Document:

Exhibit 10.6

 

FORM OF INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this
 “Agreement”) is made as of November 17, 2021, by and between Seaport Global Acquisition II Corp., a Delaware corporation
(the “Company”), and [ ] (“Indemnitee”).

 

RECITALS

 

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

 

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 Amended and Restated Certificate of Incorporation (the “Charter”) and the Bylaws (the “Bylaws”)
of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification
pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws 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, hold harmless,
exoneration, advancement and reimbursement rights;

 

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, hold harmless, exonerate 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 protected against liabilities;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Charter and Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee
may not be willing to serve as an officer or director, advisor or in another capacity 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 Indemnitee be so indemnified; and

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement dated the date
hereof, the Company and Indemnitee do hereby covenant and agree as follows:

 

     

     

    

 

TERMS AND CONDITIONS

 

1.             SERVICES
TO THE COMPANY. Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity
of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s
resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after
Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, in each case as
provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s
service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2.             DEFINITIONS.
As used in this Agreement:

 

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

 

(b)           The
terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

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

 

(i)             Acquisition
of Stock by Third Party. Other than Seaport Global SPAC II, LLC (the “Sponsor”) or any of its affiliates,
any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally
in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any
Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election
of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition
would not constitute a Change in Control under part (iii) of this definition;

 

(ii)            Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board
or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the directors then still
in office who were directors on the date hereof or whose election or nomination for election was previously so approved (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

(iii)           Corporate
Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination, involving the Company and one or more businesses (a “Business Combination”), in each case,
unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial
Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company entitled
to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation
which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior to such Business
Combination, of the securities entitled to vote generally in the election of directors; (2) other than the Sponsor’s affiliates,
no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen
percent (15%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the election
of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at
least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the
time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

     

     

    

 

(iv)           Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for
the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s
current receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board to proceed with such
a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

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

 

(d)           “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving
at the request of the Company.

 

(e)           “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

(f)            “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect
of which indemnification is sought by Indemnitee.

 

(g)           “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, manager, general partner, managing member, fiduciary, employee or agent.

 

(h)           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(i)             “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable
attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private
investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating
in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise
compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from
any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any
cost bond, supersedes 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.

 

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

 

(k)            “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that
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 (as defined below) 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.

 

     

     

    

 

(l)             The
term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries
(as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the
Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(m)           The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise
by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken
by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director or officer of the Company, or
by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time
any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

 

(n)           The
term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership,
joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned,
directly or indirectly, by that Person.

 

3.             INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or
a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure
a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified,
held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe
that Indemnitee’s conduct was unlawful.

 

4.             INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify,
hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened
to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure
a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified,
held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made
under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court
to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

     

     

    

 

5.             INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27,
to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall,
to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the
fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee
is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold
harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any
claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result
as to such claim, issue or matter.

 

6.             INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee
is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party
or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified, held harmless
and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

7.             ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or 5 and except
for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee
if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company
to procure a judgment in its favor) against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No
indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account of Indemnitee’s conduct
which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good
faith or which involves intentional misconduct or a knowing violation of the law.

 

8.             CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY.

 

(a)           To
the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this
Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless
or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities,
fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee
to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against
Indemnitee.

 

(b)           The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

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

 

     

     

    

 

9.             EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification,
advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)            for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision,
except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity
or advancement provision or otherwise;

 

(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 Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or

 

(c)            except
as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any
part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against
the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part
of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment,
in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments or advances
from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.

 

10.           ADVANCES
OF EXPENSES; DEFENSE OF CLAIM.

 

(a)           Notwithstanding
any provision of this Agreement to the contrary, except for Section 27, and to the fullest extent not prohibited by applicable law,
the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three
months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by
law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s
ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated
under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to
enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances
claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding
shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to
the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company
under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall not apply
to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

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

 

(c)           The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.           PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)           Indemnitee
agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or
exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

     

     

    

 

(b)           Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole
discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification
shall be determined according to Section 12(a) of this Agreement.

 

 

12.           PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION.

 

(a)           A
determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific
case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors,
even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority vote of such directors,
(iii) if there are no Disinterested Directors or if such Disinterested Directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the stockholders. The Company promptly will advise
Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description
of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the
person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or
Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify
and to hold Indemnitee harmless therefrom.

 

(b)           In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee
(unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board,
the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected and certifying
that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this
Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If
such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court of competent jurisdiction 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 11(b) hereof,
no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon
the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

(c)            The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

     

     

    

 

13.           PRESUMPTIONS
AND EFFECT OF CERTAIN PROCEEDINGS.

 

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

 

(b)           If
the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made
and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided,
however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the
person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional
time for the obtaining or evaluating of documentation and/or information relating thereto.

 

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

 

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

 

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

 

14.           REMEDIES
OF INDEMNITEE.

 

(a)           In
the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant
to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of
this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days
after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to
Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made
within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to
Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee
shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement
rights. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions
of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration.

 

     

     

    

 

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

 

(c)           In
any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to
be indemnified, held harmless, and exonerated and to receive advancement of Expenses under this Agreement and the Company shall have the
burden of proving Indemnitee is not entitled to be indemnified, held harmless, and exonerated and to receive advancement of Expenses,
as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of
this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect
to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(d)           If
a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(e)           The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any
such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(f)            The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by
Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest
extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration
brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification,
hold harmless, exoneration, advancement or contribution agreement or provision of the Charter, or the Bylaws now or hereafter in effect;
or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of
the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right,
advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by
Indemnitee in good faith).

