Document:

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”), dated as of December 4, 2018, is by and between ICOx INNOVATIONS
INC., a Nevada corporation (the “Company”) and Swapan Kakumanu (the “Indemnitee”).

 

WHEREAS:

 

A.
The Indemnitee is a director and/or an officer of the Company;

 

B.
Both the Company and the Indemnitee recognize the increased risk of litigation and other claims being asserted
against directors and officers of public companies;

 

C.
The board of directors of the Company (the “Board”) has determined that enhancing the ability of the
Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and
that the Company therefore should seek to assure such persons that indemnification and insurance coverage is available;
and

 

D.
In recognition of the need to provide the Indemnitee with substantial protection against personal liability, in order to
procure the Indemnitee’s continued service as a director and/or officer of the Company and to enhance the
Indemnitee’s ability to serve the Company in an effective manner, and in order to provide such protection pursuant to
express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company’s
certificate of incorporation or bylaws (collectively, the “Constituent Documents”), any change in the
composition of the Board or any change in control or business combination transaction relating to the Company), the Company
wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1(f)
below) to, Indemnitee as set forth in this Agreement and to the extent insurance is maintained for the continued coverage of
Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

 

NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to continue to provide services to the Company,
the parties agree as follows:

 

	1.	Definitions.
                                         For purposes of this Agreement, the following terms shall have the following meanings:

 

		(a)	“Beneficial
                                         Owner” has the meaning given to the term “beneficial owner” in
                                         Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
                                         Act”).
	 	 	 
		(b)	“Change
                                         in Control” means the occurrence after the date of this Agreement of any of
                                         the following events:

 

		(i)	any
                                         Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the
                                         Company representing 20% or more of the Company’s then outstanding Voting 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;

 

    	 

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		(ii)	the
                                         consummation of a reorganization, merger or consolidation, unless immediately following
                                         such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting
                                         Securities of the Company immediately prior to such transaction beneficially own, directly
                                         or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities
                                         of the entity resulting from such transaction;
	 	 	 
		(iii)	during
                                         any period of two consecutive years, not including any period prior to the execution
                                         of this Agreement, individuals who at the beginning of such period constituted the Board
                                         (including for this purpose any new directors whose election by the Board or nomination
                                         for election by the Company’s stockholders was approved by a vote of at least two-thirds
                                         (2/3) 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 Board; or
	 	 	 
		(iv)	the
                                         stockholders of the Company approve a plan of complete liquidation or dissolution of
                                         the Company or an agreement for the sale or disposition by the Company of all or substantially
                                         all of the Company’s assets.

 

		(c)	“Claim”
                                         means:

 

		(i)	any
                                         threatened, pending or completed action, suit, proceeding or alternative dispute resolution
                                         mechanism, whether civil, criminal, administrative, arbitrative, investigative or other,
                                         and whether made pursuant to federal, state or other law; or
	 	 	 
		(ii)	any
                                         inquiry, hearing or investigation that the Indemnitee determines might lead to the institution
                                         of any such action, suit, proceeding or alternative dispute resolution mechanism.

 

		(d)	“Court”
                                         shall have the meaning ascribed to it in Section 9(e) below.
	 	 	 
		(e)	“Disinterested
                                         Director” means a director of the Company who is not and was not a party to
                                         the Claim in respect of which indemnification is sought by Indemnitee.

 

    	 

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		(f)	“Expenses”
                                         means any and all expenses, including reasonable attorneys’ and experts’
                                         fees, court costs, transcript costs, travel expenses, duplicating, printing and binding
                                         costs, telephone charges, and all other costs and expenses incurred in connection with
                                         investigating, defending, being a witness in or participating in (including on appeal),
                                         or preparing to defend, be a witness or participate in, any Claim. Expenses also shall
                                         include (i) Expenses incurred in connection with any appeal resulting from any Claim,
                                         including without limitation the premium, security for, and other costs relating to any
                                         cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes
                                         of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation,
                                         enforcement or defense of Indemnitee’s rights under this Agreement, by litigation
                                         or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee
                                         or the amount of judgments or fines against Indemnitee.
	 	 	 
		(g)	“Expense
                                         Advance” means any payment of Expenses advanced to Indemnitee by the Company
                                         pursuant to Section 4 or Section 5 hereof.
	 	 	 
		(h)	“Indemnifiable
                                         Event” means any event or occurrence, whether occurring before, on or after
                                         the date of this Agreement, related to the fact that Indemnitee is or was a director,
                                         officer, employee or agent of the Company or any subsidiary of the Company, or is or
                                         was serving at the request of the Company as a director, officer, employee, member, manager,
                                         trustee or agent of any other corporation, limited liability company, partnership, joint
                                         venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
                                         or by reason of an action or inaction by Indemnitee in any such capacity (whether or
                                         not serving in such capacity at the time any Loss is incurred for which indemnification
                                         can be provided under this Agreement).
	 	 	 
		(i)	“Independent
                                         Counsel” means a law firm, or a member of a law firm, that is experienced in
                                         matters of corporation law and neither presently performs, nor in the past two (2) years
                                         has performed, services for either: (i) the Company or Indemnitee (other than in connection
                                         with matters concerning Indemnitee under this Agreement or of other indemnitees under
                                         similar agreements) or (ii) any other party to the Claim 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 the Indemnitee in an action to determine the Indemnitee’s rights under this
                                         Agreement.
	 	 	 
		(j)	“Losses”
                                         means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties
                                         (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement,
                                         including any interest, assessments, any federal, state, local or foreign taxes imposed
                                         as a result of the actual or deemed receipt of any payments under this Agreement and
                                         all other charges paid or payable in connection with investigating, defending, being
                                         a witness in or participating in (including on appeal), or preparing to defend, be a
                                         witness or participate in, any Claim.
	 	 	 
		(k)	“Person”
                                         means any individual, corporation, firm, partnership, joint venture, limited liability
                                         company, estate, trust, business association, organization, governmental entity or other
                                         entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
                                         Act.

 

    	 

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		(l)	“Standard
                                         of Conduct Determination” shall have the meaning ascribed to it in Section
                                         9(b) below.
	 	 	 
		(m)	“Voting
                                         Securities” means any securities of the Company that vote generally in the
                                         election of directors.

