, which consent, however, shall not be unreasonably withheld;


 


(c) in no event shall the
Companies be liable to pay the fees and disbursements of more than one counsel in any single Proceeding except to the extent that, in
the written opinion of counsel of the Indemnitee, the Indemnitee has conflicting interests in the outcome of such Proceeding;


 


(d) to the extent it would
be otherwise prohibited by law, if so established by a judgment or other final adjudication adverse to Indemnitee;


 


(e) for an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Companies within the meaning of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law;


 






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(f) in connection with any
Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
by Indemnitee against the Companies or their directors, officers, employees or other indemnitees, unless (i) the commencement of such
Proceeding was authorized by the Board of Directors (or any part of any Proceeding) prior to its initiation and following the Effective
Time, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable
law; or


 


(g) for any reimbursement
of the Companies 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 Companies, as required in each case under the Securities Exchange Act of 1934, as amended (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 Companies of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor.


 


7. Fees and Expenses of
Independent Legal Counsel. The Companies agree to pay the reasonable fees and expenses of Independent Legal Counsel and to fully indemnify
such Independent Legal Counsel against any and all reasonable expenses and losses incurred by any of them arising out of or relating to
this Agreement or their engagement pursuant hereto.


 


8. Remedies of Indemnitee.


 


(a) In the event that (i)
a determination pursuant to Section 5 hereof is made that Indemnitee is not entitled to indemnification, (ii) payment has not been
timely made following a determination of entitlement to indemnification pursuant to this Agreement, (iii) the person or persons empowered
to make a determination pursuant to Section 5 hereof shall have failed to make the requested determination within ninety calendar
(90) days after the Companies’ receipt of Indemnitee’s written request for such indemnification or advancement of expenses,
or (iv) Indemnitee otherwise seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication in a court of competent
jurisdiction in the State of Delaware of the remedy sought.


 


(b) If a determination that
Indemnitee is entitled to indemnification has been made pursuant to Section 5 hereof, or is deemed to have been made pursuant to
Section 5 hereof or otherwise pursuant to the terms of this Agreement, the Companies shall be bound by such determination in the
absence of a misrepresentation or omission of a material fact by Indemnitee in connection with such determination.


 


(c) The Companies shall be
precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Companies
shall stipulate in any such court or before any such arbitrator that the Companies are bound by all the provisions of this Agreement and
are precluded from making any assertion to the contrary.


 


(d) Expenses reasonably incurred
by Indemnitee in connection with Indemnitee’s request for indemnification under, seeking enforcement of or to recover damages for
breach of this Agreement shall be borne by the Companies when and as incurred by Indemnitee, to the extent it is determined that Indemnitee
is entitled to indemnification hereunder.


 






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9. Contribution. To
the fullest extent permissible under applicable law, in the event the Companies are obligated to indemnify Indemnitee under this Agreement
and the indemnification provided for herein is unavailable to Indemnitee for any reason whatsoever, the Companies, 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 Companies 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 Companies (and their respective directors, officers, employees and agents) and Indemnitee in connection
with such event(s) and/or transaction(s).


 


10. Modification, Waiver,
Termination and Cancellation. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding
unless executed in writing by all of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver.


 


11. Subrogation. In
the event of any payment under this Agreement, the Companies shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including
the execution of such documents necessary to enable the Companies effectively to bring suit to enforce such rights.


 


12. Notice by Indemnitee
and Defense of Claim. Indemnitee shall promptly notify the Companies in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative
for which such Indemnitee is entitled to indemnification or an advancement of expenses hereunder, but the omission so to notify the Companies
will not relieve it from any liability that it may have to Indemnitee if such omission does not prejudice the Companies’ rights.
If such omission does prejudice the Companies’ rights, the Companies will be relieved from liability only to the extent of such
prejudice. No such omission shall relieve the Companies of any liability they may otherwise have to Indemnitee outside of this Agreement
under applicable law, the Companies’ constitutive documents or any agreements.


 






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13. Notices. All notices
and other communications hereunder shall be in writing and shall be deemed to have been duly delivered and received hereunder (a) one
business day after being sent for next business day delivery, fees prepaid, via a reputable international overnight courier service, (b)
upon delivery in the case of delivery by hand, or (c) on the date delivered in the place of delivery if sent by email (with a written
or electronic confirmation of delivery from the recipient, excluding any automated response) prior to 5:00 p.m. Eastern time, otherwise
on the next succeeding business day, in each case to the intended recipient as set forth below:


 


	(a)	If to the Parent	Laffin Acquisition Corp.
	 	(prior to Merger closing):	2255 Glades Road, Suite 324A
	 	 	Boca Raton, Florida 33431
	 	 	Attn: Ian Jacobs, CEO
	 	 	Email: ian@montrosecapital.com
	 	 	 
	(b)	If to Guerrilla:	Guerrilla RF, Inc. 
	 	 	1196 Pleasant Ridge Road, Suite 5
	 	 	
    Greensboro, NC 27409

     

	 	 	Attention: Ryan Pratt, CEO 
	 	 	Email: rpratt@guerrilla-rf.com 
	 	 	 
	(c)	If to Indemnitee:	The address set forth on the signature page hereto.


