Document:

Exhibit 10.11

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into effective as of [date] between Casper Sleep Inc., a Delaware corporation (the “Company”), and [·], [a member of the Board of Directors/an officer] (“Indemnitee”).

 

WITNESSETH THAT:

 

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

 

WHEREAS, the Board 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.  The Certificate of Incorporation, as amended and/or restated from time to time, of the Company (the “Certificate”) provides for indemnification of the directors and officers of the Company.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).  The Certificate 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;

 

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 and any resolutions adopted pursuant thereto and shall neither be deemed a substitute therefor, nor diminish or abrogate any rights of Indemnitee thereunder;

 

 

WHEREAS, Indemnitee does not regard the protection available under the Certificate and insurance as adequate in the present circumstances and may not be willing to serve as a [director/officer] 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 be so indemnified; and

 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve or continue to serve as a [director/officer] from and after the date hereof, the parties hereto agree as follows:

 

1.                                      Indemnity of Indemnitee.  The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time.  In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a)                                 Proceedings Other Than Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is or is threatened to be made a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or on behalf of the Company.  Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner that the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

(b)                                 Proceedings by or on Behalf of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, the Indemnitee is or is threatened to be made a party to or participant in any Proceeding brought by or on behalf of the Company.  Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner that the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that if applicable law so provides, no indemnification against such Expenses shall be made with respect to any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.

 

(c)                                  Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter.  For purposes of this Section and without limitation, the termination of any claim,

 

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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.

 

(d)                                 [Intentionally Omitted].

 

2.                                      Additional Indemnity.  In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is or is threatened to be made a party to or participant in any Proceeding (including a Proceeding by or on behalf of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.  The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

 

3.                                      Contribution.

 

(a)                                 Whether or not the indemnification provided in Sections 1 and 2 hereof is available, with respect to any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee.  The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(b)                                 Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such Expenses, judgments, fines or settlement amounts, as well as any other equitable considerations that applicable law may require to be considered.  The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),

 

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on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

 

(c)                                  The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution that may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

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

 

4.                                      Indemnification for Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

5.                                      Advancement of Expenses.  Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses actually and reasonably incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence such Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay such Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses.  Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6.                                      Procedures and Presumptions for Determination of Entitlement to Indemnification.  It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware.  Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)                                 To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has

 

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requested indemnification.  Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

 

(b)                                 Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board:  (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee or (4) if so directed by the Board, by the stockholders of the Company.  For purposes hereof, Disinterested Directors are the members of the Board who are not parties to the action, suit or proceeding with respect to which indemnification is sought by Indemnitee.

 

(c)                                  If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c).  The Independent Counsel shall be selected by the Board.  Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company 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 13 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 a written objection is made and substantiated, the Independent Counsel 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.  If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection that shall have been made by the Indemnitee to the Company’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 6(b) hereof.  The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(d)                                 In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement.  Anyone seeking to overcome this presumption shall bear the burdens of proof and persuasion by clear and convincing evidence.  Neither the failure of the Company (including its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including its directors or independent

 

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legal counsel) that Indemnitee has not met such applicable standard of conduct, shall constitute a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)                                  Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant, an appraiser or other expert selected with reasonable care by the Enterprise.  In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner that he reasonably believed to be in or not opposed to the best interests of the Company.  Anyone seeking to overcome this presumption shall bear the burdens of proof and persuasion by clear and convincing evidence.

 

(f)                                   If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall 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 such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

 

(g)                                  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity, upon reasonable advance request, any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.  Any costs or expenses (including attorneys’ fees and disbursements) 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

 

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indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)                                 The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty.  In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding.  Anyone seeking to overcome this presumption shall bear the burdens of proof and persuasion by clear and convincing evidence.

 

(i)                                     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 that he 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 conduct was unlawful.