 

	2.	Services
                                         to the Company. The Indemnitee agrees to continue to serve as a director or officer
                                         of the Company for so long as the Indemnitee is duly elected or appointed or until the
                                         Indemnitee tenders his resignation or is no longer serving in such capacity. This Agreement
                                         shall not be deemed an employment agreement between the Company (or any of its subsidiaries
                                         or Enterprise) and the Indemnitee. The Indemnitee specifically acknowledges that his
                                         employment with or service to the Company or any of its subsidiaries or Enterprise, as
                                         applicable, 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
                                         agreement between the Indemnitee and the Company (or any of its subsidiaries or 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 Company’s Constituent
                                         Documents or Nevada law. This Agreement shall continue in force after the Indemnitee
                                         has ceased to serve as a director or officer of the Company or, at the request of the
                                         Company, of any of its subsidiaries or Enterprise, as provided in Section 12 hereof.
	 	 
	3.	Indemnification.
                                         Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify the
                                         Indemnitee, to the fullest extent permitted by the laws of the State of Nevada in effect
                                         on the date hereof, or as such laws may from time to time hereafter be amended to increase
                                         the scope of such permitted indemnification, against any and all Losses if the Indemnitee
                                         was or is or becomes a party to or participant in, or is threatened to be made a party
                                         to or participant in, any Claim by reason of or arising in part out of an Indemnifiable
                                         Event, including, without limitation, Claims brought by or in the right of the Company,
                                         Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.
	 	 
	4.	Advancement
                                         of Expenses. The Indemnitee shall have the right to advancement by the Company, prior
                                         to the final disposition of any Claim by final adjudication to which there are no further
                                         rights of appeal, of any and all Expenses actually and reasonably paid or incurred by
                                         the Indemnitee in connection with any Claim arising out of an Indemnifiable Event. The
                                         Indemnitee’s right to such advancement is not subject to the satisfaction of any
                                         standard of conduct. Without limiting the generality or effect of the foregoing, within
                                         60 days after any request by the Indemnitee, the Company shall, in accordance with such
                                         request, (a) pay such Expenses on behalf of the Indemnitee, (b) advance to the Indemnitee
                                         funds in an amount sufficient to pay such Expenses, or (c) reimburse the Indemnitee for
                                         such Expenses. In connection with any request for Expense Advances, the Indemnitee shall
                                         not be required to provide any documentation or information to the extent that the provision
                                         thereof would undermine or otherwise jeopardize attorney-client privilege. In connection
                                         with any request for Expense Advances, the Indemnitee shall execute and deliver to the
                                         Company an undertaking (which shall be accepted without reference to the Indemnitee’s
                                         ability to repay the Expense Advances) to repay any amounts paid, advanced, or reimbursed
                                         by the Company for such Expenses to the extent that it is ultimately determined, following
                                         the final disposition of such Claim, that the Indemnitee is not entitled to indemnification
                                         hereunder. The Indemnitee’s obligation to reimburse the Company for Expense Advances
                                         shall be unsecured and no interest shall be charged thereon.

 

    	 

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	5.	Indemnification
                                         for Expenses in Enforcing Rights. To the fullest extent allowable under applicable
                                         law, the Company shall also indemnify against, and, if requested by the Indemnitee, shall
                                         advance to the Indemnitee subject to and in accordance with Section 4, any Expenses actually
                                         and reasonably paid or incurred by the Indemnitee in connection with any action or proceeding
                                         by the Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses
                                         by the Company under any provision of this Agreement, or under any other agreement or
                                         provision of the Constituent Documents now or hereafter in effect relating to Claims
                                         relating to Indemnifiable Events, and/or (b) recovery under any directors’ and
                                         officers’ liability insurance policies maintained by the Company. However, in the
                                         event that the Indemnitee is ultimately determined not to be entitled to such indemnification
                                         or insurance recovery, as the case may be, then all amounts advanced under this Section
                                         5 shall be repaid. The Indemnitee shall be required to reimburse the Company in the event
                                         that a final judicial determination is made that such action brought by the Indemnitee
                                         was frivolous or not made in good faith.
	 	 
	6.	Partial
                                         Indemnity. If the Indemnitee is entitled under any provision of this Agreement to
                                         indemnification by the Company for a portion of any Losses in respect of a Claim related
                                         to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless
                                         indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.
	 	 
	7.	Notification
                                         and Defense of Claims.

 

		(a)	Notification
                                         of Claims. The Indemnitee shall notify the Company in writing as soon as practicable
                                         of any Claim which could relate to an Indemnifiable Event or for which the Indemnitee
                                         could seek Expense Advances, including a brief description (based upon information then
                                         available to the Indemnitee) of the nature of, and the facts underlying, such Claim.
                                         The failure by the Indemnitee to timely notify the Company hereunder shall not relieve
                                         the Company from any liability hereunder unless the Company’s ability to participate
                                         in the defense of such claim was materially and adversely affected by such failure/except
                                         that the Company shall not be liable to indemnify the Indemnitee under this Agreement
                                         with respect to any judicial award in a Claim related to an Indemnifiable Event if the
                                         Company was not given a reasonable and timely opportunity to participate at its expense
                                         in the defense of such action. If at the time of the receipt of such notice, the Company
                                         has directors’ and officers’ liability insurance in effect under which coverage
                                         for Claims related to Indemnifiable Events is potentially available, the Company shall
                                         give prompt written notice to the applicable insurers in accordance with the procedures
                                         set forth in the applicable policies. The Company shall provide to the Indemnitee a copy
                                         of such notice delivered to the applicable insurers, and copies of all subsequent correspondence
                                         between the Company and such insurers regarding the Claim, in each case substantially
                                         concurrently with the delivery or receipt thereof by the Company.

