Document:

Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this “Agreement”),
made and entered into as of the ____ day of ______, 2022, by and between Snail, Inc., a Delaware corporation (the “Company”),
and _________ (“Indemnitee”).

 

W I T N E S S E T H:

 

WHEREAS, highly competent persons have become more
reluctant to serve publicly-held corporations as directors or officers unless they are provided with adequate protection through insurance
or adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf
of the corporation.

 

WHEREAS, the Board of Directors of the Company
(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.

 

WHEREAS, the Certificate of Incorporation of the
Company (the “Certificate of Incorporation”) provides that the Company shall indemnify and advance expenses to all
directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Certificate
of Incorporation provides for limitation of liability for directors. In addition, Indemnitee may be entitled to indemnification pursuant
to the General Corporation Law of the State of Delaware (“DGCL”). The Certificate of Incorporation and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the Board, officers and other persons with respect to indemnification.

 

WHEREAS, the uncertainties relating to such insurance
and to indemnification have increased the difficulty of attracting and retaining such persons.

 

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WHEREAS, the Board has determined that the increased
difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders 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 Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

WHEREAS, Indemnitee does not regard the protection
available under the Certificate of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve
as an officer or director of the Company without adequate protection, and the Company desires Indemnitee 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 he or she
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:

 

Article 1

Certain Definitions

 

(a) As used in this Agreement:

 

“Change of Control” means any
one of the following circumstances occurring after the date hereof: (i) there shall have occurred an event required to be reported
with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any
similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall have
become, without prior approval of the Company’s Board by approval of at least a majority of the Continuing Directors, the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
a majority of the combined voting power represented by the Company’s then outstanding voting securities (provided that, for purposes
of this clause (ii), the term “person” shall exclude (x) the Company, (y) any trustee or other fiduciary holding
securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company); (iii) there occurs 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) a majority 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 or other governing body of such surviving entity; (iv) all or substantially all the assets of the Company are sold or disposed
of in a transaction or series of related transactions; (v) the approval by the stockholders of the Company of a complete liquidation
of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

 

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“Continuing Director” means
(i) each director on the Board on the date hereof or (ii) any new director whose election or nomination for election by the
Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who were directors on
the date hereof or whose election or nomination was so approved.

 

“Corporate Status” means the
status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, Board committee member, employee
or agent of the Company or of any other Enterprise.

 

“Disinterested Director” means
a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

“Enterprise” means the Company,
any of its subsidiaries, branches, offices, affiliates and any other corporation, limited liability company, partnership, joint venture,
trust, employee benefit plan or other entity or enterprise of which, in each case, Indemnitee is or was serving at the request of
the Company as a director, officer, trustee, general partner, managing member, fiduciary, Board committee member, employee or agent.

 

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

 

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“Expenses” means all direct
and indirect costs (including attorneys’ fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses)
reasonably incurred in connection with (i) prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under
this Agreement, the Certificate of Incorporation, applicable law or otherwise. Expenses also shall include Expenses incurred in connection
with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall not include any Liabilities.

 

“Independent Counsel” means
a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years
previous to its selection or appointment 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 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.

 

“Liabilities”
means any losses or liabilities, including any judgments, fines, excise taxes and penalties, penalties and amounts paid in settlement,
arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection
with or in respect of any such judgments, fines, excise taxes and penalties, penalties or amounts paid in settlement).

 

“Proceeding” means any threatened,
pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional
and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or
on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the
institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or
failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status.

 

(b)            For
the purposes of this Agreement:

 

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References to “Company” shall include,
in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors,
officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation
or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation,
partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement
with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate
existence had continued.

 

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 he or she 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.

 

Reference to “including” shall mean
 “including, without limitation,” regardless of whether the words “without limitation” actually appear, references
to the words “herein,” “hereof” and “hereunder” and other words of similar import shall refer to this
Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection or other subdivision.

 

Article 2

Services By Indemnitee

 

Section 2.01. Services By Indemnitee. Indemnitee
hereby agrees to serve or continue to serve as a director, officer or key employee of the Company, for so long as Indemnitee is duly elected
or appointed or until Indemnitee tenders his or her resignation or is removed.

 

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Article 3

Indemnification

 

Section 3.01. General. (a) The
Company hereby agrees to and shall indemnify Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities,
in either case, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate
Status, to the fullest extent permitted by applicable law. The Company’s indemnification obligations set forth in this Section 3.01
shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status and (ii) regardless
of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred.

 

For purposes of this Agreement, 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 any provision of the DGCL, or the corresponding provision of any successor statute, and

 

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

 

(b) Witness Expenses. Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding
to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on his or her behalf in connection therewith.

 

(c) Expenses as a Party Where Wholly or
Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, 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 him or her 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, to the fullest extent
permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her
behalf in connection with each successfully resolved claim, issue or matter. 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.

