Document:

Exhibit 10.12

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into this        
day of _______ 20__, by and between Trinity Capital Inc., a Maryland corporation (the “Company”), and
the undersigned (“Indemnitee”).

 

WHEREAS, at the request
of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings
arising as a result of his service; and

 

WHEREAS, as an inducement
to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred
by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise
expressly provided for herein; and

 

WHEREAS, the parties
by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant
and agree as follows:

 

Section 1. Definitions. For purposes of this Agreement: 

 

(a) “Change
of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement:

 

(i)       the
sale or other disposition of all or substantially all of the Company’s assets; or

 

(ii)       the
acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934,
as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities
of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding
common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited
to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee
pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company
or its subsidiaries, including a trust established pursuant to any such plan; or

 

(iii)       the
individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”)
cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at
least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance
Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members
of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a
result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board.

 

(b) “Corporate
Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person
is or was serving at the request of the Company.

 

     

     

    

 

(c) “Covered
Securities” shall have the meaning set forth in Section 18 of the Securities Act of 1933, as amended.

 

(d) “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.

 

(e) “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(f) “Expenses”
shall include 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, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
or being or preparing to be a witness in a Proceeding.

 

(g) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party, 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. If a Change of Control has not occurred, Independent Counsel shall be selected
by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control
has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval
will not be unreasonably withheld.

 

(h) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal),
except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or
(ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.

 

Section 2. Services by Indemnitee.
Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee
or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements
or commitments of the parties, if any.

 

Section 3. Indemnification — General.
The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest
extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change
in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect
on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth
in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland
General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other
section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated
thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee
to the extent such indemnification or advance would violate the Investment Company Act.

 

Section 4. Proceedings Other Than
Proceedings Arising from an Alleged Violation of State or Federal Securities Law. Indemnitee shall be entitled to the
rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be,
made a party to or a witness in any threatened, pending, or completed Proceeding. Pursuant to this Section 4, Indemnitee
shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and
reasonably incurred by him or on his behalf in connection with a Proceeding by reason of his Corporate Status only if (i) the
Company has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests
of the Corporation; (ii) the Company has determined, in good faith, that the Indemnitee was acting on behalf of or performing
services for the Company; (iii) the Company has determined, in good faith, that such liability or loss was not the result of
gross negligence or willful misconduct in the case that the Indemnitee is a director and not also an officer of the Company;
and (iv) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not
from the Company’s stockholders. Notwithstanding the foregoing, this Section 4 shall only apply to an Indemnitee
prior to the qualification of the Company’s common stock as Covered Securities.

 

     

     

    

 

Section 5. Proceedings Arising from
an Alleged Violation of State or Federal Securities Law. Notwithstanding anything to the contrary contained in Section 4 above,
the Company shall not provide indemnification to an Indemnitee for any loss, liability or expense arising from or out of an alleged
violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there
has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee;
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification
of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the SEC and of the published position of any state securities regulatory authority in which Shares were offered
or sold as to indemnification for violations of securities laws. Notwithstanding the foregoing, this Section 5 shall only
apply to an Indemnitee prior to the qualification of the Company’s common stock as Covered Securities.

 

Section 6. Court-Ordered Indemnification.
In addition to any other indemnification that may be provided under this Agreement, and notwithstanding any other provision of
this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require,
may order indemnification in the following circumstances:

 

(a) if it
determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification,
in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or

 

(b) if it
determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether
or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable
for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the
court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which
liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

Section 7. Indemnification for Expenses
of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting
any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on
the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred
by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each
successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

     

     

    

 

Section 8. Advance of Expenses.
The Company shall advance all reasonable legal expenses and other costs incurred by or on behalf of an Indemnitee in connection
with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, only if all of the following are
satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf
of the Company, (b) the Indemnitee provides the Company with written affirmation of the Indemnitee’s good faith belief
that the Indemnitee has met the standard of conduct necessary for indemnification by the Company as authorized by Section 4
or 5 hereof, (c) the legal proceeding was initiated by a third party who is not a Stockholder or, if by a Stockholder of the
Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (d) the Indemnitee
provides the Company with a written agreement, in substantially the form attached hereto as Exhibit A or in such form as
may be required under applicable law as in effect at the time of the execution thereof, to repay the amount paid or reimbursed
by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee
did not comply with the requisite standard of conduct and is not entitled to indemnification. The Company shall advance all reasonable
Expenses so incurred by or on behalf of Indemnitee within ten days after the receipt by the Company of a statement or statements
from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or
accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf
of Indemnitee satisfying (d) above. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses
shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for
his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority
of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based
on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee
ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific
claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking
required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without
reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security
therefor. Notwithstanding the foregoing, this Section 8 shall only apply to an Indemnitee prior to the qualification of the
Company’s common stock as Covered Securities.