 

    	 

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		(b)	Defense
                                         of Claims. The Company shall be entitled to participate in the defense of any Claim
                                         relating to an Indemnifiable Event at its own expense and, except as otherwise provided
                                         below, to the extent the Company so wishes, it may assume the defense thereof with counsel
                                         reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee
                                         of its election to assume the defense of any such Claim, the Company shall not be liable
                                         to the Indemnitee under this Agreement or otherwise for any Expenses subsequently directly
                                         incurred by the Indemnitee in connection with the Indemnitee’s defense of such
                                         Claim other than reasonable costs of investigation or as otherwise provided below. The
                                         Indemnitee shall have the right to employ its own legal counsel in such Claim, but all
                                         Expenses related to such counsel incurred after notice from the Company of its assumption
                                         of the defense shall be at the Indemnitee’s own expense; provided, however, that
                                         if (i) the Indemnitee’s employment of its own legal counsel has been authorized
                                         by the Company, (ii) the Indemnitee has reasonably determined that there may be a conflict
                                         of interest between the Indemnitee and the Company in the defense of such Claim, (iii)
                                         after a Change in Control, the Indemnitee’s employment of its own counsel has been
                                         approved by the Independent Counsel or (iv) the Company shall not in fact have employed
                                         counsel to assume the defense of such Claim, then the Indemnitee shall be entitled to
                                         retain its own separate counsel (but not more than one law firm plus, if applicable,
                                         local counsel in respect of any such Claim) and all Expenses related to such separate
                                         counsel shall be borne by the Company.

 

	8.	Procedure
                                         upon Application for Indemnification. In order to obtain indemnification pursuant
                                         to this Agreement, the Indemnitee shall submit to the Company a written request therefor,
                                         including in such request such documentation and information as is reasonably available
                                         to the Indemnitee and is reasonably necessary to determine whether and to what extent
                                         the Indemnitee is entitled to indemnification following the final disposition of the
                                         Claim, provided that documentation and information need not be so provided to the extent
                                         that the provision thereof would undermine or otherwise jeopardize attorney-client privilege.
                                         Indemnification shall be made insofar as the Company determines the Indemnitee is entitled
                                         to indemnification in accordance with Section 9 below.
	 	 
	9.	Determination
                                         of Right to Indemnification.

 

		(a)	Mandatory
                                         Indemnification; Indemnification as a Witness.

 

		(i)	To
                                         the extent that the Indemnitee shall have been successful on the merits or otherwise
                                         in defense of any Claim relating to an Indemnifiable Event or any portion thereof or
                                         in defense of any issue or matter therein, including without limitation dismissal without
                                         prejudice, the Indemnitee shall be indemnified against all Losses relating to such Claim
                                         in accordance with Section 3 to the fullest extent allowable by law, and no Standard
                                         of Conduct Determination (as defined in Section 9(b)) shall be required.

 

    	 

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		(ii)	To
                                         the extent that the Indemnitee’s involvement in a Claim relating to an Indemnifiable
                                         Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee
                                         shall be indemnified against all Losses incurred in connection therewith to the fullest
                                         extent allowable by law and no Standard of Conduct Determination (as defined in Section
                                         9(b)) shall be required.

 

		(b)	Standard
                                         of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to
                                         a Claim related to an Indemnifiable Event that shall have been finally disposed of, any
                                         determination of whether the Indemnitee has satisfied any applicable standard of conduct
                                         under Nevada law that is a legally required condition to indemnification of the Indemnitee
                                         hereunder against Losses relating to such Claim and any determination that Expense Advances
                                         must be repaid to the Company (a “Standard of Conduct Determination”)
                                         shall be made as follows:

 

		(i)	if
                                         no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors,
                                         even if 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 or (C) if there are no such Disinterested Directors, by Independent Counsel in
                                         a written opinion addressed to the Board, a copy of which shall be delivered to the Indemnitee;
                                         and
	 	 	 
		(ii)	if
                                         a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing,
                                         by a majority vote of the Disinterested Directors, even if less than a quorum of the
                                         Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the
                                         Board, a copy of which shall be delivered to the Indemnitee.

 

The
Company shall indemnify and hold harmless the Indemnitee against and, if requested by the Indemnitee, shall reimburse the Indemnitee
for, or advance to the Indemnitee, within 60 days of such request, any and all Expenses incurred by the Indemnitee in cooperating
with the person or persons making such Standard of Conduct Determination.

 

		(c)	Making
                                         the Standard of Conduct Determination. The Company shall use its reasonable best
                                         efforts to cause any Standard of Conduct Determination required under Section 9(b) to
                                         be made as promptly as practicable. If the person or persons designated to make the Standard
                                         of Conduct Determination under Section 9(b) shall not have made a determination within
                                         30 days after the later of (A) receipt by the Company of a written request from the Indemnitee
                                         for indemnification pursuant to Section 8 (the date of such receipt being the “Notification
                                         Date”) and (B) the selection of an Independent Counsel, if such determination
                                         is to be made by Independent Counsel, then the Indemnitee shall be deemed to have satisfied
                                         the applicable standard of conduct; provided that such 30-day period may be extended
                                         for a reasonable time, not to exceed an additional 30 days, if the person or persons
                                         making such determination in good faith requires such additional time to obtain or evaluate
                                         information relating thereto. Notwithstanding anything in this Agreement to the contrary,
                                         no determination as to entitlement of the Indemnitee to indemnification under this Agreement
                                         shall be required to be made prior to the final disposition of any Claim.

 

    	 

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		(d)	Payment
                                         of Indemnification. If, in regard to any Losses:

 

		(i)	the
                                         Indemnitee shall be entitled to indemnification pursuant to Section 9(a);
	 	 	 
		(ii)	no
                                         Standard Conduct Determination is legally required as a condition to indemnification
                                         of the Indemnitee hereunder; or
	 	 	 
		(iii)	the
                                         Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to
                                         have satisfied the Standard of Conduct Determination,

 

then
the Company shall pay to the Indemnitee, within ten days after the later of (A) the Notification Date or (B) the earliest date
on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

