# EDGAR Filing Document

**Accession Number:** 0002053641
**File Stem:** 0001104659-25-116441
**Filing Date:** 2025-11
**Character Count:** 66247
**Document Hash:** 9eec9d7e2674cafaf48d21199a4836f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116441.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001104659-25-116441

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251124

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elite Express Holding Inc.
- **CENTRAL INDEX KEY:** 0002053641
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING & COURIER SERVICES (NO AIR) [4210]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 992516128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42811
- **FILM NUMBER:** 251530313

**BUSINESS ADDRESS:**
- **STREET 1:** 23046 AVENIDA DE LA CARLOTA
- **STREET 2:** SUITE 600
- **CITY:** LAGUNA HILLS
- **STATE:** CA
- **ZIP:** 92653
- **BUSINESS PHONE:** 9497580650

**MAIL ADDRESS:**
- **STREET 1:** 23046 AVENIDA DE LA CARLOTA
- **STREET 2:** SUITE 600
- **CITY:** LAGUNA HILLS
- **STATE:** CA
- **ZIP:** 92653

?xml version='1.0' encoding='ASCII'?

**United States**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**November 24, 2025**

Date of Report (Date of earliest event reported)

**<u>Elite Express Holding Inc.</u>**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42811** | **99-2516128** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **23046 Avenida De La Carlota, Suite 600**<br> **Laguna Hills, CA** | **92653** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(949) 758-0650**

Registrant's telephone number, including area code

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which <br> registered** |
| Class A Common Stock | ETS | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On November 24, 2025 (the "Effective Date"), Mr. Adam Eilenberg, a member of the Board of the Company notified the Company of his intention to resign from his positions as an independent director of the Board, as the Chairman of the Nominating and Corporate Governance Committee of the Board, a member of the Audit Committee of the Board and a member of the Compensation Committee of the Board, effective as of the Effective Date, which has been accepted by the Board. Mr. Eilenberg's resignation was due to personal reasons and not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company.

On November 24, 2025, the Nominating and Corporate Governance Committee of the Board recommended, and the Board approved and appointed Mr. Jianing Lu to serve as the Company's independent director, as the Chairman of the Nominating and Corporate Governance Committee of the Board, a member of the Audit Committee of the Board and a member of the Compensation Committee of the Board, effective November 24, 2025. Mr. Jianing Lu has served as a senior legal specialist at Yizanpu (Beijing) Technology Co., Ltd since March 2015 and he earned a Bachelor of Laws from Jilin University in 2005 and a Master of Laws in Economic Law from China University of Political Science and Law in 2009. The Company believes Mr. Jianing Lu is qualified to serve as the Company's director because he has years of corporate legal experience across governance, compliance, and board support; he offers expertise in legal due diligence, financing transactions, and intellectual property that is expected to strengthen risk-assessment capabilities; and he has experience in dispute resolution and internal compliance processes that will support the Company's governance and operational development.

There are no family relationships between Mr. Jianing Lu and any director or executive officer of the Company. To the best knowledge of the Company, neither Mr. Jianing Lu, nor any of his immediate family members is a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

On November 24, 2025, the Company extended a director offer letter to Mr. Jianing Lu, which he accepted. A copy of the director offer letter is filed herewith as Exhibit 10.1 and is incorporated herein by reference. On November 24, 2025, the Company entered into an indemnification agreement with Mr. Jianing Lu. A copy of the indemnification agreement is filed herewith as Exhibit 10.2 and is incorporated herein by reference.