 

(g)           Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless
or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date
on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses
and ending with the date on which such payment is made to Indemnitee by the Company.

 

     

     

    

 

15.           SECURITY.
Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the
Board, the Company may at any time and from time to 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 Indemnitee.

 

16.           NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)           The
rights of Indemnitee 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 Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.
No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim,
issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under
the Charter, the Bylaws 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. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

 

(b)           The
DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements
including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity
as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company
would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may
then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or
affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution
and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company
or the other party or parties thereto under any such Indemnification Arrangement.

 

(c)           To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person 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 such director, officer, trustee, partner, managers, managing member, fiduciary, employee
or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)           In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, 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’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at
the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or
advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s
satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations
under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless,
exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

(f)            Notwithstanding
anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or
its affiliates or members or any other Person is secondary.

 

17.           DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as
a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent
of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the
request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any
rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s
Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which
indemnification or advancement can be provided under this Agreement.

 

18.           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, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable
law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifested thereby.

 

19.           ENFORCEMENT
AND BINDING EFFECT.

 

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

 

(b)           Without
limiting any of the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, 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
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall
be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee,
general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall
inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives.

 

     

     

    

 

(d)           The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

(e)           The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive
relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee
may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to
such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions,
without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a
waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement
of such a bond or undertaking to the fullest extent permitted by law.

 

20.           MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company
and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.           NOTICES.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which
it is so mailed:

 

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

 

(b)           If
to the Company, to:

 

Seaport Global Acquisition II Corp.

360 Madison Avenue, 20th Floor

New York, New York 10017

Attn: Stephen Smith

 

With a copy, which shall not constitute notice, to

 

Paul Hastings LLP

200 Park Avenue

New York, New York 10166

Attn: Frank Lopez, Esq.

Fax No.: (212) 319-4090

 

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

 

     

     

    

 

22.           APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any
arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, 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.
To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such
action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and
sufficient service thereof.

 

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

 

24.           MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 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
thereof.

 

25.           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.

 

26.           ADDITIONAL
ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required,
to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected
or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27.           WAIVER
OF CLAIMS TO TRUST ACCOUNT. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that it does
not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust
account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares
issued in such offering (the “Trust Account”), and hereby waives any Claim it may have in the future as a result
of, or arising out of, any services provided to the Company and will not seek recourse against such Trust Account for any reason whatsoever.
Accordingly, Indemnitee acknowledges and agreed that any indemnification provided hereto will only be able to be satisfied by the
Company if (i) the Company has sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii) the
Company consummates a Business Combination.

 

28.           MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for
which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance
companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the
Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under
such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the
Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	SEAPORT GLOBAL ACQUISITION
    II CORP.

 

		By:	
	 	 	Name:	
	 	 	Title:	

 

	 	INDEMNITEE

 

		By:	
	 	 	Name:	
	 	 	Address:	

 

[Signature page to Indemnity Agreement]EX-10.10

 Exhibit 10.10 

 
 BIONOMICS LIMITED 

ACN 075 582 740 
 EMPLOYEE
EQUITY PLAN 
 PLAN RULES 

Adopted: November 2017 

Version: 1.0 
  

 
      

 BIONOMICS LIMITED 

EMPLOYEE EQUITY PLAN 

PLAN RULES 
  

	1	 Purpose 

The name of the employee equity plan established by these terms is the “Bionomics Employee Equity Plan Rules” or such other name as
the Board may determine from time to time. 
 The objects of the Plan include: 

 

	 	i.	 to align the interests of Eligible Employees with those of shareholders; 

 

	 	ii.	 to provide equity as incentives or other component of remuneration to attract, retain and/or motivate Eligible
Employees in the interests of the Company; and 

  

	 	iii.	 to provide Eligible Employees with the opportunity to acquire Rights, and ultimately Shares, in accordance with
these Rules. 

 The purpose of the Plan is to enable the Board to issue Rights as part of the Company’s remuneration arrangements.

 The Plan is subject to subdivision 83A-C of the Income Tax Assessment Act 1997 to the extent an offer is made to
an Eligible Employee with terms and conditions that meet the requirements of that subdivision. 
  

	2	 Definitions and Interpretation 

 

	2.1	 Definitions 

In this Plan: 

ASIC means the Australian Securities and Investments Commission. 

ASX means ASX Limited ACN 008 624 691, or the securities exchange that it operates, as the context requires. 

 ASX Listing Rules means the official listing rules of ASX. 

Board means the directors of the Company or a committee of the Board or a delegate appointed by the Board or a
committee for the purposes of the Plan. 
 Certificate means the certificate issued by the Company in respect of a
Right held by a Participant. 
 Company means Bionomics Limited ACN 075 852 740. 

Conditions mean one or more conditions contingent on performance, service, or time elapsed since grant that must be
satisfied before a Right vests, as determined by the Board. 
 Corporations Act means the Corporations Act
2001 (Cth) 
 Disposal Restriction means such restriction on disposal or dealing in a Share to be delivered upon
the exercise of a Right, as determined by the Board in its discretion and notified to a Participant at the time of the grant or offer of the Right. 

Eligible Employee means an employee of the Group or a non-executive director of
the Group or another person determined by the Board as eligible to participate in the Plan. 

 Exercise Notice means a notice in the form specified by the Board for
the purposes of rule 6 from time to time. 
 Exercise Period means the period between the time a Right vests/becomes
exercisable and the time at which that Right expires/lapses, as specified in the relevant offer. 
 Exercise Price
means the price payable in cash to exercise a Right, being such price determined by the directors in their absolute discretion and set out in the terms of the relevant offer. 

