Document:

Exhibit 10.1

 

execution
version

 

VOTING AND SUPPORT AGREEMENT

 

This VOTING AND SUPPORT AGREEMENT (this “Agreement”),
dated as of November 21, 2022, is entered into by and among AgroFresh Solutions, Inc., a Delaware corporation (the “Company”),
each of the Persons listed on Exhibit A hereto (each, a “Stockholder” and collectively, the “Stockholders”),
Paine Schwartz Partners, LLC (“Paine Schwartz”), and, solely for purposes of Section 10(b) and Sections
12 through 23 hereof, Paine Schwartz Food Chain Fund V, L.P. Capitalized terms used but not defined herein shall have the meanings given
to them in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS, concurrently with the execution and delivery
of this Agreement, (i) the Company, (ii) Project Cloud Holdings, LLC, a Delaware limited liability company (“Parent”),
and (iii) Project Cloud Holdings Merger Sub, Inc., a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger
Sub”), have entered into an Agreement and Plan of Merger (as may be amended from time to time, the “Merger Agreement”),
which provides for the merger of Merger Sub with and into the Company (the “Merger”) with the Company surviving the
Merger as a wholly owned subsidiary of Parent;

 

WHEREAS, as of the date hereof, each Stockholder
is the record and/or beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of the Series B Shares or Shares
set forth opposite such Stockholder’s name on Exhibit A (together with any shares of capital stock that such Stockholder
subsequently acquires or becomes the beneficial owner of, the “Owned Shares”); and

 

WHEREAS, as a condition to the willingness of
the Company to enter into the Merger Agreement and as an inducement and in consideration therefor, the Company has required that the
Stockholders agree, and the Stockholders have agreed, to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Stockholders and the Company
hereby agree as follows:

 

Section 1.
Agreement to Vote. From and after the date hereof until the termination of this Agreement in accordance with Section 2,
at any meeting of the Company’s stockholders, including any postponement, recess or adjournment thereof, or in any other circumstance,
in each case, upon which a vote, consent or other approval (including a written consent) with respect to the Merger Agreement, the Merger
or any other transaction contemplated by the Merger Agreement is sought, the Stockholders agree to, and agree to cause their applicable
Affiliates to, affirmatively vote (including via proxy) or execute consents with respect to (or cause to be voted (including via proxy)
or consents to be executed with respect to) all of its and their respective Owned Shares as follows, unless the Company Board (acting
upon the recommendation of the Special Committee) or the Special Committee has made a Change of Recommendation that amounts to a recommendation
against item (i) below and that has not been rescinded or withdrawn (in which case the Stockholders will be permitted to vote their
Owned Shares with respect to the following matter in any manner they choose in their sole discretion): (1) in favor of (“for”)
(i) the Merger and the adoption of the Merger Agreement, (ii) each of the other actions contemplated by the Merger Agreement
or necessary or desirable in furtherance of the Merger and the other transactions contemplated by the Merger Agreement and (iii) the
adjournment of any meeting of the Company’s stockholders in accordance with Section 6.4 of the Merger Agreement and (2) against
any action or agreement that would reasonably be expected to result in any of the conditions to the consummation of the Merger under
the Merger Agreement not being fulfilled (clauses (1) and (2) collectively, the “Supported Matters”). Each
Stockholder shall cause all of its Owned Shares to be counted as present thereat (including by proxy) for purposes of establishing a
quorum at each meeting of the Company’s stockholders at which the matters described in this Section 1 are to be considered
(including every adjournment or postponement thereof). For the avoidance of doubt, other than with respect to the Supported Matters,
no Stockholder has any obligation to vote its Owned Shares in any particular manner and, with respect to such other matters (other than
the Supported Matters), each Stockholder shall be entitled to vote its Owned Shares in its sole discretion. Each Stockholder hereby revokes
any proxy previously granted by such Stockholder with respect to the Owned Shares and irrevocably appoints the Company and each member
of the Special Committee, individually and with full power of substitution and resubstitution, as its true and lawful proxy and attorney-in-fact
to appear at any meeting with respect to all of its Owned Shares and to vote or execute written consents with respect to such Owned Shares
(or cause such Owned Shares to be voted, including by instructing nominees or record holders to vote the Owned Shares) in accordance
with this Section 1. This proxy shall be automatically revoked upon the occurrence of the Termination Date.

 

     

     

    

 

Section 2.
Termination. This Agreement shall terminate without further action upon the earlier to occur of (a) the Effective
Time and (b) the valid termination of the Merger Agreement in accordance with its terms (such earlier date being referred to herein
as the “Termination Date”); provided that the provisions set forth in Section 8, Sections 12
through 23 and, in the case of termination pursuant to Section 2(b), Section 10(b), shall survive
the termination of this Agreement; and provided further that the termination of this Agreement shall not prevent any party from
seeking any remedies (at law or in equity) against any other party resulting from that party’s Willful and Material Breach (as
defined below) or Fraud prior to the date of termination. For purposes hereof, “Willful and Material Breach” means
a material breach of this Agreement that results from a willful or deliberate act or failure to act by a party hereto that knows, or
would reasonably be expected to have known, that the taking of such act or failure to act would, or would reasonably be expected to,
result in, constitute or cause such a material breach.

 

Section 3.
Efforts; Forbearance. From the date of this Agreement until the Effective Time, Paine Schwartz shall not, and shall cause
its Affiliates not to (including, for the avoidance of doubt, through the use of negative control rights where available), directly or
indirectly, invest in or acquire, or agree to invest in or acquire, including by merging or consolidating with, or by purchasing the
assets of or equity in, any Person (a “Specified Acquisition”), if the entering into of a definitive agreement relating
to or the consummation of such a Specified Acquisition would reasonably be expected to (A) prevent, materially delay or materially
impair the obtaining of, or adversely affect in any material respect the ability of Parent or its Affiliates to obtain, any authorizations,
consents, orders, declarations or approvals of any Governmental Authority or the expiration or termination of any applicable waiting
period necessary to consummate the transactions contemplated by the Merger Agreement, including the Merger or (B) materially increase
the risk of any Governmental Authority entering an order, ruling, judgment or injunction prohibiting the consummation of the transactions
contemplated by the Merger Agreement, including the Merger. Notwithstanding anything in this Agreement to the contrary, the restrictions
set forth in the first sentence of this Section 3 shall not apply to any existing portfolio company (as such term is commonly
understood in the private equity industry) of Paine Schwartz or its affiliated funds or investment vehicles so long as such portfolio
company is not acting at the direction or request of, or in coordination with, Paine Schwartz or its Affiliates. Paine Schwartz shall,
and shall cause its Affiliates to: (i) give the Company prompt notice of the making or commencement of any request or proceeding
by or before any Governmental Authority with respect to the Merger or any other transactions contemplated by the Merger Agreement; (ii) keep
the Company informed as to the status of any such request or proceeding; (iii) give the Company notice and an opportunity to participate
in any substantive communication made to the FTC, the Antitrust Division of the DOJ, or any other domestic, foreign or supranational
Governmental Authority regarding the Merger or any other transactions contemplated by the Merger Agreement; (iv) promptly notify
the Company of any communication from the FTC, the DOJ or any other domestic, foreign or supranational Governmental Authority regarding
the Merger or any other transactions contemplated by the Merger Agreement and (v) use reasonable best efforts to (x) provide
information requested by and participate in meetings with any Governmental Authority and (y) provide reasonable assistance to Parent
and Merger Sub, in each case of the foregoing clauses (x) and (y), in connection with the obtaining of any authorizations, consents,
orders, declarations or approvals of any such Governmental Authority or the expiration or termination of any applicable waiting period
necessary to consummate the transactions contemplated by the Merger Agreement, including the Merger. Subject to applicable Laws relating
to the exchange of information, the Company shall have the right to review in advance, and Paine Schwartz shall consult with the Company
on and consider in good faith the Company’s views in connection with, any filing made with, or substantive written materials submitted
or substantive communication made to any Governmental Authority in connection with the Merger or any other transactions contemplated
by the Merger Agreement. In addition, except as may be prohibited by any Governmental Authority or by any applicable Law, Paine Schwartz
shall permit authorized representatives of the Company to be present at each non-ministerial meeting, conference, videoconference, or
telephone call and to have access to and be consulted in connection with any presentation, letter, white paper, or proposal made or submitted
to any Governmental Authority in connection with such request or proceeding. In exercising the foregoing rights, the Company, each Stockholder
and Paine Schwartz shall act reasonably and as promptly as practicable. Materials provided pursuant to this Section 3 may
be redacted (i) to remove references concerning the valuation of the Company, (ii) as necessary to comply with contractual
obligations, and (iii) as necessary to address reasonable privilege concerns.

