Document:

Exhibit
10.2

 

ADMINISTRATION
AGREEMENT

 

AGREEMENT
(this “Agreement”) made as of December 31, 2020 (the “Effective Date”) by and between Rand
Capital Corporation, a New York corporation (hereinafter referred to as the “Corporation”), and Rand Capital
Management LLC, a Delaware limited liability company (hereinafter referred to as the “Administrator”).

 

WITNESSETH:

 

WHEREAS,
the Corporation is a closed-end investment company that has elected to be treated as a business development company under the
Investment Company Act of 1940, as amended (hereinafter referred to as the “Investment Company Act”);

 

WHEREAS,
the Corporation desires to retain the Administrator to provide administrative services to the Corporation in the manner and on
the terms hereinafter set forth; and

 

WHEREAS,
the Administrator is willing to provide administrative services to the Corporation on the terms and conditions hereafter set forth.

 

NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the Corporation and the Administrator hereby agree as follows:

 

1.
Duties of the Administrator.

 

(a)
Employment of Administrator. The Corporation hereby employs the Administrator to act as administrator of the Corporation,
and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject
to review by and the overall control of the Board of Directors of the Corporation, for the period and on the terms and conditions
set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange
for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses
as provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall
for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein,
have no authority to act for or represent the Corporation in any way or otherwise be deemed agents of the Corporation.

 

(b)
Services. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services
necessary for the operation of the Corporation. Without limiting the generality of the foregoing, the Administrator shall provide
the Corporation with office facilities, equipment, clerical, bookkeeping, finance, accounting, compliance and record keeping services
at such office facilities and such other services as the Administrator, subject to review by the Board of Directors of the Corporation,
shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator
shall also, on behalf of the Corporation, arrange for the services of, and oversee, custodians, depositories, transfer agents,
dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator
shall make reports to the Corporation’s Board of Directors of its performance of its obligations hereunder and furnish advice
and recommendations with respect to such other aspects of the business and affairs of the Corporation as it shall determine to
be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall
not, in its capacity as Administrator, provide any advice or recommendation relating to the securities and other assets that the
Corporation should purchase, retain or sell or any other investment advisory services to the Corporation. The Administrator shall
be responsible for the financial and other records that the Corporation is required to maintain and shall prepare all reports
and other materials required to be filed with the Securities and Exchange Commission (the “SEC”) or any other
regulatory authority, including reports to stockholders. The Administrator will provide on the Corporation’s behalf significant
managerial assistance to those portfolio companies to which the Corporation is required to provide such assistance. In addition,
the Administrator will assist the Corporation in determining and publishing the Corporation’s net asset value, overseeing
the preparation and filing of the Corporation’s tax returns, and the printing and dissemination of reports to stockholders
of the Corporation, and generally overseeing the payment of the Corporation’s expenses and the performance of administrative
and professional services rendered to the Corporation by others.

 

    	 

    	 

    

 

2.
Records. The Administrator agrees to maintain and keep all books, accounts and other records of the Corporation that relate
to activities performed by the Administrator hereunder and, if required by the Investment Company Act, will maintain and keep
such books, accounts and records in accordance with that act. In compliance with the requirements of Rule 31a-3 under the Investment
Company Act, the Administrator agrees that all records that it maintains for the Corporation shall at all times remain the property
of the Corporation, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination
of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the
Corporation pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2
under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered
in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance
of its confidentiality obligations under this Agreement.

 

3.
Confidentiality. The parties hereto agree that each shall treat confidentially all information provided by each party to
the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic
personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of
rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed
to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information
that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement,
or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, or by judicial
or administrative process or otherwise by applicable law or regulation.

 

4.
Compensation; Allocation of Costs and Expenses.

 

(a)
In full consideration of the provision of the services of the Administrator, the Corporation shall reimburse the Administrator
for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities
hereunder.