Expiry Date means the date a Right lapses and can no longer be exercised, as specified in the terms of the relevant
offer. 
 Group means the Company, any Subsidiary and any other entity declared by the Board to be a member of
the group for the purposes of the Plan and Group Company means any one of them. 
 Market Price means an
amount equal to the volume weighted average price of Shares traded on the ASX over the 5 trading days immediately preceding the relevant date. 

Option means, subject to the Conditions determined by the Board, a Right to receive a Share and any further amounts
specified in the offer following payment of any required Exercise Price specified in the offer. 
 Participant means
an Eligible Employee who is granted a Right under the Plan. 
 Performance Period means the period or periods over
which Conditions are measured as specified by the Board. 
 Plan means the Bionomics Limited Employee Equity Plan, as
constituted by these Rules. 
 Qualifying Reason means: 

 

	 	(a)	 the death, total and permanent disablement, retirement from the workforce or redundancy of the Participant
as determined by the Board in its absolute discretion; or 

  

	 	(b)	 any other reason with the approval of the Board. 

Right means a right to a Share and such additional Shares (including a fraction of a Share) that may be specified in
the relevant offer and that is subject to the Conditions determined by the Board, calculated on the basis set out in the terms of an offer, which may include a formula for calculating the relevant number of Shares. For the avoidance of doubt, an
Option is a Right for the purpose of these Rules. 
 Rules mean these rules of the Plan, as amended from time to
time. 
 Share means a fully paid ordinary share in the capital of the Company. 

Subsidiary has the meaning given to it in section 9 of the Corporations Act. 

Takeover Bid has the meaning given in section 9 of the Corporations Act. 

Total and Permanent Disablement means disablement of a person where in the opinion of the Board the person is unlikely
to ever be able to be engaged in an occupation for which he or she is qualified by education and training. 
 Trust
means the “xxxx Limited Employee Share Trust”, being a trust established by the Company for the sole purpose of subscribing for or acquiring and delivering, allocating and holding Shares in the Company for the benefit of the
Participants and participants in other employee equity plans established by any member of the Group from time to time. 

 Trust Deed means the trust deed entered into between the Company and
the Trustee on xx xxxxx 20xx. 
 Trustee means xxxxxxx Pty Limited ABN xx xxx xxx xxx, which has been appointed by
the Company, and which has agreed to act, as the trustee of the Trust on the terms and conditions set out in the Trust Deed. 

Withdrawal Notice means a written notice given by a Participant to the Trustee and the Company requesting that some or
all of the Participant’s Shares held by the Trustee on behalf of the Participant be sold or transferred to the Participant or as that Participant directs, which notice must: 

	 	(i)	 be signed by the relevant Participant; 

 

	 	(ii)	 specify the number of Shares to be sold or transferred; and 

be in a form approved by the Board. 
  

	2.2	 Interpretation 

In these Rules: 
  

	 	(a)	 headings and type in bold are for convenience only and do not affect the interpretation of these Rules and,
unless the context requires otherwise; 

  

	 	(b)	 words importing the singular include the plural and vice versa; 

 

	 	(c)	 words importing a gender include any gender; 

 

	 	(d)	 the word ‘includes’ in any form is not a word of limitation; 

 

	 	(e)	 other parts of speech and grammatical forms of a word or phrase defined in these Rules have a corresponding
meaning; and 

  

	 	(f)	 any reference in the Plan to any enactment or the ASX Listing Rules is a reference to that enactment or
those ASX Listing Rules (and to all regulations or instruments issued under them) in force at the time that a grant or offer is made under the Plan unless expressed to the contrary in the Rules, or determined otherwise by the Board pursuant to
rule 13.3, or required at law. 

  

	3	 Commencement of Plan 

The Plan will commence on the date determined by the Board. 
  

	4	 Grant of Rights 

 

	4.1	 Board to make grant 

 

	 	(a)	 The Board may, from time to time, in its discretion make offers to Eligible Employees for a grant of Rights
upon the terms of the Plan and such additional terms and conditions (including any Conditions, Disposal Restrictions or terms of expiry) as the Board determines.

 

  

	 	(b)	 The Board will determine the procedure for the offering and granting of Rights, including the form and
content of any offer, grant or acceptance procedure. 

  

	 	(c)	 Notwithstanding rule 4.1(a) the Board may decide to reject an acceptance of an offer for Rights where an
Eligible Employee does not satisfy any relevant Conditions determined by the Board at the time of receipt of an Acceptance Form for a grant of Rights. 

  

	 	(d)	 Unless the Board determines otherwise, no payment is required for the grant of Rights.

	 	(e)	 Rights may be granted to an Eligible Employee by a Group Company as an element of pre-tax remuneration of that Eligible Employee not subject to Conditions. 

  

	 	(f)	 Unless the Board determines otherwise, no offer for a grant of Rights may be made if the offer or grant does
not comply with ASIC Class Order 14/1000, any subsequent or replacement class order or other relief in respect of employee incentive schemes or any specific relief granted by ASIC to the Company in respect of the Plan.

 

  

	4.2	 Acceptance of offer 

 

	 	(a)	 An Eligible Employee who accepts an offer for a grant of Rights is deemed to have agreed to be bound by
these Rules, any additional terms specified in the terms of offer and, upon allocation of a Share, to have agreed to become a member of the Company and to be bound by the constitution of the Company. 

 

	 	(b)	 If an offer is issued to an Eligible Employee pursuant to rule 4.1(a), the Board will, upon acceptance of
the offer, grant Rights as specified in that offer to that Eligible Employee and provide the Eligible Employee with a Certificate for those Rights. 