**Item 9.01 Exhibits.**

(d) *Exhibits*

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [10.1](tm2532254d1_ex10-1.htm) | [Director Offer Letter dated November 24, 2025 by and between Jianing Lu and the Company](tm2532254d1_ex10-1.htm) |
| [10.2](tm2532254d1_ex10-2.htm) | [Indemnification Agreement dated November 24, 2025 by and between Jianing Lu and the Company](tm2532254d1_ex10-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 26, 2025

---

| | |
|:---|:---|
| **Elite Express Holding Inc.** | **Elite Express Holding Inc.** |
| By: | */s/ Yidan Chen* |
|  | Yidan Chen |
|  | Chief Executive Officer, President and Director |

---

## Exhibit 10.1

**Exhibit 10.1**

![](tm2532254d1_ex10-1img01.jpg)

November 24, 2025

Mr. Jianing Lu

Re: <u>Director Offer Letter</u>

Dear Mr. Jianing Lu

Elite Express Holding Inc., a Delaware corporation (the "**Company**"), is pleased to offer you a position as a member of its board of directors (the "**Board**"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this letter agreement (this "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. <u>Your commencement date is the date hereof</u>.

1. **<u>Term</u>**. This Agreement is effective upon your acceptance and signature below. Your term as a director shall commence upon the Effective Date. Subject to the Company's bylaws and articles of incorporation, as amended, and the provisions in Section 8 below, your term shall continue until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholder's meeting, and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

2.  **<u>Services</u>**. You shall render services as a member of the Board and the Board committees set forth on ***<u>Schedule A</u>*** attached hereto (hereinafter, your "**Duties**"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the Board committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference, or in person. You shall consult with the other members of the Board and Board committee(s) as necessary via telephone, electronic mail, or other forms of correspondence.

b. **<u>Exclusions</u>**. Notwithstanding the foregoing, the term "Confidential Information" shall not include:

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

ii. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

iii. Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

c. **<u>Documents</u>**. You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein.

d. **<u>Confidentiality</u>**. You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

e. **<u>Ownership</u>**. You agree that Company shall own all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas, and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions**") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments or conveyances as may be necessary in respect hereof, and to perfect, obtain, maintain, enforce, and defend any rights assigned or otherwise conveyed.

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

3. **<u>Compensation</u>**. As compensation for your services to the Company, you will receive compensation as set forth on ***<u>Schedule B</u>*** attached hereto (hereinafter, the ''**Compensation**") for serving on the Board during your term as a director. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

4. **<u>No Assignment</u>**. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

5. **<u>Confidential Information; Non-Disclosure</u>**. In consideration of your access to certain Confidential Information (as defined below) of the Company, and in connection with your business relationship with the Company, you hereby represent and agree as follows:

a. **<u>Definition</u>**. For purposes of this Agreement the term "Confidential Information" means:

i. Any information which the Company possesses that has been created, discovered, or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; or

ii. Any information which is related to the business of the Company and is generally not known by non-Company personnel.

iii. Confidential Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, general analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

6. **<u>Non-Competition</u>**. You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination of this Agreement for whatever reason, directly or indirectly, as owner, partner, joint venture, shareholder, employee, broker, agent principal, corporate officer, director, licensor, or in any other capacity whatsoever, engage in, become financially interested in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries or affiliates in the People's Republic of China and the United States; *<u>provided</u>*, *<u>however</u>*, that you may own securities of any public company which is engaged in such business, but in an amount not to exceed at any one time, one percent of any class of stock or securities of such company, so long as you has no active role in the publicly owned company as director, employee, consultant, or otherwise.

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

7. **<u>Non-Solicitation</u>**. So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure.

8. **<u>Termination and Resignation</u>**. Your membership on the Board or on any Board committee shall be terminated upon your earlier disqualification, removal, resignation, death, incapacity, or any other conditions as specified in the Company's bylaws and articles of incorporation, as amended. Your membership on the Board may be terminated, with or without cause, by a vote of the holders of a majority of the shares of the Company's voting stock, or with cause by a majority vote of the Board at a meeting at which only your removal and replacement shall be considered, as stipulated in the Company's bylaws and articles of incorporation, as amended. Your membership on any Board committee will be terminated on the same effective date when your membership on the Board is terminated. You may also terminate your membership on the Board or on any Board committee for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will be subject to the Company's obligations to pay you any compensation (including the vested portion of the securities of the Company) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any securities of the Company that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

9. **<u>Governing Law</u>**. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the internal laws of the State of Delaware without regard to conflict of laws provisions therein.

