Alopexx, Inc. S-1/A


 


Exhibit 10.3


 

INDEMNIFICATION
AGREEMENT


This
Indemnification Agreement (“Agreement”), dated as of _______, 2022, is by and between Alopexx, Inc., a Delaware corporation
(the "Company") and [NAME OF DIRECTOR] (the "Indemnitee").


WHEREAS,
Indemnitee is a director of the Company;


WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers
of public companies;


WHEREAS,
the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain
and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore
should seek to assure such persons that indemnification and insurance coverage is available; and


WHEREAS,
in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
service as a director of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to
provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment
to the Company’s certificate of incorporation or bylaws (collectively, the "Constituent Documents"), any change in the
composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to
provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1(f) below) to, Indemnitee
as set forth in this Agreement and for the coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.


NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to provide services to the Company, the parties agree as
follows:


1.            Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:


(a)         "Beneficial Owner" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act").


(b)         "Change in Control" means the occurrence after the date of this Agreement of any of the following events:


(i)             any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 35% or more of the Company’s
then outstanding Voting Securities;



     


     


    




(ii)            the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;


(iii)           during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office
who either were directors at the beginning of the 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; or


(iv)           the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets.


(c)         "Claim" means:


(i)             any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative,
arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or


(ii)            any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.


(d)        "Delaware Court" shall have the meaning ascribed to it in Section 9(e) below.


(e)        "Disinterested Director" means a director of the Company who is not and was not a party to the Claim in respect of which
indemnification is sought by Indemnitee.


(f)         "Expenses" means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel
expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any
Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii)
for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which
Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified
by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable.



     


     


    




(g)        "Expense Advance" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section
5 hereof.


(h)        "Indemnifiable Event" means any event or occurrence, whether occurring on or after the date of this Agreement, related
to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise")
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss
is incurred for which indemnification can be provided under this Agreement).


(i)         "Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law
and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than
in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other
party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel"
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.


(j)         "Losses" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal
or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local
or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid
or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to
defend, be a witness or participate in, any Claim.


(k)        "Person" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d)
of the Exchange Act.



     


     


    




(l)         "Standard of Conduct Determination" shall have the meaning ascribed to it in Section 9(b) below.


(m)       "Voting Securities" means any securities of the Company that vote generally in the election of directors.


2.           Services to the Company.
Indemnitee agrees to serve as a director of the Company, pursuant to that certain agreement between the Indemnitee and the Company, for
so long as Indemnitee is duly elected or appointed or until Indemnitee tenders their resignation or is no longer serving in such capacity.
This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee.
Indemnitee specifically acknowledges that service to the Company or any of its subsidiaries or Enterprise is at will and the Indemnitee
may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment agreement
between Indemnitee and the Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies duly adopted
by the Board or, with respect to service as a director or officer of the Company, by the Company’s Constituent Documents or Delaware
law.


3.           Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the
laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the
scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in,
or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including,
without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee
is solely a witness. If Indemnitee is not wholly successful relating to any such Claim, but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters relating to any such Claim, the Company shall indemnify Indemnitee against
all Losses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such claim, issue or
matter.


4.           Advancement of Expenses.
Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which
there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with
any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard
of conduct. Without limiting the generality or effect of the foregoing, within thirty (30) days after any request by Indemnitee, the
Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an
amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances,
Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine
or otherwise jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee shall execute and
deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee’s ability to repay the Expense Advances)
to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following
the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s obligation to reimburse
the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.



     


     


    




5.           Indemnification for Expenses in Enforcing Rights.
To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall
advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee
in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by
the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter
in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance
policies maintained by the Company. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination
is made that such action brought by Indemnitee was frivolous or not made in good faith.


6.           Partial Indemnity.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect
of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.


7.           Notification and Defense of Claims.


(a)          Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate
to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information
then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the
Company hereunder shall not relieve the Company from any liability hereunder unless the Company’s ability to participate in the defense
of such claim was materially and adversely affected by such failure/except that the Company shall not be liable to indemnify Indemnitee
under this Agreement with respect to any judicial award in a Claim related to an Indemnifiable Event if the Company was not given a reasonable
and timely opportunity to participate at its expense in the defense of such action.



     


     


    




(b)          Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event
at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any
such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred
by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided
below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred
after notice from the Company of its assumption of the defense shall be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s
employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a
conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment
of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume
the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus,
if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.


8.           Procedure upon Application for Indemnification.
In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including
in such request 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 following the final disposition of the Claim, provided that documentation
and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with
Section 9 below.