  

	4.3	 Information to be provided 

The Board will advise each Eligible Employee of the following minimum information in respect of the Rights at the time of
making the offer pursuant to rule 4.1(a): 
  

	 	(a)	 the number or maximum value of Rights that are the subject of the offer, or the method for determining the
number or maximum value; 

  

	 	(b)	 any applicable Conditions; 

 

	 	(c)	 the time or times at which Rights may vest and/or become exercisable; 

 

	 	(d)	 any amount that will be payable upon exercise of a Right, if any, or the method for calculating that amount;

  

	 	(e)	 the period or periods during which Rights may be exercised and the procedure for exercising the Rights;

  

	 	(f)	 the date, time and/or circumstances when Rights lapse; and 

 

	 	(g)	 any other relevant terms and conditions attaching to Rights or Shares held under the Plan, including any
Disposal Restrictions. 

 An offer may contain any other information that the Board sees fit to include. 

 

	4.4	 Title to Rights 

 

	 	(a)	 Unless the Board determines otherwise, Rights may only be registered in the name of a Participant.

  

	 	(b)	 A Participant may at any time exercise a vested Right in accordance with rule 5.3 but is prohibited from
disposing of a Right other than in accordance with rule 4.4(c) unless the Board determines otherwise. 

  

	 	(c)	 A Right granted under, and subject to, these Rules is only transferable by force of law unless the Board
determines otherwise. 

  

	 	(d)	 Where a Participant purports to transfer a Right other than in accordance with rule 4.4(d), the Right
immediately lapses unless the Board determines otherwise. 

	4.5	 Prohibition against hedging 

 

	 	(a)	 A Participant must not enter into any scheme, arrangement or agreement (including options and derivative
products) under which the Participant may alter the economic benefit to be derived from a Right that remains subject to these Rules, irrespective of future changes in the market price of Shares. 

 

	 	(b)	 Unless the Board determines otherwise, Rights must not be used as security in respect o any borrowing
arrangement entered into by a Participant. 

  

	 	(c)	 Where a Participant enters, or purports to enter, into any scheme, arrangement or agreement described in
rule 4.5(a) or borrowing arrangement described in rule 4.5(b), the Right will immediately lapse. 

  

	5	 Vesting, exercise and lapse of Rights 

 

	5.1	 Vesting of Rights 

 

	 	(a)	 Subject to rules 5.1(b) (Board discretion), 8 (cessation of employment), 9 (fraud or dishonesty), 10
(reorganisations and divestment), 11 (change of control) and 13.3 (Board powers), a Right granted under the Plan will not vest unless the Conditions relating to that Right advised to the Participant pursuant to rule 4.3 have been satisfied or
waived by the Board. 

  

	 	(b)	 The Board must advise a Participant when any Condition relating to a Right granted to the Participant is
satisfied or waived by the Board in its discretion. 

  

	 	(c)	 The Board may, in its discretion, determine that a Right vests prior to the date specified by the Board for
the purposes of rule 4.3. 

  

	 	(d)	 Granting a Right does not confer any right or interest, whether legal or equitable, in Shares until all
Conditions in respect of that Right have been satisfied or waived by the Board in its absolute discretion and the Right has been exercised in accordance with rules 5.3, 5.4 and 6 

 

	 	(e)	 The Board’s decision as to the satisfaction, achievement or waiver of any Condition may be made in the
Board’s absolute discretion and a determination as to the interpretation, effect, application, achievement, satisfaction or waiver of a Condition is final, conclusive and binding on the Participant. The Board will only exercise its discretion
to waive (in whole or in part) any Condition for a Qualifying Reason. 

  

	5.2	 Lapse of Rights 

Subject to the Board’s overriding discretion, an unvested Right of a Participant will lapse upon the earliest to occur
of: 
  

	 	(a)	 the date specified by the Board for the purposes of rule 4.3; 

 

	 	(b)	 an event described in rules 4.4 (title), 9 (fraud or dishonesty), 10 (reorganisations and divestments) or 11
(change of control); 

  

	 	(c)	 failure to meet the Conditions; and 

 

	 	(d)	 the seventh anniversary of the date the Right was granted. 

 

	5.3	 Exercise of vested Rights 

 

	 	(a)	 Rights that have vested and that have not expired or lapsed under rule 5.2 may be exercised by a Participant
at any time and in any period notified to the Participant by the Board under rule 4.3 and in the manner specified in the relevant offer. 

	 	(b)	 The Board may determine whether the Company will, upon exercise of vested Rights: 

 

	 	(i)	 issue or procure the transfer to: 

 

	 	(A)	 the Participant (or his or her personal representative); or 

 

	 	(B)	 a trustee who is to hold Shares on behalf of the Participant, 

the number of Shares (including fractions of a Share) to which the Participant is entitled in respect of each Right as
outlined in the terms of offer pursuant to rule 4.1(a), which may include a formula for calculating the relevant number of Shares (Equity Settled); or 
  

	 	(ii)	 pay a cash amount equivalent to the Market Price of a Share at the exercise date multiplied by the number of
Shares contemplated under rule 5.3(b)(i) less the amount of Exercise Price, if applicable, in full satisfaction of the Shares that would otherwise have been allocated on exercise of the Right (Cash Settled); or 

 

	 	(iii)	 issue, procure the transfer or pay a combination of (i) and (ii) above. 

 

	 	(c)	 Where Rights are Equity Settled, the parties may agree that the Company will sell on behalf of the
Participant the required number of Shares in order to provide the funds required to fund the payment of any applicable tax or other amounts required by law to be withheld. 