10. **<u>Entire Agreement</u>**; Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

11. **<u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements, and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence, fraud, bad faith, or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

12. **<u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you as an employee of the Company.

13. **<u>Acknowledgement</u>**. You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

[*Signature Page Follows*]

This Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

Sincerely,

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

---

| |
|:---|
| Elite Express Holding Inc. |
| /s/ Huan Liu |
| By: Huan Liu |
| Title: Chairman of the Board of Directors |
| Date: 11/24/2025 |
| AGREED AND ACCEPTED: |
| /s/ Jianing Lu |
| By: Jianing Lu |
| Date: 11/24/2025 |

---

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Committee** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Audit Committee | &nbsp;&nbsp;Member |
| &nbsp;&nbsp;Nominating and Corporate Governance Committee | &nbsp;&nbsp;Chairman |
| &nbsp;&nbsp;Compensation Committee | &nbsp;&nbsp;Member |

---

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

![](tm2532254d1_ex10-1img01.jpg)

**Schedule B**

**Compensation**

During your term as a member of the Board, you will receive cash compensation in the amount of US$10,000 per year, which shall be paid to you on a six-month basis.

**Elite Express Holding Inc.**

23046 Avenida de la Carlota, Suite #600

Laguna Hills, CA 92653

## Exhibit 10.2

**Exhibit 10.2**

**INDEMNIFICATION AGREEMENT**

THIS INDEMNIFICATION AGREEMENT (this "**Agreement**") is made and entered into as of November 24, 2025, between Elite Express Holding Inc., a Delaware corporation (the "**Company**"), and Jianing Lu, an individual ("**Indemnitee**"). This Agreement supersedes and replaces any and all previous agreements between the Company and Indemnitee covering the subject matter of this Agreement.

WITNESSETH THAT:

WHEREAS, Indemnitee performs a valuable service for the Company;

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Amended and Restated Bylaws (the "**Bylaws**") providing for the indemnification of the officers and directors of the Company to the maximum extent authorized by the Delaware General Corporation Law (the "**DGCL**");

WHEREAS, the Bylaws and §145 of the DGCL, as amended ("**Section 145**"), by their nonexclusive nature, permit contracts between the Company and the officers or directors of the Company with respect to indemnification of its officers or directors;

WHEREAS, this Agreement is supplemental to and in furtherance of the Amended and Restated Certificate of Incorporation (the "**Certificate of Incorporation**"), the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

WHEREAS, in accordance with the authorization as provided by Section 145, the Company may purchase and maintain a policy or policies of directors' and officers' liability insurance, covering certain liabilities which may be incurred by its officers or directors in the performance of their obligations to the Company; and

WHEREAS, in order to induce Indemnitee to continue to serve as an officer or director of the Company, the Company has determined and agreed to enter into this contract with Indemnitee.

NOW, THEREFORE, in consideration of Indemnitee's service as an officer or director after the date hereof, the parties hereto agree as follows:

