Exhibit 10.2


  





INDEMNIFICATION AGREEMENT


 


This Agreement, made
and entered into as of the 5th day of March, 2014 (“Agreement”), by and between Tecnoglass Inc., a Cayman
Islands company (“Company”), and ___________ (“Indemnitee”):


 


WHEREAS, the adoption
of the United States Sarbanes - Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential
for liability of officers and directors of publicly traded companies; and


 


WHEREAS, it is reasonable,
prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest extent permitted
by applicable law so that such persons will serve or continue to serve the Company free from undue concern that they will not be
adequately indemnified; and


 


WHEREAS, this Agreement
is a supplement to and in furtherance of Article 44 of the Company’s Third Amended and Restated Memorandum and Articles of
Association (the “Articles”) and any resolutions adopted pursuant thereto and shall neither be deemed to be a substitute
therefor nor diminish or abrogate any rights of Indemnitee thereunder; and


 


WHEREAS, Indemnitee is
willing to continue to serve and/or to take on additional service for or on behalf of the Company on the condition that he be indemnified
according to the terms of this Agreement;


 


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


 


		1.	Definitions. For purposes of this Agreement:



 


1.1“Change
in Control” means a change in control of the Company occurring after the date hereof of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934, as amended (“Act”), whether or not the Company is then
subject to such reporting requirement provided, however, that, without limitation, such a Change in Control shall be deemed to
have occurred if after the date hereof (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act),
other than a person who is an officer or director of the Company as of the date hereof (and any of such person’s affiliates),
is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act) directly or indirectly, of securities
of the Company representing 50% or more of the combined voting power of the then outstanding securities of the Company without
the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person attaining such
percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization, or a proxy
contest, as a consequence of which (A) members of the Board of Directors (“Board”) in office immediately prior to such
transaction or event constitute less than a majority of the Board thereafter or (B) the voting securities of the Company outstanding
immediately prior to such transaction do not continue to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving
entity outstanding immediately after such transaction with the power to elect at least a majority of the board of directors or
other governing body of such surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning
of such period constituted the Board (including for this purpose any new director whose election or nomination for election by
the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors
at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to
constitute at least a majority of the Board.


 






    	 



    	 



    

 


1.2“Corporate
Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of
any subsidiary of the Company or any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
which such person is or was serving at the request of the Company. In addition to any service at the actual request of the Company,
for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director,
officer, employee, agent or fiduciary of any other enterprise if Indemnitee is or was serving as a director, officer, employee,
agent or fiduciary of such enterprise and (A) such enterprise is or at the time of such service was an affiliate of the Company,
(B) such enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by
the Company or an affiliate of the Company or (C) the Company or an affiliate of the Company directly or indirectly caused Indemnitee
to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.


 


1.3“Disinterested
Director” means 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.


 


1.4“Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), 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, appealing, preparing to appeal, investigating, or being or preparing to be a witness in a Proceeding, and
all federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement.


 


1.5“Independent
Counsel” means a law firm, or a member of a law firm, that is 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 other matter material to either
such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” does 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. Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel
shall be selected by (a) the Disinterested Directors or (b) a committee of the Board consisting of two or more Disinterested Directors
or if (a) and (b) above are not possible, then by a majority of the full Board.


 


1.6“Proceeding”
means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding, whether, conducted by or on behalf of the Company or any other party, whether civil, criminal, administrative or investigative,
except one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.


 






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		2.	Services by Indemnitee.



 


Indemnitee agrees to
continue to serve as a director, officer and/or employee of the Company or one or more of its subsidiaries. Indemnitee may at any
time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation
of law).


 


		3.	Indemnification - General.



 


The Company shall indemnify,
and advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable law in effect on
the date hereof and to such greater extent as any amendment to or interpretation of applicable law may thereafter from time to
time permit. The rights of Indemnitee provided under the preceding sentence shall include, but not be limited to, the rights set
forth in the other Sections of this Agreement.