 

	5.4	 Method of exercising vested Rights 

 

	 	(a)	 A Participant may exercise a vested Right at any time up to and including the Expiry Date by delivering a
properly executed Exercise Notice to the Company and paying the Exercise Price if any as specified in the relevant offer. 

  

	 	(b)	 Subject to rule 5.3, the Company must ensure that Shares will be transferred or issued and allocated to a
Participant within fifteen (15) business days after the Participant submits a properly executed Exercise Notice to the Company. 

  

	6	 Exercise Notice 

 

	 	(a)	 An Exercise Notice must: 

 

	 	(i)	 specify the number and type of Rights being exercised; 

 

	 	(ii)	 be accompanied by payment of the Exercise Price if any specified in the offer (by such means and in such
manner as approved by the Board); and 

  

	 	(iii)	 be accompanied by the Certificate. 

 

	 	(b)	 The giving of an Exercise Notice for part only of the number of Rights held by a Participant from time to
time does not prevent the Participant from exercising all or part of the balance of such Rights at any time thereafter during the term of those Rights, subject to rule 5.4 as applicable. 

 

	 	(c)	 If a Participant exercises fewer than the total number of Rights referred to in the Certificate for those
Rights then that Participant: 

  

	 	(i)	 must surrender the Certificate to the Company; and 

 

	 	(ii)	 the Company will cancel that Certificate and re-issue a Certificate
to the Participant for the unexercised balance of the Rights. 

  

	 	(d)	 The Company or the Trustee must provide the Participant with a Share certificate for all Shares held by or
on behalf of the Participant under the Plan. 

	 	(e)	 Where Shares are to be held by a Trustee, subject to the Trustee receiving from the Company sufficient funds
to subscribe for or acquire the Shares, the Board may, in its absolute discretion, instruct the Trustee to either subscribe for new Shares or acquire Shares on the market, to be held on a Participant’s behalf. 

 

	7	 Allocation of Shares 

 

	7.1	 Ranking of Shares 

All Shares issued under the Plan will rank equally in all respects with other Shares for the time being on issue, except with
regard to any rights attaching to such other Shares by reference to a record date prior to the date of allocation of those Shares. 
  

	7.2	 Listing on ASX 

The Company will apply for quotation of Shares issued under the Plan within the period required by ASX. 

 

	7.3	 Dividends and voting rights on Shares held by a Trustee 

Where Shares allocated on exercise of Rights are held by a Trustee on behalf of the Participant: 

 

	 	(i)	 the dividends payable on those Shares will be paid by the Company to the Trustee, and the Trustee will pay
any such dividends to the Participant as soon as reasonably practicable after those dividends are paid by the Company to the Trustee; 

  

	 	(ii)	 in relation to resolutions upon which the Participant is entitled to vote, the Participant may direct the
Trustee by notice in writing as to how to exercise the voting rights attaching to those Shares held on the Participant’s behalf by the Trustee, either generally or in respect of a particular resolution, by way of proxy. In the absence of any
such direction, the Trustee must not exercise the voting rights attaching to the Shares held on behalf of the Participant by the Trustee. The Trustee must not vote in respect of any Shares it holds on behalf of a Participant if the vote occurs by
show of hands; and 

  

	 	(iii)	 the Company must, or by direction of the Board the Trustee must, forward to a Participant a copy of any
notices of meetings of members of the Company received by the Trustee, unless the Participant has notified the Trustee in writing that the Participant does not wish to receive such notices. 

 

	7.4	 Disposal Restrictions 

 

	 	(a)	 The Board may, in its discretion, impose any Disposal Restrictions in respect of Shares issued or
transferred on the exercise of Rights. 

  

	 	(b)	 The Board must provide a Participant with details of any such requirements or restrictions at the time of
offer pursuant to rule 4.3. 

  

	 	(c)	 The Board may implement any procedure it considers appropriate to restrict a Participant from trading in
Shares while they remain subject to these Rules including, without limitation, imposing a holding lock (as defined in the ASX Listing Rules) on the Shares or arranging for the Shares to be held on trust. 

	8	 Cessation of employment 

 

	8.1	 Unvested Rights 

 

	 	(a)	 Where a Participant holding an unvested Right ceases to be an employee of the Group, that Right immediately
lapses unless the terms of the offer pursuant to rule 4.1(a) prescribe a treatment other than the immediate lapse of unvested Rights. For the avoidance of doubt, the terms of the offer will prevail over this rule 8.1(a). 

 

	 	(b)	 Notwithstanding rule 8.1(a), where a Participant holding an unvested Right ceases to be an employee of the
Group due to a Qualifying Reason, the Board may, in its discretion, determine the treatment of that unvested Right. 

  

	 	(c)	 The Board will give written notice to the Participant of the number of Rights that vest or may vest pursuant
to rule 8.1(b). 

  

	8.2	 Forfeiture of Shares allocated on exercise of Rights 

The Board may, at its discretion, determine that a Participant will forfeit his or her interest in any Shares that are
allocated to the Participant on exercise of Rights that are subject to Disposal Restrictions if, during the Disposal Restriction period: 
  

	 	(a)	 the Participant resigns as an Employee of the Group; 

 

	 	(b)	 the Participant is dismissed as an Employee by a Group Company for cause; or 

 

	 	(c)	 the Participant’s employment with the Group is terminated in circumstances that, in the opinion of the
Board, involve a failure by the Participant to meet acceptable performance requirements in connection with his or her employment. 

  

	8.3	 When employment ceases 

For the purposes of this Plan, a Participant will only be treated as ceasing employment when the Participant is no longer an
employee or a director within the Group. 
  