 

Section 9. Procedure for
Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall
submit to the Company a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the
Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for
indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control
shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly
authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the
Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of
Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which
shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the
stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to
Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or
entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such 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 such
determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

     

     

    

 

Section 10. Presumptions and Effect
of Certain Proceedings.  (a) In making a determination with respect to entitlement to indemnification hereunder, the person
or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall
have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.
(b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent,
or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite
standard of conduct described herein for indemnification.

 

Section 11. Remedies of
Indemnitee.  (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement,
(iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement
within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not
made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or
(v) payment of indemnification is not made within ten days after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any
other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively,
Indemnitee, at his 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 such 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 Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding
brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration
commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to
indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section
9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in
any judicial proceeding or arbitration commenced pursuant to this Section 11, absent 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. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a
judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this
Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all
Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in
such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration
shall be appropriately prorated.

 

Section 12. Defense of the
Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons,
citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which
may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give
any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to
indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such
Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to
the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section
12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise
to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend
within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not,
without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of
any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of
Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in
respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section
12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding
the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s
Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to
any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based
upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or
apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the
Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by
separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be
unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations
under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or
unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to
Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior
approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)),
to represent Indemnitee in connection with any such matter.

 

     

     

    

 

Section 13. Non-Exclusivity; Survival
of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance 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 Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”)
or the Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of
the stockholders entitled to vote generally in the election of directors or of the Board 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 such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.
(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as
expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification
or payment or reimbursement of expenses would not be permissible under the Investment Company Act.

 

Section 14. Insurance. The Company
will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate
by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee
for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made
by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without
in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee
arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties,
fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance
referred to in the previous sentence.

 

Section 15. Indemnification for
Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which
Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and
reasonably incurred by him or on his behalf in connection therewith.

 

     

     

    

 

Section 16. Duration of
Agreement; Binding Effect.  (a) This Agreement shall continue until and terminate ten years after the date that
Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until
the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or
advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating
thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding
upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the
Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the
Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such
person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse,
assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and
cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or
a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

Section 17. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion
of any section 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 (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.

 

Section 18. Exception to Right of Indemnification
or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification
or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is
brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution
of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved
by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision
of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent
such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in
each case without giving effect to the non-exclusivity provision set forth in Section 11.08 of the Charter; provided, that
foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified
as a Covered Security.

 

Section 19. Identical Counterparts.
 This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability
is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 20. Headings. 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.

 

Section 21. Modification and
Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of
the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

     

     

    

 

Section 22. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

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

 

(b) If to the Company,
to:

 

Trinity Capital Inc.

3075 West Ray Road, Suite 525

Chandler, AZ 85226.

 

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

 

Section 23. Governing Law. The parties
agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland
applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws
rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment
Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict
with the applicable provisions of the Investment Company Act, the latter shall control.

 

Section 24. Miscellaneous. Use of
the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

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

 

	ATTEST:	 	Trinity Capital Inc.
	 	 	 
	 	 	 
	 	 	By:	            
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	WITNESS:	 	INDEMNITEE
	 	 	 
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Address:

 

     

     

    

 

EXHIBIT A

 

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

 

The Board of Directors of Trinity Capital Inc.

 

Re: Undertaking to Repay Expenses Advanced

 

Ladies and Gentlemen:

 

This undertaking is
being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated
the ___day of _______________, 20___, by Trinity Capital Inc. (the “Company”) and the undersigned Indemnitee
(“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description
of Proceeding] (the “Proceeding”).

 

Terms used herein and
not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the
Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm
that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding,
I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3)
in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of
the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with
the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding,
it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed
in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit
in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or
omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters
in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described
in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or
matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis.

 

IN WITNESS WHEREOF,
I have executed this Affirmation and Undertaking on this ___day of ______________, 20___.

 

	 	 	 	 	 
	WITNESS:Exhibit 10.13

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into this        
day of _______ 20__, by and between Trinity Capital Inc., a Maryland corporation (the “Company”), and
the undersigned (“Indemnitee”).