 

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Section 3.02. Exclusions. Notwithstanding
any provision of this Agreement and unless Indemnitee ultimately is successful on the merits with respect to any such claim, the Company
shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)            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 or similar provisions of state statutory law or common law or (ii) any
reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized
by 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

 

(b)            except
as otherwise provided in Section 6.01(e), prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding)
initiated by Indemnitee (other than any cross claim or counterclaim asserted by the 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 or (ii) the Company provides the indemnification,
in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

Article 4

Advancement of Expenses; Defense of Claims

 

Section 4.01. Advances. Notwithstanding
any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee
in connection with any Proceeding within thirty (30) days after the receipt by the Company of each statement requesting such advance 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 such amounts and without regard to Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement. 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.

 

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Section 4.02. Repayment of Advances or
Other Expenses. Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to
 ‎Section 4.01, in the event and only to the extent that it shall be determined by final judgment or other final adjudication
under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee
is not entitled to be indemnified by the Company for such Expenses.

 

Section 4.03. Defense of Claims. The
Company will be entitled to participate in the Proceeding at its own expense. The Company shall be entitled to assume the defense of any
Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld) upon the delivery by the Company to
Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, consent to such counsel by Indemnitee
and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses
of counsel subsequently incurred by Indemnitee with respect to such Proceeding; provided that (i) Indemnitee shall have the
right to employ separate counsel in respect of any Proceeding at Indemnitee’s expense and (ii) if (A) the employment of
counsel by Indemnitee has been previously authorized in writing by the Company or (B) Indemnitee shall have reasonably concluded
upon the advice of counsel that there is a conflict of interest between the Company and Indemnitee in the conduct of the defense of such
Proceeding, then in each such case the fees and expenses of Indemnitee’s counsel shall be at the Company’s expense. The Company
shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation
on Indemnitee without Indemnitee’s prior written consent, such consent not to be unreasonably withheld. Indemnitee shall not settle
any action, claim or Proceeding (in whole or in part) without the Company’s prior written consent, such consent not to be unreasonably
withheld.

 

Article 5

Procedures For Notification of and Determination of Entitlement To Indemnification

 

Section 5.01. Notification; Request For
Indemnification.  (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he or she is a party
to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek
indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Company written notice thereof, including the
nature of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from
any liability which it may have to Indemnitee hereunder or otherwise.

 

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(b)            To
obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification, including
therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee’s entitlement
to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate
in his or her sole discretion. Indemnitee’s entitlement to indemnification shall be determined according to Section 5.02 of
this Agreement and applicable law.

 

Section 5.02. Determination of Entitlement.
 (a) Where there has been a written request by Indemnitee for indemnification pursuant to ‎Section 5.01(b), then as
soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, 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 of 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 (ii) if a Change of
Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within twenty (20) days after
such determination. Indemnitee shall reasonably 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) actually and
reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the
Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification).

 

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(b)            If
entitlement to indemnification is to be determined by Independent Counsel pursuant to ‎Section 5.02(a)(ii), such Independent
Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to ‎Section 5.02(a)(i)(C) (or
if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case
the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either
event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been
received, 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 1 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 a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days after the later
of submission by Indemnitee of a written request for indemnification pursuant to ‎Section 5.01(b) 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
a court of competent jurisdiction 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 the court or by such other
person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall
act as Independent Counsel under ‎Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding pursuant
to ‎Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(c)            The
Company agrees to pay the reasonable fees and expenses of any Independent Counsel serving under this Agreement.

 

Section 5.03.
Presumptions and Burdens of Proof; Effect of Certain Proceedings. (a) In making any 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, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with ‎Section 5.01(b) 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 any person, persons or entity 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 any person, persons or entity 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.

 

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(b)            If
the person, persons or entity empowered or selected under ‎Section 5.02 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a),
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.

 

(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 he or she
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 his or her 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 in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied
to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise
or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser
or other expert selected by such Enterprise. The provisions of this ‎Section 5.03(d) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed or found 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 other director, trustee, partner, managing member, fiduciary, officer, agent or employee
of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

 

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Article 6

Remedies of Indemnitee

 

Section 6.01. Adjudication. (a) In
the event of any dispute between Indemnitee and the Company hereunder as to entitlement to indemnification or advancement of Expenses
(including where (i) a determination is made pursuant to ‎Section 5.02 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to ‎Section 4.01 of this
Agreement, (iii) payment of indemnification pursuant to ‎Section 3.01 of this Agreement is not made within twenty (20) days
after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification
is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made within ten (10) days after
entitlement is deemed to have been determined pursuant to Section 5.03(b)) or (v) a contribution payment is not made in a timely
manner pursuant to Section 8.04 of this Agreement, then Indemnitee shall be entitled to an adjudication by a court of his or her
entitlement to such indemnification, contribution or advancement.

 

(b)            In
the event that a determination shall have been made pursuant to ‎Section 5.02(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding commenced pursuant to this ‎Section 6.01 shall be conducted in all respects
as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial
proceeding commenced pursuant to this ‎Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination
pursuant to ‎Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial
proceeding pursuant to this ‎Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant
to ‎Section 4.02 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to
which all rights of appeal have been exhausted or lapsed).