		(e)	Selection
                                         of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct
                                         Determination is to be made by Independent Counsel pursuant to Section 9(b)(i), the Independent
                                         Counsel shall be selected by the Board of Directors, and the Company shall give written
                                         notice to the Indemnitee advising him of the identity of the Independent Counsel so selected.
                                         If a Standard of Conduct Determination is to be made by Independent Counsel pursuant
                                         to Section 9(b)(ii), the Independent Counsel shall be selected by the Indemnitee, and
                                         the Indemnitee shall give written notice to the Company advising it of the identity of
                                         the Independent Counsel so selected. In either case, the Indemnitee or the Company, as
                                         applicable, may, within five days after receiving written notice of selection from the
                                         other, deliver to the other 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 satisfy the criteria set forth in the definition of “Independent
                                         Counsel” in Section 1(i), and the objection shall set forth with particularity
                                         the factual basis of such assertion. Absent a proper and timely objection, the person
                                         or firm so selected shall act as Independent Counsel. If such written objection is properly
                                         and timely made and substantiated, (i) the Independent Counsel so selected may not serve
                                         as Independent Counsel unless and until such objection is withdrawn or a court has determined
                                         that such objection is without merit; and (ii) the non-objecting party may, at its option,
                                         select an alternative Independent Counsel and give written notice to the other party
                                         advising such other party of the identity of the alternative Independent Counsel so selected,
                                         in which case the provisions of the two immediately preceding sentences, the introductory
                                         clause of this sentence and numbered clause (i) of this sentence shall apply to such
                                         subsequent selection and notice. If applicable, the provisions of clause (ii) of the
                                         immediately preceding sentence shall apply to successive alternative selections. If no
                                         Independent Counsel that is permitted under the foregoing provisions of this Section
                                         9(e) to make the Standard of Conduct Determination shall have been selected within 20
                                         days after the Company gives its initial notice pursuant to the first sentence of this
                                         Section 9(e) or the Indemnitee gives its initial notice pursuant to the second sentence
                                         of this Section 9(e), as the case may be, either the Company or the Indemnitee may petition
                                         a court in Nevada (the “Court”) to resolve any objection which shall
                                         have been made by the Company or the Indemnitee to the other’s selection of Independent
                                         Counsel and/or to appoint as Independent Counsel a person to be selected by the Court
                                         or such other person as the Court shall designate, and the person or firm with respect
                                         to whom all objections are so resolved or the person or firm so appointed will act as
                                         Independent Counsel. In all events, the Company shall pay all of the reasonable fees
                                         and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s
                                         determination pursuant to Section 9(b).

 

    	 

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		(f)	Presumptions
                                         and Defenses.

 

		(i)	Indemnitee’s
                                         Entitlement to Indemnification. In making any Standard of Conduct Determination,
                                         the person or persons making such determination shall presume that the Indemnitee has
                                         satisfied the applicable standard of conduct and is entitled to indemnification, and
                                         the Company shall have the burden of proof to overcome that presumption and establish
                                         that the Indemnitee is not so entitled. Any Standard of Conduct Determination that is
                                         adverse to the Indemnitee may be challenged by the Indemnitee in the Court. No determination
                                         by the Company (including by its directors or any Independent Counsel) that the Indemnitee
                                         has not satisfied any applicable standard of conduct may be used as a defense to any
                                         legal proceedings brought by the Indemnitee to secure indemnification or reimbursement
                                         or advance payment of Expenses by the Company hereunder or create a presumption that
                                         the Indemnitee has not met any applicable standard of conduct.
	 	 	 
		(ii)	Reliance
                                         as a Safe Harbor. For purposes of this Agreement, and without creating any presumption
                                         as to a lack of good faith if the following circumstances do not exist, the Indemnitee
                                         shall be deemed to have acted in good faith and in a manner he reasonably believed to
                                         be in or not opposed to the best interests of the Company if the Indemnitee’s actions
                                         or omissions to act are taken in good faith reliance upon the records of the Company,
                                         including its financial statements, or upon information, opinions, reports or statements
                                         furnished to the Indemnitee by the officers or employees of the Company or any of its
                                         subsidiaries in the course of their duties, or by committees of the Board or by any other
                                         Person (including legal counsel, accountants and financial advisors) as to matters the
                                         Indemnitee reasonably believes are within such other Person’s professional or expert
                                         competence and who has been selected with reasonable care by or on behalf of the Company.
                                         In addition, the knowledge and/or actions, or failures to act, of any director, officer,
                                         agent or employee of the Company shall not be imputed to the Indemnitee for purposes
                                         of determining the right to indemnity hereunder.

 

    	 

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		(iii)	No
                                         Other Presumptions. For purposes of this Agreement, the termination of any Claim
                                         by judgment, order, settlement (whether with or without court approval) or conviction,
                                         or upon a plea of nolo contendere or its equivalent, will not create a presumption that
                                         the Indemnitee did not meet any applicable standard of conduct or have any particular
                                         belief, or that indemnification hereunder is otherwise not permitted.
	 	 	 
		(iv)	Defense
                                         to Indemnification and Burden of Proof. It shall be a defense to any action brought
                                         by the Indemnitee against the Company to enforce this Agreement (other than an action
                                         brought to enforce a claim for Losses incurred in defending against a Claim related to
                                         an Indemnifiable Event in advance of its final disposition) that it is not permissible
                                         under applicable law for the Company to indemnify the Indemnitee for the amount claimed.
                                         In connection with any such action or any related Standard of Conduct Determination,
                                         the burden of proving such a defense or that the Indemnitee did not satisfy the applicable
                                         standard of conduct shall be on the Company.
	 	 	 
		(v)	Resolution
                                         of Claims. The Company acknowledges that a settlement or other disposition short
                                         of final judgment may be successful on the merits or otherwise for purposes of Section
                                         9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty.
                                         In the event that any Claim relating to an Indemnifiable Event to which the Indemnitee
                                         is a party is resolved in any manner other than by adverse judgment against the Indemnitee
                                         (including, without limitation, settlement of such action, claim or proceeding with our
                                         without payment of money or other consideration) it shall be presumed that the Indemnitee
                                         has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company
                                         shall have the burden of proof to overcome this presumption.

 

	10.	Exclusions
                                         from Indemnification. Notwithstanding anything in this Agreement to the contrary,
                                         the Company shall not be obligated to:

 

		(a)	indemnify
                                         or advance funds to the Indemnitee for Expenses or Losses with respect to proceedings
                                         initiated by the Indemnitee, including any proceedings against the Company or its directors,
                                         officers, employees or other indemnitees and not by way of defense, except:

 

		(i)	proceedings
                                         referenced in Section 5 above (unless a court of competent jurisdiction determines that
                                         each of the material assertions made by the Indemnitee in such proceeding was not made
                                         in good faith or was frivolous); or

 

    	 

    	- 11 -

    

 

		(ii)	where
                                         the Company has joined in or the Board has consented to the initiation of such proceedings;

 

		(b)	indemnify
                                         the Indemnitee if a final decision by a court of competent jurisdiction determines that
                                         such indemnification is prohibited by applicable law;
	 	 	 
		(c)	indemnify
                                         the Indemnitee for the disgorgement of profits arising from the purchase or sale by the
                                         Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange
                                         Act, or any similar successor statute; and
	 	 	 
		(d)	indemnify
                                         or advance funds to the Indemnitee for the Indemnitee’s reimbursement to the Company
                                         of any bonus or other incentive-based or equity-based compensation previously received
                                         by the Indemnitee or payment 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 under Section 304 of the Sarbanes-Oxley Act of 2002 in
                                         connection with an accounting restatement of the Company or the payment to the Company
                                         of profits arising from the purchase or sale by the Indemnitee of securities in violation
                                         of Section 306 of the Sarbanes-Oxley Act).

 

	11.	Settlement
                                         of Claims. The Company shall not be liable to the Indemnitee under this Agreement
                                         for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable
                                         Event effected without the Company’s prior written consent, which shall not be
                                         unreasonably withheld; provided, however, that if a Change in Control has occurred, the
                                         Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement
                                         if an Independent Counsel has approved the settlement. The Company shall not settle any
                                         Claim related to an Indemnifiable Event in any manner that would impose any Losses on
                                         the Indemnitee without the Indemnitee’s prior written consent.
	 	 
	12.	Duration.
                                         All agreements and obligations of the Company contained herein shall continue during
                                         the period that the Indemnitee is a director or officer of the Company (or is serving
                                         at the request of the Company as a director, officer, employee, member, trustee or agent
                                         of another Enterprise) and shall continue thereafter (i) so long as the Indemnitee may
                                         be subject to any possible Claim relating to an Indemnifiable Event (including any rights
                                         of appeal thereto) and (ii) throughout the pendency of any proceeding (including any
                                         rights of appeal thereto) commenced by the Indemnitee to enforce or interpret his or
                                         her rights under this Agreement, even if, in either case, he or she may have ceased to
                                         serve in such capacity at the time of any such Claim or proceeding.
	 	 
	13.	Non-Exclusivity.
                                         The rights of the Indemnitee hereunder will be in addition to any other rights the Indemnitee
                                         may have under the Constituent Documents, the general corporate law of the State of Nevada,
                                         any other contract or otherwise (collectively, “Other Indemnity Provisions”);
                                         provided, however, that (a) to the extent that the Indemnitee otherwise would have any
                                         greater right to indemnification under any Other Indemnity Provision, the Indemnitee
                                         will be deemed to have such greater right hereunder and (b) to the extent that any change
                                         is made to any Other Indemnity Provision which permits any greater right to indemnification
                                         than that provided under this Agreement as of the date hereof, the Indemnitee will be
                                         deemed to have such greater right hereunder. The Company will not adopt any amendment
                                         to any of the Constituent Documents the effect of which would be to deny, diminish or
                                         encumber the Indemnitee’s right to indemnification under this Agreement or any
                                         Other Indemnity Provision.

 

    	 

    	- 12 -

    

 

	14.	Liability
                                         Insurance. For the duration of the Indemnitee’s service as a director and/or
                                         officer of the Company, and thereafter for so long as the Indemnitee shall be subject
                                         to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially
                                         reasonable efforts (taking into account the scope and amount of coverage available relative
                                         to the cost thereof) to continue to maintain in effect policies of directors’ and
                                         officers’ liability insurance providing coverage that is at least substantially
                                         comparable in scope and amount to that provided by the Company’s current policies
                                         of directors’ and officers’ liability insurance. In all policies of directors’
                                         and officers’ liability insurance maintained by the Company, the Indemnitee shall
                                         be named as an insured in such a manner as to provide the Indemnitee the same rights
                                         and benefits as are provided to the most favorably insured of the Company’s directors,
                                         if the Indemnitee is a director, or of the Company’s officers, if the Indemnitee
                                         is an officer (and not a director) by such policy. Upon request, the Company will provide
                                         to the Indemnitee copies of all directors’ and officers’ liability insurance
                                         applications, binders, policies, declarations, endorsements and other related materials.
	 	 
	15.	No
                                         Duplication of Payments. The Company shall not be liable under this Agreement to
                                         make any payment to the Indemnitee in respect of any Losses to the extent the Indemnitee
                                         has otherwise received payment under any insurance policy, the Constituent Documents,
                                         Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the
                                         Company hereunder.
	 	 
	16.	Subrogation.
                                         In the event of payment to the Indemnitee under this Agreement, the Company shall be
                                         subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee.
                                         The Indemnitee shall execute all papers required and shall do everything that may be
                                         necessary to secure such rights, including the execution of such documents necessary
                                         to enable the Company effectively to bring suit to enforce such rights.
	 	 
	17.	Amendments.
                                         No supplement, modification or amendment of this Agreement shall be binding unless executed
                                         in writing by both of the parties hereto. No waiver of any of the provisions of this
                                         Agreement shall be binding unless in the form of a writing signed by the party against
                                         whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver
                                         of any other provisions hereof (whether or not similar), nor shall such waiver constitute
                                         a continuing waiver. Except as specifically provided herein, no failure to exercise or
                                         any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

    	 

    	- 13 -

    

 

	18.	Binding
                                         Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable
                                         by the parties hereto and their respective successors (including any direct or indirect
                                         successor by purchase, merger, consolidation or otherwise to all or substantially all
                                         of the business and/or assets of the Company), assigns, spouses, heirs and personal and
                                         legal representatives. The Company shall require and cause any successor (whether direct
                                         or indirect by purchase, merger, consolidation or otherwise) to all, substantially all
                                         or a substantial part of the business and/or assets of the Company, by written agreement
                                         in form and substances satisfactory to the Indemnitee, expressly to assume and agree
                                         to perform this Agreement in the same manner and to the same extent that the Company
                                         would be required to perform if no such succession had taken place.
	 	 
	19.	Severability.
                                         The provisions of this Agreement shall be severable in the event that any of the provisions
                                         hereof (including any portion thereof) are held by a court of competent jurisdiction
                                         to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
                                         shall remain enforceable to the fullest extent permitted by law. Upon such determination
                                         that any term or other provision is invalid, illegal or unenforceable, the parties hereto
                                         shall negotiate in good faith to modify this Agreement so as to effect the original intent
                                         of the parties as closely as possible in a mutually acceptable manner in order that the
                                         transactions contemplated hereby be consummated as originally contemplated to the greatest
                                         extent possible.
	 	 