 

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Section 4.
Transfers. Each Stockholder hereby covenants and agrees that such Stockholder shall not (i) directly or indirectly
offer, sell, transfer, assign, exchange, pledge, encumber or otherwise dispose of (collectively, “Transfer”) or enter
into any contract, option, agreement, understanding or other arrangement with respect to the Transfer of, any Owned Shares or beneficial
ownership, voting power or any other interest thereof or therein (including by operation of law), (ii) grant any proxies or powers
of attorney, deposit any Owned Shares into a voting trust or enter into a voting agreement with respect to any Owned Shares that is inconsistent
with this Agreement, (iii) commit or agree to take any of the foregoing actions or (iv) take any action that would make any
representation or warranty of such Stockholder contained herein untrue or incorrect in any material respect or have the effect of preventing
or disabling such Stockholder from performing its obligations under this Agreement in any material respect. Any transfer in violation
of this Section 4 shall be void ab initio. Notwithstanding anything to the contrary, the Stockholders may Transfer
any or all of such Stockholder’s Owned Shares, in accordance with applicable Laws, to such Stockholder’s controlled Affiliates;
provided, that prior to and as a condition to the effectiveness of such Transfer, each Person to whom any of such Owned Shares
or any interest in any of such Owned Shares is or may be Transferred shall have executed and delivered to the Company a joinder agreement
to this Agreement pursuant to which such Person shall be bound by all of the terms and provisions of this Agreement applicable to a Stockholder.

 

Section 5.
Representations and Warranties of the Stockholders. Each Stockholder hereby represents and warrants to the Company as follows:

 

(a) Authority.
Each Stockholder is a legal entity duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization.
Each Stockholder has all requisite corporate or other similar power and authority and has taken all corporate or other similar action
necessary (including approval by the board of directors or applicable corporate bodies) to execute, deliver, comply with and perform
its obligations under this Agreement in accordance with the terms hereof and to consummate the transactions contemplated hereby, and
no other action on the part of or vote of holders of any equity securities of such Stockholder is necessary to authorize the execution
and delivery of, compliance with and performance by such Stockholder of this Agreement. This Agreement has been duly executed and delivered
by each Stockholder and constitutes a legal, valid and binding agreement of each Stockholder enforceable against such Stockholder in
accordance with its terms, subject to the Bankruptcy and Equity Exception.

 

(b) No
Conflicts; Consents.

 

(i) The
execution and delivery of, compliance with and performance by each Stockholder of this Agreement do not and will not (i) conflict
with or result in any violation or breach of any provision of the certificate of formation or operating agreement or similar organizational
documents of such Stockholder, (ii) conflict with or result in a violation or breach of any applicable Law, (iii) require any
consent by any Person under, constitute a default, or an event that, with or without notice or lapse of time or both, would constitute
a default under, or cause or permit the termination, cancellation or acceleration of any right or obligation or the loss of any benefit
to which such Stockholder is entitled, under any Contract binding upon such Stockholder, or to which any of their respective properties,
rights or other assets are subject or (iv) result in the creation of a Lien (other than Permitted Liens) on any of the properties
or assets (including intangible assets) of such Stockholder, except in the case of clauses (ii), (iii) and (iv) above, any
such violation, breach, conflict, default, termination, acceleration, cancellation or loss that would not, individually or in the aggregate,
reasonably be expected to restrict, prohibit or impair the consummation of the Merger or the performance by such Stockholder of its obligations
under this Agreement.

 

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(ii) No
consent, approval, order or authorization of, or registration, declaration or, (except as required by the rules and regulations
promulgated under the Exchange Act, the Securities Act, or state securities, takeover and “blue sky” laws) filing with, any
Governmental Authority or any other Person, is required by or with respect to the Stockholder in connection with the execution and delivery
of this Agreement or the consummation by the Stockholder of the transactions contemplated hereby, except as would not, individually or
in the aggregate, reasonably be expected to restrict, prohibit or impair the consummation of the Merger or the performance by such Stockholder
of its obligations under this Agreement.

 

(c) Ownership
of the Owned Shares. As of the date hereof, (i) each Stockholder is the beneficial or record owner of the shares of capital
stock of the Company indicated on Exhibit A, free and clear of any and all Liens and (ii) other than as set forth in Exhibit A,
no Stockholder or Affiliated Stockholder is the owner, of record or beneficially, of any shares of capital stock of the Company, or other
rights to acquire shares of capital stock of the Company.

 

Section 6.
Representations and Warranties of the Company. The Company hereby represents and warrants to each Stockholder as follows:

 

(a) Authority.
The Company is a legal entity duly incorporated, validly existing and in good standing under the Laws of the State of Delaware. The
Company has all requisite corporate power and authority and has taken all corporate action necessary (including approval by the Company
Board (acting on the recommendation of the Special Committee)) to execute, deliver and perform its obligations under this Agreement in
accordance with the terms hereof and no other corporate action by the Company or vote of holders of any class of the capital stock of
the Company is necessary to approve and adopt this Agreement. This Agreement has been duly executed and delivered by the Company and
constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms, subject to the
Bankruptcy and Equity Exception.

 

(b) Noncontravention.

 

(i) The
execution, delivery and performance by the Company of this Agreement do not and will not, other than as provided in the Merger Agreement
with respect to the Merger and the other transactions contemplated thereby, (i) conflict with or result in any violation or breach
of any provision of the certificate of incorporation or bylaws of the Company or the similar organizational documents of any of its Subsidiaries,
(ii) conflict with or result in a violation or breach of any applicable Law, (iii) require any consent by any Person under,
constitute a default, or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or
permit the termination, cancellation or acceleration of any right or obligation or the loss of any benefit to which the Company and any
of its Subsidiaries are entitled, under any Contract binding upon the Company or any of its Subsidiaries, or to which any of their respective
properties, rights or other assets are subject or (iv) result in the creation of a Lien (other than Permitted Liens) on any of the
properties or assets (including intangible assets) of the Company or any of its Subsidiaries, except in the case of clauses (ii), (iii) and
(iv) above, any such violation, breach, conflict, default, termination, acceleration, cancellation or loss that would not restrict,
prohibit or impair the performance by the Company of its obligations under this Agreement.