 

(c)            If
a determination shall have been made pursuant to ‎Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this ‎Section 6.01, 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.

 

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(d)            The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this ‎Section 6.01 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound
by all the provisions of this Agreement.

 

(e)            The
Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall
(within twenty (20) days after the Company’s receipt of such written request) advance such Expenses to Indemnitee, which are reasonably
incurred by Indemnitee in connection with any judicial proceeding brought by Indemnitee for (i) indemnification or advances of Expenses
by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this Agreement or any other agreement,
including any other indemnification, contribution or advancement agreement, or any provision of the Certificate of Incorporation now or
hereafter in effect or (ii) recovery or advances under any directors’ and officers’ liability insurance policy maintained
by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement
or insurance recovery, as the case may be.

 

Article 7

Directors’ and Officers’ Liability Insurance

 

Section 7.01.
D&O Liability Insurance. The Company shall obtain and maintain a policy or policies of insurance (“D&O Liability
Insurance”) with reputable insurance companies providing liability insurance for directors and officers of the Company in their
capacities as such (and for any capacity in which any director or officer of the Company serves any other Enterprise at the request of
the Company), in respect of acts or omissions occurring while serving in such capacity.

 

Section 7.02. Evidence of Coverage. Upon
request by Indemnitee, the Company shall provide copies of all policies of D&O Liability Insurance obtained and maintained in accordance
with Section 7.01 of this Agreement. The Company shall promptly notify Indemnitee of any changes in such insurance coverage.

 

    	 	13	 

     

    

 

Article 8

Miscellaneous

 

Section 8.01. Nonexclusivity of Rights.
The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Certificate of Incorporation, any agreement,
a vote of stockholders or a resolution of directors, or otherwise. 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.

 

Section 8.02. Insurance and Subrogation.
 (a) Indemnitee shall be covered by the Company’s D&O Liability Insurance in accordance with its or their terms to
the maximum extent of the coverage available for any director or officer under such policy or policies. If, at the time the Company receives
notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies. The failure or refusal of any such insurer to pay any such amount shall not
affect or impair the obligations of the Company under this Agreement.

 

(b)            In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

 

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

 

Section 8.03 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, Board committee member, employee or agent of any other Enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise.

 

    	 	14	 

     

    

 

Section 8.04. 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 rise 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 8.05. Amendment. This Agreement
may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in
respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in
applicable law, whether by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses
than would be afforded currently under the Certificate of Incorporation 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 or (ii) limits rights with respect to indemnification,
contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution
or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable
law.

 

Section 8.06. Waivers. The observance
of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by
the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise
expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate
as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver
of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

 

Section 8.07. Entire Agreement. This
Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters
covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered
hereby are superseded by this Agreement, provided that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation
of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder.

 

    	 	15	 

     

    

 

Section 8.08. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including 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 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 8.09. Notices. All notices,
requests, demands and other communications under this Agreement shall be in writing (which may be by email or facsimile transmission).
All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 5:30 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request
or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. The address
for notice to the Company is:

 

Snail, Inc.

12049 Jefferson Blvd.

Culver City, CA 90230

Attention: Heidy Chow

Email: heidyc@snailgamesusa.com

 

The address for notice to Indemnitee is set forth on the signature
page of this Agreement. Any party may change the address for notice by giving written notice to the other party as provided herein.

 

Section 8.10. Binding Effect. (a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as a director or officer of the Company.

 

    	 	16	 

     

    

 

(b)            This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors,
assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company, spouses, heirs, and executors, administrators, personal and legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially
all, or a substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform
if no such succession had taken place.

 

(c)            The
indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as to a person
who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns
of such a person.

 

Section 8.11. Governing Law. 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.

 

Section 8.12. Consent to Jurisdiction.
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 Chancery Court 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 8.13. Headings. The Article and
Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning
or interpretation of any provisions hereof.

 

Section 8.14. 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. The Company shall be entitled to assume the defense of any Proceeding with
counsel consented to by Indemnitee (such consent not to be unreasonably withheld) upon the delivery by the Company to Indemnitee of written
notice of the Company’s election to do so. After delivery of such notice, consent to such counsel by Indemnitee and the retention
of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of counsel
subsequently incurred by Indemnitee with respect to such Proceeding; provided that (i) Indemnitee shall have the right to
employ separate counsel in respect of any Proceeding at Indemnitee’s expense and (ii) if (A) the employment of counsel
by Indemnitee has been previously authorized in writing by the Company or (B) Indemnitee shall have reasonably concluded upon the
advice of counsel that there is a conflict of interest between the Company and Indemnitee in the conduct of the defense of such Proceeding,
then in each such case the fees and expenses of Indemnitee’s counsel shall be at the Company’s expense.

 

    	 	17	 

     

    

 

Section 8.15. Use of Certain Terms. As
used in this Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever
the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

[Signature Pages Follow]

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly
executed and delivered to be effective as of the date first above written.

