Document:

Exhibit 10.7

    

    
      
        

      

      

      
        	
                 

              	
                1345 AVENUE OF THE AMERICAS

                45TH FLOOR

                NEW YORK, NY 10105

                TEL 212-798-6100

              

      

      

      

      ______ __, 2022

      

      

      NAME

      ADDRESS

      ADDRESS

      

      

      Dear TITLE/NAME,

      

      

      As previously announced, Fortress Transportation and Infrastructure Investors LLC (“FTAI”) has distributed all of its shares of common stock of FTAI Infrastructure Inc. (“FTAI Infrastructure”) to FTAI
        shareholders on a one-for-one basis (the “Distribution”).

      

      

      On the date of the Distribution, you (the “Holder”) held options (each, an “Original FTAI Option”) to purchase common shares of FTAI pursuant to the terms of (i) the Fortress Transportation and
        Infrastructure Investors LLC Nonqualified Stock Option and Incentive Award Plan, as adopted on May 11, 2015 (the “Plan”), and (ii) the applicable award agreement(s) issued under the Plan (the “Award Agreements,” and together with the
        Plans, the “TYPE Award Arrangements”).

      

      

      Effective as of the Distribution: (i) the per-share exercise price of each Original FTAI Option has been adjusted as specified in Exhibit A hereto (as so modified, an “Adjusted FTAI Option”) and
        otherwise remains in effect in accordance with the applicable TYPE Award Arrangement, as described in a separate letter you have received from FTAI dated as the date hereof, and (ii) an option to purchase a share of FTAI Infrastructure common stock
        (each, an “FTAI Infrastructure Option”) has been issued to the Holder for each Adjusted FTAI Option.  The per-share exercise price of each FTAI Infrastructure Option is specified in Exhibit A hereto.

      

      

      Other than the per-share exercise price, the terms and conditions applicable to the FTAI Infrastructure Options are the same as those that apply to the Original FTAI Options. Accordingly, the terms of the Holder’s FTAI
        Infrastructure Options are as set forth in the TYPE Award Arrangements (except for the per-share exercise price set forth in this letter), provided that, as applicable and where the context requires, all references to “FTAI” or “Company” in the
        TYPE Award Arrangements shall be deemed to be references to FTAI Infrastructure.

      

      

      Please sign both copies of this letter where indicated below, retain one for your records and return the other to either Ken Nicholson (knicholson@fortress.com) or Kevin Krieger (kkrieger@fortress.com) at
        your earliest convenience to indicate your acknowledgment of and agreement to the terms and conditions contained herein.

      

      

      [Remainder of Page Intentionally Left Blank]

       

      
        
          

      

      
      
        	
                 

              	
                 FTAI Infrastructure Inc.

              
	 	 
	
                 

              	
                 

                

              
	
                 

              	
                 By:

              
	
                 

              	
                
                  Title:

                

              
	
                 

              	
                 

              
	
                 Acknowledged and agreed

              	
                 

              
	
                 as of ______ __, 2022:

              	
                 

              
	
                 

              	
                 

              
	
                 HOLDER

              	
                 

              
	 	 
	 	 

      

      

      

      
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      Exhibit A

      

      

      	
              As of ______ __, 2022

            
	
              Original FTAI Option

            	
              Adjusted FTAI Option

            	
              FTAI Infrastructure Option

            
	
              Date of Grant

            	
              Expiration Date

            	
              Number of

              Shares

              Subject to

              Option

            	
              Per-Share

              Exercise Price

            	
              Per-Share Exercise Price

            	
               

               

              Per-Share Exercise Price

            
	 	 	 	 	 	 
	 	 	 	 	 	 

      

      

      

      

      4Exhibit 10.8

    

    

      INDEMNIFICATION AGREEMENT

       

      THIS AGREEMENT, dated as of [●] (this “Agreement”), between FTAI Infrastructure Inc., a Delaware corporation (the “Company”), and [●] (“Indemnitee”).