1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Corporate Status**" means the status of a person
 who is or was a director (including, without limitation, serving as a member of any committee
 or subcommittee of the Board), officer, employee, agent or fiduciary of the Company (or any
 subsidiary of the Company) or of any other corporation, limited liability company, partnership,
 joint venture, trust, employee benefit plan or other enterprise that the person is or was
 serving at the express written request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Disinterested Director** "
 means a director of the Company who is not and was not a party to the Proceeding in respect
 of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Enterprise**" means the Company and any other
 corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
 that Indemnitee is or was serving at the express written request of the Company as a director,
 officer, employee, agent or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Expenses**" means all reasonable attorneys'
 fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
 duplicating costs, printing and binding costs, telephone charges, postage, delivery service
 fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the
 actual or deemed receipt of any payments under this Agreement, Employee Retirement Income
 Security Act of 1974, excise taxes and penalties, and all other disbursements or expenses
 of the types customarily incurred in connection with prosecuting, defending, preparing to
 prosecute or defend, investigating, participating, or being or preparing to be a witness
 in a Proceeding. Expenses also shall include (i) Expenses incurred in connection with
 any appeal resulting from any Proceeding, 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 <u>Section 7(d)</u> only, Expenses
 incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's
 rights under this Agreement, by litigation or otherwise. 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 the demand that are certified
 by affidavit of Indemnitee's counsel as being reasonable shall be presumed conclusively
 to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee
 or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Independent Counsel**" means a law firm, or a
 member of a law firm, that is experienced in matters of corporation law and neither presently
 is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
 in any 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 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. The Company agrees to
 pay the reasonable fees and expenses of the Independent Counsel referred to above and to
 fully indemnify the Independent Counsel against any and all Expenses, claims, liabilities
 and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Proceeding**" means any threatened, pending or
 completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate
 dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
 actual, threatened or completed proceeding, whether brought by or in the right of the Company
 or otherwise and whether of a civil, criminal, administrative, legislative or investigative
 (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is
 or will be involved as a party, potential party, non-party witness or otherwise by reason
 of the fact that Indemnitee is or was an officer or director of the Company, by reason of
 any action taken by Indemnitee or of any inaction on Indemnitee's part while acting
 as an officer or director of the Company, or by reason of the fact that Indemnitee is or
 was serving at the request of the Company as a director, officer, employee, agent or fiduciary
 of another corporation, partnership, joint venture, trust or other Enterprise or of any action
 (or failure to act) on Indemnitee's part while acting pursuant to Indemnitee's
 Corporate Status; in each case whether or not Indemnitee is acting or serving in that capacity
 at the time any liability or Expense is incurred for which indemnification, reimbursement,
 or advancement of Expenses can be provided under this Agreement; including one pending on
 or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant
 to <u>Section 7</u> hereof to enforce Indemnitee's rights under this Agreement.
 If the Indemnitee believes in good faith that a given situation may lead to or culminate
 in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

2. <u>Indemnification of Indemnitee</u>. The Company hereby agrees to hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the provisions of Section 145, the Certificate of Incorporation, and the Bylaws, all as may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Proceedings Other Than Proceedings by or in the Right of the Company</u>. The Company shall indemnify Indemnitee in accordance with the provisions of
 this <u>Section 2(a)</u> if, by reason of Indemnitee's Corporate Status, Indemnitee
 is, or is threatened to be made, a party to or participant in any Proceeding other than a
 Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant
 to this <u>Section 2(a)</u>, the Company shall indemnify Indemnitee to the fullest extent
 permitted by applicable law against all Expenses, judgments, fines 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, fines 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 Indemnitee reasonably believed to be in or not opposed to the best interests
 of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
 Indemnitee's conduct was unlawful. The parties hereto intend that this Agreement shall
 provide to the fullest extent permitted by law for indemnification in excess of that expressly
 permitted by statute, including, without limitation, any indemnification provided by the
 Certificate of Incorporation, the Bylaws, the vote of its stockholders or Disinterested Directors,
 or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings by or in the Right of the Company</u>. The Company shall indemnify Indemnitee in accordance with the provisions
 of this <u>Section 2(b)</u> if, by reason of Indemnitee's Corporate Status, Indemnitee
 is, or is threatened to be made, a party to or participant in any Proceeding brought by or
 in the right of the Company to procure a judgment in its favor. Pursuant to this <u>Section 2(b)</u>,
 the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law
 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 of Expenses shall be made under
 this <u>Section 2(b)</u> in respect of any claim, issue or matter as to which Indemnitee
 shall have been finally adjudged by a court to be liable to the Company, unless and only
 to the extent that the court in which the Proceeding was brought shall determine 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification of Expenses of a Party Who is Wholly or Partly Successful</u>. Notwithstanding any other provision of this
 Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee
 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 indemnify Indemnitee against
 all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf
 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 indemnify 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 to the fullest extent permitted by
 law. For purposes of this <u>Section 2(c)</u> and without limitation, the termination
 of any claim, issue or matter in a Proceeding by dismissal, with or without prejudice, shall
 be deemed to be a successful result as to that claim, issue or matter.