 

	 	SNAIL, INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	INDEMNITEE:
	 	 
	 	 
	 	
     

    Address:

     

    With a copy to:

     

    Address:

    Attention:

    Email:

 

[Signature Page to Indemnification Agreement]Exhibit 10.1

 

CONSULTING AND SEPARATION AGREEMENT

 

This CONSULTING AND SEPARATION
AGREEMENT (the “Agreement”) is entered into by and among Michael Burgess (“Dr.
Burgess”), and SpringWorks Therapeutics, Inc., a Delaware corporation (the “Company”). This Agreement
is entered into effective as of September 12, 2022. Dr. Burgess and the Company are hereinafter collectively referred to as the “Parties”
and each are individually referred to as a “Party”.

 

Recitals

 

WHEREAS, the Company
currently employs Dr. Burgess as the Head of Research & Development of the Company pursuant to that certain Amended and Restated Employment
Agreement by and between the Parties, dated as of July 30, 2021 (the “Employment Agreement”);

 

WHEREAS, the Parties
also are parties to that certain Employee Confidentiality and Assignment Agreement, dated as of July 30, 2021 (the “Restrictive
Covenants Agreement”), and that certain Retention Agreement, dated as of May 2, 2022 (the “Retention Agreement”);

 

WHEREAS, Dr. Burgess
has informed the Company of his intention to terminate his employment from the Company (the “Retirement”) effective
September 16, 2022 (the “Retirement Date”) pursuant to Section 3(e) of the Employment Agreement;

 

WHEREAS, following
the Retirement Date, the Company desires to engage Dr. Burgess as Senior Strategic Advisor to the Company, providing advice to the Company,
including to the Company’s Chief Executive Officer (the “CEO”), with respect to certain matters;

 

WHEREAS, Dr. Burgess
desires to accept the engagement as Senior Strategic Advisor to provide such services to the Company as reasonably requested by the CEO
and mutually agreed upon by Dr. Burgess; and

 

WHEREAS, pursuant to
the terms of this Agreement, the Parties desire to amicably end Dr. Burgess’s employment relationship with the Company under the
Employment Agreement, notwithstanding any prior agreements to the contrary, and desire to commence a new service relationship between
Dr. Burgess and the Company.

 

Now,
THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by, between and among the Parties
hereto as follows:

 

Agreement

 

In consideration of the foregoing
Recitals and the mutual promises and covenants herein contained, and for other good and valuable consideration, the Parties, intending
to be legally bound, agree as follows:

 

1.              
Employment Resignation and Related Matters.

 

1.1              Retirement;
Engagement as Senior Strategic Advisor. Effective as of the Retirement Date, Dr. Burgess shall
terminate his employment with the Company pursuant to Section 3(e) of the Employment Agreement. This
Agreement represents the “Notice of Termination” contemplated by Section 3(f) of the Employment Agreement. Effective
upon the day immediately following the Retirement Date (the “Commencement Date”), the Company shall engage Dr.
Burgess as an independent contractor in the role of Senior Strategic Advisor (the “Contracting Engagement”).
Effective as of the Retirement Date, the Employment Agreement shall be terminated without any liability on the part of any party
thereto, except to the extent expressly set forth herein.

 

    1

     

    

 

1.2             
Compensation Related to Retirement.

 

1.2.1       
Accrued Benefit. In accordance with Section 4(a) of the Employment Agreement, the Company shall pay Dr. Burgess on
or before the date that is thirty (30) days after the Retirement Date (the “Accrued Benefit Payment Date”) (a) base
salary earned through the Retirement Date, (b) unpaid expense reimbursements (subject to, and in accordance with, Section 2(d) of the
Employment Agreement), (c) unused vacation accrued through Retirement Date and (d) any vested benefits that Dr. Burgess may have under
any employee benefit plan of the Company through the Retirement Date, which vested benefits shall be paid and/or provided in accordance
with the terms of such employee benefit plans. For the avoidance of doubt, the foregoing collectively are the “Accrued Benefit”
as defined in the Employment Agreement.

 

1.2.2       
2022 Retention Bonus. The Parties acknowledge and agree that, as of the Retirement Date, the Company has paid to
Dr. Burgess the 2022 Retention Bonus (as defined in the Retention Agreement) in accordance with the terms of the Retention Agreement.
For the avoidance of doubt, the Parties acknowledge and agree that, notwithstanding the Contractor Engagement, Dr. Burgess shall not be
entitled to receive the 2023 Retention Bonus (as defined in the Retention Agreement).