	9	 Fraud, dishonesty or material misstatement 

 

	9.1	 Action of Participant 

Where, in the opinion of the Board, a Participant or former Participant: 

 

	 	(a)	 acts fraudulently or dishonestly; or 

 

	 	(b)	 is in breach of his or her obligations to the Group; or 

 

	 	(c)	 is knowingly involved in a material misstatement of financial statements; 

then the Board may determine that: 
  

	 	(d)	 the Conditions and/or Performance Period applying to Rights should be altered or reset (as the case may be);

  

	 	(e)	 all or any Rights of the Participant that have not vested shall lapse; 

 

	 	(f)	 all or any Rights of the Participant that have vested but not been exercised are forfeited;

  

	 	(g)	 all or any Shares held by the Participant following exercise of Rights are forfeited; 

 

	 	(h)	 where Rights have been Cash Settled, the cash amount paid to the Participant must be repaid to the Company;
and/or 

	 	(i)	 where Shares that have been allocated to the Participant following exercise of Rights have been sold, that
the Participant must repay all or part of the net proceeds of such a sale to the Company. 

  

	9.2	 Actions of others 

Where, in the opinion of the Board, a Right vests, or may vest, to a Participant as a result of the fraud, dishonesty, breach
of obligations or knowing material misstatement of financial statements by an employee of the Group other than the Participant and, in the opinion of the Board, the Right would not otherwise have vested, the Board may determine that the Right has
not vested and may, subject to applicable laws, determine any treatment in relation to the Right (including resetting Conditions, deeming Shares to be forfeited and/or new Rights be granted subject to substitute Conditions) to ensure that no unfair
benefit is obtained by the Participant as a result of the actions of another person. 
  

	10	 Participation in future issues, reorganisations and business divestments 

 

	10.1	 Participation generally 

A Participant cannot participate in new issues of Shares or other securities to holders of Shares unless the Shares in respect
of the Rights held by the Participant have been issued or transferred, as the case requires, to and registered in the name of the Participant before the record date for determining entitlements to the new issue. 

 

	10.2	 Bonus issue, rights issue and capital reorganisations 

If: 
  

	 	(a)	 Shares are issued pro rata to shareholders generally by way of a bonus issue; 

 

	 	(b)	 Shares are offered to Shareholders by way of a pro rata rights issue; or 

 

	 	(c)	 any reorganisation (including a consolidation, subdivision, reduction or return) of the issued capital of
the Company is effected, 

 and a Participant holds Rights at the record date for determining entitlements
to the new issue or when the reorganization is effected (as applicable) then: 
  

	 	(d)	 the number of Shares to be delivered to each Participant in respect of each Right (or other terms and
conditions applicable to the Rights, including any amount payable for the Shares) will be adjusted or reorganised: 

  

	 	(i)	 in accordance with the requirements of the ASX Listing Rules, the Corporations Act and any other applicable
law; and 

  

	 	(ii)	 subject to rule 10.2(d)(i), in the manner determined by the Board in order to minimize or eliminate any
material advantage or disadvantage to the Participant. 

  

	10.3	 Divestment of material business or subsidiary 

 

	 	(a)	 Where the Group divests a business or Subsidiary designated by the Board for the purposes of this rule 10.3
as ‘material’, the Board may determine special rules that apply to Participants in that business in relation to the Rights or Shares held pursuant to the Plan (and any other entitlements that may arise in relation to those Shares). Without
limiting the Board’s discretion, such rules may include: 

  

	 	(i)	 varying the Conditions and/or Performance Period applying to the Participant’s Rights to take into
account the divestment of the business or Subsidiary; and 

  

	 	(ii)	 deeming that the Participant remains a Group employee for a specified period. 

	 	(b)	 In order to bind a Participant, any special rules made under this rule 10.3 must be notified to the
Participant in accordance with rule 13.5. 

  

	11	 Change of control 

 

	11.1	 Takeover bid or scheme of arrangement 

 

	 	(a)	 If an Event as described in rule 11.1(d) occurs before Participants’ Rights have vested then the Board
may, in its absolute discretion, determine whether: 

  

	 	(i)	 some or all unvested Rights will vest or will lapse (whether subject to Conditions or not); or

  

	 	(ii)	 some or all of the unvested Rights will remain subject to the applicable Conditions (or substitute
Conditions), 

 having regard for any matter the Board considers relevant, including, without limitation,
the circumstances of the Event, the extent to which the applicable Conditions have been satisfied and/or the proportion of the Performance Period that has elapsed at that time and without limiting the extent to which the Board can exercise its
discretion the Board may determine that the number of Rights eligible to vest will be prorated according to the portion of the Performance Period completed to the date of the Event and this prorated number of Rights will vest according to the extent
to which the applicable Conditions are satisfied to that date. 
  

	 	(b)	 If an Event occurs after Rights are exercised, all Shares issued or transferred (as applicable) on exercise
of the Rights that remain subject to Disposal Restrictions under the Plan will be released from such Disposal Restrictions. 

  

	 	(c)	 If an Event as described in rule 11.1(d) occurs after Participants’ Rights have vested and before the
Rights have been exercised then the Board may, in its absolute discretion, determine whether: 

  

	 	(i)	 all unexercised Rights will be exercised and Equity Settled; or 

 

	 	(ii)	 all unexercised Rights will be exercised and Cash Settled; or 

 

	 	(iii)	 all unexercised Rights with a Market Price less than the Exercise Price will lapse. 