3. <u>Additional Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to, and without regard to any limitations on, the indemnification
 provided for in <u>Section 2</u> hereof, the Company shall and hereby does indemnify
 and hold harmless Indemnitee, to the fullest extent permitted by applicable law, against
 all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably
 incurred by Indemnitee or on Indemnitee's behalf if, by reason of Indemnitee's
 Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant
 in any Proceeding (including a Proceeding by or in the right of the Company), including,
 without limitation, all liability arising out of the negligence or active or passive wrongdoing
 of Indemnitee. The only limitation that shall exist upon the Company's obligations
 pursuant to this Agreement shall be that the Company shall not be obligated to make any payment
 to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
 set forth in <u>Sections 7 and 8</u> hereof) to be unlawful under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of <u>Section 2(a)</u>,
 the meaning of the phrase "to the fullest extent permitted by applicable law"
 shall include, but not be limited to:

(i) to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL, and

(ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

4. <u>Indemnification of Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith.

5. <u>Advancement of Expenses</u>. Notwithstanding any provision of this Agreement to the contrary (other than <u>Section 7</u>), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee. The Company shall make this advancement within 30 days after the receipt by the Company of a statement or statements from Indemnitee requesting the advance or advances from time to time, whether prior to or after final disposition of the Proceeding. The Indemnitee's statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against the Expenses. Any advances and undertakings to repay pursuant to this <u>Section 5</u> shall be unsecured and interest free. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this <u>Section 5</u> shall be subject to the condition that, if, when, and to the extent that the Company determines that Indemnitee would not be permitted to be indemnified under applicable law, the Indemnitee shall reimburse the Company for all amounts theretofore paid within 30 days of this determination; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Company that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final judicial determination is made with respect thereto (and as to which all rights of appeal therefrom have been exhausted or lapsed). No other form of undertaking shall be required other than the execution of this Agreement.