 

1.2.3       
Retirement Benefits. If Dr. Burgess does not revoke, and complies with the terms of this Agreement and this Agreement
becomes irrevocable, all within sixty (60) days after the Retirement Date, (a) the Company shall pay Dr. Burgess an amount equal to twelve
(12) months of Dr. Burgess’s Base Salary (as defined in the Employment Agreement) plus Dr. Burgess’s Target Annual Incentive
Compensation (as defined in the Employment Agreement) for calendar year 2022 and (b) if Dr. Burgess was participating in the Company’s
group health plan immediately prior to the Retirement Date, then the Company shall pay Dr. Burgess a monthly cash payment for the shorter
of (i) twelve (12) months and (ii) Dr. Burgess’s COBRA continuation period, in an equal amount to the monthly employer contribution
that the Company would have made to provide health insurance to Dr. Burgess if Dr. Burgess had remained employed by the Company (the benefits
provided pursuant for under subsections (a) and (b), collectively, the “Retirement Benefits”). The Retirement Benefits
shall be paid in substantially equal installments in accordance with the Company’s payroll practice for the twelve (12) month period
immediately following the Retirement Date, commencing within sixty (60) days after the Retirement Date. Each payment pursuant to this
Agreement is intended to constitute a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations and other guidance issued thereunder and any state law of similar effect (collectively, “Section 409A”).

 

    2

     

    

 

1.3             
Equity. Consistent with the terms of the Company’s 2019 Stock Option and
Equity Incentive Plan (as amended, supplemented or replaced from time to time, the “Option Plan”) and
the Company’s standard form of stock option and restricted stock agreement (as the case may be, in each case as updated from time
to time by the Company, and, collectively, with the Option Plan, the “Equity Documents”), as of the date of this Agreement,
Dr. Burgess continues to hold directly or indirectly certain equity interests in the Company. The equity interests are comprised solely
of vested options and restricted stock awards (the “Vested Equity”), which, for the avoidance of doubt, shall include,
but are not limited to, the 2022 Retention Grant (as defined in the Retention Agreement) and unvested stock options and restricted stock
awards (the “Unvested Equity”), with such Vested Equity and Unvested Equity identified and noted as such in Exhibit
A. Following the Retirement Date, Dr. Burgess shall continue to hold such Vested Equity subject to and in accordance with the terms
of the Equity Documents. Notwithstanding anything to the contrary in the Equity Documents, and notwithstanding the Contracting Engagement,
the Parties acknowledge and agree that the Unvested Equity shall (i) not be subject to any continued vesting after the Retirement Date
and (ii) terminate immediately on the Retirement Date and be of no further force or effect. For the avoidance of doubt, the Parties acknowledge
and agree that, as of the Retirement Date, the Company has issued to Dr. Burgess the 2022 Retention Grant in accordance with the terms
of the Retention Agreement. For the further avoidance of doubt, the Parties acknowledge and agree that, notwithstanding the Contractor
Engagement, Dr. Burgess shall not be entitled to receive the 2023 Retention Grant (as defined in the Retention Agreement).

 

2.              
Contracting Engagement

 

2.1             
Contracting Engagement; Services; Termination. The Contracting Engagement shall begin
on the Commencement Date and continue until terminated as provided below. During the Contracting Engagement, Dr. Burgess shall provide
independent contractor services as Senior Strategic Advisor to the Company (the “Services”), which shall be provided
as needed, from time to time, as reasonably requested in advance by the CEO and mutually agreed upon by Dr. Burgess. Either Party may
terminate the Contracting Engagement, at any time, for any reason, with or without cause, upon not less than thirty (30) days advance
written notice to the other Party. Upon the termination of the Contracting Engagement, Dr. Burgess shall be entitled to payment for Services
actually provided and expenses actually incurred prior to the date of termination of the Contracting Engagement for which Dr. Burgess
has not yet then been paid.

 

2.2             
Fee. As compensation for the Services, the Company shall pay Dr. Burgess a fee of $300
per hour, in arrears (the “Fee”). The Parties acknowledge and agree that the Fee shall be in full compensation for
the Services. The Company shall treat Fee payments to Dr. Burgess as Form 1099-MISC income and therefore shall not make tax-related deductions
or withholdings from any Fee payments. 

 

2.3             
General Expense Reimbursements. The Company shall reimburse Dr. Burgess for
all reasonable business expenses that Dr. Burgess incurs in performing the Services hereunder, subject to the Company’s usual
expense reimbursement policies and practices, following submission by Dr. Burgess of reasonable documentation thereof provided that individual
expenses in excess of $200 shall require the prior approval of the CEO. All in-kind benefits provided and expenses eligible for reimbursement
under this Agreement shall be provided by the Company or incurred by Dr. Burgess during the time periods set forth in this Agreement.
All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last
day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided
or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for
reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

    3

     

    

 

2.4             
Policies and Practices. The relationship between the Parties shall be governed by this
Agreement and by the policies and practices established by the Company from time to time with respect to its independent contractors.
In the event that the terms of this Agreement differ from or are in conflict with the Company’s policies or practices with respect
to its independent contractors, this Agreement shall control. 

 

2.5             
Independent Contractor. Upon the Retirement, Dr. Burgess will no longer be an employee
of the Company, and Dr. Burgess will not thereafter be an employee of the Company at any time during the Contractor Engagement. Therefore,
during the Contracting Engagement, Dr. Burgess shall not be entitled to participate in any of the employee benefit plans or programs provided
by the Company to its employees (including without limitation health and disability benefit plans and programs). Dr. Burgess’s status
and relationship with the Company shall be that of an independent contractor and consultant. Dr. Burgess shall not state or imply, directly
or indirectly, that he is empowered to bind the Company without the Company’s prior written consent. As an independent contractor,
Dr. Burgess shall have the right to reasonably control and determine the time, place, methods, manner and means of performing the Services.
Specifically, Dr. Burgess shall be permitted to perform the Services remotely and at a location of his choosing. Dr. Burgess
will be solely responsible for payment of all taxes arising from his relationship with the Company as Senior Strategic Advisor. 