 

WHEREAS, at the request
of the Company, Indemnitee currently serves as an officer of the Company and may, therefore, be subjected to claims, suits or proceedings
arising as a result of his or her service; and

 

WHEREAS, as an inducement
to Indemnitee to continue to serve as an officer, the Company has agreed to indemnify and to advance expenses and costs incurred
by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise
expressly provided for herein; and

 

WHEREAS, the parties
by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant
and agree as follows:

 

Section 1. Definitions. For purposes of this Agreement: 

 

(a) “Change
of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement:

 

(i)         the
sale or other disposition of all or substantially all of the Company’s assets; or

 

(ii)        the
acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934,
as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities
of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding
common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited
to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee
pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company
or its subsidiaries, including a trust established pursuant to any such plan; or

 

(iii)       the
individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”)
cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at
least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance
Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members
of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a
result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board.

 

(b) “Corporate
Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person
is or was serving at the request of the Company.

 

     

     

    

 

(c) “Covered
Securities” shall have the meaning set forth in Section 18 of the Securities Act of 1933, as amended.

 

(d) “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.

 

(e) “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(f) “Expenses”
shall include 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, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
or being or preparing to be a witness in a Proceeding.

 

(g) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party, 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. If a Change of Control has not occurred, Independent Counsel shall be selected
by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control
has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval
will not be unreasonably withheld.

 

(h) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal),
except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or
(ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.

 

Section 2. Services by Indemnitee.
Indemnitee will serve as an officer of the Company. However, this Agreement shall not impose any obligation on Indemnitee
or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements
or commitments of the parties, if any.

 

Section 3. Indemnification — General.
The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest
extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change
in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect
on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth
in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland
General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other
section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated
thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee
to the extent such indemnification or advance would violate the Investment Company Act.

 

     

     

    

 

Section 4. Proceedings Other Than
Proceedings Arising from an Alleged Violation of State or Federal Securities Law. Indemnitee shall be entitled to the
rights of indemnification provided in this Section 4 if, by reason of his or her Corporate Status, he or she is, or is
threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding. Pursuant to this Section
4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses
actually and reasonably incurred by him or her or on his or her behalf in connection with a Proceeding by reason of his or
her Corporate Status only if (i) the Company has determined, in good faith, that the course of conduct that caused the loss
or liability was in the best interests of the Corporation; (ii) the Company has determined, in good faith, that the
Indemnitee was acting on behalf of or performing services for the Company; (iii) such indemnification or agreement to hold
harmless is recoverable only out of the Company’s net assets and not from the Company’s stockholders.
Notwithstanding the foregoing, this Section 4 shall only apply to an Indemnitee prior to the qualification of the
Company’s common stock as Covered Securities.

 

Section 5. Proceedings Arising from
an Alleged Violation of State or Federal Securities Law. Notwithstanding anything to the contrary contained in Section 4 above,
the Company shall not provide indemnification to an Indemnitee for any loss, liability or expense arising from or out of an alleged
violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there
has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee;
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification
of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the SEC and of the published position of any state securities regulatory authority in which Shares were offered
or sold as to indemnification for violations of securities laws. Notwithstanding the foregoing, this Section 5 shall only
apply to an Indemnitee prior to the qualification of the Company’s common stock as Covered Securities.

 

Section 6. Court-Ordered Indemnification.
In addition to any other indemnification that may be provided under this Agreement, and notwithstanding any other provision of
this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require,
may order indemnification in the following circumstances:

 

(a) if it
determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification,
in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or

 

(b) if it
determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether
or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable
for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the
court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which
liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

Section 7. Indemnification for Expenses
of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting
any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on
the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred
by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection
with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this
Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

     

     

    

 

Section 8. Advance of Expenses.
The Company shall advance all reasonable legal expenses and other costs incurred by or on behalf of an Indemnitee in connection
with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, only if all of the following are
satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf
of the Company, (b) the Indemnitee provides the Company with written affirmation of the Indemnitee’s good faith belief
that the Indemnitee has met the standard of conduct necessary for indemnification by the Company as authorized by Section 4
or 5 hereof, (c) the legal proceeding was initiated by a third party who is not a Stockholder or, if by a Stockholder of the
Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (d) the Indemnitee
provides the Company with a written agreement, in substantially the form attached hereto as Exhibit A or in such form as
may be required under applicable law as in effect at the time of the execution thereof, to repay the amount paid or reimbursed
by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee
did not comply with the requisite standard of conduct and is not entitled to indemnification. The Company shall advance all reasonable
Expenses so incurred by or on behalf of Indemnitee within ten days after the receipt by the Company of a statement or statements
from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or
accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf
of Indemnitee satisfying (d) above. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses
shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for
his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority
of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based
on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee
ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific
claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking
required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without
reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security
therefor. Notwithstanding the foregoing, this Section 8 shall only apply to an Indemnitee prior to the qualification of the
Company’s common stock as Covered Securities.