 

(b)
The Corporation will bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed
by the Administrator, in its capacity as the Corporation’s investment adviser, pursuant to the Investment Advisory and Management
Agreement, dated as of November 8, 2019, between the Corporation and the Administrator (the “Advisory Agreement”).
Costs and expenses to be borne by the Corporation include, but are not limited to, those relating to: organization; calculating
the Corporation’s net asset value (including the cost and expenses of any independent valuation firm); expenses incurred
by the Administrator payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal
affairs for the Corporation and in monitoring the Corporation’s investments and performing due diligence on its prospective
portfolio companies; interest payable on debt, if any, incurred to finance the Corporation’s investments; offerings of the
Corporation’s common stock and other securities; investment advisory and management fees (other than fees (if any) payable
to a sub-advisor retained by the Administrator under the Advisory Agreement); administration fees, if any, payable under this
Agreement; transfer agent and custodial fees; federal and state registration fees; all costs of registration and listing the Corporation’s
shares on any securities exchange; federal, state, local and other taxes; independent directors’ fees and expenses; costs
of preparing and filing reports or other documents required by governmental bodies (including the SEC); costs of any reports,
proxy statements or other notices to stockholders, including printing costs; the Corporation’s allocable portion of the
fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs
and expenses of administration, including independent auditors and outside legal costs; and all other expenses incurred by the
Corporation or the Administrator in connection with administering the Corporation’s business, including payments under this
Agreement based upon the Corporation’s allocable portion of the Administrator’s overhead in performing its obligations
under this Agreement, including rent (if office space is provided by the Administrator) and the allocable portion of the cost
of the Corporation’s chief financial officer and chief compliance officer and their respective staffs (including travel
expenses).

 

    	 

    	 

    

 

5.
Limitation of Liability of the Administrator; Indemnification. The Administrator, its members and their respective officers,
managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them
(collectively, the “Indemnified Parties”), shall not be liable to the Corporation for any action taken or omitted
to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or
otherwise as administrator for the Corporation, and the Corporation shall indemnify, defend and protect the Indemnified Parties
(each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an
action or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance
of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Corporation.
Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed
to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect
of, any liability to the Corporation or its security holders to which the Indemnified Parties would otherwise be subject by reason
of willful misfeasance, bad faith or negligence in the performance of any Indemnified Party’s duties or by reason of the
reckless disregard of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the
same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff
thereunder).

 

6.
Activities of the Administrator. The services of the Administrator to the Corporation are not exclusive, and the Administrator
and each other person providing services as arranged by the Administrator is free to render services to others. It is understood
that directors, officers, employees and stockholders of the Corporation are or may become interested in the Administrator and
its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator
and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or
may become similarly interested in the Corporation as stockholders or otherwise.

 

7.
Duration and Termination of this Agreement.

 

(a)
This Agreement shall become effective as of the Effective Date, and shall remain in force with respect to the Corporation for
two years from the Effective Date and thereafter continue from year to year, but only so long as such continuance is specifically
approved at least annually by (i) the Board of Directors of the Corporation and (ii) a majority of those members of the Corporation’s
Board of Directors who are not parties to this Agreement or “interested persons” (as defined in the Investment Company
Act) of any such party.

 

(b)
This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Corporation’s Board of
Directors, or by the Administrator, upon 60 days’ advance written notice to the other party. This Agreement may not be assigned
by a party without the consent of the other party.

 

8.
Amendments of this Agreement. This Agreement may not be amended or modified except by an instrument in writing signed by
all parties hereto.

 

9.
Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. Neither party may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations
hereunder without the prior written consent of the other party. No assignment by either party permitted hereunder shall relieve
the applicable party of its obligations under this Agreement. Any assignment by either party in accordance with the terms of this
Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party’s
rights and obligations hereunder.

 

10.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York,
including without limitation Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Practice Law
and Rules, Rule 327(b), and the applicable provisions of the Investment Company Act, if any. To the extent that the applicable
laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company
Act, if any, the latter shall control. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the
courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

    	 

    	 

    

 

11.
No Waiver. The failure of either party to enforce at any time for any period the provisions of or any rights deriving from
this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce
such provisions or rights, and no waiver shall be binding unless executed in writing by all parties hereto.

 

12.
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to
any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

13.
Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

14.
Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or pdf transmission),
each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one
and the same agreement.

 

15.
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given
or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service
(with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at their respective principal executive office addresses.

 

16.
Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof
and supersedes all prior and contemporaneous agreements and undertakings, both written and oral, between the parties with respect
to such subject matter.

 

17.
Certain Matters of Construction.

 

(a)
The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to this
Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of
this Agreement shall include all subsections thereof.

 

(b)
Definitions shall be equally applicable to both the singular and plural forms of the terms defined, and references to the masculine,
feminine or neuter gender shall include each other gender.

 

(c)
The word “including” shall mean including without limitation.