6. <u>Procedures and Presumptions for Determination of Entitlement to Indemnification</u>. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under Section 145 and the public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification (including, but not limited to, the advancement
 of Expenses and contribution by the Company) under this Agreement, Indemnitee shall
 submit to the Company a written request, including therein or therewith documentation and
 information as is reasonably available to Indemnitee and is reasonably necessary to determine
 whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the
 Company shall, promptly upon receipt of the written request for indemnification, advise the
 Board in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant
 to the first sentence of <u>Section 6(a)</u> hereof, a determination, if required
 by applicable law, with respect to Indemnitee's entitlement thereto shall be made in
 the specific case by one of the following three methods, which shall be at the election of
 Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a majority vote of the Disinterested
 Directors, even if less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Independent Counsel in a written opinion;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a vote of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If the determination of entitlement
 to indemnification is to be made by Independent Counsel pursuant to <u>Section 6(b)(ii)</u> hereof,
 the Independent Counsel shall be selected as provided in this <u>Section 6(c)</u>. The
 Independent Counsel shall be selected by the Company. Indemnitee may, within 10 days after
 written notice of selection shall have been given, deliver to the Company a written objection
 to the selection; provided, however, that the objection may be asserted only on the ground
 that the Independent Counsel so selected does not meet the requirements of "Independent
 Counsel" as defined in <u>Section 1(e)</u> hereof, and the objection shall
 set forth with particularity the factual basis of this assertion. Absent a proper and timely
 objection, the person so selected shall act as Independent Counsel. If a written objection
 is made and substantiated, the Independent Counsel selected may not serve as Independent
 Counsel unless and until the objection is withdrawn or a court has determined that the objection
 is without merit. If, within 20 days after the later of submission by Indemnitee of a written
 request for indemnification pursuant to <u>Section 6(a)</u> hereof and the final
 disposition of the Proceeding, no Independent Counsel shall have been selected and not objected
 to, either the Company or Indemnitee may petition the court of competent jurisdiction for
 resolution of any objection which shall have been made by Indemnitee to the selection of
 Independent Counsel or for the appointment as Independent Counsel of a person selected by
 the court or by any other person as the court shall designate, and the person with respect
 to whom all objections are so resolved or the person so appointed shall act as Independent
 Counsel under <u>Section 6(b)</u> hereof. The Company shall pay any and all reasonable
 fees and expenses of Independent Counsel incurred by the Independent Counsel in connection
 with acting pursuant to <u>Section 6(b)</u> hereof, and the Company shall pay all
 reasonable fees and expenses incident to the procedures of this <u>Section 6(c)</u>,
 regardless of the manner in which the Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In making a determination with respect to entitlement to indemnification
 hereunder, the person, persons or entity making the determination shall, to the fullest extent
 not prohibited by law, presume that Indemnitee is entitled to indemnification under this
 Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and
 the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of any determination
 of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's
 action is based on the records or books of account of the Enterprise, including financial
 statements, or on information supplied to Indemnitee by the directors or officers of the
 Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
 or on information or records given or reports made to the Enterprise by an independent certified
 public accountant or by an appraiser or other expert selected with reasonable care by the
 Enterprise. In addition, the knowledge and actions, or failure to act, of any director, officer,
 agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining
 the right to indemnification under this Agreement. Whether or not the foregoing provisions
 of this <u>Section (e)</u> 6 are satisfied, it shall in any event be presumed that Indemnitee
 has at all times acted in good faith and in a manner Indemnitee reasonably believed to be
 in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption
 shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;(f) If the person, persons or entity empowered or selected under this <u>Section 6</u> to determine whether Indemnitee is entitled to indemnification shall
 not have made a determination within 30 days after receipt by the Company of the request
 therefor, the requisite determination of entitlement to indemnification shall, to the fullest
 extent not prohibited by law, 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 applicable law; provided, however, that the 30-day period may be
 extended for a reasonable time, not to exceed an additional 15 days, if the person, persons
 or entity making the determination with respect to entitlement to indemnification in good
 faith requires additional time to obtain or evaluate documentation and information relating
 thereto; and provided further, that the foregoing provisions of this <u>Section 6(f)</u> shall
 not apply if the determination of entitlement to indemnification is to be made by the stockholders
 pursuant to <u>Section 6(b)</u> hereof and if (x) within 15 days after receipt
 by the Company of the request for this determination, the Board or the Disinterested Directors,
 if appropriate, resolve to submit the determination to the stockholders for their consideration
 at an annual meeting thereof to be held within 75 days after such receipt and such determination
 is made thereat, or (y) a special meeting of stockholders is called within 15 days after
 such receipt for the purpose of making such determination, such meeting is held for such
 purpose within 60 days after having been so called and such determination is made thereat.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Indemnitee shall cooperate with the
 person, persons or entity making the determination with respect to Indemnitee's entitlement
 to indemnification, including providing to the person, persons or entity upon reasonable
 advance request any documentation or information which is not privileged or otherwise protected
 from disclosure and which is reasonably available to Indemnitee and reasonably necessary
 to the determination. Any Independent Counsel, member of the Board or stockholder of the
 Company shall act reasonably and in good faith in making a determination regarding the Indemnitee's
 entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys'
 fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
 or entity making the determination shall be borne by the Company (irrespective of the determination
 as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies
 and agrees to hold Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company acknowledges that a settlement or other disposition
 short of final judgment may be successful if it permits a party to avoid expense, delay,
 distraction, disruption and uncertainty. In the event that any action, claim or proceeding
 to which Indemnitee is a party is resolved in any manner other than by adverse judgment against
 Indemnitee (including, without limitation, settlement of such action, claim or proceeding
 with or without payment of money or other consideration) it shall be presumed that Indemnitee
 has been successful on the merits or otherwise in such action, suit or proceeding. Anyone
 seeking to overcome this presumption shall have the burden of proof and the burden of persuasion
 by clear and convincing evidence.

7. <u>Remedies of Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that (i) a determination is made pursuant to <u>Section 6</u> hereof that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
 of Expenses is not timely made pursuant to <u>Section 5</u> hereof, (iii) no determination
 of entitlement to indemnification is made pursuant to <u>Section 6(b)</u> hereof
 within 90 days after receipt by the Company of the request for indemnification, (iv) payment
 of indemnification is not made pursuant to this Agreement within 30 days after receipt by
 the Company of a written request therefor, (v) payment of indemnification is not made
 within 10 days after a determination has been made that Indemnitee is entitled to indemnification
 or the determination is deemed to have been made pursuant to <u>Section 6</u> hereof,
 or (vi) in the event that 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 the Indemnitee hereunder, Indemnitee shall be
 entitled to an adjudication in an appropriate court of the State of Delaware, or in any other
 court of competent jurisdiction, of Indemnitee's entitlement to indemnification or
 advancement of Expenses. Alternatively, Indemnitee, at Indemnitee's option, may
 seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
 Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
 the proceeding seeking an adjudication or an award in arbitration within 180 days following
 the date on which Indemnitee first has the right to commence such proceeding pursuant to
 this <u>Section 7(a)</u>. The Company shall not oppose Indemnitee's right to seek
 any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a determination shall have been made pursuant
 to <u>Section 6(b)</u> hereof that Indemnitee is not entitled to indemnification,
 any judicial proceeding commenced pursuant to this <u>Section 7</u> shall be conducted
 in all respects as a *de novo* trial, or arbitration, on the merits, and Indemnitee
 shall not be prejudiced by reason of the adverse determination under <u>Section 6(b)</u> hereof.
 In any judicial proceeding or arbitration commenced pursuant to this <u>Section 7</u> the Company shall have the burden of proving Indemnitee is not entitled to indemnification
 or advancement of Expenses, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to <u>Section 6(b)</u> hereof
 that Indemnitee is entitled to indemnification, the Company shall be bound by this determination
 in any judicial proceeding or arbitration commenced pursuant to this <u>Section 7</u>,
 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
 applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Indemnitee, pursuant
 to this <u>Section 7</u>, seeks a judicial adjudication of Indemnitee's rights
 under, or to recover damages for breach of, this Agreement, or to recover under any directors'
 and officers' liability insurance policies maintained by the Company, the Company shall
 pay on Indemnitee's behalf, in advance, any and all Expenses actually and reasonably
 incurred by Indemnitee in the judicial adjudication, regardless of whether Indemnitee ultimately
 is determined to be entitled to indemnification, advancement of expenses or insurance recovery.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall, to the fullest extent
 not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
 commenced pursuant to this <u>Section 7</u> that the procedures and presumptions of
 this Agreement are not valid, binding and enforceable and shall stipulate in any such court
 or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 the Proceeding.

8. <u>Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and to receive advancement of Expenses
 as provided by this Agreement shall not be deemed exclusive of any other rights to which
 Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation,
 the Bylaws, any agreement, a vote of stockholders, 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 action taken or
 omitted by the Indemnitee in Indemnitee's Corporate Status prior to the amendment,
 alteration or repeal. To the extent that a change in Section 145, whether by statute
 or judicial decision, permits greater indemnification or advancement of Expenses than would
 be afforded currently under the Bylaws and this Agreement, it is the intent of the parties
 hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by
 such 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Company maintains an insurance policy or
 policies providing liability insurance for directors, officers, employees, or agents or fiduciaries
 of the Company or of any other corporation, partnership, joint venture, trust, employee benefit
 plan or other enterprise that such person serves at the request of the Company, Indemnitee
 shall be covered by such policy or policies in accordance with its or their terms to the
 maximum extent of the coverage available for any director, officer, employee, agent or fiduciary
 under such policy or policies.