9.           Determination of Right to Indemnification.


(a)          Mandatory Indemnification; Indemnification as a Witness. 


(i)             To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law.


(ii)            To the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness,
and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable
by law.



     


     


    




(b)          Standard of Conduct. To the extent that the provisions of Section 9 (a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct
under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim
and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall
be made as follows:


(i)             if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum
or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which
shall be delivered to Indemnitee; and


(ii)            if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors,
even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy
of which shall be delivered to Indemnitee.


The
Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance
to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or
persons making such Standard of Conduct Determination.


(c)          Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct
Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard
of Conduct Determination under Sectin 9(b) shall not have made a determination within 30 days after the later of (A) receipt by the Company
of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "Notification
Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee
shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable
time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional
time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination
as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of
any Claim.


(d)          Payment of Indemnification. If, in regard to any Losses:



     


     


    




(i)             Indemnitee shall be entitled to indemnification pursuant to Section 9(a);


(ii)            no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or


(iii)           Indemnitee has been determined or deemed pursuant to Sections 9(b) or (c) to have satisfied the Standard of Conduct Determination,


then
the Company shall pay to Indemnitee, within 30 days after the later of (A) the Notification Date or (B) the earliest date on which the
applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.


(e)          Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by
Independent Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising them of the identity of the Independent Counsel so selected. If a Standard of Conduct
Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall be selected by Indemnitee,
and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either
case, Indemnitee or the Company, as applicable, may, within fifteen days after receiving written notice of selection from the other,
deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel"
in Sectin 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and
substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative
Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent
Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence
and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause
(ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted
under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within 30
days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice
pursuant to the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of
Chancery of the State of Delaware ("Delaware Court") to resolve any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the
Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or
the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and
expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).



     


     


    




(f)           Presumptions and Defenses. 


(i)             Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such
determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and
the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard
of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by
the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct
may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment
of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.


(ii)            Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if
the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith
reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished
to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees
of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably
believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf
of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company
shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.


(iii)           No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee
did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.



     


     


    




(iv)           Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company
to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to
an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of
proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.


10.         Exclusions from Indemnification.
Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:


(a)          indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:


(i)             proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made
by Indemnitee in such proceeding was not made in good faith or was frivolous); or


(ii)            where the Company has joined in or the Board has consented to the initiation of such proceedings.


(b)          indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.


(c)          indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in
violation of Section 16(b) of the Exchange Act, or any similar successor statute.


(d)          indemnify or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company,
as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002
in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).



     


     


    




11.         Settlement of Claims.
The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim
related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not be unreasonably withheld. The
Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without
the Indemnitee’s prior written consent.


12.         Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer
of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise)
and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including
any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by
Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve
in such capacity at the time of any such Claim or proceeding.


13.         Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General
Corporation Law of the State of Delaware, any other contract or otherwise (collectively, "Other Indemnity Provisions");
provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity
Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other
Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof,
Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents
the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement or any Other Indemnity
Provision.


14.         Liability Insurance.
For the duration of Indemnitee’s service as a director of the Company, and thereafter for so long as Indemnitee shall be subject to any
pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope
and amount of coverage available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’
liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by the Company’s
current policies of directors’ and officers’ liability insurance. In all policies of directors’ and officers’ liability insurance maintained
by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are
provided to the most favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee
is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’ and
officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.



     


     


    




15.         No Duplication of Payments.
The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee
has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the
amounts otherwise indemnifiable by the Company hereunder.


16.         Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee. Indemnitee 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.


17.         Amendments.
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 binding unless in the form of a writing signed by the party against whom
enforcement of the waiver is sought, and no such waiver shall operate as 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.


18.         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
(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), assigns, 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 substances 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.


19.         Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are
held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall
remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.


20.         Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:



     


     


    




(a)          if to Indemnitee, to the address set forth on the signature page hereto.


(b)          if to the Company, to:


Alopexx,
Inc.


186
Alewife Brook Pkwy


Cambridge,
MA 02138


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


21.         Governing Law and Forum.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts
made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby
irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be
brought only in the Delaware Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive
jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement and waive,
and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware
Court has been brought in an improper or inconvenient forum.


22.         Headings.
The headings of the sections and 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 or interpretation thereof.


23.         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.


[signature
page follows]


 



     


     


    




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


	 	ALOPEXX,
INC.

	 	 
	 	By:	 	 
	 	Name:
	 	Title:
	 	INDEMNITEE
	 	 	 	 
	 	 	 	 
	 	Name:
	 	Address: