Document:

itrm-ex102_131.htm

EXHIBIT 10.2

 

 

Mr. Michael Dunne

30 Cromwell Place, 

Old Saybrook, 

CT 06475

 

February 17, 2021

 

	
RE: 
	
Options and Restricted Share Units granted pursuant to the Iterum Therapeutics Public Limited Company 2018 Equity Incentive Plan (as amended and restated) (the 2018 Plan)

 

Dear Mike,

 

We refer to your recent resignation as Chief Scientific Offer and employee of Iterum Therapeutics US Limited (ITUS), effective December 21, 2020 (the Termination Date) and your appointment to the Iterum Therapeutics PLC (the Company) Board of Directors on the Termination Date and engagement with Iterum Therapeutics International Limited as a consultant, each effective as of December 22, 2020.   The Compensation Committee, with powers delegated to it from the board of directors of the Company (the Board), has approved the following changes to the terms and conditions of the options and restricted share units granted to you in your role as employee of  ITUS:

 

	
 
	
(1)
	
share options over 41,587 ordinary shares granted to you on September 12, 2017 with an exercise price of $3.30 of which 7,798 share options remained unvested on December 21, 2020 (the 2017 Options) shall be deemed to have vested in full on the Termination Date and be exercisable immediately therefrom until December 31, 2021.   If you cease to satisfy the Service Condition (as defined below) at any time on or before December 31, 2021, any portion of the 2017 Options which remain unexercised will terminate and be cancelled and you shall have no further rights with respect thereto.  The 2017 Options shall otherwise remain subject to the terms of the applicable share option agreement and the plan under which such Options were granted;

 

	
 
	
(2)
	
share options granted to you on May 24, 2018 with an exercise price of $13.00, of which options over 49,729 ordinary shares had vested on the Termination Date (the 2018 Vested Options), may be exercised for a period of 90 days from the Termination Date.   Any portion of the 2018 Vested Options which remain unexercised after 90 days from the Termination Date will terminate and be cancelled and you shall have no further rights with respect thereto;  

 

	
 
	
(3)
	
share options granted to you on February 15, 2019 with an exercise price of $5.80, of which options over 38,958 ordinary shares had vested on the Termination Date (the 2019 Vested Options), may be exercised for a period of 90 days from the Termination Date.   Any portion of the 2019 Vested Options which remain unexercised after 90 days from the Termination Date will terminate and be cancelled and you shall have no further rights with respect thereto;

 

	
 
	
(4)
	
9,000 restricted share units granted to you on February 15, 2019 subject to certain performance conditions, cease to be eligible to vest from the Termination Date and shall be cancelled and you shall have no further rights with respect thereto; and

 

	
 
	
(5)
	
in recognition of your continued contribution to the Iterum group as a consultant and strategic advisor and a member of the Board, 160,000 restricted share units granted to you on March 11, 2020 (the 2020 RSU Award) shall continue to be eligible to vest in accordance with the terms of the restricted share unit award 

Iterum Therapeutics plc

Block 2 Floor 3, Harcourt Centre, Harcourt Street, Dublin 2 | +353-1-9038920 |

 

Directors: David G. Kelly, Mark Chin (USA), Shahzad Malik (UK), Corey N. Fishman (USA), Brenton K. Ahrens (USA), James I. Healy (USA), Patrick J. Heron (USA), Ronald M. Hunt (USA), Michael Dunne (USA)

 

Registered in Ireland | Company Number 563531

www.iterumtx.com

   

	
 
		
agreement entered into by you on March 19, 2020 (the RSU Award Agreement), on the achievement of the Performance Conditions (as defined in the RSU Award Agreement) on or before September 30, 2021 subject to the Service Condition (as defined below).  For the avoidance of doubt, to the extent that the First and/or Second Milestone (as those terms are defined in the RSU Award Agreement) is/are not achieved on or before September 30, 2021, the portion of the 2020 RSU Award eligible to vest on achievement of such milestone shall be immediately and automatically forfeited as of 11:59 pm CT on September 30, 2021. If you cease to satisfy the Service Condition at any time on or before September 30, 2021, then any portion of the 2020 RSU Award which has not vested will terminate immediately as of the date of such cessation and be cancelled and you shall have no further rights with respect thereto.  The 2020 RSU Award shall otherwise remain subject to the terms of the RSU Award Agreement and the plan under which such RSU Award was granted.  

 

For the purposes of this Letter the “Service Condition” shall mean that your service to the Company or an Affiliate (as defined in the 2018 Plan), whether as director or consultant, is not interrupted or terminated.

 

Please acknowledge your agreement to the terms of this Letter by countersigning in the space below and returning it to me.

 

Kind regards,

Yours sincerely,

 

 

 

/s/ Corey N. Fishman

______________________

Corey N. Fishman

Chief Executive Officer

 

 

 

 

	
 

	
ACKNOWLEDGED AND AGREED TO

THIS 21st  DAY OF FEBRUARY 2021

 

 

	
/s/ Michael Dunne

	
 

Michael Dunne

 

 

Iterum Therapeutics plc

Block 2 Floor 3, Harcourt Centre, Harcourt Street, Dublin 2 | +353-1-9038920 | 

www.iterumtx.comExhibit 10.22

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this “Agreement”),
made and entered into as of the ____ day of ______, 20__, by and between Lucid Group, Inc, a Delaware corporation (the “Company”)
and _________ (“Indemnitee”).

 

W I T N E S S E T H:

 

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

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to
maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from
certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based
corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may
be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons
in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating
to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.

 

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

 

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

 

     

     

    

 

WHEREAS, the Board has determined that the increased
difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that
the Company should act to assure such persons that there will be increased certainty of such protection in the future.

 

WHEREAS, it is reasonable, prudent and necessary
for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent
permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so
indemnified.