 

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

 

	 	CORPORATION:
	 	 	 
	 	RAND
    CAPITAL CORPORATION
	 	 	 
	 	By:	/s/
    Allen F. Grum
	 	Name:	Allen
    F. Grum
	 	Title:	President
    and Chief Executive Officer

 

	 	ADMINISTRATOR:
	 	 	 
	 	Rand
    Capital Management LLC
	 	 	 
	 	By:	CB
    Advisor LLC, its Managing Member
	 	 	 
	 	By:	/s/
    Brian Collins
	 	Name:	Brian
    Collins
	 	Title:	Sole
    MemberEX-10.1

 Exhibit 10.1 

THIS AGREEMENT is made on the date mentioned below 

BETWEEN: 
  

	 	(1)	 Wilfried Vancraen, having his domicile at J. Van der Vorstlaan (LOO) 19, 3040 Huldenberg (“Wilfried
Vancraen”); 

  

	 	(2)	 Hilde Ingelaere, having her domicile at J. Van der Vorstlaan (LOO) 19, 3040 Huldenberg (“Hilde
Ingelaere”); and 

  

	 	(3)	 Lunebeke NV in formation, a company in formation (in accordance with section 2:2 of the Code of
Companies and Associations (“CCA”)) (“Lunebeke”) 

 (together the “Indemnifying
Parties” and each individually an “Indemnifying Party”); 
 AND 

 

	 	(4)	 Ailanthus, a public limited liability company (naamloze vennootschap) incorporated under Belgian law,
having its registered office at J. Van der Vorstlaan (LOO) 19, 3040 Huldenberg and registered with the Crossroads Bank for Enterprises under number 0461.745.338 (“Ailanthus”) 

AND 
  

	 	(5)	 Materialise, a public limited liability company incorporated under the laws of Belgium, having its registered
office at Technologielaan 15, 3001 Leuven and registered with the Crossroads Bank for Enterprises under number 0441.131.254 (“Materialise” or “MTLS”). 

Each also referred to separately as a “Party” and jointly as the “Parties”. 

WHEREAS: 
  

	 	(A)	 Wilfried Vancraen and Hilde Ingelaere together own all shares in Ailanthus. Wilfried Vancraen, Hilde Ingelaere
and Ailanthus have submitted a request to the board of directors of Materialise to submit to the general shareholders’ meeting of Materialise the proposal to merge Ailanthus into Materialise in accordance with the merger proposal that has been
published on behalf of Ailanthus and Materialise, respectively, in the Belgian Official Gazette of November 23rd 2020 (the “Proposed Merger”). The Proposed Merger would take place
after a demerger of Ailanthus (as referred to in section 1.1 below) has been finally approved by the general shareholders’ meeting of Ailanthus. 

  

	 	(B)	 In their request, Wilfried Vancraen, Hilde Ingelaere and Ailanthus indicated that they would compensate
Materialise and its shareholders for any adverse consequences as a direct result of the Proposed Merger, if any, including the costs and expenses that Materialise will incur in connection with the Proposed Merger. 

 

	 	(C)	 The purpose of this agreement is to set out the terms and conditions under which the Indemnifying Parties will
provide such compensation. 

 THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	 	1.	 Commitments 

  

	 	1.1	 The Indemnifying Parties and Ailanthus undertake to implement the demerger in accordance with the demerger
proposal that has been published on behalf of Ailanthus in the Belgian Official Gazette of November 23rd 2020 (the “Demerger”) and the Proposed Merger between Ailanthus and
Materialise. 

  

	 	1.2	 Ailanthus undertakes towards Materialise that prior to the Proposed Merger Ailanthus will not sell any of the
13.428.688 shares it holds in Materialise, nor will it grant any securities or other encumbrances on these shares nor will Ailanthus acquire any additional shares in Materialise. 

 

	 	1.3	 Ailanthus undertakes towards Materialise that Ailanthus will, and Wilfried Vancraen and Hilde Ingelaere
guarantee towards MTLS that Ailanthus will, pay, to the extent possible prior, to the Demerger having been finally approved by the general shareholders’ meeting of Ailanthus and Lunebeke (the “Demerger Deed Date”) (and
therefore prior to the Proposed Merger): 

  

	 	(i)	 all debts of Ailanthus that exist on or before the Demerger Deed Date, regardless whether such debts are due
and payable on such date; and 

  

	 	(ii)	 all debts for which, prior to the Demerger Deed Date, a creditor has or may have filed a claim against
Ailanthus (or its legal successor, Materialise) or Lunebeke in court or through arbitration. 