 

	 	(d)	 An Event occurs where: 

 

	 	(i)	 in the case of a Takeover Bid, a person who previously had voting power in the Company of less than 50%
obtains voting power of more than 50%; or 

  

	 	(ii)	 a Takeover Bid is made for the Company and the bid is declared unconditional at a time prior to the bidder
being entitled to 50% of the issued Shares; or 

  

	 	(iii)	 a court convenes a meeting of Shareholders to be held to vote on a proposed scheme of arrangement pursuant
to which control of the majority of Shares may change; or 

  

	 	(iv)	 any transaction or event is proposed that, in the opinion of the Board, may result in a person becoming
entitled to exercise control over the Company. 

  

	11.2	 Acquisition of securities in another company 

If a company (the Acquiring Company) obtains control of the Company and each of the Company, the Acquiring Company and
the Participant agree, then a Participant may be provided with securities in the Acquiring Company (or its parent or subsidiary) in substitution for Rights, on substantially the same terms and conditions as the Rights, but with appropriate
adjustments to the number and kind of securities the subject of the Rights. 

	11.3	 Notification of vesting 

The Board will give written notice to the Participant of the extent to which Rights vest pursuant to this rule 11. 

 

	12	 Trustee 

  

	12.1	 Trustee may take advice 

The Board and the Trustee may take and rely upon independent professional or expert advice in relation to the exercise of any
of their powers under these Rules or the Trust Deed. 
  

	12.2	 Completion and return of documents 

The Trustee and the Company may each require a Participant to complete and return such other documents, as may be required by
any applicable law to be completed by the Participant or which the Trustee or the Company considers should, for legal or taxation reasons, be completed by the Participant. 
  

	12.3	 Agreements with the Trustee 

The Board may determine and conclude agreements with the Trustee, and enforce or prosecute any rights and obligations under
such agreements, without reference or recourse to the Participants under this Plan. Subject to the terms of the Trust Deed and without limiting the Company’s rights in this regard, the Company may, pursuant to and in accordance with any such
agreements: 
 (a) provide funds to the Trustee in order to allow the Trustee to subscribe for and/or acquire Shares
to be held on behalf of Participants under this Plan; 
 (b) pay the Trustee for services provided in connection with
this Plan and the Trust; 
 (c) remove the Trustee and appoint a new trustee (and make any necessary arrangements or
provisions for the transfer of Shares held by the Trustee for Participants to a new trustee); and 
 (d) otherwise exercise
any rights, responsibilities or powers afforded to it under the Trust Deed. 
  

	12.4	 Costs of the Trust 

The Board may determine the manner in which any costs associated with the Trust and the costs incurred in the course of the
performance by the Trustee of its role and duties under this Plan and the Trust Deed are to be borne except that such costs will not be passed on to the Participant. 
  

	12.5	 Trustee must administer the Trust 

The Trustee must administer the Trust and hold Shares under the Plan in accordance with this Plan, the Trust Deed and any
procedures determined by the Company and as agreed to between the Board and the Trustee. 
  

	12.6	 Trustee may acquire Shares 

The Trustee may in accordance with the instructions received from the Company acquire Shares on market in advance of exercise
of a Right and hold such Shares pending such exercise. 
  

	12.7	 Registration of Shares 

Unless the Board determines otherwise, where Shares are held by the Trustee on behalf of a Participant, those Shares will be
registered in the name of the Trustee. 

	13	 Administration of Plan 

 

	13.1	 Compliance with laws 

An offer may only be made in compliance with the Constitution, the ASX Listing Rules, the Corporations Act and any other
applicable law. 
  

	13.2	 Amendment of the Rules 

 

	 	(a)	 The Board may at any time, amend, add to, vary, omit from or substitute any of these Rules, provided that
any such amendment may not, without the written agreement of a Participant, materially reduce or otherwise prejudicially affect the rights attaching to the Rights granted or the Shares issued or transferred (as applicable) pursuant to, and still
subject to, the Plan, other than an amendment introduced primarily: 

  

	 	(i)	 for the purpose of complying with or conforming to present or future State, Commonwealth or relevant foreign
jurisdiction legislation, the ASX Listing Rules or any requirement, policy or practice of ASIC or other foreign or Australian regulatory body; 

  

	 	(ii)	 for the purpose of regulating the maintenance or operation of the Plan; 

 

	 	(iii)	 to correct any manifest error or mistake; or 

 

	 	(iv)	 to take into consideration possible adverse tax implications for the Company or the Participant arising
from, among other things, adverse rulings from the Commissioner of Taxation, changes to tax legislation (including an official announcement by the Commonwealth of Australia) and/or changes in the interpretation of tax legislation by a court or
tribunal of competent jurisdiction. 

  

	 	(b)	 Any amendment made under this rule 13.2 must be notified as soon as reasonably practicable to any affected
Participant in accordance with rule 13.5. 

  

	13.3	 Board powers 

The Board has absolute and unfettered discretion in exercising any power or discretion concerning the Plan and may: 

 

	 	(a)	 delegate to any person for the period and on the terms it decides, the exercise of any of its powers or
discretions under the Plan; 

  

	 	(b)	 determine appropriate procedures for administering the Plan consistent with these Rules, including the
application forms and any other forms and notices to be issued under the Plan; 

  

	 	(c)	 resolve conclusively all questions of fact or interpretation concerning these Rules and any dispute of any
kind that arises under the Plan; 

  

	 	(d)	 waive any provision of the Plan, or any term or condition (including a Condition or other restriction)
relating to Rights or Shares; 

  

	 	(e)	 determine to suspend or cease operation of the Plan at any time and take any actions required to effect the
winding up of the Plan; 

  

	 	(f)	 act or refrain from acting at its discretion under these Rules or in relation to Rights or Shares held under
the Plan; and 

  

	 	(g)	 waive any breach of a provision of the Plan. 