 

    4

     

    

 

3.              
Release of Claims.

 

3.1              Release
by Dr. Burgess. In consideration for, among other terms, the full performance by the Company of all of its obligations under
this Agreement including, without limitation, the payment to Dr. Burgess of the Retirement Benefits, Dr. Burgess irrevocably and
unconditionally releases and forever discharges the Company, all of its affiliated and related entities, its and their respective
predecessors, successors and assigns, its and their respective employee benefit plans and the fiduciaries of such plans, and the
current and former officers, directors, direct and indirect securityholders, employees, attorneys, accountants, and agents of each
of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”)
generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown
(“Claims”) that, as of the date when Dr. Burgess signs this Agreement, he has, ever had, now claims to have or
ever claimed to have had against any or all of the Releasees. This release includes, without limitation, the complete waiver and
release of all Claims of or arising in connection with: the Employment Agreement, the Retention Agreement or any other agreement
between Dr. Burgess and any of the Releasees, including, without limitation, Claims for breach of express or implied contract;
wrongful termination of employment whether in contract or tort; intentional, reckless, or negligent infliction of emotional
distress; breach of any express or implied covenant of employment, including the covenant of good faith and fair dealing;
interference with contractual or advantageous relations, whether prospective or existing; fraud, deceit or misrepresentation;
discrimination, harassment or retaliation under state, federal, or municipal law, including, without limitation,
Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., as amended, the Americans
with Disabilities Act, 42 U.S.C. § 12101 et seq., the Age Discrimination in Employment Act,
29 U.S.C. § 621 et seq., the Family and Medical Leave Act, the Arizona Employment Protection Act, the
Arizona Civil Rights Act, the Arizona Occupational Health and Safety Act, the Connecticut Family and Medical Leave Act or the
Connecticut Fair Employment Practices Act; violation of any state or local statute, rule, ordinance, or regulation; promissory
estoppel or detrimental reliance; fraud, slander, libel, defamation, disparagement, or damage to reputation; personal injury,
negligence, or any other claim for damages or injury of any kind whatsoever, and all claims for monetary recovery, including,
without limitation, attorneys’ fees, experts’ fees, medical fees or expenses, costs, and disbursements; whistleblower
retaliation; invasion of privacy; violation of public policy or any other unlawful behavior; reinstatement;
compensatory, punitive or emotional distress damages; wages, bonuses, incentive compensation, equity, severance pay, vacation pay,
back or front pay or other forms of compensation, whether under Arizona wage laws, Connecticut minimum wage and wage payment laws or
otherwise; and attorney’s fees and costs. Dr. Burgess understands that this general release of Claims includes, without
limitation, any and all Claims related to Dr. Burgess’s employment by the Company (including, without limitation, any Claims
against the Company with respect to any stock-based awards of any kind) and the termination of his employment, and all Claims in his
capacity as a shareholder of the Company arising up to and through the date that Dr. Burgess enters into this Agreement. Dr. Burgess
understands that this general release does not extend to any rights or Claims that may arise out of acts or events that occur after
the date on which he signs this Agreement. Dr. Burgess represents that he has not assigned to any third party and has not filed with
any agency or court any Claim released by this Agreement. This release does not affect Dr. Burgess’s rights or obligations
under this Agreement, nor shall it affect Dr. Burgess’s rights, if any, to unemployment compensation benefits or to
workers’ compensation. Dr. Burgess hereby expressly waives and relinquishes all rights and benefits under that section and any
law of any jurisdiction of similar effect with respect to the release of any unknown or unsuspected claims (including, but limited
to, the Claims) Dr. Burgess may have against the Releasees. Dr. Burgess agrees to not accept damages of any nature, other equitable
or legal remedies for his own benefit or attorney’s fees or costs from any of the Releasees with respect to any Claim released
by this Agreement.

 

3.2             
 Acknowledgement by the Company. Based upon reasonable inquiry of the Company’s
senior leadership team, the Company has no knowledge or reason to believe that the Company has any Claims against Dr. Burgess relating
to Dr. Burgess’s employment by and termination of employment with the Company or otherwise. 