 Wilfried Vancraen and Hilde
Ingelaere will, in their capacity of shareholder or director of Ailanthus or otherwise, cause Ailanthus, to comply with the aforesaid undertakings. 

	 	-	 

  

	 	1.4	 Without prejudice to any of Ailanthus’ obligations above, nor to Lunebeke’s obligations pursuant to
the Demerger deed, Lunebeke undertakes towards Materialise that Lunebeke will, and Wilfried Vancraen and Hilde Ingelaere guarantee towards MTLS that Lunebeke will, to the extent possible immediately pay: 

 

	 	(i)	 all debts of Ailanthus transferred to Lunebeke pursuant to the Demerger deed that would arise after the
Demerger Deed Date but before publication in the Belgian Official Gazette of the extract of the Demerger deed; and 

  

	 	(ii)	 all debts not paid by Ailanthus in accordance with its obligations above. 

Wilfried Vancraen and Hilde Ingelaere will, in their capacity of shareholder or director of Lunebeke or otherwise, cause Lunebeke to comply
with the aforesaid undertakings. 
  

	 	1.5	 Lunebeke undertakes towards Materialise, in the event, and as long as, a creditor of Ailanthus or Lunebeke
demands a security in accordance with section 12:15 of the CCA in relation to the Demerger or Proposed Merger, to provide such security or to pay the relevant claim, until the claim concerned would be definitively dismissed by the competent court.

 Wilfried Vancraen and Hilde Ingelaere will, in their capacity of shareholder or director of Lunebeke or otherwise, cause
Lunebeke to comply with the aforesaid undertakings. 

	 	1.6	 The Indemnifying Parties agree that they will not have any recourse against Ailanthus (or its successors,
including Materialise) in connection with any undertakings by Ailanthus pursuant to this agreement. 

  

	 	1.7	 The Indemnifying Parties and Ailanthus jointly and severally agree with MTLS that the following documents will
be submitted for prior approval by Materialise prior to their execution: (i) the drafts of the reports and other documentation to be submitted to the shareholders’ meeting of Ailanthus whether in relation to the Proposed Merger or the
Demerger, (ii) the draft notarial deeds approving the Demerger and Proposed Merger, respectively, and (iii) any other documents that have to be disclosed by the Indemnifying Parties or Ailanthus in connection with the Demerger and Proposed
Merger. 

  

	 	1.8	 The Indemnifying Parties and Ailanthus jointly and severally agree with MTLS to (i) not make any changes
to their request for a tax ruling in connection with the Demerger and the Proposed Merger as introduced on 13 November 2020 with the Office for Rulings in Fiscal Matters (Dienst Voorafgaande Beslissingen in Fiscale Zaken) (the
“Ruling Request”) without the prior approval of MTLS (which approval will not be unreasonably withheld), (ii) to keep MTLS promptly informed of the comments, responses and decisions of the Office for Rulings in Fiscal Matters
(Dienst Voorafgaande Beslissingen in Fiscale Zaken) in connection with the Ruling Request, Demerger and Proposed Merger, and (iii) to not take or allow any further action, responses or reactions with respect to the Ruling Request without
the prior approval of MTLS (which approval will not be unreasonably withheld). 

  

	 	1.9	 The Indemnifying Parties guarantee to Materialise that the Demerger balance sheet attached to the Demerger
proposal is accurate in all material respects and in all respects with respect to those assets or liabilities that will remain with Ailanthus, including that either Ailanthus will have no liability whatsoever at the Demerger Deed Date either will
guarantee payment of any liability which could not be settled before the demerger takes place.. 

 Without prejudice to the
generality of the foregoing, the Indemnifying Parties guarantee that prior to the Proposed Merger, Ailanthus will not be or become a party to any agreement or obligation that would not be transferred pursuant to the Demerger to Lunebeke. 

 

	 	2.	 Indemnification 

 

	 	2.1	 In general, the Indemnifying Parties undertake to indemnify Materialise for any losses or damages that
Materialise would incur as a direct result of the Proposed Merger. 

