Exhibit 10.2


 


INDEMNITY AGREEMENT


 


THIS INDEMNITY AGREEMENT (this
 “Agreement”) is made as of       [●]      , 2021, by and
between FlexEnergy Green Solutions, Inc., a Delaware corporation (the “Company”), and [●] (“Indemnitee”).


 


RECITALS


 


The Company believes that,
in order to attract and retain highly qualified persons to serve as directors or in other capacities, including as officers, it must provide
those persons with adequate protection through indemnification against the risk of claims and actions against them arising out of their
services to and activities on behalf of the Company. The Certificate of Incorporation (the “Charter”) and the Bylaws
(the “Bylaws”) of the Company require indemnification of the officers and directors of the Company. Indemnitee may
also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”).
The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the Board of Directors of the Company (the “Board”),
officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;


 


The Company desires and has
requested Indemnitee to serve as a [director] [officer] of the Company and, in order to induce the Indemnitee to serve as a [director]
[officer] of the Company, the Company is willing to grant the Indemnitee the indemnification provided for herein. Indemnitee is willing
to so serve on the basis that such indemnification be provided.


 


The parties by this Agreement
desire to set forth their agreement regarding indemnification and the advancement of expenses. In consideration of the mutual covenants
and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties, intending to be legally bound, hereby agree as follows:


 


TERMS AND CONDITIONS


 


1.           SERVICES
TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder,
Indemnitee will serve or continue to serve as an officer or director of the Company, as applicable, for so long as Indemnitee is duly
elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing
notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director or officer
of the Company, as provided in Section 14. This Agreement, however, shall not impose any obligation on Indemnitee or the
Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments
of the parties, if any.


 


2.            DEFINITIONS.
As used in this Agreement:


 


(a)           References
to “agent” mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the Company
or other person authorized by the Company to act for the Company, to include a person serving in the capacity as a director, officer,
employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise
at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.


 






     


     


    

 


(b)           (i) A “change in control” shall be deemed to occur upon any of the following events:


 


(I)                
any “person” as that term is used in Sections 13(d) and 14(d) of the Exchange Act
(other than (A) the Company or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee
benefit plan of the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of
those securities, (D) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of shares of stock of the Company, (E) FlexEnergy Power Solutions, LLC, or (F) any direct or indirect “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 10% or more of the total voting power of the equity securities
of FlexEnergy Power Solutions, LLC as of January 1, 2021) becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more
of the total voting power of the then outstanding voting securities of the Company;


 


(II)              
the consummation of a merger or consolidation of the Company with any other entity, other than a
merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total
voting power represented by the voting securities of the Company or the surviving entity outstanding immediately after the merger or consolidation;
or


 


(III)           
the consummation of a plan of complete liquidation of the Company or the sale or disposition by the
Company of all or substantially all the Company’s assets.


 


Additionally, the issuance of
securities by the Company in a financing transaction approved by the Board shall not be deemed or deemed to cause or result in a “change
in control”.


 


(ii) For purposes of Section 2(b)(i),
the following terms have the following meanings:


 


(IV)           
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time.


 


(V)             
“Affiliate” means (i) any person or entity that directly or indirectly controls,
is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity
in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms “controlled
by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of that person or entity, whether through the ownership of
voting or other securities, by contract or otherwise.


 


(c)           “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member,
fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which that person is or was serving at the
request of the Company.


 






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(d)           “Delaware
Court” means the Court of Chancery of the State of Delaware.


 


(e)          “Enterprise”
means the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, general partner, managing member, fiduciary, employee or agent.


 


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


 


(g)          “Expenses”
shall include, without limitation, all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without
limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement
or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee
for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in
connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security
for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however,
shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.


 


(h)          References
to “fines” includes any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to
 “serving at the request of the Company” includes any service as a director, officer, employee, agent or fiduciary
of the Company which imposes duties on, or involves services by, the director, officer, employee, agent or fiduciary with respect to
an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed
to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.