	13.4	 Costs 

  

	 	(a)	 The Company will pay all costs and expenses in relation to the establishment and operation of the Plan.

  

	 	(b)	 The Group may make any withholding or payment it is required by law to make in connection with Rights or
Shares. 

  

	 	(c)	 Any brokerage, commission, stamp duty or other transaction costs in connection with the disposal of a
Participant’s Shares acquired under the Plan will be paid for by the Participant. 

  

	13.5	 Notices 

  

	 	(a)	 A notice or other communication under or concerning the Plan is validly given: 

 

	 	(i)	 by the Company to an Eligible Employee or Participant (as the case may be), if delivered physically or
electronically to the addressee or sent by prepaid post to his or her last known residential address, or sent to him or her physically or by email at his or her place of work or posted on an internet or intranet site maintained by or for the Company
and accessible by the Eligible Employee or Participant; and 

  

	 	(ii)	 by an Eligible Employee or Participant (as the case may be) to the Company if delivered or sent by prepaid
post addressed to the company secretary at the Company’s registered office (unless the Board specifies another address for a particular purpose). 

  

	 	(b)	 A notice or other communication sent: 

 

	 	(i)	 to the Company must be actually received by the Company by the date or within the period specified in these
Rules or advised to the Participant pursuant to rule 4.3 in order to be effective; and 

  

	 	(ii)	 by the Company to an Eligible Employee or Participant (as the case may be) will be treated as being received
immediately following the time it was sent or, if it is sent by post, it will be treated as received two (2) business days after it was posted. 

  

	13.6	 Terms of engagement not affected 

 

	 	(a)	 The rights and obligations of an Eligible Employee under the terms of his or her office, employment or
contract with the Group are not affected by his or her participation in the Plan. 

  

	 	(b)	 Participation in the Plan will only be offered to an Eligible Employee at the discretion of the Board. There
is no guarantee of future offers being made under the Plan. Nothing in these Rules confers on an Eligible Employee the right to be granted Rights. 

  

	 	(c)	 These Rules do not form part of, and will not be incorporated into, any contract of an Eligible Employee.

  

	13.7	 Non-residents of Australia 

 

	 	(a)	 Notwithstanding any rule under the Plan, the Board may at any time, amend, add to, vary, omit from or
substitute any of these Rules to ensure compliance with the requirements of, or impact of, any law or regulation in any jurisdiction outside of Australia. 

  

	 	(b)	 This rule 13.7 applies in relation to any Participant who holds Rights or Shares under the Plan from time to
time and who is resident, or may become resident, in any jurisdiction outside of Australia. 

	 	(c)	 Any different rules that may apply must be notified to each affected Participant in writing.

  

	 	(d)	 For the purposes of clarification, any different rules that are adopted under rule 13.7(a) may have an
adverse impact upon the Participant. 

  

	13.8	 Personal information 

The Participant consents to the Company or its agents (and each of their related parties) collecting, holding and using
personal information (including a Participant’s tax file number) that the Participant provides in the application to participate in the Plan or otherwise provides to the Company or its agents (and each of their related parties) as part of their
employment, in order to carry out the administration and operation of the Plan in accordance with the Plan Rules, including providing relevant information to: 
  

	 	(a)	 the Plan manager or another entity that manages or administers the Plan on behalf of the Company;

  

	 	(b)	 any broker or external service provider, including a tax or financial adviser; 

 

	 	(c)	 the trustee of any employee trust; 

 

	 	(d)	 any Government department or body; and 

 

	 	(e)	 any other person or body as required or authorised by law. 

 

	13.9	 No rights 

A Participant does not have any rights under this Plan to compensation or damages in consequence of the exercise by the
Company of any right, power or discretion that results in the Participant ceasing to have title to the Rights or Shares held under the Plan. 
  

	13.10	 Limitation on the Plan 

No Shares may be allocated to a Participant under this Plan if, immediately after the allocation of those Shares, the
Participant: 
  

	 	(a)	 would hold a legal or beneficial interest in more than 10% of all other Shares for the time being on issue;
or 

  

	 	(b)	 would be in a position to cast, or control the casting of, more than 10% of the maximum number of votes that
might be cast at a general meeting of the Company. 

  

	13.11	 Maximum number of Shares 

Unless the Board determines otherwise, no Rights may be offered and no Shares may be issued under this Plan or on the exercise of
Rights, if to do so would contravene ASIC Class Order 14/1000, any subsequent or replacement ASIC class order in respect of new issues of securities under employee incentive schemes or an ASIC exempt arrangement of a similar kind. 

 

	13.12	 Rounding 

Where any calculation or adjustment to be made pursuant to this Plan produces a fraction of a cent, Right or Share, the fraction will be
disregarded by rounding down to the nearest whole cent or whole number of Rights or Shares (as applicable). 
  

	13.13	 ASIC relief 

Notwithstanding any other provision of this Plan, every covenant or other provision set out in an

 
exemption or modification granted from time to time by ASIC in respect of the Plan pursuant to its power to exempt and modify the Corporations Act and required to be included in the Plan in order
for that exemption or modification to have effect, is deemed to be contained in the Plan. 
 To the extent that any covenant or other
provision deemed by this rule to be contained in the Plan is inconsistent with any other provision in the Plan, the deemed covenant or other provision shall prevail. 
  

	13.14	 Governing Law 

The rules and conditions of this Plan are governed by the laws of South Australia and the Commonwealth of Australia.

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