 

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(ii) No
consent, approval, order or authorization of, or registration, declaration or, (except as required by the rules and regulations
promulgated under the Exchange Act, the Securities Act, or state securities, takeover and “blue sky” laws) filing with, any
Governmental Authority or any other Person, is required by or with respect to the Company in connection with the execution and delivery
of this Agreement or the consummation by the Company of the transactions contemplated hereby, except as would not, individually or in
the aggregate, reasonably be expected to restrict, prohibit or impair the consummation of the Merger or the performance by the Company
of its obligations under this Agreement.

 

Section 7.
Stockholder Capacity. This Agreement is being entered into by each Stockholder solely in its capacity as a record and/or
beneficial owner of the Owned Shares, and nothing in this Agreement shall restrict or limit the ability of such Stockholder or any Affiliate
of such Stockholder who is a director, officer or employee of the Company to take any action in his or her capacity as a director, officer
or employee of the Company, including the exercise of fiduciary duties to the Company or its stockholders.

 

Section 8.
Non-Survival of Representations, Warranties and Covenants. The representations, warranties and covenants contained herein
shall not survive the Termination Date; provided, however, in the event of a termination of this Agreement pursuant to
Section 2(b), Sections 12 through 23, and Section 10(b) shall survive and remain in full force
and effect.

 

Section 9.
Waiver of Appraisal Rights. Each Stockholder hereby irrevocably waives, to the fullest extent of the Law, and agrees not
to assert any appraisal rights under Section 262 of the DGCL, a copy of which is attached hereto as Exhibit B, with
respect to all of such Stockholder’s Owned Shares with respect to the Merger and the transactions contemplated by the Merger Agreement.

 

Section 10.
Other Agreements.

 

(a) Acting upon the unanimous recommendation
of the Special Committee, the Company hereby (i) irrevocably (subject to the immediately following sentence) waives, and shall not
enforce, the obligations of each Stockholder and its controlled Affiliates pursuant to Section 5.10(a) of the Investment Agreement
with respect to any actions taken by such Stockholder and such Affiliates in furtherance of the Merger (and all other transactions incidental
and related thereto) and the exercise of any rights pursuant to the Merger Agreement and (ii) acknowledges and agrees that the Merger
Agreement and the transactions contemplated thereby, including the Merger (and all other transactions incidental and related thereto)
and the exercise of any rights pursuant to the Merger Agreement are (and shall be deemed to be) permitted under the Investment Agreement.
The preceding sentence, including the waiver referred to in clause (i), shall terminate and be of no force or effect upon the valid termination
of the Merger Agreement (it being understood that no such termination shall retroactively invalidate any statement or action of such
Stockholder and/or such Affiliates made or taken during the period during which such waiver was in effect so long as such statement or
action was not, at the time made or taken, in breach of such waiver).

 

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(b) In the event the Merger Agreement
is terminated in accordance with its terms and damages are paid or become payable by any Parent Related Party in connection with any
Fraud or Willful and Material Breach of the Merger Agreement, (i) the Company may use the proceeds of such damages in its sole discretion
(as determined by the Special Committee), including to declare or pay any dividend on the Shares (a “Permitted Dividend”)
or redeem any of the Series B Shares (a “Permitted Redemption”) and (ii) the Company may effectuate a refinancing
of its Indebtedness, including without limitation, by amending, supplementing or replacing the Loan Agreement (a “Permitted
Refinancing”). By executing this Agreement, the Stockholders hereby irrevocably waive (including, without limitation, pursuant
to Section 12 of the Certificate of Designation of the Series B Shares (the “Series B COD”)) the right
to receive any payment of any Permitted Dividend with respect to any Owned Shares (whether Series B Shares or Shares), including
the right to receive participating dividends in connection therewith pursuant to Section 4.3 of the Series B COD, irrevocably
consent to the declaration and payment of a Permitted Dividend pursuant to Section 6.2 of the Series B COD, and irrevocably
waive any provisions of the Series B COD or the Investment Agreement that would prohibit payment of any Permitted Dividend. Further,
the Stockholders hereby irrevocably waive pursuant to Section 12 of the Series B COD any limitations on the amount of Series B
Shares that may be redeemed pursuant to Section 7.2 of the Series B COD in connection with a Permitted Redemption and further
irrevocably waive their right to convert any Series B Shares identified for redemption in any Elective Redemption Notice delivered
to such Stockholder in connection with a Permitted Redemption, , and irrevocably waive any provisions of the Series B COD or the
Investment Agreement that would prohibit the Company from effecting any Permitted Redemption. Further, the Stockholders hereby consent
to a Permitted Refinancing and irrevocably waive any provisions of the Series B COD or the Investment Agreement that would impede
a Permitted Refinancing. A Stockholder shall not Transfer any or all of such Stockholder’s Owned Shares unless, prior to and as
a condition to the effectiveness of such Transfer, each Person to whom any of such Owned Shares or any interest in any of such Owned
Shares is or may be Transferred shall have executed and delivered to the Company a joinder agreement to this Agreement pursuant to which
such Person shall be bound to the consents and waivers set forth in this Section 10(b). Any Transfer in violation of the preceding
sentence shall be void ab initio. Paine Schwartz Food Chain Fund V, L.P. agrees to be bound by the consents and waivers set forth
in this Section 10(b) as if it were a Stockholder hereunder.

 

Section 11.
Further Assurances. The Stockholders and the Company shall, from time to time, execute and deliver, or cause to be executed
and delivered, such additional or further consents, documents and other instruments as the Special Committee may reasonably request to
the extent necessary to effect the transactions contemplated by this Agreement.

 

Section 12.
Notices. Each party hereto agrees that notice or the service of process in any Action arising out of or relating to this
Agreement shall be given in the manner set forth in Section 9.6 of the Merger Agreement, addressed as follows: (i) if to the
Company or the Special Committee, to such address or email address set forth in Section 9.6 of the Merger Agreement and (ii) if
to any Stockholder or Paine Schwartz, to the address or email address of Parent as set forth in Section 9.6 of the Merger Agreement
or as otherwise set forth on the signature pages hereto.

 

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Section 13.
Interpretation. Where a reference in this Agreement is made to a section or exhibit, such reference shall be to a section
of or exhibit to this Agreement unless otherwise indicated. If a term is defined as one part of speech (such as a noun), it shall have
a corresponding meaning when used as another part of speech (such as a verb). Unless the context of this Agreement clearly requires otherwise,
words importing the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained
in this Agreement are applicable to the singular as well as the plural forms of such terms. The words “includes” or “including”
shall mean “including without limitation,” the words “hereof,” “hereby,” “herein,” “hereunder”
and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such
words appear, the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other
thing extends and such phrase shall not mean simply “if,” any reference to a Law shall include any rules and regulations
promulgated thereunder, and any reference to any Law in this Agreement shall mean such Law as may from time to time be amended, modified
or supplemented. Each reference to a “wholly owned Subsidiary” or “wholly owned Subsidiaries” of a Person shall
be deemed to include any Subsidiary of such Person where all of the equity interests of such Subsidiary are directly or indirectly owned
by such Person (other than directors qualifying shares, nominee shares or other equity interests that are required by law or regulation
to be held by a director or nominee). The word “or” is not exclusive, and shall be interpreted as “and/or”. The
words “shall” and “will” have the same meaning. Whenever this Agreement refers to a number of days, such number
refers to calendar days unless Business Days are specified. Whenever any action must be taken hereunder on or by a day that is not a
Business Day, then such action may be validly taken on or by the next day that is a Business Day.

