Exhibit 10.9


 


FORM OF INDEMNIFICATION AGREEMENT


 


This INDEMNIFICATION AGREEMENT
(this “Agreement”) is made and entered into on [date] by and between Gorilla Technology Group Inc., a Cayman Islands
exempted company (the “Company”), and __________________________ (the “Indemnitee”).


 


WHEREAS, the Company believes
it is essential to retain and attract qualified directors and officers;


 


WHEREAS, the Indemnitee is
a director and/or officer of the Company;


 


WHEREAS, both the Company
and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors and officers of
public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter them from exercising
their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability through indemnification
and insurance;


 


WHEREAS, the Company’s
Amended and Restated Memorandum and Articles of Association, as amended from time to time (the “Articles of Association”),
provide that directors and officers shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim,
demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or
failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud,
willful neglect or willful default.


 


WHEREAS, in recognition of
the Indemnitee’s need for (i) substantial protection against personal liability and (ii) an inducement to continue to provide effective
services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification of the Indemnitee
and to advance expenses to the Indemnitee to the fullest extent permitted by applicable law, the Articles of Association and as set forth
in this Agreement, and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee
under the Company’s directors’ and officers’ liability insurance policies.


 


NOW, THEREFORE, in consideration
of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its request, with another enterprise,
and intending to be legally bound hereby, the parties hereto agree as follows:


 


1. Certain
Definitions.


 


(a) A
“Change in Control” shall be deemed to have occurred if:


 


(i) any
“person,” as such term is used in Sections 13(d) and 14(d) of the U.S. Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder (the “Exchange Act”), other than (a) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company; (b) a company or corporation owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportions as their ownership of shares of the Company; or (c) any current beneficial shareholder or
group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof, of beneficial ownership, within
the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than 50% of the total combined voting power of the Company’s
outstanding securities; hereafter becomes the “beneficial owner,” as defined in Rule 13d-3 of the Exchange Act, directly or
indirectly, of securities of the Company representing 20% or more of the total combined voting power represented by the Company’s
then issued outstanding Voting Shares;


 


(ii) during
any period of two consecutive years, individuals who at the beginning of such period constitute the board of directors and any new director
whose appointment by the board of directors or nomination for appointment by the Company’s shareholders was approved by a vote of
at least two-thirds of the directors then in office who either were directors at the beginning of the period or whose appointment or nomination
for appointment was previously so approved, cease for any reason to constitute a majority thereof; or


 






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(iii) the
shareholders of the Company approve a merger, amalgamation or consolidation of the Company with any other company or corporation, other
than a merger, amalgamation or consolidation which would result in the Voting Shares of the Company issued and outstanding immediately
prior thereto continuing to represent (either by remaining issued and outstanding or by being converted into Voting Shares of the surviving
entity) at least 80% of the total voting power represented by the Voting Shares of the Company or such surviving entity outstanding immediately
after such merger, amalgamation or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company
or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all
of the Company’s assets.


 


(b) “Expense”
shall mean attorneys’ fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending,
being a witness in or participating in (including on appeal) any Indemnifiable Proceeding, including preparing for any of the foregoing.


 


(c) “Indemnifiable
Proceeding” shall mean any Proceeding in which the Indemnitee was, is or will be involved as a party or otherwise, by reason
of any action taken by such Indemnitee or any inaction on such Indemnitee’s part in each case after the date of this Agreement while
acting as a director or officer of the Company or serving at the request of the Company as a director, officer, employee, or agent of
another company or corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee
benefit plans.


 


(d) “Proceeding”
shall mean any threatened, pending or completed action, suit, investigation or proceeding, and any appeal thereof, whether civil, criminal,
administrative or investigative and/or any inquiry or investigation, whether conducted by the Company or any other party, that the Indemnitee
in good faith believes might lead to the institution of any such action.


 


(e) “Reviewing
Party” shall mean (i) any appropriate person or body consisting of a member or members of the Company’s board of directors
or (ii) any other person or body (including the special independent counsel referred to in Section 6), each as appointed by the board
of directors, who is not a party to the particular Indemnifiable Proceeding with respect to which the Indemnitee is seeking indemnification.