 


(i)           “Independent
Counsel” means a law firm or a member of a law firm with significant experience in matters of corporation law and that neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to
either party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements); or (ii) any other party to the Proceeding (as defined below) 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.


 






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(j)            The
term “Person” has the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on
the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined
below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or
of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company
or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company.


 


(k)          The
term “Proceeding” includes any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by
reason of the fact that Indemnitee is or was a director or officer of the Company by reason of any action taken by Indemnitee (or a failure
to take action) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to his or her Corporate Status,
in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement,
or advancement of expenses can be provided under this Agreement.


 


(l)            The term “Subsidiary,” with respect to the Company or any Person, means any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by the Company or that Person, as applicable.


 


3.            INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any
Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of
Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and
exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of those Expenses, judgments, liabilities, fines,
penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with the Proceeding or any claim, issue or matter therein, if Indemnitee 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 and, in the case of a criminal Proceeding,
had no reasonable cause to believe that Indemnitee’s conduct was unlawful.


 






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4.             INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable
law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4
if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding
by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with the Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No
indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue
or matter as to which Indemnitee has been finally adjudged by a court to be liable to the Company, unless and only to the extent that
any court in which the Proceeding was brought or the Delaware Court determines upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless
or to exoneration.


 


5.             INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions
of this Agreement, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant
in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or
in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in the Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in the Proceeding, the Company
shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.
If Indemnitee is not wholly successful in the Proceeding, the Company also shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter
related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to the claim, issue or matter.


 


6.             INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding (including, without limitation,
any Proceeding to which Indemnitee was or is not a party or threatened to be made a party), Indemnitee shall, to the fullest extent permitted
by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection therewith.


 






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7.            ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. 
Notwithstanding any limitation in Section 3, Section 4 or Section 5, the Company shall, to the fullest
extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be
made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of those Expenses, judgments, liabilities, fines, penalties and amounts paid
in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.


 


8.            CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.


 


(a)              
To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without
requiring Indemnitee to contribute to the payment, and the Company hereby waives and relinquishes any right of contribution it may have
at any time against Indemnitee.


 


(b)              
The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in the Proceeding) unless the settlement provides for a full and final release of all claims asserted against Indemnitee.


 


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


 


9.            EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification,
advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:


 


(a)              
for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other
indemnity or advancement provision or otherwise;


 


(b)              
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law
or common law; or


 


(c)               in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the indemnification is expressly required to be made by law, (ii) the Proceeding was authorized by the Board of
Directors in advance of its initiation, (iii) the indemnification is provided by the Company, in its sole discretion, pursuant
to the powers vested in the Company under the DGCL or any other applicable law or (iv) the indemnification is in connection
with any Proceeding by Indemnitee to enforce his or her rights under this Agreement in which the Indemnitee is successful on the
merits or otherwise, but only to the extent of such success. Indemnitee shall seek payments or advances from the Company only to the
extent that the payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.


 






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10.          ADVANCES OF EXPENSES; DEFENSE OF CLAIM.


 


(a)             
To the fullest extent permitted by the DGCL, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected
by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within 30 days after the receipt
by the Company of a statement or statements requesting advances from time to time, prior to the final disposition of any Proceeding. Advances
shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law,
be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement
to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable
Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements
to the Company to support the advances claimed. To the fullest extent required by applicable law, payments of Expenses in advance of the
final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,
to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless
or exonerated by the Company under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall
not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.


 


(b)             
The Company will be entitled to participate in the Proceeding at its own expense.


 


(c)            
The Company shall not settle any action, claim or Proceeding (in whole or in part) that would impose any Expense, judgment, liability,
fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.


 


11.          PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.


 


(a)               Promptly
after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall, if a claim in respect thereof is to
be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the
Company of the commencement of the Proceeding, or of Indemnitee’s request for indemnification, will not relieve the Company
from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced
in its defense of the action, suit or proceeding as a result of the failure. To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request therefor including any documentation and information reasonably available
to Indemnitee and reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to
indemnification.