	20.	Notices.
                                         All notices, requests, demands and other communications hereunder shall be in writing
                                         and shall be deemed to have been duly given if delivered by hand, against receipt, or
                                         mailed, by postage prepaid, certified or registered mail:

 

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

 

	ICOx
    Innovations Inc.
	4101
    Redwood Avenue
	Building
    F, Los Angeles CA, 90066
	 
	Attention:	James
    Geiskopf
	Email:	jimmy.geiskopf@icoxinnovations.com

 

Notice
of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section
shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

 

	21.	Governing
                                         Law and Forum. This Agreement shall be governed by and construed and enforced in
                                         accordance with the laws of the State of Nevada applicable to contracts made and to be
                                         performed in such state without giving effect to its principles of conflicts of laws.
	 	 
	22.	Headings.
                                         The headings of the sections and paragraphs of this Agreement are inserted for convenience
                                         only and shall not be deemed to constitute part of this Agreement or to affect the construction
                                         or interpretation thereof.

 

    	 

    	- 14 -

    

 

	23.	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.

 

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

 

	ICOx
    INNOVATIONS INC.	 
	 	 
	Per:	/s/
    James Geiskopf	 
	Name:	James
    Geiskopf	 
	Title:	Director	 

 

	INDEMNITEE	 
	 	 	 
	 	/s/
    Swapan Kakuamnu	 
	Name:	Swapan
    Kakumanu	 
	Address:	193
    Simcoe Circle SW	 
	 	Calgary,
    Alberta, T3H 4S3ssw-ex46_1269.htm

EXHIBIT 4.6

INDEMNIFICATION AGREEMENT

AGREEMENT, effective as of [ date ] between Seaspan Corporation, a Marshall Islands corporation (the "Company"), and [ name ] (the "Indemnitee").

WHEREAS, it is essential that the Company attract and maintain responsible, qualified directors and corporate officers; and 

WHEREAS, the Indemnitee is a director or corporate officer of the Company; and 

WHEREAS, both the Company and the Indemnitee recognize the risk of litigation and other claims that may be asserted against directors and corporate officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability through indemnification and insurance; and 

WHEREAS, the Amended and Restated Articles of Incorporation of the Company (the "Charter") requires the Company to indemnify and advance expenses to its directors and officers to the fullest extent permitted from time to time by law and the Indemnitee is willing to serve or continue to serve as a director or corporate officer of the Company provided that he be indemnified as provided herein; and 

WHEREAS, in recognition of the Indemnitee's need for substantial protection against personal liability and of the Indemnitee's reliance on the Charter, and in part to provide the Indemnitee with specific contractual assurance that the protection promised by the Charter will be available to the Indemnitee (regardless of, among other things, any amendment to or revocation of the Charter or any change in the composition of the Company's Board of Directors or any acquisition transaction involving the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancement of expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of the Indemnitee under the Company's directors and officers liability insurance policies.

NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the Company directly or, at its request, another enterprise, and intending to be legally bound hereby, the parties hereto do hereby covenant and agree as follows:

1.CERTAIN DEFINITIONS.

Change in Control: Shall be deemed to have occurred if after the date hereof (i) a report on Schedule 13D shall be filed with the Securities and Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act of 1934 (the "Act") disclosing that any person, other than the Company or any employee benefit plan sponsored by the Company, is the beneficial owner (as the term is defined in Rule 13d-3 under the Act) directly or indirectly, of 20% or more of the total voting power represented by the Company's then outstanding Voting Securities (calculated as provided in paragraph (d) of Rule 13d-3 under the Act in the case of rights to acquire Voting Securities); or (ii) any person, other than the Company or any employee benefit plan sponsored by the Company, shall purchase shares pursuant to a tender offer or exchange offer to acquire any Voting Securities of the Company (or securities convertible into such Voting Securities) for cash, securities or any other consideration, provided that after consummation of the offer, the person in question is the beneficial owner directly or indirectly, of twenty percent or more of the total voting power represented by the Company's then outstanding Voting Securities (all as calculated under clause (i)); or (iii) the stockholders of the Company shall approve (A) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation (other than a merger of the Company in which holders of Common Shares of the Company immediately prior to the merger have the same proportionate ownership of Common Shares of the surviving corporation immediately after the merger as immediately before), or pursuant to which Common Shares of the Company would be converted into cash, securities or other property, or (B) any sale, lease, exchange of other transfer (in one transaction or 

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a series of related transactions) of all or substantially all the assets of the Company; or (iv) there shall have been a change in the composition of the Board of Directors of the Company at any time during any consecutive twenty-four month period such that "continuing directors" cease for any reason to constitute at least a 70% majority of the Board. For purposes of this clause, "continuing directors" means those members of the Board who either were directors at the beginning of such consecutive twenty-four month period or were elected by or on the nomination or recommendation of at least a 70% majority of the then-existing Board. So long as there has not been a Change in Control within the meaning of clause (iv), the Board of Directors may adopt by a 70% majority vote of the "continuing directors" a resolution to the effect that a prior Change of Control within the meaning of clauses (i) or (ii) is no longer applicable for the purposes of future Expenses in connection with future Proceedings to which this Agreement relates.

(a)Expenses: Expenses of every kind actually and reasonably incurred in connection with a Proceeding, including, without limitation, counsel fees. Expenses shall include, without limitation, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone and fax charges, postage, delivery service charges, costs associated with procurement of surety bonds or loans or other costs associated with the stay of a judgment, penalty or fine, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding.

(b)Independent Counsel: A lawyer or 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 the Indemnitee in any matter, 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 the Indemnitee in an action to determine Indemnitee's rights under this Agreement. Independent Counsel may be, but need not be, a member(s) of the bar of New York.

(c)Proceeding: Any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal. A "Proceeding" may be instituted by another party, or by or in the right of the Company, or by the Indemnitee. The term "Proceeding" shall also include any preliminary inquiry or investigation that the Indemnitee in good faith believes might lead to the institution of a "Proceeding."

(d)Reviewing Party: Any appropriate person or body, appointed by a majority vote of the directors of the Company's Board of Directors who are not parties to the particular Proceeding, even though less than a quorum, consisting of (i) a member or members of the Company's Board of Directors who is or are not parties to the particular Proceeding for which the Indemnitee is seeking indemnification or (ii) any other person or body who is not a party to the particular Proceeding for which the Indemnitee is seeking indemnification, or (iii) Independent Counsel.