  

	 	2.2	 Without prejudice to the generality of the foregoing, the Indemnifying Parties undertake to:

  

	 	(i)	 indemnify Materialise for any losses or damages that Materialise may incur as a result of the failure by any
Indemnifying Party to comply with any of its commitments in this agreement: 

  

	 	(ii)	 indemnify Materialise for any losses or damages that Materialise may incur as a result of any of the
undertakings or facts, matters or circumstances guaranteed by the Indemnifying Parties pursuant to this agreement not being fulfilled or, in relation to facts, matters or circumstances (for instance as set out in section 1.9), such acts, matters or
circumstances being incorrect or inaccurate; 

	 	(iii)	 indemnify Materialise for any losses or damages that Materialise would incur as a result of any joint liability
(hoofdelijke aansprakelijkheid) that would be invoked against Materialise in accordance with section 12:17 of the CCA in relation to the Demerger (as successor to Ailanthus pursuant to the Proposed Merger); 

 

	 	(iv)	 indemnify Materialise for any losses and damages that Materialise would incur as a result of any claim that
would be filed against Materialise for the provision of a security or the payment of a claim in accordance with section 12:15 of the CCA in relation to the Demerger (as successor to Ailanthus pursuant to the Proposed Merger) or the Proposed Merger;

  

	 	(v)	 pay Materialise an amount in order to compensate Materialise for any tax losses carried forward of Materialise
that would diminish as a result of the Proposed Merger; 

  

	 	(vi)	 indemnify Materialise for any reasonable fees and expenses that Materialise may incur in connection with the
Proposed Merger or Demerger (including external legal, tax or other counsel fees, fees of the notary public, of the statutory auditor, the organisation of the general shareholders’ meeting of Materialise in relation to the Proposed Merger,
etc.) or any claim that is subject to indemnification by any Indemnifying Party under this agreement; 

  

	 	(vii)	 indemnify Materialise for any losses and damages in connection with any claim by, or dispute with, the other
shareholders of Materialise as direct result of the Proposed Merger; and 

  

	 	(viii)	 reimburse and indemnify Materialise for any expenses related to the issuance and delivery of the new shares to
be issued by Materialise as a result of the Proposed Merger, and the incorporation of these shares (if applicable) into the ADS program, the registration of these shares in accordance with financial legislation in the United States and the admission
of these shares or ADSs to listing or trading on NASDAQ. 

  

	 	(ix)	 comply with the conditions under which the tax ruling is granted and ensure, in so far as possible, that the
tax ruling maintains its legal validity, and indemnify Materialise for any losses or damages which would result from the loss of the tax ruling, in so far as this loss would be attributable to the Indemnifying Parties. 

 

	 	2.3	 The cancellation of the own Materialise shares acquired by Materialise pursuant to the Proposed Merger will tax
wise result in the constitution of taxed reserves in capital/share premium (the “Taxed Reserves”) at the level of Materialise. A future distribution of those Taxed Reserves (for example in the event of a capital decrease or
redemption of share premium) could tax wise lead to additional taxation for certain shareholders of Materialise. 

 In view
thereof, the Indemnifying Parties undertake to indemnify the relevant shareholders of Materialise for any withholding tax that would be due in case of an aforementioned distribution but only to the extent that: 

 

	 	(i)	 such withholding tax is effectively and definitely due (taking into account exemptions/reductions based on the
Belgian and/or foreign legislation and/or a relevant double taxation treaty) and would not have been due, had the Proposed Merger not taken place; and 

	 	(ii)	 such withholding tax cannot be credited by the relevant shareholder of Materialise. 

(such withholding tax, the “Effectively Due Withholding Tax”). 

In order to be entitled to such indemnification set out above, a shareholder of Materialise will need to provide proof to the Indemnifying
Parties that (s)he 
  

	 	(i)	 was a shareholder of Materialise before 30 April 2021 (e.g. by means of an excerpt from the custody
account (effectenrekening)); and 

  

	 	(ii)	 has indeed incurred the Effectively Due Withholding Tax. (e.g. by means of a tax return).

 (such shareholder, a “Qualifying Shareholder”). 

In order for a Qualifying Shareholder to make a claim under this section 2.3, the distribution of Taxed Reserves by Materialise should take
place before 31 December 2030. 
 The Indemnifying Parties agree that Materialise will have the right (a) to inform its
shareholders (including any Qualifying Shareholders) of the indemnification undertaking as set out in this section 2.3 at any time, including, more particularly, at the occasion of the distribution of Taxed Reserves by Materialise and (b) to
withhold and pay any withholding tax which Materialise would be required to withhold in relation to such distribution. 
 The Indemnifying
Parties agree that the indemnification undertaking as set out in this section 2.3 is undertaken by the Indemnifying Parties towards either Materialise or the Qualifying Shareholders (such Qualifying Shareholders as third party beneficiaries
(derdebegunstigden) in accordance with article 1121 of the Belgian Civil Code, in respect of which such indemnification undertaking constitutes an irrevocable third party undertaking (beding ten behoeve van een derde) capable of
acceptance by any Qualifying Shareholder at any time). 
 Without prejudice in any way to the undertaking as set out in this section 2.3, the
Indemnifying Parties reserve the right to pay the indemnification either to Materialise (in favor of the relevant Qualifying Shareholder) or directly to the Qualifying Shareholders. 