 

7.                                      Remedies of Indemnitee.

 

(a)                                 In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses actually and reasonably incurred is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.  Indemnitee shall commence such proceeding seeking an adjudication within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a).  The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)                                 In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)                                  If a determination shall have been made pursuant to Section 6(b) 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 7, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make

 

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Indemnitee’s misstatement not materially misleading, in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)                                 In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)                                  The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 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 of the provisions of this Agreement.  The Company shall indemnify Indemnitee against any and all Expenses actually and reasonably incurred, and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such Expenses to Indemnitee that are actually and reasonably incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of such Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

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

 

8.                                      Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)                                 The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate, the Bylaws, any agreement, a vote of stockholders, a resolution of directors of the Company 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.  To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.

 

(b)                                 To the extent that the Company maintains an insurance policy or

 

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policies providing liability insurance for directors, officers, employees, agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that serves at the request of the Company, 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 director, officer, employee, agent or fiduciary under such policy or policies.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement 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 the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

(c)                                  [Intentionally Omitted].

 

(d)                                 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.

 

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

 

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

 

9.                                      Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)                                 for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of Indemnitee;

 

(b)                                 for 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 Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or

 

(c)                                  in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless

 

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(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.

 

10.                               Duration of Agreement.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be or may become subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  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 or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

11.                               Security.  To the extent requested by Indemnitee and approved by the Board, the Company may at any time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.  Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12.                               Enforcement.

 

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

 

(b)                                 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)                                  The Company shall not seek from a court or agree to a “bar order” that would have the effect of prohibiting or limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement.

 

13.                               Definitions.  For the purposes of this Agreement:

 

(a)                                 “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

 

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

 

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(c)                                  “Enterprise” means the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d)                                 “Expenses” includes all attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, being or preparing to be a witness, or responding or objecting to a request to provide discovery in any Proceeding.  “Expenses” also includes Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including, without limitation, the premium, security for and other costs relating to any cost bond, supersede as bond or other appeal bond or its equivalent.  “Expenses,” however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

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

 

(f)                                   “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or on behalf of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise by reason of his or her Corporate Status or any action taken or inaction by such Indemnitee while acting in his or her Corporate Status, whether or not such Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  “Proceeding” shall include any action, suit, arbitration, alternate dispute mechanism, investigation, inquiry, administrative hearing or other proceeding pending on or before the date of this Agreement, but shall exclude one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement.

 

14.                               Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.  Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable law.  In the event that any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the

 

11

 

aforementioned intent, to the extent necessary to resolve such conflict.

 

15.                               Modification and Waiver.  No supplement, modification, termination 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), and any such waiver shall not constitute a continuing waiver.

 

16.                               Notice By Indemnitee.  Indemnitee agrees to promptly notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter that may be subject to the indemnification covered hereunder.  The failure to so notify the Company shall not relieve the Company of any obligation that it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

17.                               Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effective:  (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during the normal business hours of the recipient, and if unconfirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent:

 

(g)                                  To Indemnitee at the address set forth below Indemnitee’s signature hereto.

 

(h)                                 To the Company at:

 

Three World Trade Center

175 Greenwich Street, Floor 39

New York, New York 10007

 

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

 

18.                               Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.  This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

19.                               Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

20.                               Governing Law and Consent to Jurisdiction.  This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws principles.  The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding

 

12

 

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.

 

[SIGNATURE PAGE FOLLOWS]

 

13

 

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

 

	
 
    	
CASPER SLEEP INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
INDEMNITEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Address:
    

 

[SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT]Exhibit
10.1

 

EXECUTION
COPY

 

AMENDMENT
NO. 3

 

Dated
as of January 10, 2020

 

to

 

THIRD
AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated
as of August 28, 2019

 

THIS
AMENDMENT NO. 3 (this “Amendment”) is made as of January 10, 2020 (the “Effective Date”)
by and among (i) Hillenbrand, Inc. (the “Company”), (ii) the parties identified as Subsidiary Borrowers on
the signature pages hereof (each a “Subsidiary Borrower” and, collectively with the Company, the “Borrowers”),
(iii) the Lenders party hereto (the “Lenders”) and (iv) JPMorgan Chase Bank, N.A., as Administrative Agent
(the “Administrative Agent”), under that certain Third Amended and Restated Credit Agreement dated as of August
28, 2019 by and among the Borrowers, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise
modified prior to the date hereof, the “Credit Agreement”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings given to them in the Credit Agreement.