       

      WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available;

       

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

       

      WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies in today’s environment;

       

      WHEREAS, the Company’s Certificate of Incorporation and Bylaws, as amended from time to time (the “Organizational Documents”) require the Company to indemnify and advance expenses to its directors and officers
        to the extent provided in the Organizational Documents, and the Indemnitee has been serving and continues to serve as a director and/or officer of the Company in part in reliance on the Organizational Documents;

       

      WHEREAS, uncertainties as to the availability of indemnification created by court decisions may increase the risk that the Company will be unable to retain and attract as directors and officers the most capable persons
        available;

       

      WHEREAS, the board of directors of the Company (“Board of Directors”) has determined that the inability of the Company to retain and attract as directors and officers the most capable persons would be
        detrimental to the interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage will be available in the future;

       

      WHEREAS, the parties intend that any rights the Indemnitee may have from Indemnitee-Related Entities (as defined herein) shall be secondary to the primary obligation of the Company to indemnify and hold harmless the
        Indemnitee under this Agreement; and

       

      WHEREAS, in recognition of Indemnitee’s need for protection against personal liability, and in part to provide Indemnitee with specific contractual assurance that the protection promised by the Organizational Documents
        will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of the Organizational Documents or any change in the composition of the Company’s Board of Directors or acquisition transaction relating to the
        Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, and for the
        continued coverage of Indemnitee under the directors’ and officers’ liability insurance policy of the Company.

       

      
        
          

      

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

       

      1.          Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement:

       

      	

            	(a)	
              Change in Control: shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
                  1934, as amended), other than Fortress Investment Group LLC, the Manager (as defined herein) and/or their respective affiliates and other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company
                  or a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said
                  Act), directly or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (ii) during any period of two consecutive years, individuals
                  who at the beginning of such period constitute the Board of Directors and any new director whose election by the Board of Directors or nomination for election by the Company’s shareholders 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 a majority thereof, or (iii)
                  the shareholders of the Company approve a merger or consolidation of the Company with any other entity other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto
                  continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving
                  entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction
                  or a series of transactions) all or substantially all of the Company’s assets.

            

       

      	

            	(b)	
              Claim: means any threatened, asserted, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or other,
                  including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation, whether instituted by (or in the right of) the Company or any governmental agency or any
                  other person or entity, in which Indemnitee was, is, may be or will be involved as a party, witness or otherwise.

            

       

      	

            	(c)	
              Delaware Court: means the Court of Chancery of the State of Delaware.

            

       

      
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            	(d)	
              ERISA: means the Employee Retirement Income Security Act of 1974, as amended.

            

       

      	

            	(e)	
              Expenses: include attorneys’ fees and all other direct or indirect costs, expenses and obligations, including judgments, fines, penalties, interest, appeal
                  bonds, amounts paid in settlement with the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, appeal bond premiums, transcript fees, duplicating, printing and
                  binding costs, as well as telecommunications, postage and courier charges) paid or incurred in connection with investigating, prosecuting, defending, being a witness in or participating in (including on appeal), or preparing to
                  investigate, prosecute, defend, be a witness in or participate in, any Claim relating to any Indemnifiable Event, and shall include (without limitation) all attorneys’ fees and all other expenses incurred by or on behalf of an Indemnitee
                  in connection with preparing and submitting any requests or statements for indemnification, advancement or any other right provided by this Agreement (including, without limitation, such fees or expenses incurred in connection with legal
                  proceedings contemplated by Section 2(d) hereof).

            

       

      	

            	(f)	
              Indemnifiable Amounts: means (i) any and all liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes and amounts paid in settlement
                  (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes or amounts paid in settlement) arising out of
                  or resulting from any Claim relating to an Indemnifiable Event, (ii) any liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any
                  indebtedness which the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in
                  connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue
                  Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise).

            

       

      
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            	(g)	
              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 and/or officer or fiduciary of the Company, or is or was serving at the request of the Company as a director, officer, employee, manager, member, partner, tax matter partner, partnership representative, trustee, agent,
                  fiduciary or similar capacity, of another company, corporation, limited liability company, partnership, joint venture, employee benefit plan, trust or other entity or enterprise, or by reason of anything done or not done by Indemnitee in
                  any such capacity (in all cases whether or not Indemnitee is acting or serving in any such capacity or has such status at the time any Indemnifiable Amount is incurred for which indemnification, advancement or any other right can be
                  provided by this Agreement). The term “Company,” where the context requires when used in this Agreement, may be construed to include such other company, corporation, limited liability company, partnership, joint venture, employee benefit
                  plan, trust or other entity or enterprise.