The Indemnifying Parties will, without prejudice in any way to the undertaking as set out in this section 2.3, propose to Materialise a means
of indemnification, in the best interest of the Indemnifying Parties, whilst ensuring that the administrative burden on the part of Materialise is kept to a minimum. 
  

	 	3.	 Gross-up 

Any payments, of any nature whatsoever, that are to be made to Materialise or any Qualifying Shareholder pursuant to this agreement will be net
of any taxation or withholding, in immediately available funds. In case any such payment is subject to any tax whatsoever in the hands of Materialise or the relevant Qualifying Shareholder, whether actually or through a decrease of tax deductible
costs or expenses, tax losses or other tax deductions, such payment will be grossed-up by such amount as to ensure that after such tax there will be left with Materialise or the relevant Qualifying Shareholder
an amount equal to the amount which would otherwise be payable under this agreement in the absence of such tax. 

	 	4.	 Duration 

This agreement will enter into force on the date of its execution. The agreement and the rights and obligations set out herein will expire on
the 10th birthday of the Proposed Merger. However, Materialise and any Qualifying Shareholders will have the right to make claims against the Indemnifying Parties for a period of 10 years
following the occurrence giving rise to the claim. 
  

	 	5.	 General provisions 

 

	 	5.1	 All obligations of the Indemnifying Parties under this agreement will be joint and several.

  

	 	5.2	 When using the words “will cause” (or any similar expression or any derivation thereof), the Parties
intend to refer to the Belgian law concept of sterkmaking, supplemented with a guarantee by the relevant Party for the due and timely execution of the relevant actions, unless expressly indicated otherwise. 

 

	 	5.3	 In accordance with section 1122 of the civil code, the obligations of Fried Vancraen and Hilde Ingelaere will
transfer to their legal successors. 

  

	 	5.4	 The Indemnifying Parties will pay the amounts claimed by Materialise or any Qualifying Shareholder as soon as
practically possible and in any event within 20 business days as from the date the request was made and the Qualifying Shareholder provides the proof as set out in article 2.3. 

 

	 	5.5	 The Parties agree that this agreement will included in Materialise’s SEC filings and as such will be made
public. 

  

	 	5.6	 The Indemnifying Parties will have no obligation to indemnify Materialise or a Qualifying Shareholder in
respect of any individual claim if such claim does not exceed EUR 100. 

  

	 	5.7	 Except as expressly provided otherwise in this agreement, neither any failure nor any delay by any party in
exercising any right, power or privilege under this agreement or any of the documents referred to in this agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege
will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. 

  

	 	5.8	 This agreement will be governed by and interpreted according to the laws of the Kingdom of Belgium.

  

	 	5.9	 In case of disputes arising hereunder, the Parties undertake to seriously pursue a reasonable amicable
settlement. If notwithstanding such efforts, no amicable settlement can be reached, any dispute arising hereunder will be settled by the courts of Brussels, Belgium. 

 Executed in two original copies, with one copy for Materialise, and one for Wilfried
Vancraen, Hilde Ingelaere, Ailanthus and Lunebeke together. 
  

					
	 /s/ Hilde Ingelaere
	 		  	 /s/ Wilfried Vancraen

	Hilde Ingelaere	 		  	Wilfried Vancraen
			
	For Ailanthus,	 		  	
			
	 /s/ Hilde Ingelaere
	 		  	 /s/ Wilfried Vancraen

	 Hilde Ingelaere
 Managing director
	 		  	 Wilfried Vancraen
 Managing
director

	
	For Lunebeke, a company in formation in accordance with section 2:2 of the CCA
			
	 /s/ Hilde Ingelaere
	 		  	 /s/ Wilfried Vancraen

	Hilde Ingelaere	 		  	Wilfried Vancraen
			
	For Materialise,	 		  	
			
	 /s/ Peter Leys
	 		  	 /s/ Johan De Lille

	 Peter Leys
 Executive chairman of the board of
directors
	 		  	 A Tre C CVOA represented by
 Johan De Lille

Director

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