 






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(b)              
With respect to any Proceeding of which the Company is notified as provided in this Agreement, the Company shall, subject to the
last two sentences of this paragraph, be entitled to assume the defense of the Proceeding, with counsel reasonably acceptable to Indemnitee,
upon the delivery to Indemnitee of written notice of its election to do so. After delivery of the notice, approval of that counsel by
Indemnitee and the retention of that counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any
subsequently-incurred fees of separate counsel engaged by Indemnitee with respect to the same Proceeding unless the employment of separate
counsel by Indemnitee has been previously authorized in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on
the advice of his or her counsel, reasonably concludes (with written notice being given to the Company setting forth the basis for the
conclusion) that, in the conduct of the defense, there is or is reasonably likely to be a conflict of interest or position between the
Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee,
to assume the defense. In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense
of any claim brought by or in the right of the Company.


 


(c)              
To the fullest extent permitted by the DGCL, the Company’s assumption of the defense of a Proceeding in accordance with Section 11(b)
will constitute an irrevocable acknowledgement by the Company that any loss and liability suffered by Indemnitee and expenses (including
attorneys’ fees), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith
are indemnifiable by the Company under this Agreement.


 


(d)              
The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 60
days following the Company’s receipt of a request for indemnification in accordance with Section 11(a). If the Company
determines that Indemnitee is entitled to indemnification or, as contemplated by Section 11(c), the Company has acknowledged
the entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within 30 days. If the Company is not deemed
to have acknowledged the entitlement or the Company’s determination of whether to grant Indemnitee’s indemnification request
has not been made within the 60 day period, the requisite determination of entitlement to indemnification shall, subject to Section 9,
nonetheless be deemed to have been made and Indemnitee shall be entitled to indemnification, absent (i) a misstatement by Indemnitee of
a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of indemnification under the DGCL.


 


(e)               If
(i) the Company determines that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a
request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification
within 60 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made
within the 30 days following a determination that Indemnitee is entitled to indemnification, (iv) advancement of Expenses is not
timely made in accordance with Section 10, or (v) the
Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any
litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to
be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in the Delaware Court of his or her entitlement
to indemnification or advancement of Expenses. Indemnitee’s Expenses incurred in connection with successfully establishing
Indemnitee’s right to indemnification or advancement of Expenses, in whole or in part, in any such proceeding or otherwise
shall also be indemnified by the Company to the fullest extent permitted by the DGCL.


 






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(f)               
Indemnitee shall be presumed to be entitled to indemnification and advancement of Expenses under this Agreement upon submission
of a request therefor in accordance with Section 10 or Section 11, as the case may be. The Company shall have
the burden of proof in overcoming the presumption, and the presumption shall be used as a basis for a determination of entitlement to
indemnification and advancement of Expenses unless the Company overcomes the presumption by clear and convincing evidence.


 


(g)              
If there is a change in control of the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee
to indemnification and advancement of expenses under this Agreement, any other agreement or the Company’s Charter or Bylaws now
or hereafter in effect, the Company shall seek legal advice only from Independent Counsel selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld). In addition, upon written request by Indemnitee for indemnification pursuant to Section 11(a),
a determination, if required by the DGCL, with respect to Indemnitee’s entitlement thereto shall be made by the Independent Counsel
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. The Company shall pay the reasonable
fees of the Independent Counsel referred to above.


 


12.          SECURITY.
Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company may at
any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank
line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without
the prior written consent of Indemnitee.


 


13.          NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.


 


(a)               The
rights of Indemnitee 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 Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any Proceeding (regardless of when the Proceeding is first threatened, commenced or
completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by Indemnitee in
Indemnitee’s Corporate Status prior to the amendment, alteration or repeal. To the extent that a change in applicable law,
whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of
Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by the change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy.


 






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(b)              
The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make
other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee
or in the capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether
or not the Company would have the power to indemnify Indemnitee against that liability under the provisions of this Agreement or under
the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any Indemnification Arrangement shall not in any
way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations
of the Company or the other party or parties thereto under any Indemnification Arrangement.