 


		4.	Proceedings Other Than Proceedings by or in the Right
of the Company.



 


Indemnitee shall be
entitled to the rights of indemnification provided in this Section if, by reason of his Corporate Status, he was or is threatened
to be made, a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company.
Pursuant to this Section, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter therein,
if he acted in good faith and absent his or her fraud or willful default and, with respect to any criminal Proceeding, had no reasonable
cause to believe his conduct was unlawful.


 


		5.	Proceedings by or in the Right of the Company.



 


Indemnitee shall be
entitled to the rights of indemnification provided in this Section if, by reason of his Corporate Status, he is, was or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section, Indemnitee shall be indemnified against Expenses and amounts paid in settlement (such settlement
amounts not to exceed, in the judgment of the Board, the estimated expense of litigating the Proceeding to conclusion) actually
and reasonably incurred by him or on his behalf in connection with any such Proceeding if he or she acted in good faith and absent
his or her fraud or willful default. Notwithstanding the foregoing, no indemnification against such Expenses or amounts paid in
settlement shall be made in respect of any claim, issue or matter in any such Proceeding as to which Indemnitee has been adjudged
to be liable to the Company if applicable law prohibits such indemnification unless the court in which such Proceeding shall have
been brought, was brought or is pending, shall determine that indemnification against Expenses or amounts paid in settlement may
nevertheless be made by the Company.





  


		6.	Indemnification for Expenses of Party Who is Wholly
or Partly Successful.



 


Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, he or she shall be indemnified against all Expenses (and, when eligible hereunder,
amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. 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, the Company shall indemnify Indemnitee against all Expenses (and, when eligible hereunder,
amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved
claim, issue or matter. For purposes of this Section, the term “successful, on the merits or otherwise,” includes,
but is not limited to, (i) any termination, withdrawal, discontinuance or dismissal (with or without prejudice) of any Proceeding
against the Indemnitee without any express finding of liability or guilt against him, and (ii) the expiration of 90 days after
the making of any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to
induce a settlement.


 






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		7.	Indemnification for Expenses as a Witness.



 


Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding,
he shall be indemnified against all Expenses actually and reasonably incurred by him on his behalf in connection therewith.


 


		8.	Advancement of Expenses and Other Amounts.



 


The Company shall advance
all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred by or on behalf of
Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements
from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement,
incurred by Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any
Expenses, judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee
is not entitled to be indemnified against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid
in settlement. In connection with any request for advancement of Expenses, judgments, penalties, fines and amounts paid in settlement,
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. The Company’s obligation in respect of the advancement of Expenses, judgments,
penalties, fines and amounts paid in settlement in connection with a criminal Proceeding in which Indemnitee is a defendant shall
terminate at such time as Indemnitee pleads guilty or is convicted after trial and such conviction becomes final and no longer
subject to appeal. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability
to repay such amounts and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions
of this Agreement.


 








		9.	Procedure for Determination of Entitlement to Indemnification.



 


9.1To obtain indemnification
under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit to the Company a
written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and
is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The duly authorized
officer of the Company shall, promptly upon receipt of any such request for indemnification, advise the Board in writing that Indemnitee
has requested indemnification.


 






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9.2Upon written
request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred, by
Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the shareholders, in which
case in the manner provided for in clauses (ii) or (iii) of this Section 9.2) in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, at the election of the Company, (A) by the
Board by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board consisting of Disinterested
Directors is not obtainable, by a majority of a committee of the Board consisting of two or more Disinterested Directors, or (C)
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) by the shareholders
of the Company, by a majority vote of a quorum consisting of shareholders who are not parties to the proceeding, or if no such
quorum is obtainable, by a majority vote of shareholders who are not parties to such proceeding; or (iii) as provided in Section
10.2 of this Agreement. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten (10) days after such determination. Indemnitee shall 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 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.