(e)Voting Securities: Any securities of the Company which vote generally in the election of directors.

2.TERM OF AGREEMENT. This Agreement shall continue until and terminate upon the later of (i) the tenth anniversary after the date that the Indemnitee shall have ceased to serve as a director or officer of the Company (or in any other capacity in respect of which he has rights of indemnification hereunder) (the "Anniversary Date"); or (ii) the final determination of all pending Proceedings commenced by the Anniversary Date in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder, including any Proceeding commenced by the Indemnitee to enforce the Indemnitee's rights under this Agreement.

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3.RIGHT TO INDEMNIFICATION AND ADVANCE; HOW DETERMINED.

(a)In the event the Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Proceeding by reason of (or arising in whole or in part out of) Indemnitee's present or former status as a director or officer of the Company, or Indemnitee having served at the request of the Company in such capacity in another corporation, joint venture, employee benefit plan, trust or other enterprise, the Company shall indemnify the Indemnitee to the fullest extent permitted by law in effect on the date hereof (and to such greater extent as applicable law may hereafter permit) against the obligation to pay any and all Expenses, judgments, settlements, penalties, or fines (including any interest assessed, and including any excise tax assessed with respect to an employee benefit plan) incurred on account of or with respect to such Proceeding. Such indemnification shall be made as soon as practicable, but in any event no later than sixty days after a written demand, which reasonably evidences the Expenses actually and reasonably incurred by the Indemnitee, is presented to the Secretary of the Company. This Agreement shall be effective as well with respect to any such Proceedings which relate to acts or omissions occurring or allegedly occurring prior to the execution of this Agreement, and regardless of whether the Company may have been incorporated in a different jurisdiction at the time of such acts or omissions.

(b)In connection with any such Proceeding, if so requested in writing by the Indemnitee, the Company shall advance, within two business days of such written request and upon receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company as authorized hereunder, any and all reasonable Expenses to the Indemnitee (an "Expense Advance"). An Expense Advance shall be made without awaiting the results of the Proceeding giving rise to the Expenses or the outcome of any further Proceeding to determine the Indemnitee's right to indemnification hereunder, and without making any preliminary determination as to the Indemnitee's state of mind at the time of the activities in question.

(c)Notwithstanding the foregoing, the Company shall not be obligated to indemnify under this Section 3 a person made a party to a Proceeding if (i) the appropriate Reviewing Party specified in subsection (e) below shall have determined (in a written opinion in any case in which Independent Counsel referred to in Section 4 hereof is involved, a copy of which shall be delivered to the Indemnitee) that the Indemnitee's activities in question were at the time taken known or believed by him to be clearly in conflict with the best interests of the Company or (ii) in the event and to the extent that such Indemnitee has entered a plea of guilty in the applicable criminal Proceeding. Subject to the limitations set forth herein and absent actual and material fraud in the request for indemnification, the obligation of the Company promptly to make an Expense Advance(s) pursuant to subsection (b) above is unqualified, is not subject to any means or other credit test, and shall be enforceable by the Indemnitee in summary judicial proceedings; but shall be subject, however, to the condition subsequent that if, when and to the extent the Reviewing Party may subsequently determine that the Indemnitee's activities were at the time taken known or believed by him to be clearly in conflict with the best interests of the Company, then the Company shall be entitled to be reimbursed by the Indemnitee for all such amounts theretofore advanced. The obligation of the Indemnitee to make such reimbursement shall be unsecured and without interest. The Indemnitee hereby undertakes so to reimburse the Company, the receipt of which unsecured and interest free undertaking is hereby accepted by the Company as the sole condition of advancing the Indemnitee's Expenses pursuant to subsection (b) above. If the Indemnitee has commenced legal or arbitration proceedings to secure a determination that the Indemnitee should be indemnified hereunder, the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final determination is made by the court or the arbitrators as the case may be that the Indemnitee's activities were at the time taken known or believed by him to be clearly in conflict with the best interests of the Company.

(d)Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee unless the Board of Directors has authorized or consented to the initiation of such Proceeding. For purposes of the foregoing sentence, a Proceeding shall not be deemed to have been "initiated" by the Indemnitee where its primary purpose is to enforce the Indemnitee's rights under this Agreement.

(e)If there has not been a Change in Control, the Reviewing Party shall be as determined by the Board of Directors, either in the specific case or under procedures adopted by the Board. If there has 

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been a Change in Control (other than one approved in advance by a majority of the Company's Board of Directors who were elected by the public shareholders prior to such Change in Control), the Reviewing Party shall be the Independent Counsel referred to in Section 4.

(f)If there has been a Change in Control and any dispute arises under this Agreement, the parties agree that at the Indemnitee's option such dispute shall be resolved by binding arbitration proceedings in accordance with the rules of the American Arbitration Association and the results of such proceedings shall be conclusive on both parties and shall not be subject to judicial interference or review on any ground whatsoever, including without limitation any claim that the Company was wrongfully induced to enter into this agreement to arbitrate such a dispute. The Indemnitee shall be entitled to advancement. of his Expenses in connection with such proceedings and, notwithstanding anything to the contrary in subsection (c) above, the Indemnitee shall be obligated to reimburse the Company for his Expenses in connection with such arbitration proceedings only if it is finally determined by the arbitrators that the Indemnitee is not entitled to be indemnified hereunder.

4.INDEPENDENT COUNSEL.

(a)The Company agrees that if there is a Change in Control of the Company (other than a Change of Control which has been approved in advance by a majority of the Company's Board of Directors who were elected by the public shareholders prior to such Change in Control) then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under the Charter, this Agreement or any other agreement or Company by-law now or hereafter in effect relating to indemnification, the Company shall (unless otherwise agreed by the Indemnitee) seek legal advice exclusively from Independent Counsel selected by the Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and to the Indemnitee as to whether the Indemnitee is entitled to be indemnified under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel and fully to indemnify such counsel against any and all expenses (including attorney's fees), claims, liabilities and damages arising out of or relating to this Agreement or such counsel's engagement pursuant hereto.