 

WHEREAS,
the Borrowers have requested that the requisite Lenders agree to make certain modifications to the Credit Agreement;

 

WHEREAS,
the Borrowers, the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and
conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative
Agent hereby agree to enter into this Amendment.

 

1.            Amendments
to Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below
the Credit Agreement is hereby amended as follows:

 

(a)    The
definition of “Applicable Rate” set forth in Section 1.01 of the Credit Agreement is restated in its entirety as follows:

 

““Applicable
Rate” means:

 

    	 	 	 

     

    

 

(a)
for any day, with respect to any Eurocurrency Revolving Loan, any BA Equivalent Revolving Loan, any ABR Revolving Loan, any Canadian
Base Rate Revolving Loan or with respect to any Commercial Letter of Credit or with respect to the facility fees payable hereunder,
as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency/BA Equivalent Revolving
Spread”, “ABR/Canadian Base Rate Revolving Spread”, “Facility Fee Rate” or “Commercial Letter
of Credit Rate”, as the case may be, based upon the Leverage Ratio applicable on such date:

 

	 	Leverage
    Ratio:	Eurocurrency
    / BA

    Equivalent

    Revolving

     Spread	ABR
    / Canadian Base Rate
 Revolving 

    Spread  	Commercial

    Letter of

    Credit Rate	Facility

    Fee Rate
	Category
    1:  	<
    1.00 to 1.00	0.90%	0%	0.6375%	0.10%
	Category
    2:  	≥
    1.00 to 1.00 but < 1.50 to 1.00	1.00%	0%	0.7125%	0.125%
	Category
    3:  	≥
    1.50 to 1.00 but < 2.00 to 1.00	1.10%	0.10%	0.7875%	0.15%
	Category
    4:  	≥
    2.00 to 1.00 but < 2.50 to 1.00	1.175%	0.175%	0.84375%	0.20%
	Category
    5:  	≥
    2.50 to 1.00 but < 3.00 to 1.00	1.275%	0.275%	0.90%	0.225%
	Category
    6:  	≥
    3.00 to 1.00 but < 4.00 to 1.00	1.50%	0.50%	1.05%	0.25%
	Category
    7:  	≥
    4.00 to 1.00	1.60%	0.60%	1.15%	0.275%

 

(b)
for any day, with respect to any Eurocurrency Term A-1 Loan or any ABR Term A-1 Loan, as the case may be, the applicable rate
per annum set forth below under the caption “Eurocurrency Term A-1 Loan Spread”, “ABR Term A-1 Loan Spread”,
as the case may be, based upon the Leverage Ratio applicable on such date:

 

	 	Leverage
    Ratio:	Eurocurrency
    

    Term A-1 Loan Spread	ABR
    

    Term A-1 Loan Spread  
	Category
    1:  	<
    1.00 to 1.00	1.00%	0%
	Category
    2:  	≥
    1.00 to 1.00 but < 1.50 to 1.00	1.125%	0.125%
	Category
    3:  	≥
    1.50 to 1.00 but < 2.00 to 1.00	1.25%	0.25%
	Category
    4:  	≥
    2.00 to 1.00 but < 2.50 to 1.00	1.375%	0.375%
	Category
    5:  	≥
    2.50 to 1.00 but < 3.00 to 1.00	1.50%	0.50%
	Category
    6:  	≥
    3.00 to 1.00 but < 4.00 to 1.00	1.75%	0.75%
	Category
    7:  	≥
    4.00 to 1.00	1.875%	0.875%

 

    	 	 2	 

     

    

 

(c)
for any day, with respect to any Eurocurrency Term A-2 Loan or any ABR Term A-2 Loan, as the case may be, the applicable rate
per annum set forth below under the caption “Eurocurrency Term A-2 Loan Spread”, “ABR Term A-2 Loan Spread”,
as the case may be, based upon the Leverage Ratio applicable on such date:

 