9. <u>Liability Insurance</u>. The Company will maintain liability insurance applicable to directors and officers as of the date of the effectiveness of the Registration Statement on Form S-1 (the "S-1 Effective Date"), along with any amendments thereto, with the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended, in connection with the Company's initial public offering, and, to the extent liability insurance of comparable scope can continue to be purchased at reasonable cost, the Company shall continue to maintain this coverage. Indemnitee shall be covered by these policies in such a manner as to provide the Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company's directors. The Company shall notify Indemnitee of any change, lapse or cancellation of this coverage.

10. <u>Exception to Right of Indemnification</u>. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such Proceeding or making of such claim shall have been approved by the Board or (b) such Proceeding is being brought by Indemnitee to assert, interpret or enforce Indemnitee's rights under this Agreement. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if the settlement is effected by Indemnitee without the Company's prior written consent, which consent shall not be unreasonably withheld, unless the settlement solely involves the payment of money or performance of any obligation by persons other than the Company and includes an unconditional release of the Company by all relevant parties from all liability on any matters that are the subject of such Proceeding and an acknowledgment that the Company denies all wrongdoing in connection with such matters. The Company shall not, without the prior written consent of Indemnitee, which consent shall not be unreasonably withheld, effect any settlement of any Proceeding against Indemnitee or which could have been brought against Indemnitee or which potentially or actually imposes any cost, liability, exposure or burden on Indemnitee, unless the settlement solely involves the payment of money or performance of any obligation by persons other than Indemnitee and includes an unconditional release of Indemnitee by all relevant parties from all liability on any matters that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters.

11. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee could be subject to any Proceeding (or any proceeding commenced under <u>Section 7</u> hereof) by reason of Indemnitee's Corporate Status, whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. 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 or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

12. <u>Security</u>. 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 the Indemnitee.

13. <u>Severability</u>. If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

14. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(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 or officer of the Company, and the Company acknowledges that Indemnitee
 is relying upon this Agreement in serving as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement constitutes the entire agreement between the parties
 hereto with respect to the subject matter hereof and supersedes all prior agreements and
 understandings, oral, written and implied, between the parties hereto with respect to the
 subject matter hereof; *provided*, *however*, that this Agreement is a supplement
 to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law,
 and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of
 Indemnitee thereunder.

15. <u>Modification and Waiver</u>. No supplement, modification, termination 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.

16. <u>Notice By Indemnitee</u>. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

17. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, or (c) mailed with a nationally recognized overnight courier specifying next day delivery with written verification of receipt, on the first business day after the date on which it is so mailed:

&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Indemnitee, to the address set
 forth below Indemnitee signature hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Company, to:

**Elite Express Holding Inc.**

Avenida de la Carlota, Suite #600,

Laguna Hills, CA 92653

Attention: Chief Executive Officer

with a copy (which does not constitute notice) to:

Hunter Taubman Fischer & Li LLC

950 3<sup>rd</sup> Avenue, 19<sup>th</sup> Floor

New York, NY 10022

Attention: Ying Li, Esq.

or to any other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

18. <u>Contribution</u>. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the events or transactions giving cause to such Proceeding, and (b) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such events or transactions.

19. <u>Identical Counterparts</u>. 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. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

20. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

21. <u>Governing Law</u>. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware without application of the conflict of laws principles thereof.

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

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| | |
|:---|:---|
| **Elite Express Holding Inc.** | **Elite Express Holding Inc.** |
| By: | /s/ Huan Liu |
| Name: | Huan Liu |
| Title: | Chair of the Board of Director |
| **Indemnitee** | **Indemnitee** |
| By: | /s/ Jianing Lu |
| Name: | Jianing Lu |

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[*Signature Page to Indemnification Agreement*]