(b)Following the initial selection of Independent Counsel by the Indemnitee, the Company may within seven (7) days deliver to the Indemnitee a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel selected does not satisfy the definition of Independent Counsel in subsection 1(c) and the objection shall set forth with particularity the factual basis for such assertion. Absent a proper and timely objection, the person, persons or firm selected shall act as Independent Counsel. If such written objection is made, the Indemnitee may select alternate Independent Counsel. If the Company objects to the alternate selection the Indemnitee may either seek a judicial determination that such objections were inappropriate or else the Indemnitee may direct that the Company select Independent Counsel by lot from among the New York firms having more than 25 attorneys and having a rating of "av" or better in the then current Martindale-Hubbell Law Directory. Such selection by lot shall be made by the principal financial officer of the Company in the presence of the Indemnitee (and the Indemnitee's legal counsel, or either or neither of them as the Indemnitee may elect). Such law firms shall be contacted in the order of their selection, requesting each firm to accept engagement to make the determination required, until one of such firms accepts such engagement. Notwithstanding the foregoing, in lieu of selection of alternate Independent Counsel after the Company has objected to the Indemnitee's first or second selection, the Indemnitee may request in writing that the Independent Counsel method be dispensed with and that any dispute be decided by arbitration as provided in subsection 3(f).

5.INDEMNIFICATION FOR ENFORCEMENT EXPENSES. The Company shall indemnify the Indemnitee against any and all Expenses (including attorneys' fees) and, if requested in writing by the Indemnitee, shall (within two business days of such written request and upon receipt of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company as authorized hereunder) advance such Expenses to the Indemnitee that will be actually and reasonably incurred by the Indemnitee in connection with any Proceeding initiated by the Indemnitee for: (i) indemnification or advancement of Expenses by the Company under the Marshall Islands Business Corporations Act (the "BCA"), the Charter, this Agreement, or any other agreement or Company by-law, vote of shareholders or resolution of the Board now or hereafter in 

- 5 -

effect relating to indemnification; or (ii) recovery under any directors' and officers' liability insurance policies maintained by the Company. The Indemnitee shall cooperate with the person, persons or entity making the determination with respect to the Indemnitee's entitlement to indemnification under this Agreement. Any expenses actually and reasonably incurred by the Indemnitee in so cooperating shall be borne by the Company (irrespective of the determination as to the Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom.

6.SUCCESS; PARTIAL INDEMNITY, ETC. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all claims made against him in a Proceeding or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred in connection therewith. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, settlements, penalties or fines paid as a result of a Proceeding but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

7.BURDEN OF PROOF. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the person or persons or entity or body making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement and the burden of overcoming such presumption shall be on the Company. The termination of any claim, action, suit or proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee's activities were at the time taken known or believed by him to be clearly in conflict with the best interests of the Company, or that a court has determined that indemnification is not permitted. In addition, neither the failure of the Reviewing Party to have made a determination as to the Indemnitee's state of mind, nor an actual determination by the Reviewing Party that the Indemnitee had a state of mind prior to the commencement of arbitration (if applicable) or legal proceedings to secure a determination that the Indemnitee should be indemnified under this agreement and applicable law, shall be a defense to the Indemnitee's claim or create a presumption of any kind. The knowledge and/or actions, or failure to act, of any director, officer, agent, fiduciary or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement.

8.NONEXCLUSIVITY, ETC. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Charter, the BCA, any by-law of the Company, any other agreement, a vote of shareholders or a resolution of the Board of Directors or otherwise. To the extent that a change in the BCA (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Charter and this Agreement, it is the intent of the parties that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. 

9.CONTRIBUTION. In the event the indemnification provided for in Section 3 of this Agreement is unavailable to the Indemnitee in connection with any Proceeding under any Federal law, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the Expenses actually and reasonably incurred by the Indemnitee in such proportion as deemed fair and reasonable by the Reviewing Party, in light of all the circumstances of the Proceeding giving rise to such Expenses, in order to reflect (i) the relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding, and (ii) the relative fault of each.

10.NOTICE OF PROCEEDINGS; DEFENSE OF CLAIM. The 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. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company, (a) the Company shall be entitled to participate therein at its own expense; (b) except as provided in this Section, to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the 

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Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee's own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless: (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases, the fees and expenses of the Indemnitee's counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and (c) if the Company has assumed the defense of a Proceeding, the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company's written consent. The Company shall not settle any Proceeding in any manner that would involve an admission of guilt or wrongful conduct by the Indemnitee, or impose any penalty, prohibition, restriction or limitation on, or disclosure obligation with respect to, the Indemnitee without the Indemnitee's prior written consent. Neither the Company nor the Indemnitee will unreasonably withhold its consent to any proposed settlement.

11.LIABILITY INSURANCE. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, the 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 Company director or officer.

12.PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against the Indemnitee, the Indemnitee's spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

13.PROCEDURES VALID. Each of the Company and the Indemnitee shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Agreement 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 and the Indemnitee, respectively, is bound by all the provisions of this Agreement. If a final determination is made that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration (including, but not limited to, any appellate Proceedings).

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

15.SUBROGATION. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute an appropriate document in favor of the Company to secure such rights.

16.NO DUPLICATION OF PAYMENTS. The Company shall not be liable under this Agreement to make any payment in connection with any Proceeding to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, the Charter, Company by-laws or otherwise) of the amounts otherwise indemnifiable hereunder.

17.BINDING EFFECT, ETC. 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 or consolidation or otherwise to all or substantially all of the business and/or assets of the Company), spouses, heirs, executors and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director 

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or corporate officer of the Company or of any other entity at the Company's request. In the event of his demise, this agreement shall be enforceable by the Indemnitee's legal representatives as fully as if the Indemnitee had survived.

18.SEVERABILITY; HEADINGS; PRONOUNS. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. The headings of the Sections 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. The masculine pronoun wherever used in this Agreement includes the corresponding feminine pronoun.

19.NOTICES. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) on the third business day after mailing if mailed by certified or registered mail with postage prepaid, and addressed as follows: If to the Indemnitee, as shown after the Indemnitee's signature below; and if to the Company, to Secretary, Seaspan Corporation, Unit 2, 2nd Floor, Bupa Centre, 141 Connaught Road West, Hong Kong, China, or such other address as may have been furnished in writing to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

20.GOVERNING LAW. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.

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

		
	
SEASPAN CORPORATION

	
 
	
 

	
 
	
 

	
By:
	
 

	
 
	
Chief Executive Officer

	
 
	
 

 

		
	
 
	
 

	
[ Indemnitee ]

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