 

4.              
Continuing Obligations.

 

4.1             
Restrictive Covenant Obligations. Nothing in this Agreement shall limit Dr. Burgess’s
obligations under the Restrictive Covenants Agreement, including, without limitation, the post-employment restricted periods as provided
for in Section 8 (“Non-Competition and Non-Solicitation”), to which Dr. Burgess acknowledges he is subject as a result of
the Retirement. In addition, Dr. Burgess acknowledges that his obligations under the Restrictive Covenants Agreement shall continue in
effect during the Contractor Engagement as if Dr. Burgess’s performance of the Services were to constitute employment for purposes
of the Restrictive Covenants Agreement, including, without limitation, with respect to Section 1 (“Proprietary Information”),
Section 2 (“Recognition of Company’s Rights”), Section 4 (“Commitment to Company; Avoidance of Conflict of Interest”)
and Section 5 (“Developments”); provided that the running of the one (1) year post-employment restricted period as provided
for in Section 8 (“Non-Competition and Non-Solicitation”) shall begin on the Retirement Date. For purposes of this Agreement,
the obligations in this Section 4 and under the Restrictive Covenants Agreement and any other agreement relating to confidentiality,
assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations”.

 

    5

     

    

 

4.2             
Non-Disparagement. Subject to Section 5 of this Agreement, Dr. Burgess agrees not to take
any action or make any statements, written or oral, that are disparaging about or adverse to the business interests of the Company or
any of its affiliates or its or their products, services or current or former officers, directors, direct or indirect securityholders,
employees, managers or agents. Company agrees to direct its executive-level employees not to take any action or make any statements, written
or oral, that are disparaging about Dr. Burgess. These non-disparagement obligations shall not apply to truthful testimony in any legal
proceeding.

 

4.3             
Litigation and Regulatory Cooperation. During and after the Contracting Engagement, Dr.
Burgess shall reasonably cooperate with the Company (at the Company’s cost and expense) in the defense or prosecution of any claims
or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences
that transpired while Dr. Burgess was employed by or providing services to the Company. Dr. Burgess’s cooperation in connection
with such claims or actions shall include, but not be limited to, being reasonably available to meet with counsel to prepare for discovery
or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Contracting Engagement, Dr.
Burgess also shall cooperate with the Company (at the Company’s cost and expense) in connection with any investigation or review
of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while Dr. Burgess was employed by or providing services to the Company. The Company shall reimburse Dr. Burgess for any reasonable out-of-pocket
expenses incurred in connection with Dr. Burgess’s performance of obligations pursuant to this Section 4.3 upon presentation of
receipts. Nothing about the foregoing shall preclude Dr. Burgess from testifying truthfully in any forum or from providing truthful information
to any regulatory authority or require Dr. Burgess to waive any attorney-client privilege or protection or violate any applicable law.

 

4.4             
Relief. Dr. Burgess agrees that it would be difficult to measure any damages caused to
the Company which might result from any breach by him of the Continuing Obligations, and that in any event money damages would be an inadequate
remedy for any such breach. Accordingly, Dr. Burgess agrees that if he breaches, or proposes to breach, any portion of the Continuing
Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate
equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event Dr.
Burgess breaches any of the Continuing Obligations during a period when he is receiving retirement payments pursuant to Section 1.2.3
hereof, the Company shall have the right to suspend or terminate such retirement payments. Such suspension or termination shall not limit
the Company’s other options with respect to relief for such breach.

 

    6

     

    

 

5.              
 Protected Disclosures. Nothing
in this Agreement or otherwise limits Dr. Burgess’s obligation to testify truthfully in any legal proceeding, right to file a charge,
claim or complaint with any federal agency (such as the Equal Employment Opportunity Commission) or any state or local governmental agency
or commission (together, a “Government Agency”) or ability to communicate with any Government Agency or otherwise participate
in any investigation or proceeding that may be conducted by any Government Agency, including his ability to provide documents or other
information, without notice to the Company.

 

6.              
Notices. Any
notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in
person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt
requested, to Dr. Burgess at the last address Dr. Burgess has filed in writing with the Company or, in the case of the Company, at its
main offices, attention of the Board of Directors of the Company.

 

7.              
Assignment and Binding Effect.
This Agreement shall inure to the benefit of and be binding upon Dr. Burgess and the Company, and each
of Dr. Burgess’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns. Because
of the unique and personal nature of Dr. Burgess’s duties under this Agreement, neither this Agreement nor any rights or obligations
under this Agreement shall be assignable by Dr. Burgess. 

 

8.              
Arbitration of Disputes. Any
controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of this Agreement shall,
to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the Parties or, in the absence
of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Stamford, Connecticut,
in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable
to the selection of arbitrators. In the event that any person or entity other than Dr. Burgess or the Company may be a party with regard
to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s
agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 8
shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either Party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief
is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8.

 

9.              
Choice of Law. This
Agreement shall be construed and interpreted in accordance with the internal laws of the State of Connecticut without regard to its conflict
of laws principles. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law
as it would be interpreted and applied by the United States Court of Appeals for the Second Circuit.

 

    7

     

    

 

10.          
Integration; No Reliance.
This Agreement, the Equity Documents, each as to be modified in accordance with Sections 1.3 and 2.5
of this Agreement, the Restrictive Covenants Agreement, as modified by Section 4.1 of this Agreement, represent and contain the complete,
final and exclusive agreement of the Parties relating to the terms and conditions of Dr. Burgess’s termination of employment
from the Company and engagement by the Company as Senior Strategic Advisor and supersede all prior and contemporaneous oral and written
employment agreements or arrangements between the Parties, including, without limitation, the Employment Agreement and the Retention
Agreement, except as otherwise expressly preserved in this Agreement. In signing this Agreement, Dr. Burgess is not relying on any agreement,
statement or promise of the Company except as is expressly contained in this Agreement.