            

       

      	

            	(h)	
              Indemnitee-Related Entities: means any company, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other
                  entity or enterprise (other than the Company or any other company, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise Indemnitee has agreed, on behalf of the
                  Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement
                  of Expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation.

            

       

      	

            	(i)	
              Independent Legal Counsel: means an attorney or firm of attorneys (following a Change in Control, selected in accordance with the provisions of Section 3
                  hereof) who is experienced in matters of corporate law and who shall not have otherwise performed services for the Company or Indemnitee within the last five years (other than with respect to matters concerning the rights of Indemnitee
                  under this Agreement, or of other indemnitees under similar indemnity agreements).

            

       

      	

            	(j)	
              Jointly Indemnifiable Claim: means any Claim for which the Indemnitee may be entitled to indemnification from both an Indemnitee-Related Entity and the
                  Company pursuant to applicable law, any indemnification agreement or the certificate of incorporation, by-laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable
                  organizational documents of the Company and an Indemnitee-Related Entity.

            

       

      	

            	(k)	
              Manager: means FIG LLC, together with its permitted assignees, under the Amended and Restated Management and Advisory Agreement, dated as of July 31, 2022,
                  between the Company and FIG LLC, as amended, supplemented or restated from time to time.

            

       

      	

            	(l)	
              Reviewing Party: means any appropriate person or body consisting of a member or members of the Board of Directors or any other person or body appointed by the
                  Board of Directors who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel.

            

       

      
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            	(m)	
              Voting Securities: means any securities of the Company which vote generally in the election of directors.

            

       

      2.          Basic Indemnification Arrangement; Advancement of Expenses.

       

      	

            	(a)	
              In the event 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 Claim by reason of (or arising in part
                out of) an Indemnifiable Event, the Company shall indemnify Indemnitee, or cause Indemnitee to be indemnified, to the fullest extent permitted by applicable law, as such may be amended from time to time (but, in the case of any such
                amendment, to the extent permitted by applicable law, only to the extent such amendment permits the Company to provide broader indemnification rights than the law permitted the Company to provide before such amendment), as soon as
                practicable but in any event no later than thirty (30) days after written demand is presented to the Company, and hold Indemnitee harmless against any and all Indemnifiable Amounts.

            

       

      	

            	(b)	
              If so requested by Indemnitee, the Company shall advance, or cause to be advanced (within two business days of receipt of such request), any and all Expenses incurred by Indemnitee (an “Expense Advance”).

                The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause to be paid, such Expenses on behalf of Indemnitee, or (ii) reimburse, or cause the reimbursement of, Indemnitee for such Expenses.
                Subject to Section 2(d), Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any prior determination by the Reviewing Party that the Indemnitee has satisfied any applicable standard of conduct for
                indemnification.

            

       

      	

            	(c)	
              Notwithstanding anything in this Agreement to the contrary, Indemnitee (or his or her heirs, executors or personal or legal representatives) shall not be entitled to indemnification or advancement of Expenses
                pursuant to this Agreement in connection with any Claim (or part thereof) initiated by Indemnitee unless (i) the Company has joined in or the Board of Directors has authorized or consented to the initiation of such Claim (or part thereof)
                or (ii) the Claim (or part thereof) is one to enforce Indemnitee’s rights under this Agreement (including an action pursued by Indemnitee to secure a determination that Indemnitee should be indemnified under applicable law).

            

       

      
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            	(d)	
              Notwithstanding the foregoing, (i) the indemnification obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing Party shall not have determined (in a written legal
                opinion, in any case in which the Independent Legal Counsel is involved as required by Section 3 hereof) that Indemnitee would not be permitted to be indemnified under applicable law, and (ii) the obligation of the Company to make an
                Expense Advance pursuant to Section 2(b) shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines (in a written legal opinion, in any case in which the Independent Legal Counsel is involved as
                required by Section 3 hereof) that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
                theretofore paid (it being understood and agreed that the foregoing agreement by Indemnitee shall be deemed to satisfy any requirement that Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately
                determined that the Indemnitee is not entitled to indemnification under applicable law); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a
                determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall
                not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s undertaking to repay
                such Expense Advances shall be unsecured and interest-free. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control, the Reviewing Party
                shall be the Independent Legal Counsel referred to in Section 3 hereof. If there has been no determination by the Reviewing Party within thirty (30) days after written demand is presented to the Company or if the Reviewing Party determines
                that Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation in any court in the State of Delaware having subject matter jurisdiction thereof and
                in which venue is proper seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to
                service of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