 

Section 14.
Entire Agreement. This Agreement (including the schedules and exhibits hereto) constitutes the entire agreement of the
parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among
the parties with respect to the subject matter hereof. For the avoidance of doubt, other than to the extent modified by this Agreement
and that certain Limited Waiver, dated as of October 26, 2022, the Investment Agreement shall continue to apply unaffected by this
Agreement.

 

Section 15.
No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties and their
respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any
other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 16.
Governing Law. This Agreement and any claim, cause of action or Action (whether at law, in contract or in tort) that may
directly or indirectly be based upon, relate to or arise out of this Agreement or any transaction contemplated hereby, or the negotiation,
execution or performance hereunder shall be governed by, and construed and enforced in accordance with, the Laws of the State of Delaware,
without regard to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the Laws of any jurisdiction other than the State of Delaware. In addition, each of the parties hereto
(a) expressly submits to the personal jurisdiction and venue of the Chosen Courts, in the event any dispute between the parties
hereto (whether in contract, tort or otherwise) arises out of this Agreement or the transactions contemplated hereby, (b) expressly
waives any claim of lack of personal jurisdiction or improper venue and any claims that such courts are an inconvenient forum with respect
to such a claim, and (c) agrees that it shall not bring any claim, action or proceeding against any other parties hereto relating
to this Agreement or the transactions contemplated hereby in any court other than the Chosen Courts. Each party hereto hereby irrevocably
consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies
thereof by registered or certified mail or by overnight courier service, postage prepaid, to its address as prescribed by Section 12,
such service to become effective ten (10) days after such mailing. EACH PARTY HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (i) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 16.

 

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Section 17.
Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
may be assigned or delegated, in whole or in part, by operation of Law or otherwise, by any party without the prior written consent of
the other parties, and any such assignment without such prior written consent shall be null and void. Subject to the preceding sentence,
this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and
assigns.

 

Section 18.
Enforcement. The parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate
remedy would occur in the event that the parties do not timely perform the provisions of this Agreement (including any party failing
to take such actions that are required of it by this Agreement in order to consummate this Agreement) in accordance with its specified
terms or otherwise breach such provisions. The parties acknowledge and agree that (a) the parties will be entitled, in addition
to any other remedy to which they are entitled at law or in equity, to an injunction, specific performance and other equitable relief
to prevent breaches (or threatened breaches) of this Agreement and to enforce specifically the terms and provisions hereof (including
specific performance or other equitable relief to cause the Stockholder to perform any obligations required of it) and (b) the right
of specific enforcement is an integral part of the transactions contemplated hereby and without that right, neither the Company nor the
Stockholders would have entered into this Agreement.

 

Section 19.
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the
application of such provision to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision
shall be substituted therefor to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall
not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application of such provision, in any other jurisdiction.

 

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Section 20.
Counterparts. This Agreement may be executed (including by an electronic signature (e.g., DocuSign)) in any number of counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by email of a .pdf attachment shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

Section 21.
Amendment. This Agreement may be amended by the parties hereto, and the terms and conditions hereof may be waived, only
by an instrument in writing signed on behalf of each of the parties hereto, or, in the case of a waiver, by an instrument signed on behalf
of the party waiving compliance.

 

Section 22.
No Presumption Against Drafting Party. The Company and the Stockholders have participated jointly in negotiating and drafting
this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as
if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.

 

Section 23. Special Committee Matters.
For all purposes hereunder, the Company (prior to the Effective Time) and the Company Board, as applicable, shall act, including with
respect to the granting of any consent, permission or waiver or the making of any determination, only as directed by the Special Committee
or its designees. Without the consent of the Special Committee, the Company Board shall not, and the Stockholders shall cause any of
their Affiliates who are members of the Company Board not to, (a) eliminate, revoke or diminish the authority of the Special Committee
or (b) remove or cause the removal of any director of the Company Board that is a member of the Special Committee as a member of
the Special Committee.

 

 

[The remainder of this page is intentionally
left blank.]

 

    9 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	AGROFRESH SOLUTIONS, INC.
	 	 
	 	 
	 	By	/s/ Clinton A. Lewis, Jr.
	 	 	Name:	Clinton A. Lewis, Jr.
	 	 	Title:	Chief Executive Officer

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

	 	PSP AGFS HOLDINGS, L.P.
	 	 
	 	 
	 	By	/s/ Kevin
Schwartz 
	 	 	Name:	Kevin
Schwartz
	 	 	Title:	Chief Executive Officer

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

	 	PAINE SCHWARTZ FOOD CHAIN FUND V GP, LTD.
	 	 
	 	 
	 	By	/s/ Kevin
Schwartz 
	 	 	Name:	Kevin
Schwartz
	 	 	Title:	Director

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

	 	PAINE SCHWARTZ FOOD CHAIN FUND V GP, L.P.
	 	 
	 	 
	 	By: Paine Schwartz Food Chain Fund V GP, Ltd.
	 	Its: General Partner
	 	 
	 	By	/s/ Kevin
Schwartz 
	 	 	Name:	Kevin
Schwartz
	 	 	Title:	Director

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

	 	/s/ Kevin Schwartz
	 	Kevin Schwartz

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

	 	PAINE SCHWARTZ PARTNERS, LLC
	 	 
	 	 
	 	By: Paine Schwartz Partners Founders, L.P.
	 	Its: Manager
	 	 
	 	By: Paine Schwartz Partners Founders GP, LLC
	 	Its: General Partner
	 	 
	 	By	/s/ Kevin
Schwartz 
	 	 	Name:	Kevin
Schwartz
	 	 	Title:	Managing
Member

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

	 	PAINE SCHWARTZ FOOD CHAIN FUND V L.P.
	 	 
	 	 
	 	By: Paine Schwartz Food Chain Fund V GP, L.P.
	 	Its: General Partner
	 	 
	 	By: Paine Schwartz Food Chain Fund V GP, Ltd.
	 	Its: General Partner
	 	 
	 	By	/s/ Kevin
Schwartz 
	 	 	Name:	Kevin
Schwartz
	 	 	Title:	Director

 

 

 

[Signature Page to Voting and Support
Agreement]

 

    

     

    

 

EXHIBIT A

 

	Beneficial Owner	 	Owned Shares
	Paine Schwartz Food Chain Fund V GP, L.P.	 	33,982,720 Shares

 33,982,720 Series B Shares
	Paine Schwartz Food Chain Fund V GP, Ltd.	 	33,982,720 Shares

 33,982,720 Series B Shares
	PSP AGFS Holdings, L.P.	 	33,982,720 Shares 

33,982,720 Series B Shares
	Paine Schwartz Partners, LLC	 	183,190 Shares
	Kevin Schwartz	 	33,982,720 Shares

 

    A-1

     

    

 

EXHIBIT B

 

SECTION 262 OF THE GENERAL CORPORATION
LAW

 

OF THE STATE OF DELAWARE

 

§ 262. Appraisal rights [For application
of this section, see § 17; 82 Del. Laws, c. 45, § 23; 82 Del. Laws, c. 256, § 24; and 83 Del. Laws, c. 377, § 22].