 

Section 9. Procedure for
Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall
submit to the Company a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the
Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for
indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control
shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly
authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the
Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of
Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which
shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the
stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to
Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or
entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such 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 such
determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

     

     

    

 

Section 10. Presumptions and Effect
of Certain Proceedings.  (a) In making a determination with respect to entitlement to indemnification hereunder, the person
or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall
have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.
(b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent,
or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite
standard of conduct described herein for indemnification.

 

Section 11. Remedies of
Indemnitee.  (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement,
(iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement
within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not
made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or
(v) payment of indemnification is not made within ten days after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any
other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively,
Indemnitee, at his 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 such 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 Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding
brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration
commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to
indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section
9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in
any judicial proceeding or arbitration commenced pursuant to this Section 11, absent 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. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a
judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this
Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all
Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in
such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration
shall be appropriately prorated.

 

     

     

    

 

Section 12. Defense of the
Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons,
citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which
may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give
any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to
indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such
Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to
the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section
12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise
to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend
within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not,
without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of
any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of
Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in
respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section
12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding
the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s
Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that he or she may have separate defenses or counterclaims to assert with
respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee
reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably
withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the
Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be
entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the
Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply
with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to
declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits
intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company
(subject to Section 11(d)), to represent Indemnitee in connection with any such matter.

 

Section 13. Non-Exclusivity;
Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance 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 Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”)
or the Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board 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 such Indemnitee in his Corporate Status prior
to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to
enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i)
Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii)
for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses
would not be permissible under the Investment Company Act.

 

Section 14. Insurance. The Company
will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate
by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee
for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made
by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without
in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee
arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties,
fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance
referred to in the previous sentence.

 

Section 15. Indemnification for
Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which
Indemnitee is not a party, he or she shall be advanced all reasonable Expenses and indemnified against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

     

     

    

 

Section 16. Duration of
Agreement; Binding Effect.  (a) This Agreement shall continue until and terminate ten years after the date that
Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until
the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or
advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating
thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding
upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the
Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the
Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such
person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse,
assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and
cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or
a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

Section 17. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion
of any section 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 (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.

 

Section 18. Exception to Right of Indemnification
or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification
or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is
brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution
of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved
by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision
of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent
such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in
each case without giving effect to the non-exclusivity provision set forth in Section 11.08 of the Charter; provided, that
foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified
as a Covered Security.

 

Section 19. Identical Counterparts.
 This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability
is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 20. Headings. 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.

 

Section 21. Modification and
Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of
the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

     

     

    

 

Section 22. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

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

 

(b) If to the Company,
to:

 

Trinity Capital Inc.

3075 West Ray Road, Suite 525

Chandler, AZ 85226

Attn: Legal Department

 

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

 

Section 23. Governing Law. The parties
agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland
applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws
rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment
Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict
with the applicable provisions of the Investment Company Act, the latter shall control.

 

Section 24. Miscellaneous. To the
extent not otherwise note, use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

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

 

	ATTEST: 	 	Trinity Capital Inc.
	 	 	 
	 	 	By:	              
	 	 	Name:
	 	 	Title:
	 	 	 	 
	WITNESS: 	 	INDEMNITEE
	 	 	 
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 	Address: 

 

     

     

    

 

EXHIBIT A

 

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

 

The Board of Directors of Trinity Capital Inc.

 

Re: Undertaking to Repay Expenses Advanced

 

Ladies and Gentlemen:

 

This undertaking is
being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated
the ___day of _______________, 20___, by Trinity Capital Inc. (the “Company”) and the undersigned Indemnitee
(“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description
of Proceeding] (the “Proceeding”).

 

Terms used herein and
not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the
Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm
that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding,
I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3)
in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of
the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with
the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding,
it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed
in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit
in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or
omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters
in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described
in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or
matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis.

 

IN WITNESS WHEREOF,
I have executed this Affirmation and Undertaking on this ___day of ______________, 20___.

 

	WITNESS:

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