	 	Leverage
    Ratio:	Eurocurrency
    Term A-2 Loan Spread	ABR
    Term A-2 Loan Spread  
	Category
    1:  	<
    1.00 to 1.00	0.875%	0%
	Category
    2:  	≥
    1.00 to 1.00 but < 1.50 to 1.00	1.00%	0%
	Category
    3:  	≥
    1.50 to 1.00 but < 2.00 to 1.00	1.125%	0.125%
	Category
    4:  	≥
    2.00 to 1.00 but < 2.50 to 1.00	1.25%	0.25%
	Category
    5:  	≥
    2.50 to 1.00 but < 3.00 to 1.00	1.375%	0.375%
	Category
    6:  	≥
    3.00 to 1.00 but < 4.00 to 1.00	1.625%	0.625%
	Category
    7:	≥
    4.00 to 1.00  	1.75%	0.75%

 

For
purposes of the foregoing clauses (a), (b) and (c),

 

(i)    if
at any time the Company fails to deliver the Financials by the date the Financials are due pursuant to Section 5.01, Category
7 shall be deemed applicable for the period commencing three (3) Business Days after the required date of delivery and ending
on the date which is three (3) Business Days after the Financials are actually delivered, after which the Category shall
be determined in accordance with the table above as applicable;

 

(ii)   adjustments,
if any, to the Category then in effect shall be effective three (3) Business Days after the Administrative Agent has received
the applicable Financials (it being understood and agreed that each change in Category shall apply during the period commencing
on the effective date of such change and ending on the date immediately preceding the effective date of the next such change);

 

(iii)  notwithstanding
the foregoing, Category 1 shall be deemed to be applicable from and after the Effective Date (or, solely with respect to Term
A-2 Loans, from and after the Amendment No. 1 Effective Date) until the Administrative Agent’s receipt of the Financials
for the Company’s fiscal year ending on or about September 30, 2019 and adjustments to the Category then in effect shall
thereafter be effected in accordance with the preceding paragraphs; and

 

(iv)   notwithstanding
the foregoing (including the immediately preceding clause (iii)), Category 6 shall be deemed to be applicable from and after the
Term Loan Funding Date until the Administrative Agent’s receipt of the Financials for the Company’s first fiscal quarter
ending after the Term Loan Funding Date and adjustments to the Category then in effect shall thereafter be effected in accordance
with the preceding paragraphs (i) and (ii).”

 

(b)    Section
6.10(a) of the Credit Agreement is restated in its entirety as follows:

 

“(a)  Maximum
Leverage Ratio. The Company will not permit the ratio (the “Leverage Ratio”), determined as of the last
day of each of its fiscal quarters ending on and after September 30, 2019, of (i) (x) Consolidated Indebtedness minus
(y) the Liquidity Amount, in each case as of the last day of such fiscal quarter to (ii) Consolidated EBITDA for the
period of four (4) consecutive fiscal quarters ending with the last day of such fiscal quarter, all calculated for the Company
and its Subsidiaries on a consolidated basis, to be greater than 3.50 to 1.00; provided that (x) the Company may, by written
notice to the Administrative Agent for distribution to the Lenders and not more than twice during the term of this Agreement,
elect to increase the maximum Leverage Ratio to 4.00 to 1.00 for a period of three (3) consecutive fiscal quarters in connection
with an acquisition that involves the payment of consideration by the Company and/or its Subsidiaries in excess of $75,000,000
occurring during the first of such three fiscal quarters (each such period, an “Adjusted Covenant Period”)
and (y) notwithstanding the foregoing clause (x), the Company may not elect an Adjusted Covenant Period for at least two (2) full
fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant
to the preceding clause (x) for a new period of three (3) consecutive fiscal quarters. For purposes of calculations under this
Section 6.10(a), Consolidated Indebtedness shall not include 75% of the principal amount of any mandatorily convertible unsecured
bonds, debentures, preferred stock or similar instruments in a principal amount not to exceed $500,000,000 in the aggregate during
the term of this Agreement which are payable in no more than three years (whether by redemption, call option or otherwise) solely
in common stock or other common equity interests.