 

(a) Any stockholder of a corporation of
this State who holds shares of stock on the date of the making of a demand pursuant to subsection (d) of this section with respect
to such shares, who continuously holds such shares through the effective date of the merger, consolidation, or conversion, who has otherwise
complied with subsection (d) of this section and who has neither voted in favor of the merger, consolidation or conversion nor consented
thereto in writing pursuant to § 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value
of the stockholder’s shares of stock under the circumstances described in subsections (b) and (c) of this section. As
used in this section, the word “stockholder” means a holder of record of stock in a corporation; the words “stock”
and “share” mean and include what is ordinarily meant by those words; the words “depository receipt” mean a receipt
or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a corporation,
which stock is deposited with the depository; the words “beneficial owner” mean a person who is the beneficial owner of shares
of stock held either in voting trust or by a nominee on behalf of such person; and the word “person” means any individual,
corporation, partnership, unincorporated association or other entity.

 

(b) Appraisal rights shall be available
for the shares of any class or series of stock of a constituent or converting corporation in a merger, consolidation or conversion to
be effected pursuant to § 251 (other than a merger effected pursuant to § 251(g) of this title), § 252, § 254,
 § 255, § 256, § 257, § 258, § 263, § 264 or § 266 of this title (other than, in each case and solely
with respect to a domesticated corporation, a merger, consolidation or conversion authorized pursuant to and in accordance with the provisions
of § 388 of this title):

 

(1) Provided, however, that no appraisal
rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect
thereof, at the record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders, or at the
record date fixed to determine the stockholders entitled to consent pursuant to § 228 of this title, to act upon the agreement of
merger or consolidation or the resolution providing for conversion (or, in the case of a merger pursuant to § 251(h) of this
title, as of immediately prior to the execution of the agreement of merger), were either: (i) listed on a national securities exchange
or (ii) held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares
of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders
of the surviving corporation as provided in § 251(f) of this title.

 

(2) Notwithstanding paragraph (b)(1) of
this section, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent
or converting corporation if the holders thereof are required by the terms of an agreement of merger or consolidation, or by the terms
of a resolution providing for conversion, pursuant to § 251, § 252, § 254, § 255, § 256,
 § 257, § 258, § 263, § 264 or § 266 of this title to accept for such stock
anything except:

 

    B-1

     

    

 

a. Shares of stock of the corporation surviving
or resulting from such merger or consolidation, or of the converted entity if such entity is a corporation as a result of the conversion,
or depository receipts in respect thereof;

 

b. Shares of stock of any other corporation,
or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at
the effective date of the merger, consolidation or conversion will be either listed on a national securities exchange or held of record
by more than 2,000 holders;

 

c. Cash in lieu of fractional shares or fractional
depository receipts described in the foregoing paragraphs (b)(2)a. and b. of this section; or

 

d. Any combination of the shares of stock, depository
receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and
c. of this section.

 

(3) In the event all of the stock of a subsidiary
Delaware corporation party to a merger effected under § 253 or § 267 of this title is not owned by the parent immediately prior
to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.

 

(4) [Repealed.]

 

(c) Any corporation may provide in its certificate
of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a
result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation,
the sale of all or substantially all of the assets of the corporation or a conversion effected pursuant to § 266 of this title.
If the certificate of incorporation contains such a provision, the provisions of this section, including those set forth in subsections
(d), (e), and (g) of this section, shall apply as nearly as is practicable.

 

(d) Appraisal rights shall be perfected
as follows:

 

(1) If a proposed merger, consolidation
or conversion for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders,
the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for
notice of such meeting (or such members who received notice in accordance with § 255(c) of this title) with respect to shares
for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available
for any or all of the shares of the constituent corporations or the converting corporation, and shall include in such notice either a
copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy of §
114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and,
 § 114 of this title, if applicable) may be accessed without subscription or cost. Each stockholder electing to demand the appraisal
of such stockholder’s shares shall deliver to the corporation, before the taking of the vote on the merger, consolidation or conversion,
a written demand for appraisal of such stockholder’s shares; provided that a demand may be delivered to the corporation by electronic
transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand
will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby
to demand the appraisal of such stockholder’s shares. A proxy or vote against the merger, consolidation or conversion shall not
constitute such a demand. A stockholder electing to take such action must do so by a separate written demand as herein provided. Within
10 days after the effective date of such merger, consolidation or conversion, the surviving, resulting or converted entity shall notify
each stockholder of each constituent or converting corporation who has complied with this subsection and has not voted in favor of or
consented to the merger, consolidation or conversion, and any beneficial owner who has demanded appraisal under paragraph (d)(3) of
this section, of the date that the merger, consolidation or conversion has become effective; or

 

    B-2

     

    

 

(2) If the merger, consolidation or conversion
was approved pursuant to § 228, § 251(h), § 253, or § 267 of this title, then either a constituent or converting
corporation before the effective date of the merger, consolidation or conversion, or the surviving, resulting or converted entity within
10 days after such effective date, shall notify each stockholder of any class or series of stock of such constituent or converting corporation
who is entitled to appraisal rights of the approval of the merger, consolidation or conversion and that appraisal rights are available
for any or all shares of such class or series of stock of such constituent or converting corporation, and shall include in such notice
either a copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy
of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section
(and § 114 of this title, if applicable) may be accessed without subscription or cost. Such notice may, and, if given on or after
the effective date of the merger, consolidation or conversion, shall, also notify such stockholders of the effective date of the merger,
consolidation or conversion. Any stockholder entitled to appraisal rights may, within 20 days after the date of giving such notice or,
in the case of a merger approved pursuant to § 251(h) of this title, within the later of the consummation of the offer contemplated
by § 251(h) of this title and 20 days after the date of giving such notice, demand in writing from the surviving or resulting
entity the appraisal of such holder’s shares; provided that a demand may be delivered to such entity by electronic transmission
if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient
if it reasonably informs such entity of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal
of such holder’s shares. If such notice did not notify stockholders of the effective date of the merger, consolidation or conversion,
either (i) each such constituent corporation or the converting corporation shall send a second notice before the effective date
of the merger, consolidation or conversion notifying each of the holders of any class or series of stock of such constituent or converting
corporation that are entitled to appraisal rights of the effective date of the merger, consolidation or conversion or (ii) the surviving,
resulting or converted entity shall send such a second notice to all such holders on or within 10 days after such effective date; provided,
however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a merger approved
pursuant to § 251(h) of this title, later than the later of the consummation of the offer contemplated by § 251(h) of
this title and 20 days following the sending of the first notice, such second notice need only be sent to each stockholder who is entitled
to appraisal rights and who has demanded appraisal of such holder’s shares in accordance with this subsection and any beneficial
owner who has demanded appraisal under paragraph (d)(3) of this section. An affidavit of the secretary or assistant secretary or
of the transfer agent of the corporation or entity that is required to give either notice that such notice has been given shall, in the
absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive
either notice, each constituent corporation or the converting corporation may fix, in advance, a record date that shall be not more than
10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger, consolidation
or conversion, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective
date, the record date shall be the close of business on the day next preceding the day on which the notice is given.