            

       

      3.          Change in Control. The Company agrees that if there is a Change in Control then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense
        Advances under this Agreement or any provision of the Organizational Documents now or hereafter in effect, the Company shall seek legal advice only from Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval
        shall not be unreasonably delayed, conditioned or withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under
        applicable law. The Company agrees to pay the reasonable fees of the Independent Legal Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating
        to this Agreement or its engagement pursuant hereto.

       

      
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      4.          Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification of, Indemnitee against any and all Expenses and, if requested by Indemnitee, shall advance such
        Expenses to Indemnitee subject to and in accordance with Section 2(b), which are incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or an Expense Advance by the Company under this Agreement or any
        provision of the Organizational Documents now or hereafter in effect and/or (ii) recovery 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, Expense Advance or insurance recovery, as the case may be; provided that Indemnitee shall be required to reimburse such Expenses in the event that a final judicial determination is made (as to which all rights of
        appeal therefrom have been exhausted or lapsed) that such action brought by Indemnitee, or the defense by Indemnitee of an action brought by the Company or any other person, as applicable, was frivolous or in bad faith.

       

      5.          Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses or other Indemnifiable Amounts in
        respect of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement,
        to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice,
        Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

       

      6.          Burden of Proof, Etc. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder the Reviewing Party, court, any finder
        of fact or other relevant person shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company (or any other person or entity disputing such
        conclusions) to establish, by clear and convincing evidence, that Indemnitee is not so entitled.

       

      7.          Presumption of Entitlement; Reliance as Safe Harbor. Upon making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company
        shall have the burden of proof to establish by clear and convincing evidence that Indemnitee is not so entitled. For purposes of this Agreement, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to
        be in or not opposed to the best interests of the Company if 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 Indemnitee by the officers or employees of the Company in the course of their duties, or by committees of the Board of Directors, or by any other person (including legal counsel, accountants and financial advisors) as to
        matters 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 Indemnitee for purposes of determining the right to indemnity hereunder.

       

      
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      8.          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, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In
        addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee
        has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law shall be a defense to
        Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief.

       

      9.          Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Organizational Documents, the Delaware General Corporation Law or
        otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Organizational Documents or 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. To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Organizational Documents, it is
        the intent of the parties hereto that the Indemnitee shall enjoy the greater benefits regardless of whether contained herein or in the Organizational Documents. No amendment or alteration of the Organizational Documents or any other agreement shall
        adversely affect the rights provided to Indemnitee under this Agreement.

       

      10.        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 the Company’s directors and officers. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the
        commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take
        all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy.

       

      11.        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 Indemnitee, 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.

       

      
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      12.        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.

       

      13.        Subrogation. Subject to Section 14 hereof, 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 Indemnitee,
        who shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such
        rights. The Company shall pay or reimburse all Expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

       

      14.        Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise due to the relationship between the Indemnitee-Related Entities and the Company and the service of the
        Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-Related Entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of
        indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the
        Indemnitee-Related Entities. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of recovery the Indemnitee may have from the Indemnitee-Related Entities
        shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification or advancement
        of Expenses with respect to any Jointly Indemnifiable Claim, the Company agrees that such payment or advancement shall not extinguish or affect in any way the rights of the Indemnitee under this Agreement and further agrees that the
        Indemnitee-Related Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company. Each of the Indemnitee-Related Entities shall be third-party beneficiaries with
        respect to this Section 14, entitled to enforce this Section 14 against the Company as though each such Indemnitee-Related Entity were a party to this Agreement.

       

      15.        No Duplication of Payments. Subject to Section 14 hereof, the Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the
        extent Indemnitee has otherwise actually received payment (under any insurance policy, or any provision of the Organizational Documents or otherwise) of the amounts otherwise indemnifiable hereunder.