 

    	 	 3	 

     

    

 

Notwithstanding
the foregoing, the following change shall be automatically deemed to be made to Section 6.10(a) on, and with effect as of, the
date on which (1) a change that is the substantial equivalent of the following change is made to the corresponding provision of
both the “LG Facility Agreement” and the “Shelf Agreement”, in each case as defined in the Company’s
most recent applicable filings with the SEC and (2) the Administrative Agent shall have received from the Company an executed
copy of each such amendment making such conforming change, in each case such amendment being confirmed by the Company in writing
to be effective:

 

A
new sentence will be added to the end of Section 6.10(a) as follows:

 

“For
purposes of calculations under this Section 6.10(a), prior to the consummation of the Bengal Acquisition (or during the period
from the Effective Date until the date that is 90 days after the termination of the Bengal Acquisition Agreement), Consolidated
Indebtedness shall not include Specified Senior Notes Indebtedness; provided that (a) the release of the proceeds of the
Specified Senior Note Indebtedness to the Company and its Subsidiaries is contingent upon the consummation of the Bengal Acquisition
and, pending such release, such proceeds are held in escrow (and, if the Bengal Acquisition Agreement is terminated prior to the
consummation of the Bengal Acquisition or if the Bengal Acquisition is otherwise not consummated by the date specified in the
Specified Senior Notes Indenture, such proceeds shall be promptly applied to satisfy and discharge all obligations of the Company
and its Subsidiaries in respect of the Specified Senior Notes Indebtedness) or (b) the Specified Senior Notes Indenture contains
a “special mandatory redemption” provision (or other similar provision) or otherwise permits the Specified Senior
Notes Indebtedness to be redeemed or prepaid if the Bengal Acquisition is not consummated by the date specified in the Specified
Senior Notes Indenture (and if the Bengal Acquisition Agreement is terminated in accordance with its terms prior to the consummation
of the Bengal Acquisition or the Bengal Acquisition is otherwise not consummated by the date specified in the Specified Senior
Notes Indenture, the Specified Senior Notes Indebtedness is so redeemed or prepaid within 90 days of such termination or such
specified date, as the case may be).”

 

Notwithstanding
the foregoing, the following change shall be automatically deemed to be made to Section 6.10(a) on the date on which (1) a change
that is the substantial equivalent of the following change is made to the corresponding provision of both the “LG Facility
Agreement” and the “Shelf Agreement”, in each case as defined in the Company’s most recent applicable
filings with the SEC and (2) the Administrative Agent shall have received from the Company an executed copy of each such amendment
making such conforming change, in each case such amendment being confirmed by the Company in writing to be effective:

 

    	 	 4	 

     

    

 

The
first sentence of Section 6.10(a) shall be restated in its entirety, effective as of December 31, 2019, as follows:

 

“The
Company will not permit the ratio (the “Leverage Ratio”), determined as of the last day of each of its fiscal
quarters ending on and after December 31, 2019, of (i) (x) Consolidated Indebtedness minus (y) the Liquidity Amount,
in each case as of the last day of such fiscal quarter to (ii) Consolidated EBITDA for the period of four (4) consecutive
fiscal quarters ending with the last day of such fiscal quarter, all calculated for the Company and its Subsidiaries on a consolidated
basis, to be greater than (A) 4.50 to 1.00 for the fiscal quarters ending December 31, 2019 and March 31, 2020, (B) 4.25 to 1.00
for the fiscal quarter ending June 30, 2020, (C) 4.00 to 1.00 for the fiscal quarter ending September 30, 2020, (D) 3.75 to 1.00
for the fiscal quarter ending December 31, 2020 and (E) 3.50 to 1.00 for the fiscal quarter ending March 31, 2021 and each fiscal
quarter ending thereafter; provided that the Company may, on or after January 1, 2021, by written notice to the Administrative
Agent for distribution to the Lenders (which notice may be in the compliance certificate delivered by the Company pursuant to
Section 5.01(c) for the applicable fiscal quarter) and not more than once during the term of this Agreement, elect to increase
the maximum Leverage Ratio to 4.00 to 1.00 for a period of three (3) consecutive fiscal quarters in connection with an acquisition
that involves the payment of consideration by the Company and/or its Subsidiaries in excess of $75,000,000 occurring during
the first of such three fiscal quarters.””

 

 

2.             Conditions
of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that:

 

(a)
The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrowers, the Required Lenders
and the Administrative Agent.

 

(b)
The Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto
duly executed by the Subsidiary Guarantors.

 

(c)
The Administrative Agent shall have received for the account of each Lender that delivers its executed signature page to this
Amendment by no later than the date and time specified by the Administrative Agent, an amendment fee in an amount equal to the
amount previously disclosed to the Lenders.

 

(d)
The Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates’
fees and expenses (including, to the extent invoiced, reasonable and documented fees and expenses of counsel for the Administrative
Agent) in accordance with the Loan Documents.

 

3.            Representations
and Warranties of the Borrowers. Each Borrower for itself hereby represents and warrants as follows:

 

(a)
    This Amendment and the Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”)
constitute the legal, valid and binding obligations of such Borrower enforceable against such Borrower in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

    	 	 5	 

     

    

 

(b)
    As of the date hereof and giving effect to the terms of this Amendment, (i) no Default or Event of Default has
occurred and is continuing and (ii) the representations and warranties of the Borrowers set forth in the Amended Credit Agreement
are true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material
Adverse Effect is true and correct in all respects) (except to the extent any such representation or warranty expressly relates
to an earlier date, in which case such representation or warranty is true and correct as of such earlier date).

 

4.             Reference
to and Effect on the Credit Agreement.

 

(a)
    The parties hereto acknowledge and agree that the Company is contemplating changing its fiscal year to end on
December 31 of each calendar year rather than on September 30. The parties hereto acknowledge and agree that such change is not
prohibited by the Credit Agreement.

 

(b)
    Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan
Document shall mean and be a reference to the Amended Credit Agreement.

 

(c)
    Except as specifically amended above, each Loan Document and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

(d)
    Except as specifically provided above, the execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision
of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection
therewith.

 

(e)
    This Amendment shall be a Loan Document.

 

5.             Governing
Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

6.             Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

 

7.             Counterparts.
This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page
of this Amendment by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature
page shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature
Pages Follow]

 

    	 	 6	 

     

    

 

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

	 	HILLENBRAND,
    INC.,
	 	as
    the Company
	 	 
	 	By	/s/
    Theodore S. Haddad, Jr.
	 	 	 	Name:
    Theodore S. Haddad, Jr.
	 	 	 	Title:
    Vice President and Treasurer

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand, Inc., et al.)

 

     

     

    

	 	 
	 	Hillenbrand
    Luxembourg S.À R.L.,
	 	as a Subsidiary
    Borrower
	 	 
	 	By	/s/
    Theodore S. Haddad, Jr.
	 	 	 	Name: Theodore
    S. Haddad, Jr.
	 	 	 	Title: Category A Manager

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand, Inc., et al.)

 

     

     

    

	 	 
	 	COPERION
    K-Tron (Schweiz) GmbH,
	 	as a Subsidiary
    Borrower
	 	 
	 	By	/s/
    Theodore S. Haddad, Jr.
	 	 	 	Name: Theodore
    S. Haddad, Jr.
	 	 	 	Title: Authorised Signatory

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	Hillenbrand
    Switzerland GmbH,
	 	as a Subsidiary Borrower
	 	 
	 	By	/s/
    Theodore S. Haddad, Jr.
	 	 		Name: Theodore S. Haddad,
    Jr.
	 	 	 	Title: Chairman of the Board of Managing Officers

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	Batesville
    Canada Ltd.,
	 	as
    a Subsidiary Borrower

 

	 	By
    	/s/
    Theodore S. Haddad, Jr.
	 	 	 	Name:
    Theodore S. Haddad, Jr.
	 	 	 	Title:
    Treasurer

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	JeffREy
    Rader Canada Company,
	 	as
    a Subsidiary Borrower
	 	 