 


9.3If a Change
of Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such
selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of Independent
Counsel so selected. The Company or Indemnitee, as the case may be, shall give written notice to the other party advising it of
the identity of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within seven
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. Such objection may be asserted only on the ground that Independent Counsel so selected does
not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall
set forth with particularity the factual basis of such assertion. If such written objection is made, Independent Counsel so selected
may not serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within 20
days after submission by Indemnitee of a written request for indemnification pursuant to Section 9.1 hereof, no Independent Counsel
shall have been selected and not objected to, either the Company or Indemnitee may petition the Grand Court of the Cayman Islands
or other court of competent jurisdiction, for resolution of any objection which has 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 such court
or by such other person as such court shall designate, and the person with respect to whom an objection is so resolved or the person
so appointed shall act as Independent Counsel under Section 9.2 hereof. The Company shall pay any and all reasonable fees and expenses
of Independent Counsel incurred by such Independent Counsel in connection with its actions pursuant to this Agreement, and the
Company shall pay all reasonable fees and expenses incident to the procedures of this Section 9.3, regardless of the manner in
which such Independent Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding pursuant to
Section 11.1(iii) 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).


 






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		10.	Presumptions and Effects of Certain Proceedings.



 


10.1In making a
determination with respect to entitlement to indemnification hereunder, the person or persons or entity 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 9.1 of this Agreement, and the Company shall have the burden of proof to overcome that presumption by
clear and convincing evidence in connection with the making by any person, persons or entity of any determination contrary to that
presumption.


 


10.2If the person,
persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within thirty (30) 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) prohibition of such indemnification
under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good
faith require(s) such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and
provided, further, however, that the foregoing provisions of this Section 10.2 shall not apply (i) if the determination of entitlement
to indemnification is to be made by the shareholders pursuant to Section 9.2 of this Agreement and if (A) within 15 days after
receipt by the Company of the request for such determination the Board has resolved to submit such determination to the shareholders
for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such determination is made
thereat, or (B) a special meeting of shareholders is called within 15 days after such receipt for the purpose of making such determination,
such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat, or (ii)
if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement.
In connection with each meeting at which a shareholder determination will be made, the Company shall solicit proxies that expressly
include a proposal to indemnify or reimburse the Indemnitee. The Company shall afford the Indemnitee ample opportunity to present
evidence of the facts upon which the Indemnitee relies for indemnification in any Company proxy statement relating to such shareholder
determination. Subject to the fiduciary duties of its members under applicable law, the Board will not recommend against indemnification
or reimbursement in any proxy statement relating to the proposal to indemnify or reimburse the Indemnitee.


 








10.3The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or 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
he or she 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 his conduct was unlawful.


 






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10.4Reliance
as Safe Harbor. For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding,
to have had no reasonable cause to believe his conduct was unlawful, if his action is based on (i) the records or books of account
of the Company, or another enterprise, including financial statements, (ii) information supplied to him by the officers of the
Company or another enterprise in the course of their duties, (iii) the advice of legal counsel for the Company or another enterprise,
or of an independent certified public accountant or an appraiser or other expert selected with reasonable care by the Company or
another enterprise. The term “another enterprise” as used in this Section shall mean any other corporation or any partnership,
joint venture, trust, employee benefit plan or other enterprise of which the Indemnitee is or was serving at the request of the
Company as a director, officer, partner, trustee, employee or agent. The provisions of this Section shall not be deemed to be exclusive
or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct
set forth herein. Whether or not the foregoing provisions of this Section 10.4 are satisfied, it shall in any event be presumed
that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s
conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by
clear and convincing evidence.


 


		11.	Remedies of Indemnitee.



 


11.1In the event
that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination
of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall
not have been made and delivered in a written opinion within 30 days after receipt by the Company of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the
Company of a written request therefor, or (v) payment of indemnification is not made within thirty (30) 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
9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication in the Grand Court of the Cayman Islands, or in any
other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses, judgments, penalties,
fines or, when eligible hereunder, amounts paid in settlement. The Company shall not oppose Indemnitee’s right to seek any
such adjudication.


 








11.2In the event
that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial on the merits
and Indemnitee shall not be prejudiced by reason of that adverse determination.


 


11.3If a determination
shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section, 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) prohibition of such indemnification under applicable law.


 






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11.4The Company
shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 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.


 


11.5In the event
that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his or her rights under, or to recover damages for
breach of, this Agreement, or any other agreement, including any other indemnification, contribution or advancement agreement,
or any provision of the Articles now or hereafter in effect, or for recovery under directors’ and officers’ liability
insurance policies maintained by the Company, Indemnitee shall be entitled to recover from the Company, and shall be indemnified
by the Company against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred
by him or her in such judicial adjudication, but only if he or she prevails therein. If it shall be determined in such judicial
adjudication that Indemnitee is entitled to receive less than all of the indemnification or advancement of expenses sought, the
expenses incurred by Indemnitee in connection with such judicial adjudication shall be appropriately prorated. In addition, the
Company shall, if so requested by Indemnitee, advance the foregoing expenses to Indemnitee, subject to and in accordance with Section
8.


 


		12.	Procedure Regarding Indemnification.



 


With respect to any
Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Company as to the
procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement or compromise
of the Proceeding without the written consent of the Company (which consent may not be unreasonably withheld or delayed). The Company
shall be entitled to participate in defending, settling or compromising any Proceeding and to assume the defense of such Proceeding
with counsel of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding the election by, or obligation
of, the Company to assume the defense of a Proceeding, the Indemnitee shall have the right to participate in the defense of such
Proceeding and to employ counsel of Indemnitee’s choice, but the fees and expenses of such counsel shall be at the expense
of the Indemnitee unless (i) the employment of such counsel has been authorized in writing by the Company, or (ii) the Indemnitee
has reasonably concluded that there may be defenses available to him or her which are different from or additional to those available
to the Company (in which latter case the Company shall not have the right to direct the defense of such Proceeding on behalf of
the Indemnitee), in either of which events the fees and expenses of not more than one additional firm of attorneys selected by
the Indemnitee shall be borne by the Company. If the Company assumes the defense of a Proceeding, then counsel for the Company
and Indemnitee shall keep Indemnitee reasonably informed of the status of the Proceeding and promptly send to Indemnitee copies
of all documents filed or produced in the Proceeding, and the Company shall not compromise or settle any such Proceeding without
the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief provided shall
be other than monetary damages and shall promptly notify the Indemnitee of any settlement and the amount thereof.


 








		13.	Non-Exclusivity; Survival of Rights; Insurance; Subrogation; Contribution.



 


13.1The rights
of indemnification and to receive advancement of Expenses 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 Articles, any agreement, a vote of shareholders
or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or any provision hereof shall
be effective as to any Indemnitee with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior
to such amendment, alteration or repeal.


 






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13.2To the extent
that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents
or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or 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, employee, agent or fiduciary
under such policy or policies.


 


13.3In 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, who shall execute all papers required and take all action necessary to secure such rights, including execution of
such documents as are reasonably necessary to enable the Company to bring suit to enforce such rights.


 


13.4The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent
that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.


 


13.5(a)If a
determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor,
under this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Company is jointly liable
with the Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments,
fines and amounts paid in settlement by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits
received by the Company on the one hand and the Indemnitee on the other hand from the transaction from which the Proceeding arose,
and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events
that resulted in such Expenses, judgments, fines or amounts paid in settlement, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to,
among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
the circumstances resulting in such Expenses, judgments, fines or amounts paid in settlement. The Company agrees that it would
not be just and equitable if contribution pursuant to this Section were determined by pro rata allocation or any other method of
allocation that does not take into account the foregoing equitable considerations.


 








(b)The determination
as to the amount of the contribution, if any, shall be made by:


 


(i)a court
of competent jurisdiction upon the applicable of both the Indemnitee and the Company (if the Proceeding had been brought in, and
final determination had been rendered by such court);


 


(ii)the
Board by a majority vote of a quorum consisting of Disinterested Directors; or


 


(iii)Independent
Counsel, if a quorum is not obtainable for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so
directs.


 






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		14.	Duration of Agreement.



 


This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as
a director and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which Indemnitee
is granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder
and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal
representatives and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.