 

    B-3

     

    

 

(3) Notwithstanding subsection (a) of
this section (but subject to this paragraph (d)(3)), a beneficial owner may, in such person’s name, demand in writing an appraisal
of such beneficial owner’s shares in accordance with either paragraph (d)(1) or (2) of this section, as applicable; provided
that (i) such beneficial owner continuously owns such shares through the effective date of the merger, consolidation or conversion
and otherwise satisfies the requirements applicable to a stockholder under the first sentence of subsection (a) of this section
and (ii) the demand made by such beneficial owner reasonably identifies the holder of record of the shares for which the demand
is made, is accompanied by documentary evidence of such beneficial owner’s beneficial ownership of stock and a statement that such
documentary evidence is a true and correct copy of what it purports to be, and provides an address at which such beneficial owner consents
to receive notices given by the surviving, resulting or converted entity hereunder and to be set forth on the verified list required
by subsection (f) of this section.

 

(e) Within 120 days after the effective
date of the merger, consolidation or conversion, the surviving, resulting or converted entity, or any person who has complied with subsections
(a) and (d) of this section hereof and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding
by filing a petition in the Court of Chancery demanding a determination of the value of the stock of all such stockholders. Notwithstanding
the foregoing, at any time within 60 days after the effective date of the merger, consolidation or conversion, any person entitled to
appraisal rights who has not commenced an appraisal proceeding or joined that proceeding as a named party shall have the right to withdraw
such person’s demand for appraisal and to accept the terms offered upon the merger, consolidation or conversion. Within 120 days
after the effective date of the merger, consolidation or conversion, any person who has complied with the requirements of subsections
(a) and (d) of this section hereof, upon request given in writing (or by electronic transmission directed to an information
processing system (if any) expressly designated for that purpose in the notice of appraisal), shall be entitled to receive from the surviving,
resulting or converted entity a statement setting forth the aggregate number of shares not voted in favor of the merger, consolidation
or conversion (or, in the case of a merger approved pursuant to § 251(h) of this title, the aggregate number of shares (other
than any excluded stock (as defined in § 251(h)(6)d. of this title)) that were the subject of, and were not tendered into, and accepted
for purchase or exchange in, the offer referred to in § 251(h)(2) of this title)), and, in either case, with respect to which
demands for appraisal have been received and the aggregate number of stockholders or beneficial owners holding or owning such shares
(provided that, where a beneficial owner makes a demand pursuant to paragraph (d)(3) of this section, the record holder of such
shares shall not be considered a separate stockholder holding such shares for purposes of such aggregate number). Such statement shall
be given to the person within 10 days after such person’s request for such a statement is received by the surviving, resulting
or converted entity or within 10 days after expiration of the period for delivery of demands for appraisal under subsection (d) of
this section hereof, whichever is later.

 

    B-4

     

    

 

(f) Upon the filing of any such petition
by any person other than the surviving, resulting or converted entity, service of a copy thereof shall be made upon such entity, which
shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified
list containing the names and addresses of all persons who have demanded appraisal for their shares and with whom agreements as to the
value of their shares have not been reached by such entity. If the petition shall be filed by the surviving, resulting or converted entity,
the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice
of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving, resulting or converted
entity and to the persons shown on the list at the addresses therein stated. The forms of the notices by mail and by publication shall
be approved by the Court, and the costs thereof shall be borne by the surviving, resulting or converted entity.

 

(g) At the hearing on such petition, the
Court shall determine the persons who have complied with this section and who have become entitled to appraisal rights. The Court may
require the persons who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates
of stock to the Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any person fails to comply
with such direction, the Court may dismiss the proceedings as to such person. If immediately before the merger, consolidation or conversion
the shares of the class or series of stock of the constituent or converting corporation as to which appraisal rights are available were
listed on a national securities exchange, the Court shall dismiss the proceedings as to all holders of such shares who are otherwise
entitled to appraisal rights unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of
the class or series eligible for appraisal, (2) the value of the consideration provided in the merger, consolidation or conversion
for such total number of shares exceeds $1 million, or (3) the merger was approved pursuant to § 253 or § 267 of this
title.

 

(h) After the Court determines the persons
entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the rules of the Court of Chancery, including
any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the
shares exclusive of any element of value arising from the accomplishment or expectation of the merger, consolidation or conversion, together
with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take
into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided
in this subsection, interest from the effective date of the merger, consolidation or conversion through the date of payment of the judgment
shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established
from time to time during the period between the effective date of the merger, consolidation or conversion and the date of payment of
the judgment. At any time before the entry of judgment in the proceedings, the surviving, resulting or converted entity may pay to each
person entitled to appraisal an amount in cash, in which case interest shall accrue thereafter as provided herein only upon the sum of
(1) the difference, if any, between the amount so paid and the fair value of the shares as determined by the Court, and (2) interest
theretofore accrued, unless paid at that time. Upon application by the surviving, resulting or converted entity or by any person entitled
to participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final
determination of the persons entitled to an appraisal. Any person whose name appears on the list filed by the surviving, resulting or
converted entity pursuant to subsection (f) of this section may participate fully in all proceedings until it is finally determined
that such person is not entitled to appraisal rights under this section.

 

    B-5

     

    

 

(i) The Court shall direct the payment of
the fair value of the shares, together with interest, if any, by the surviving, resulting or converted entity to the persons entitled
thereto. Payment shall be so made to each such person upon such terms and conditions as the Court may order. The Court’s decree
may be enforced as other decrees in the Court of Chancery may be enforced, whether such surviving, resulting or converted entity be an
entity of this State or of any state.

 

(j) The costs of the proceeding may be determined
by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a person whose name appears
on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section who participated in
the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of such expenses, including, without
limitation, reasonable attorney’s fees and the fees and expenses of experts, to be charged pro rata against the value of all the
shares entitled to an appraisal not dismissed pursuant to subsection (k) of this section or subject to such an award pursuant to
a reservation of jurisdiction under subsection (k) of this section.

 

(k) From and after the effective date of
the merger, consolidation or conversion, no person who has demanded appraisal rights with respect to some or all of such person’s
shares as provided in subsection (d) of this section shall be entitled to vote such shares for any purpose or to receive payment
of dividends or other distributions on such shares (except dividends or other distributions payable to stockholders of record at a date
which is prior to the effective date of the merger, consolidation or conversion); provided, however, that if no petition for an appraisal
is filed within the time provided in subsection (e) of this section, or if a person who has made a demand for an appraisal in accordance
with this section shall deliver to the surviving, resulting or converted entity a written withdrawal of such person’s demand for
an appraisal in respect of some or all of such person’s shares in accordance with subsection (e) of this section, then the
right of such person to an appraisal of the shares subject to the withdrawal shall cease. Notwithstanding the foregoing, no appraisal
proceeding in the Court of Chancery shall be dismissed as to any person without the approval of the Court, and such approval may be conditioned
upon such terms as the Court deems just, including without limitation, a reservation of jurisdiction for any application to the Court
made under subsection (j) of this section; provided, however that this provision shall not affect the right of any person who has
not commenced an appraisal proceeding or joined that proceeding as a named party to withdraw such person’s demand for appraisal
and to accept the terms offered upon the merger, consolidation or conversion within 60 days after the effective date of the merger, consolidation
or conversion, as set forth in subsection (e) of this section.