	 	By
    	/s/
    Theodore S. Haddad, Jr.
	 	 	 	Name:
    Theodore S. Haddad, Jr.
	 	 	 	Title:
    Assistant Treasurer

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	Rotex
    Europe Ltd,
	 	as
    a Subsidiary Borrower
	 	 
	 	By
    	/s/
    Theodore S. Haddad, Jr.
	 	 	 	Name:
    Theodore S. Haddad, Jr.
	 	 	 	Title:
    Authorised Signatory

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	COPERION
    GMBH,
	 	as
    a Subsidiary Borrower
	 	 
	 	By	/s/
    Kimberly Karen Ryan
	 	 	 	Name:
    Kimberly Karen Ryan
	 	 	 	Title:
    Managing Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	HILLENBRAND
    GERMANY HOLDING GMBH,
	 	as
    a Subsidiary Borrower
	 	 
	 	By	/s/
    Kimberly Karen Ryan
	 	 	 	Name:
    Kimberly Karen Ryan
	 	 	 	Title:
    Managing Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	JPMORGAN
    CHASE BANK, N.A.,
	 	individually as a Lender
    and as Administrative
	 	Agent

 

	 	By	/s/
    Lisa Whatley
	 	Name:
    Lisa Whatley
	 	Title:
    Managing Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	WELLS
    FARGO BANK, NATIONAL
	 	ASSOCIATION,
	 	as
    a Lender

 

	 	By	/s/
    James M. Stehlik
	 	Name:
    James M. Stehlik
	 	Title:
    Senior Vice President

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	CITIZENS
        BANK, N.A.,

	 	as a Lender

 

	 	By	/s/
    Jonathan Gleit
	 	Name:
    Jonathan Gleit
	 	Title:
    Senior Vice President

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	BMO
        HARRIS FINANCING, INC.,

        as
        a Lender

 

	 	By	/s/
    Betsy Phillips
	 	Name:
    Betsy Phillips
	 	Title:
    Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	HSBC
                           BANK USA, NATIONAL ASSOCIATION,

                           as a Lender

 

	 	By	/s/
    Graeme Robertson
	 	Name:
    Graeme Robertson
	 	Title:
    Managing Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

     

     

    

 

	 	PNC
        BANK, NATIONAL ASSOCIATION,

        as
        a Lender

 

	 	By	/s/
    David C. Beckett
	 	Name:
    David C. Beckett
	 	Title:
    Senior Vice President 

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

	 	U.S.
        BANK NATIONAL ASSOCIATION,

	 	as a Lender

 

	 	By	/s/
    Kathryn Schad Reuther
	 	Name:
    Kathryn Schad Reuther
	 	Title:
    Senior Vice President 

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

	 	SUMITOMO
        MITSUI BANKING

        CORPORATION,

        as
        a Lender

 

	 	By	/s/
    Michael Maguire
	 	Name:
    Michael Maguire
	 	Title:
    Managing Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

  

	 	

TRUIST
BANK, FORMERLY KNOWN AS

BRANCH
BANKING AND TRUST

COMPANY,

        as
        a Lender

 

	 	By	/s/
    Ryan T. Hamilton
	 	Name:
    Ryan T. Hamilton
	 	Title:
    Senior Vice President

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

	 	COMMERZBANK
        AG, NEW YORK

        BRANCH,

        as
        a Lender

 

	 	By	/s/
    Michael Ravelo
	 	Name:
    Michael Ravelo
	 	Title:
    Managing Director
	 	 
	 	By	/s/
    John W. Deegan
	 	Name:
    John W. Deegan
	 	Title:
    Director

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

	 	FIFTH
        THIRD BANK, NATIONAL 

ASSOCIATION,

        as
        a Lender

 

	 	By	/s/
    David Izard
	 	Name:
    David Izard
	 	Title:
    Senior Vice President

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

	 	BANK
        OF AMERICA, N.A.,

        as
        a Lender

 

	 	By	/s/
    Matthew Doye
	 	Name:
    Matthew Doye
	 	Title:
    Senior Vice President