 


(c)              
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise that the person
serves at the request of the Company, Indemnitee shall be covered by the policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any director, officer, trustee, partner, managers, managing member, fiduciary, employee
or agent under the policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of the 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 the insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of the Proceeding in accordance with the terms of the policies.


 


(d)              
In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of the payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary
to secure those rights, including execution of any documents necessary to enable the Company to bring suit to enforce those rights.


 


(e)               The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of
any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or
exoneration payments or advancement of expenses from the Enterprise. Notwithstanding any other provision of this Agreement to the
contrary, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold
harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing those duties to Indemnitee
prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company
shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any
indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity
other than the Company.


 






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14.          DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue
during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing
member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise
which Indemnitee serves at the request of the Company and shall continue thereafter if Indemnitee is then threatened to be made, a party
to or participant in any Proceeding by reason of Indemnitee’s Corporate Status until the conclusion of such Proceeding, whether
or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement
can be provided under this Agreement.


 


15.          SEVERABILITY.
If any provision or provisions of this Agreement are 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, paragraph or sentence of this Agreement containing the 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 shall remain enforceable to the fullest extent
permitted by law; (b) the provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law
and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section, paragraph, sentence or clause of this Agreement containing the
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 thereby.


 


16.          ENFORCEMENT AND BINDING EFFECT.


 


(a)              
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer or key employee of the Company.


 


(b)              
Without limiting any of the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties with respect to the subject matter hereof.


 


(c)               The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties and their respective successors and assigns (including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the
Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a
director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the
Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.


 






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(d)              
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 succession had taken place.


 


(e)              
The Company and Indemnitee acknowledge that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that a breach may cause Indemnitee irreparable harm. Accordingly, Indemnitee may,
to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall, to the fullest
extent permitted by law, be entitled to specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company
acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction.
The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.


 


17.          MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.


 


18.           NOTICES.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given (i) if delivered by hand and receipted for by the party to whom the notice or other communication shall have been directed,
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed
or (iii) when delivered by email, solely if delivery is confirmed:


 


(a)              
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides
in writing to the Company.


 






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(b)          If
to the Company, to:


 


FlexEnergy Green Solutions,
Inc.

112 Corporate Drive

Portsmouth, NH 03801

Attention: Mark G. Schnepel

Email: mark.schnepel@flexenergy.com


 


With a copy, which
shall not constitute notice, to


 


Fennemore Craig, P.C.

2394 East Camelback Road, Suite 600

Phoenix, AZ 85016-3429

Attention: Aaron Cain

Email: ACain@fennemorelaw.com


 


or to any other address as may have been furnished
to Indemnitee in writing by the Company.


 


19.          APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws
rules. To the fullest extent permitted by law, 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 of America or any court in any other country; (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; (c) waive
any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the
mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 18
or in any other manner permitted by law, shall be valid and sufficient service thereof.


 


20.           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. Delivery of an executed
counterpart of a signature page to this Agreement by electronic transmission in portable document format (.pdf) shall be effective as
delivery of a manually executed counterpart of this Agreement. Only one counterpart signed by the party against whom enforceability is
sought needs to be produced to evidence the existence of this Agreement.


 


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


 






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22.           ADDITIONAL ACTS. If for the validation of any of
the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law,
the Company undertakes to cause the act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement.


 


23.           MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in
effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies
of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful
acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. Indemnitee
shall be covered by the policy or policies in accordance with its or their terms to the maximum extent of the coverage available for
any such director or officer under the policy or policies. In all such insurance policies, Indemnitee shall be named as an insured in
such a manner as to provide Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors and officers.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF,
the parties have caused this Indemnity Agreement to be signed as of the day and year first above written.


 


	 	FLEXENERGY GREEN SOLUTIONS, INC.
	 	 
	 	By:	 
	 	 
	 	 	Name:
	 	 
	 	 	Title:
	 	 
	 	INDEMNITEE
	 	 
	 	By:	 
	 	 
	 	 	Name:
	 	 
	 	 	Title:
	 	 
	 	 	Address:
	 	 
	 	 	E-Mail:




 


[Signature Page to Indemnity Agreement]