 


(f) “Voting
Shares” shall mean any shares of the Company which vote generally in the appointment of directors.


 


2. Indemnification.
Subject to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any
Indemnifiable Proceeding, whether the basis of such Indemnifiable Proceeding is the Indemnitee’s alleged action in an official capacity
as a director or officer or in any other capacity while serving as a director or officer, the Company shall indemnify the Indemnitee to
the fullest extent permitted by the laws of the Cayman Islands and the Articles of Association against any and all Expenses, liability,
and loss (including judgments, fines, penalties and amounts paid or to be paid in settlement, and any interest, assessments, or other
charges imposed thereon, and any taxes imposed on any director or officer as a result of the actual or deemed receipt of any payments
under this Agreement) (collectively, “Liabilities”) actually incurred or suffered by such person in connection with
such Indemnifiable Proceeding. The Company shall provide indemnification pursuant to this Section 2 as soon as practicable, but in no
event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement to the contrary
and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection
with any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company unless the Company has joined
in or consented to the initiation of such Proceeding.


 


3. Advancement
of Expenses. Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business days of such request
(an “Expense Advance”); provided, however, that if required by applicable laws such Expenses shall be advanced only
upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that
the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such advances only
to the extent permitted by applicable law or the Articles of Association. Expenses incurred by the Indemnitee while not acting in his/her
capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such terms and conditions
as the board of directors, in its sole discretion, deems appropriate.


 






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4. Review
Procedure for Indemnification. Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2 and 3 above shall
be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the special
independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be permitted to be indemnified under applicable
law or the Articles of Association, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 3 above shall
be subject to the condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would not be permitted
to be so indemnified under applicable law or the Articles of Association, the Company shall be entitled to be reimbursed by the Indemnitee
(who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced
legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination that the Indemnitee should
be indemnified under applicable law or the Articles of Association, any determination made by the Reviewing Party that the Indemnitee
would not be permitted to be indemnified under applicable law or the Articles of Association shall not be binding and the Indemnitee shall
not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as
to which all rights of appeal therefrom have been exhausted or have lapsed). The Indemnitee’s obligation to reimburse the Company
for Expense Advances pursuant to this Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change
in Control, the Reviewing Party shall be selected by the board of directors, and if there has been such a Change in Control, other than
a Change in Control which has been approved by a majority of the Company’s board of directors who were directors immediately prior
to such Change in Control, the Reviewing Party shall be the special independent counsel referred to in Section 6 hereof.


 


5. Enforcement
of Indemnification Rights. If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified in whole
or in part under applicable law or the Articles of Association, or if the Indemnitee has not otherwise been paid in full pursuant to Sections
2 and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence
litigation in any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of the demand
(an “Enforcement Proceeding”) and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any
and all Expenses in connection with such Enforcement Proceeding. The Company hereby consents to service of process for such Enforcement
Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and
binding on the Company and the Indemnitee.


 


6. Change
in Control. The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has been
approved by a majority of the Company’s board of directors who were directors immediately prior to such Change in Control, then
with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under
this Agreement or any other agreement or under applicable law or the Articles of Association now or hereafter in effect relating to indemnification
for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by the Indemnitee and approved
by the Company, which approval shall not be unreasonably withheld. Such special independent counsel shall not have otherwise performed
services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such 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 the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. Such
counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee
would be permitted to be indemnified under applicable law or the Articles of Association. The Company agrees to pay the reasonable fees
of the special independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’
fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of special independent counsel pursuant
to this Agreement.


 


7. Partial
Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee
for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent
that the Indemnitee has been successful on the merits or otherwise in defense of any or all Indemnifiable Proceedings or in defense of
any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses incurred
in connection therewith. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled
to be indemnified hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled.


 






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8. Non-exclusivity.
The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision of
the Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and
as to action in another capacity while holding such office. 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 Cayman Islands company to indemnify a member of its board of directors, such changes
shall be, ipso facto, within the purview of the 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 Cayman Islands company to indemnify a member
of its board of directors, 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.


 


9. Liability
Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability
insurance, the 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 director or officer of the Company. If at the time a claim for indemnification arises hereunder in connection
with an Indemnifiable Proceeding the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of the commencement of such Indemnifiable Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts
payable as a result of such Indemnifiable Proceeding in accordance with the terms of such policies.


 


10. Settlement
of Claims. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in settlement
of any action or claim effected without the Company’s written consent, which consent shall not be unreasonably withheld; or (b)
for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense
of such action.


 


11. No
Presumption. For purposes of this Agreement, to the fullest extent permitted by applicable law and the Articles of Association, the
termination of any Proceeding, action, suit, or claim, by judgment, order, settlement (whether with or without court approval) or conviction,
or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard
of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law or the
Articles of Association.


 


12. Consent
and Waiver by Third Parties. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or consents
from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein and to
execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with any such third
party. The lndemnitee represents that he or she is not bound by any agreement or any other existing or previous business relationship
which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full performance of his
or her duties and obligations hereunder.


 


13. Amendment
of this Agreement. 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. Except as specifically provided herein,
no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.


 


14. 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 the 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 Company effectively to bring suit to enforce such rights.


 


15. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any claim made
against the Indemnitee to the extent the indemnitee has otherwise actually received payment (under any insurance policy, vote, agreement
or otherwise) of the amounts otherwise indemnifiable hereunder.


 






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16. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, 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, spouses, heirs, and personal and legal representatives. 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 the 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. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve
as a director or officer of the Company or of any other enterprise at the Company’s request.


 


17. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single
section, paragraph, or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. Furthermore, to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid,
void or otherwise unenforceable that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent
manifested by the 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 Cayman Islands applicable to
contracts made and to be performed in such jurisdiction without giving effect to the principles of conflicts of laws.


 


19. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.


 


20. Notices.
All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to have been
duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free confirmation, or (c) if
by international courier service, on the fourth (4th) business day following the date of deposit with such courier service, or such earlier
delivery date as may be confirmed in writing to the sender by the courier service. All such notices, demands and other communications
shall be addressed as follows:


 


If to the Company:


 


Gorilla Technology Group Inc.


7F-1, No. 302, Ruey Kuang Road


Neihu, Taipei, Taiwan, R.O.C.


Attn: Jayesh Chandan, CEO


Facsimile No.: +886-2-2627-7698


Telephone No.: +886-2-2627-7996


Email: jay@gorilla-technology.com


 


If to the Indemnitee:





_____________________________


_____________________________


_____________________________


 


Facsimile No.:


Telephone No.:


Email:


 


Notice of change of address shall be effective
only when done in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date
of delivery or on the third business day after mailing.


 






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21. Specific
Performance. The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as a matter of course,
to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request specific performance
shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.


 


22. Interpretation.
In this Agreement:


 


(a) words
importing the singular number include the plural number and vice versa;


 


(b) words
importing the masculine gender include the feminine gender;


 


(c) words
importing persons include corporations as well as any other legal or natural person;


 


(d) “written”
and “in writing” include all modes of representing or reproducing words in visible form, including in the form of an Electronic
Record (as defined in the Electronic Transactions Act (As Revised) of the Cayman Islands (the “Electronic Transactions Act”));


 


(e) “shall”
shall be construed as imperative and “may” shall be construed as permissive;


 


(f) headings
are inserted for reference only and shall be ignored in construing this Agreement;


 


(g) any
requirements as to delivery under this Agreement include delivery in the form of an Electronic Record;


 


(h) any
requirements as to execution or signature under this Agreement including the execution of this Agreement itself can be satisfied in the
form of an electronic signature (as defined in the Electronic Transactions Act); and


 


(i) sections
8 and 19(3) of the Electronic Transactions Act shall not apply/


 


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IN WITNESS WHEREOF, the parties
hereto have duly executed and delivered this Agreement as of the day first set forth above.


 


THE COMPANY:


 


	Gorilla Technology Group Inc.	 
	 	 	 
	By:	               	 
	Name:	 	 
	Title:	 	 



 


[Signature Page to Indemnification Agreement]


 






     


     


    

 


IN WITNESS WHEREOF, the parties
hereto have duly executed and delivered this Agreement as of the day first set forth above.


 


INDEMNITEE:


 


	 	 	 
	[NAME]	 	 



 


[Signature Page to Indemnification Agreement]