 

11.          
Time for Consideration; Effective Date.
Dr. Burgess acknowledges that he has been provided with the opportunity to consider this Agreement for
twenty-one (21) days from his receipt of this Agreement before signing it (the “Consideration Period”). To accept
this Agreement, Dr. Burgess must return to the Company a signed, unmodified original or PDF copy of this Agreement so that it is received
by the undersigned on or before the expiration of the Consideration Period. If Dr. Burgess signs this Agreement before the end of the
Consideration Period, Dr. Burgess acknowledges by signing this Agreement that such decision was entirely voluntary and that he had the
opportunity to consider this Agreement for the entire Consideration Period. The Parties agree that any changes or modifications to this
Agreement shall not restart the Consideration Period. For a period of seven (7) days from the day of the execution of this Agreement (the
 “Revocation Period”), Dr. Burgess has and shall retain the right to revoke this Agreement by written notice that must
be received by the undersigned before the end of such Revocation Period. This Agreement shall become effective on the business day immediately
following the expiration of the Revocation Period (the “Effective Date”), provided that Dr. Burgess does not revoke
this Agreement during the Revocation Period.

 

12.          
Amendment. This
Agreement cannot be amended or modified except by a written agreement signed by Dr. Burgess and a duly authorized officer of the Company.

 

13.          
Waiver.
No term, covenant or condition of this Agreement, or the Restrictive Covenants Agreement, as modified by Section 4.1, or any breach thereof
shall be deemed waived, except with the written consent of the Party against whom the wavier is claimed, and any waiver of any such term,
covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term,
covenant, condition or breach.

 

14.          
Severability. The
finding by a court or arbitrator of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this
Agreement, or the Restrictive Covenants Agreement, as modified by Section 4.1 of this Agreement, shall not render any other provision
of this Agreement, or the Restrictive Covenants Agreement, as modified by Section 4.1 of this Agreement, unenforceable, invalid or illegal.
Such court or arbitrator shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and
enforceable term or provision, and the Parties hereby stipulate that such modification or replacement most accurately represents the Parties’
intention with respect to the invalid or unenforceable term, or provision.

 

15.          
Interpretation; Construction.
The headings set forth in this Agreement are for convenience of reference only and shall not be used
in interpreting this Agreement. Dr. Burgess has consulted with his own independent counsel and tax advisors with respect to the terms
of this Agreement. The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review
and revise, this Agreement, and any rule of construction to the effect that any ambiguities are to be resolved against the drafting
Party shall not be employed in the interpretation of this Agreement.

 

16.          
Survival. The
provisions of this Agreement shall survive the termination of this Agreement and/or the termination of Dr. Burgess’s engagement
to the extent necessary to effectuate the terms contained herein.

 

17.          
Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, all of which together shall contribute
one and the same instrument.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows.]

 

    8

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first above written.

 

	SPRINGWORKS
    THERAPEUTICS, INC.	 
	 	 
	 	 
	By:	/s/ Saqib Islam	 
	Name: 	Saqib Islam	 
	Title:	Chief Executive Officer	 
	 	 
	/s/ Michael Burgess 	 
	DR.
    MICHAEL BURGESS	 

 

    9

     

    

 

EXHIBIT A

 

VESTED EQUITY & UNVESTED EQUITY 

AS OF RETIREMENT DATE (September
16, 2022)

 

	Grant Number	 	Grant Date	 	Plan/Type	 	Granted Units	 	 	Exercise Price	 	 	Vested Units	 	 	Unvested Units	 
	00000525	 	6/1/2021	 	2019/RSA	 	 	27,500	 	 	 	N/A	 	 	 	9,075	*	 	 	18,425	 
	00000527	 	6/1/2021	 	2019/ISO	 	 	4,896	 	 	$	81.68	 	 	 	1,224	 	 	 	3,672	 
	00000528	 	6/1/2021	 	2019/NQ	 	 	220,104	 	 	$	81.68	 	 	 	69,088	 	 	 	151,016	 
	00000902	 	1/6/2022	 	2019/ISO	 	 	1,018	 	 	$	59.46	 	 	 	0	 	 	 	1,018	 
	00000903	 	1/6/2022	 	2019/NQ	 	 	47,834	 	 	$	59.46	 	 	 	8,142	 	 	 	39,692	 
	00001071	 	1/6/2022	 	2019/RSU	 	 	15,674	 	 	 	N/A	 	 	 	0	 	 	 	15,674	 
	00001268	 	6/30/2022	 	2019/RSU	 	 	12,185	 	 	 	N/A	 	 	 	12,185	*	 	 	0	 

 

*2,672 and 3,103 shares withheld
for taxes associated with vesting, respectively. 

 

    10

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