 


or any party may change the address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the other parties notice in the manner herein
set forth.


 


14. Non-Exclusivity.
The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under applicable
law, the Companies’ constitutive documents, or any agreements, vote of stockholders, resolution of the Boards of Directors or otherwise
with respect to any Proceeding (as hereinafter defined) associated with Indemnitee acting in his official capacity as an officer and director
of the Parent arising out of or pertaining to actions relating to the approval of and entering into the Merger Agreement, the Transaction
Documentation (as defined in the Merger Agreement), the Merger and each of the transactions contemplated thereby, whether asserted or
claimed prior to, at or after the Effective Time.


 


15. Certain Definitions.


 


(a) “Expenses”
shall include all direct and indirect costs (including, without limitation, reasonable attorneys’ fees, retainers, court costs,
transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, all other disbursements or out-of-pocket expenses) actually and reasonably incurred in connection with either the
investigation, defense, settlement or appeal of a Proceeding or establishing or enforcing a right to indemnification under this Agreement,
applicable law or otherwise; provided, however, that “Expenses” shall not include any Liabilities.


 






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(b) “Independent
Legal Counsel” means a law firm or a member of a firm selected by the Companies and approved by Indemnitee (which approval shall
not be unreasonably withheld). Notwithstanding the foregoing, the term “Independent Legal 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 Companies or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement.


 


(c) “Liabilities”
means liabilities of any type whatsoever including, but not limited to, any judgments, fines, ERISA excise taxes and penalties, penalties
and amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect
of such judgments, fines, penalties or amounts paid in settlement) of any Proceeding.


 


(d) “Proceeding”
means any threatened, pending or completed action, claim, suit, arbitration, alternative dispute resolution mechanism, investigation,
administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative, that (i) is asserted or claimed
or otherwise arises after the Effective Time, (ii) is associated with Indemnitee’s actions as an officer and/or director of the
Parent arising out of or pertaining to actions relating to the approval of and entering into the Merger Agreement, the Transaction Documentation
(as defined in the Merger Agreement), the Merger and each of the transactions contemplated thereby, including any action brought by or
in the right of the Parent or Merger Sub, and (iii) is not initiated or brought by one or more Indemnitee(s).


 


16. Binding Effect; Duration
and Scope of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business or assets of the Companies), spouses, heirs and personal and legal representatives. This Agreement
shall continue in effect for six (6) years subsequent to the date of this Agreement, regardless of whether Indemnitee continues to serve
as director or an officer of the Parent.


 


17. Severability. If
any provision or provisions of this Agreement (or any portion thereof) shall be held to be invalid, illegal or unenforceable for any reason
whatsoever:


 


(a) the validity, legality
and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and


 


(b) to the fullest extent
legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of any provision held invalid,
illegal or unenforceable.


 


18. Governing Law.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, as applied to contracts
between Delaware residents entered into and to be performed entirely within the State of Delaware, without regard to conflict of laws
rules.


 


19. Consent to Jurisdiction.
The Companies and Indemnitee each irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in connection
with any action or Proceeding that arises out of or relates to this Agreement and agree that any action instituted under this Agreement
shall be brought only in the state courts of the State of Delaware.


 


20. Entire Agreement.
This Agreement represents the entire agreement between the parties hereto, and there are no other agreements, contracts or understandings
between the parties hereto with respect to the subject matter of this Agreement.


 


21. 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. This Agreement and any documents relating to it may be executed and transmitted
to any other party by email of a PDF, which PDF shall be deemed to be, and utilized in all respects as, an original, wet-inked document.


 


[Signature Page Follows]


 




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


 


	LAFFIN ACQUISITION CORP.
	 	 	 
	By:	 	 
	Name:	 	 
	Its:	 	 
	 	 	 
	GUERRILLA RF, INC.
	 	 	 
	By:	 	 
	Name:	 	 
	Its:	 	 
	 	 	 
	INDEMNITEE
	 	 	 
	By:	                                        	 
	Name:	 	 
	Address: 	 	 
	 	 	 
	 	 	 


 


[Signature Page to Indemnity Agreement]


 


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