       

      
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      16.        Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably
        satisfactory to the Indemnitee; provided that if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (i) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an
        actual or potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include both the Company, or any subsidiary of the Company, and Indemnitee and Indemnitee concludes that there may be one or more
        legal defenses available to him or her that are different from or in addition to those available to the Company or any subsidiary of the Company, or (iii) any such representation by such counsel would be precluded under the applicable standards of
        professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall
        not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not, without the prior written consent of
        the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release
        of Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company nor Indemnitee shall unreasonably withhold, condition or delay its or his or her consent to any proposed settlement; provided that
        Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee. In no event shall Indemnitee be required to waive, prejudice or limit attorney-client privilege or work-product protection
        or other applicable privilege or protection.

        

      

      17.        No Adverse Settlement. The Company shall not seek, nor shall it agree to, consent to, support, or agree not to contest any settlement or other resolution of any Claim(s), or settlement or other
        resolution of any other claim, action, proceeding, demand, investigation or other matter that has the actual or purported effect of extinguishing, limiting or impairing Indemnitee’s rights hereunder, including without limitation the entry of any
        bar order or other order, decree or stipulation, pursuant to 15 U.S.C. § 78u-4 (the Private Securities Litigation Reform Act), or any similar foreign, federal or state statute, regulation, rule or law.

       

      18.        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, (including any direct or indirect
        successor or continuing company by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors 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 or substantially all of the business and/or assets of the Company, by written agreement in form and substance satisfactory to
        Indemnitee and his or her counsel, 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. This Agreement shall continue
        in effect regardless of whether Indemnitee continues to serve as an officer and/or director of the Company or of any other entity or enterprise at the Company’s request.

       

      
        10

        
          

      

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

       

      20.        Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the
        remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or
        unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such
        provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to the terms of this Agreement.

       

      21.        Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the Company, Indemnitee may be without an adequate remedy at law. Accordingly, in the event of
        any such violation, Indemnitee shall be entitled, if Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any
        combination of the foregoing as Indemnitee may elect to pursue.

       

      22.        Notices. All notices, requests, consents and other communications hereunder to any party shall be in writing and shall be deemed to have been duly given (a) five (5) business days following sending
        by registered or certified mail, postage prepaid, (b) when sent, if sent by email (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the
        recipient, (c) when delivered, if delivered personally to the intended recipient, and (d) one (1) business day following sending by overnight delivery via a national courier service and, in each case, addressed to a party at the following address
        for such party:

       

      	

            	(i)	
              If to the Company, to:

            

       

      FTAI Infrastructure Inc.

      c/o FIG LLC

      1345 Avenue of the Americas

      45th Floor

      New York, New York 10105

       Attention:   Ken Nicholson

      Kevin Krieger

      Email:         knicholson@fortress.com

      kkrieger@fortress.com

       

      

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

       

      Skadden, Arps, Slate, Meagher & Flom LLP

      One Manhattan West

      New York, New York 10001-8602

      Attn:            Michael J. Schwartz, Esq.;

        Blair T. Thetford, Esq.

      Email:         Michael.Schwartz@skadden.com

      Blair.Thetford@skadden.com

       

      

      
        11

        
          

      

      	

            	(ii)	
              If to the Indemnitee, to the address set forth on Annex A hereto.

            

       

      23.        Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement.
        Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

       

      24.        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.

       

      25.        Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to
        contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.  The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in
        connection with this Agreement shall be brought only in 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; (b) 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; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) 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, or is subject (in whole or in part) to a jury trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
        ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

       

      [Remainder of page left intentionally blank]

       

      

      
        12

        
          

      

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

      

      

      	
              FTAI INFRASTRUCTURE INC.

            
	 
	
              Name:

            
	
              Title:

            

       

      

      
        
          
            [Signature Page to Indemnification Agreement]

          

        

        
          

      

      	
              [INDEMNITEE]

            
	 
	 

       

      

      
        
          
            [Signature Page to Indemnification Agreement]

          

        

        
          

      

      ANNEX A

      

      

      	
              [Indemnitee Name]

            
	
              [Address]

            
	
              Email: [●]

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