 

    B-6

     

    

 

(l) The shares or other equity interests
of the surviving, resulting or converted entity to which the shares of stock subject to appraisal under this section would have otherwise
converted but for an appraisal demand made in accordance with this section shall have the status of authorized but not outstanding shares
of stock or other equity interests of the surviving, resulting or converted entity, unless and until the person that has demanded appraisal
is no longer entitled to appraisal pursuant to this section.

 

8 Del. C. 1953, §  262; 56 Del. Laws,
c. 50; 56 Del. Laws, c. 186, §  24; 57 Del. Laws, c. 148, §§  27-29; 59 Del. Laws, c. 106, §  12;
60 Del. Laws, c. 371, §§  3-12; 63 Del. Laws, c. 25, §  14; 63 Del. Laws, c. 152, §§  1, 2; 64
Del. Laws, c. 112, §§  46-54; 66 Del. Laws, c. 136, §§  30-32; 66 Del. Laws, c. 352, §  9; 67
Del. Laws, c. 376, §§  19, 20; 68 Del. Laws, c. 337, §§  3, 4; 69 Del. Laws, c. 61, §  10; 69
Del. Laws, c. 262, §§  1-9; 70 Del. Laws, c. 79, §  16; 70 Del. Laws, c. 186, §  1; 70 Del. Laws,
c. 299, §§  2, 3; 70 Del. Laws, c. 349, §  22; 71 Del. Laws, c. 120, §  15; 71 Del. Laws, c. 339,
 §§  49-52; 73 Del. Laws, c. 82, §  21; 76 Del. Laws, c. 145, §§  11-16; 77 Del. Laws, c. 14,
 §§  12, 13; 77 Del. Laws, c. 253, §§  47-50; 77 Del. Laws, c. 290, §§  16, 17; 79 Del. Laws,
c. 72, §§  10, 11; 79 Del. Laws, c. 122, §§  6, 7; 80 Del. Laws, c. 265, §§ 8-11; 81 Del. Laws,
c. 354, §§ 9, 10, 17; 82 Del. Laws, c. 45, § 15; 82 Del. Laws, c. 256, § 15; 83 Del. Laws, c. 377, § 9;

 

    B-7Exhibit 10.2

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is made as of November 17, 2022, by and between EUDA Health Holdings Limited,
a British Virgin Islands business company (the “Company”), and a member of the board of directors and/or officer of
the Company, as applicable (“Indemnitee”). This Agreement supersedes and replaces any and all previous Agreements
between the Company and Indemnitee covering the subject matter of this Agreement.

 

RECITALS

 

WHEREAS,
the board of directors of the Company (the “Board”) believes that highly competent persons have become more reluctant
to serve publicly held corporations as directors, officers or in other capacities unless they are provided with adequate protection through
insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and
activities on behalf of the corporation;

 

WHEREAS,
the Board has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing
basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.
Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other
business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in
the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations
or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or business enterprise itself. Under the Articles of Association
of the Company (the “Articles”) and the BVI Business Companies Act, 2004 (the “Act”), the Company
may indemnify the directors of the Company subject to the limitations therein;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification may increase the difficulty of attracting and retaining such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company and its shareholders and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Articles, and any resolutions adopted pursuant thereto, as well as any rights
of Indemnitee under any directors’ and officers’ liability insurance policy, and this Agreement shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

    	 

    	 

    

 

WHEREAS,
Indemnitee does not regard the protection available under the Articles and insurance as adequate in the present circumstances, and may
not be willing to serve or continue to serve as an officer or director without adequate protection, and the Company desires Indemnitee
to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for
or on behalf of the Company on the condition that Indemnitee be so indemnified.

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows:

 

Section
1. Services to the Company. Indemnitee agrees to serve or continue to serve as a director and/or officer of the Company, as
applicable. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any
obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee
in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise)
and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries
or any Enterprise), if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except
as may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any
Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director or officer
of the Company, by the Articles and the Act. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has
ceased to serve as a director and/or officer of the Company, as applicable, as provided in Section 16 hereof.

 

Section
2. Definitions. As used in this Agreement:

 

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

 

(b) A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

i. Acquisition
of Shares by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing fifty and one-tenth percent (50.1%) or more of the combined voting power of the Company’s
then outstanding securities unless the change in relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

 

    	2

     

    

 

ii. Change
in Board of Directors. During any period of three (3) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person
who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose
election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two- thirds of
the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

iii. Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the Surviving Entity) more than 50% of the
combined voting power of the voting securities of the Surviving Entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such Surviving Entity;

 

iv. Liquidation.
The approval by the shareholders of the Company of a voluntary liquidation of the Company or an agreement for the sale, lease, exchange
or other transfer by the Company, in one or a series of related transactions, of all or substantially all of the Company’s assets;
and

 

v. Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether
or not the Company is then subject to such reporting requirement.

 

For
purposes of this Section 2(b), the following terms shall have the following meanings:

 

(A) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(B) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i)
the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any entity
owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares
of the Company.

 

(C) “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner
shall exclude any Person otherwise becoming a Beneficial Owner by reason of the shareholders of the Company approving a merger of the
Company with another entity.

 

(D) “Surviving
Entity” shall mean the surviving entity in a merger or consolidation or any entity that controls, directly or indirectly, such
surviving entity.

 

    	3

     

    

 

(c) “Corporate
Status” describes the status of a person who is or was a director, trustee, partner, managing member, officer, employee, agent
or fiduciary of the Company or of any other corporation, limited liability company, partnership or joint venture, trust or other enterprise
which such person is or was serving at the request of the Company.

 

(d) “Disinterested
Director” shall mean 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) “Enterprise”
shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust or other enterprise of
which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, employee,
agent or fiduciary.

 

(f) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and other costs of experts and other
professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service
fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties, and all other disbursements, obligations or expenses of the types customarily incurred
in connection with, or as a result of, prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to
be a deponent or witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection
with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any
cost bond, supersedeas bond, or other appeal bond or its equivalent, (ii) expenses incurred in connection with recovery under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee is ultimately determined
to be entitled to such indemnification, advancement or Expenses or insurance recovery, as the case may be, and (iii) for purposes of
Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement, the Articles or under any directors’ and officers’ liability insurance policies maintained by
the Company, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee
has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by
affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel shall be presumed conclusively
to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

(g) “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above
and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

 

    	4

     

    

 

(h) The
term “Proceeding” shall include any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or
completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative,
regulatory or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved
as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status, by reason of any action
taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while
acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the time any liability
or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. If
the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall
be considered a Proceeding under this paragraph.

 

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

 

Section
3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section
3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent
permitted by applicable law and the Articles against all Expenses, judgments, fines and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in
settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s
conduct was unlawful. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification
in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Articles, vote of
the Company’s shareholders or disinterested directors or applicable law.

 

    	5

     

    

 

Section
4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of
the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted
by applicable law and the Articles against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under
this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable
to the Company, unless and only to the extent that the Delaware Court (as hereinafter defined) or any court in which the Proceeding was
brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnification.