 


		15.	Severability.



 


If any provision or
provisions of this Agreement 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 (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable.


 








		16.	Entire Agreement.



 


Save for Article 44
of the Articles, which this Agreement supplements, this Agreement constitutes the entire agreement between the Company and the
Indemnitee with respect to the subject matter hereof and supercedes all prior agreements, understanding, negotiations and discussion,
both written and oral, between the parties hereto with respect to such subject matter (the “Prior Agreements”); provided,
however, that if this Agreement shall ever be held void or unenforceable for any reasons whatsoever, and is not amended pursuant
to Section 15 hereof, then (i) this Agreement shall not be deemed to have superceded any Prior Agreements; (ii) all of such Prior
Agreements shall be deemed to be in full force and effect notwithstanding the execution of this Agreement; and (iii) the Indemnitee
shall be entitled to maximum indemnification benefits provided under any Prior Agreements, as well as those provided under applicable
law, the Articles, a vote of shareholders or resolution of directors.


 






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		17.	Exception to Right of Indemnification or Advancement
of Expenses.



 


17.1Except as provided in Section 11.5
and under Article 44 of the Articles, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this
Agreement with respect to any Proceeding, or any claim therein, brought or made by him against the Company.


 


17.2Indemnitee shall not be entitled
to indemnification under this Agreement with respect to any Proceeding, or any claim therein, arising from the purchase and sale
by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or any similar successor statute.


 


		18.	Covenant Not to Sue; Limitation of Actions; Release
of Claims.



 


In consideration of
the services provided by Indemnitee, no legal action shall be brought and no cause of action shall be asserted by or on behalf
of the Company (or any of its subsidiaries) against the Indemnitee, his spouse, heirs, executors, personal representatives or administrators
after the expiration of two (2) years from the date of accrual of such cause of action and any claim or cause of action of the
Company (or any of its subsidiaries) shall be extinguished and deemed released unless asserted by the filing of a legal action
within such two (2) year period; provided, however, that if any shorter period of limitation is otherwise applicable to any such
cause of action, such shorter period shall govern. The Company hereby waives its right to assert a longer period in which to bring
any such action that might be available to it under law.


 








		19.	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.


 


		20.	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.


 


		21.	Modification and Waiver.



 


No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver.


 


		22.	Notice by Indemnitee.



 


Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or
other document relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments,
penalties, fines or amounts paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not
constitute a waiver of Indemnitee’s rights under this Agreement, except to the extent that such failure or delay (i) causes
the amounts paid or to be paid by the Company to be greater than they otherwise would have been, (ii) adversely affects the Company’s
ability to obtain for itself or Indemnitee coverage or proceeds under any insurance policy available to the Company or Indemnitee,
or (iii) otherwise results in prejudice to the Company.


 






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		23.	Notices.



 


All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by
hand and receipted for by the party to whom such notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:


 


If to Indemnitee, to:


 


 


 


 


 


 





 


If to the Company, to:


 


Tecnoglass
Inc.


Avenida
Circunvalar a 100 mts de la Via 40





Barrio Las
Flores Barranquilla





Colombia


Attention:
Chief Executive Officer


 


or to such other address or such other
person as Indemnitee or the Company shall designate in writing in accordance with this Section, except that notices regarding changes
in notices shall be effective only upon receipt.


 


		24.	Governing Law.



 






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The parties agree
that this Agreement shall be governed by, and construed and enforced in accordance with, the law of the Cayman Islands without
giving effect to the principles of conflicts of law and the parties submit to the non-exclusive jurisdiction of the Courts of
the Cayman Islands.


 


		25.	Miscellaneous.



  


Use of the masculine
pronoun shall be deemed to include usage of the feminine pronoun where appropriate.


 


IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.


 





 


	 	TECNOGLASS INC.
	 	 
	 	By: 	
	 	 	Name:
Title:
	 	 	 
	 	 	 
	 	 	 
	 	
	 	 
	 	 
	 	 
	 	[Indemnitee]
	 	 	 



 


 






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