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

	 	SANTANDER
        BANK, NATIONAL

        ASSOCIATION,

        as
        a Lender

 

	 	By	/s/
    Donna Cleary
	 	Name:
    Donna Cleary
	 	Title:
    Senior Vice President

 

Signature
Page to Amendment No. 3 to

Third Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

 

    

     

    

 

EXHIBIT
A

 

Consent
and Reaffirmation

 

Each
of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 3 to the Third Amended and Restated Credit
Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
dated as of August 28, 2019, by and among Hillenbrand, Inc. (the “Company”), the Subsidiary Borrowers (collectively
with the Company, the “Borrowers”), the Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent (the
 “Administrative Agent”), which Amendment No. 3 is dated as of January 10, 2020 and is by and among the Borrowers,
the financial institutions listed on the signature pages thereof and the Administrative Agent (the “Amendment”).
Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit
Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned
consents to the Amendment and reaffirms the terms and conditions of the Subsidiary Guaranty and any other Loan Document executed
by it and acknowledges and agrees that the Subsidiary Guaranty and each and every such Loan Document executed by the undersigned
in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All
references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as
so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated.

 

This
Consent and Reaffirmation shall be construed in accordance with and governed by the law of the State of New York. This Consent
and Reaffirmation may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of
a signature page of this Consent and Reaffirmation by telecopy, e-mailed.pdf or any other electronic means that reproduces an
image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Consent
and Reaffirmation.

 

Dated
January 10, 2020

 

[Signature
Page Follows]

 

    

     

    

 

IN
WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed and delivered as of the day and year above written.

 

 

	BATESVILLE SERVICES, INC.	 	BATESVILLE
    CASKET COMPANY, INC.
	 	 	 
	By:	/s/
Theodore S. Haddad, Jr.                         	 	By:	/s/
    Theodore S. Haddad, Jr.                 
	Name: Theodore S. Haddad,
    Jr.	 	Name: Theodore S. Haddad,
    Jr.
	Title: Vice President and
    Treasurer	 	Title: Vice President and
    Treasurer
	 	 	 
	BATESVILLE
    MANUFACTURING, INC.	 	PROCESS
    EQUIPMENT GROUP, INC.
	 	 	 
	By:	/s/
    Theodore S. Haddad, Jr.	 	By:	/s/
    Theodore S. Haddad, Jr.
	Name: Theodore S. Haddad,
    Jr.	 	Name: Theodore S. Haddad,
    Jr.
	Title: Vice President and
    Treasurer	 	Title: Treasurer
	 	 	 
	K-TRON
    INVESTMENT CO.	 	ROTEX
    GLOBAL, LLC
	 	 	 
	By:	/s/ Theodore
    S. Haddad, Jr.	 	By:	/s/ Theodore
    S. Haddad, Jr.
	Name: Theodore S. Haddad,
    Jr.	 	Name: Theodore S. Haddad,
    Jr.
	Title: Assistant Treasurer	 	Title: Assistant Treasurer
	 	 	 
	coperion
    k-tron pitman, inc.	 	terrasource
    global corporation
	 	 	 
	By:	/s/ Theodore
    S. Haddad, Jr.	 	By:	/s/ Theodore
    S. Haddad, Jr.
	Name: Theodore S. Haddad,
    Jr.	 	Name: Theodore S. Haddad,
    Jr.
	Title: Assistant Treasurer	 	Title: Assistant Treasurer
	 	 	 
	coperion
    corporation	 	RED
    VALVE COMPANY, INC.
	 	 	 
	By:	/s/ Theodore
    S. Haddad, Jr.	 	By:	/s/ Theodore
    S. Haddad, Jr.
	Name: Theodore S. Haddad,
    Jr.	 	Name: Theodore S. Haddad,
    Jr.
	Title: Vice President and
    Assistant Treasurer	 	Title: Assistant Treasurer

 

Signature
Page to Consent and Reaffirmation to Amendment No. 3 to

Third
Amended and Restated Credit Agreement

(Hillenbrand,
Inc., et al.)

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