 

Section
5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law and the Articles and to the extent that Indemnitee is a party to (or a participant
in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or
in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by or on behalf of Indemnitee 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 against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved
claim, issue or matter to the fullest extent permitted by law. 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
6. Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent
permitted by applicable law and the Articles and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status,
a witness, is or was made (or asked) to respond to discovery requests in any Proceeding, or otherwise asked to participate in any Proceeding
to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

Section
7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

 

Section
8. Additional Indemnification.

 

(a) Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law and the
Articles if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in
the right of the Company to procure a judgment in its favor) by reason of Indemnitee’s Corporate Status.

 

    	6

     

    

 

(b) For
purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but
not be limited to:

 

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

 

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

 

Section
9. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to
make any indemnification payment in connection with any claim involving Indemnitee:

 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b) for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or
common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange
Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee
of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of
the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section
10D of the Exchange Act; or

 

(c) except
as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees
or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) such
payment arises in connection with any mandatory counterclaim or cross claim brought or raised by Indemnitee in any Proceeding (or any
part of any Proceeding), or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in
the Company under applicable law.

 

    	7

     

    

 

Section
10. Advances of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)), the Company
shall advance, to the extent not prohibited by law or the Articles, the Expenses incurred by or on behalf of Indemnitee in connection
with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or any Proceeding initiated by Indemnitee with the prior
approval of the Board as provided in Section 9(c), and such advancement shall be made within thirty (30) days after the receipt by the
Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.
Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses
and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. In accordance
with Section 14(d), advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement,
including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. The Indemnitee shall
qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing
that the Indemnitee undertakes to repay the amounts advanced (without interest) by the Company pursuant to this Section 10, if and only
to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking
shall be required other than the execution of this Agreement. This Section 10 shall not apply to any claim made by Indemnitee for which
indemnity is excluded pursuant to Section 9.

 

Section
11. Procedure for Notification and Defense of Claim.

 

(a) Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification
to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. 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 following the final disposition of such Proceeding. The omission by Indemnitee to notify the Company hereunder
will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and
any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of
the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification.

 

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

 

(c) The
Company shall not settle any Proceeding (in whole or in part) if such settlement would impose any Expense, judgment, liability, fine,
penalty or limitation on Indemnitee in respect of which Indemnitee is not entitled to be indemnified hereunder without Indemnitee’s
prior written consent, which shall not be unreasonably withheld.

 

    	8

     

    

 

Section
12. Procedure Upon Application for Indemnification.

 

(a)
Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control
shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a
committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of
the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the shareholders
of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within
ten (10) 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 (including attorneys’ fees and disbursements)
incurred by or on behalf of 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 hereby indemnifies
and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing with respect to any determination
that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has
been denied.

 

(b) In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred, the Independent
Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee of the identity of
the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee
(unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee
shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee
or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to
the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be
asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or the Delaware Court has determined that such objection is without merit. If, within twenty (20) days after the later of submission
by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding,
no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court shall
designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel
under Section 12(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement,
Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards
of professional conduct then prevailing).

 

    	9

     

    

 

(c) If
the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only the
disputed portion withheld pending resolution of any such dispute.

 

Section
13. 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, to the fullest extent not prohibited by law or the Articles, presume that Indemnitee is entitled to indemnification under this
Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company
shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making
by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by
its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b) Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed
to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request
for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may
be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination
with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation
and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b) shall not apply (i) if
the determination of entitlement to indemnification is to be made by the shareholders pursuant to Section 12(a) of this Agreement and
if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board has resolved to submit such
determination to the shareholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after
such receipt and such determination is made thereat, or (B) a special meeting of shareholders is called within fifteen (15) days after
such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having
been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 12(a) of this Agreement.

 

    	10

     

    

 

(c) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d) For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based
on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the
directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser, financial advisor
or other expert selected with reasonable care by or on behalf of the Enterprise. The provisions of this Section 13(d) shall not be deemed
to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard
of conduct set forth in this Agreement.

 

(e) The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section
14. Remedies of Indemnitee.

 

(a) Subject
to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10 of this Agreement, (iii)
no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within ninety (90)
days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section
5, 6 or 7 or the second to last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written
request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this Agreement is not made within ten (10) days after
a determination has been made that Indemnitee is entitled to indemnification, or (vi) the Company or any other person takes or threatens
to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed
to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification or advancement of Expenses.
Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant
to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence 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 14(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    	11

     

    

 

(b) In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or
arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding
or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be.

 

(c) If
a determination shall have been made pursuant to Section 12(a) 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 14, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(d) The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It is the intent of
the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because
the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company
shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall
(within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such
Expenses to Indemnitee, which are incurred by or on behalf of Indemnitee in connection with any action brought by Indemnitee for indemnification
or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company if, in the case of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee
is not wholly successful on the underlying claims, then such indemnification shall be only to the extent Indemnitee is successful on
such underlying claims or otherwise as permitted by law, whichever is greater.

 

(e) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

    	12

     

    

 

Section
15. Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders
or a resolution of directors, or otherwise and (ii) shall be interpreted independently of, and without reference to, any other such rights
to which Indemnitee may at any time be entitled. 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 Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or
judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Articles and
this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of
the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of
such policies.

 

(c) In
the event of any payment made by the Company 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.

 

(d) The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement
is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

 

(e) The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust
or other enterprise.

 

    	13

     

    

 

Section
16. Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the
date that Indemnitee ceases to have any Corporate Status or (b) one (1) year after the final termination of any Proceeding then pending
in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding (including
any appeal thereof) commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The indemnification and advancement
of expenses rights 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,
officer, employee or agent of the Company or of any other Enterprise, and shall inure to the benefit of Indemnitee and Indemnitee’s
spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. The Company shall require and shall cause
any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company to, by written agreement, expressly 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. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or
fail to do any act in violation of applicable law. 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 shall
remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of any Section 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. Enforcement.

 

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

 

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

 

    	14

     

    

 

Section
19. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by 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 of this Agreement nor shall any waiver constitute a continuing waiver.

 

Section
20. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any
obligation which it may have to the Indemnitee under this Agreement or otherwise.

 

Section
21. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall
have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which
it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication
shall have been directed, (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received
or (e) sent by email and receipted for by the party to whom said notice or other communication shall have been directed:

 

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

 

(b) If
to the Company to

 

EUDA
Health Holdings Limited

1
Pemimpin Drive

#02-02
One Pemimpin

Singapore
576152

	 	Attention:	Mr. Kelvin Chen Wei Wen
	 	Email:	kelvin@euda.com

 

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

 

Kaufman
& Canoles, P.C.

Two
James center

1021
East Cary Street, Suite 1400

Richmond,
VA 23219-4058

	 	Attention:	Anthony W. Basch, Esq.
	 		J. Britton Williston,
  Esq.
	 	Email:	awbasch@kaufcan.com
	 	 	jbwilliston@kaufcan.com

 

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

 

    	15

     

    

 

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

 

Section
23. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby
irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be
brought only in the Court of Chancery of the State of Delaware (the “Delaware Court”), and not in any other state
or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection
to the laying of venue of any such action or Proceeding in the Delaware Court and (iv) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

Section
24. 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. Only one such counterpart signed by
the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

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

 

    	16

     

    

 

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

 

	COMPANY	 
	 	 
	EUDA Health Holdings Limited	 
	 	 
	By:	                            	 
	Name:	 	 
	Title:	 	 
	 	 
	INDEMNITEE	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Indemnification Agreement]

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