 

WHEREAS, this Agreement is a supplement to and
in furtherance of the Certificate of Incorporation and Amended and Restated By-laws of the Company (the “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 regard the protection
available under the Certificate of Incorporation, Bylaws and Company insurance as adequate in the present circumstances, and may not be
willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in
such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on
the condition that he or she be so indemnified.

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Article
1

Certain Definitions

 

(a) As used in this Agreement:

 

“Change of Control” means the
occurrence of any of the following events on or after the date of this Agreement:

 

(i)       A
change in the composition of the Board occurs, as a result of which fewer than one-half of the incumbent directors are directors who either:

 

(1)        had been directors of the Company
on the “look-back date” (as defined below) (the “Original Directors”); or

 

(2)
        were elected, or nominated for election, to the Board with the affirmative votes of at
least a majority of the aggregate of the Original Directors who were still in office at the time of the election or nomination and
the directors whose election or nomination was previously so approved (the “Continuing Directors”);

 

    2 

     

    

 

provided, however, that for this purpose, the “Original
Directors” and “Continuing Directors” shall not include any individual whose initial assumption of office occurred as
a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents, by or on behalf of a person other than the Board;

 

(ii)       Any
 “person” (as defined below) who by the acquisition or aggregation of securities, becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the
combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances)
having the right to vote at elections of directors (the “Base Capital Stock”); except that (i) any change in the relative
beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding
shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such
person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities of the Company and
(ii) increases in beneficial ownership of the Company by any person that, as of the date hereof, holds 50% or more of the combined voting
power of the Base Capital Stock shall be disregarded;

 

(iii)       The
consummation of a merger or consolidation of the Company or a Subsidiary of the Company with or into another entity or any other corporate
reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization
own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities
of each of (A) the Company (or its successor) and (B) any direct or indirect Company corporation of the Company (or its successor); or

 

(iv)       The
sale, transfer, or other disposition of all or substantially all of the Company’s assets.

 

For purposes of this definition, the term “look-back”
date means the later of (1) the date hereof; or (2) the date that is 24 months prior to the date of the event that may constitute a Change
of Control.

 

For purposes of this definition, the term
 “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act, but shall exclude (1)
a trustee or other fiduciary holding securities under an employee benefit plan maintained by the Company, and (2) a corporation
owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the
shares of stock in the Company.

 

    3 

     

    

 

Any other provision of this definition notwithstanding,
a transaction shall not constitute a Change of Control if its sole purpose is to change the state of the Company’s incorporation
or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities
immediately before such transaction, and a Change of Control shall not be deemed to occur if the Company files a registration statement
with the United States Securities and Exchange Commission in connection with an initial or secondary public offering of securities or
debt of the Company to the public.

 

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

 

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

 

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

 

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

 

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

 

    4 

     

    

 

“Independent Counsel”
means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the
five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees
under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

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

 

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

 

(b)           
For the purposes of this Agreement:

 

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

 

    5 

     

    

 

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

 

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

 

Article
2

Services By Indemnitee

 

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

 

Article
3

Indemnification

 

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

 

For purposes of this Agreement, the meaning of
the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to:

 

(i)           
to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and

 

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

 

    6 

     

    

 

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

 

(c) Expenses as a Party Where Wholly or Partly
Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent
that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of
any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent
permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

 

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

 

(a)           
for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law or (ii) any reimbursement
of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act); or

 

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

 

    7 

     

    

 

Article
4

Advancement Of Expenses; Defense of Claims

 

Section 4.01. Advances. Notwithstanding
any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee
in connection with any Proceeding within twenty (20) days after the receipt by the Company of each statement requesting such advance from
time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall
be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing
an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support
the advances claimed.

 

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

 

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

 

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Article
5

Procedures For Notification of and Determination of Entitlement To Indemnification

 

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

 

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

 

Section 5.02. Determination of Entitlement.
(a) Where there has been a written request by Indemnitee for indemnification pursuant to ‎Section 5.01(b), then as soon as
is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change
of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum
of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel
in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that
Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within twenty (20) days after such determination. Indemnitee
shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification).

 

    9 

     

    

 

 

(b)           
If entitlement to indemnification is to be determined by Independent Counsel pursuant to ‎Section 5.02(a)(ii), such Independent
Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to ‎Section 5.02(a)(i)(C)
(or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which
case the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.
In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have
been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is
so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days after the later
of submission by Indemnitee of a written request for indemnification pursuant to ‎Section 5.01(b) hereof and the final disposition
of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition
a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other
person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall
act as Independent Counsel under ‎Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding pursuant to ‎Section
6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
to the applicable standards of professional conduct then prevailing).

 

    10 

     

    

 

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

 

Section 5.03. Presumptions and Burdens of Proof;
Effect of Certain Proceedings. (a) In making any determination with respect to
entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited
by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with ‎Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have
the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary
to that presumption. Neither the failure of any person, persons or entity to have made a determination prior to the commencement of any
action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by any person, persons or entity that Indemnitee has not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)           
If the person, persons or entity empowered or selected under ‎Section 5.02 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the
requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made
and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of
a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended
for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect
to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or
information relating thereto.

 

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

 

    11 

     

    

 

(d)           
 For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information
supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise
or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser
or other expert selected by such Enterprise. The provisions of this ‎Section 5.03(d) shall not be deemed to be exclusive or to limit
in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth
in this Agreement.

 

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

 

Article
6

Remedies of Indemnitee

 

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

 

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

 

    12 

     

    

 

(c)           
If a determination shall have been made pursuant to ‎Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding pursuant to this ‎Section 6.01, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

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

 

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

 

Article
7

Directors’ and Officers’ Liability Insurance

 

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

 

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

 

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Article
8

Miscellaneous

 

Section 8.01. Nonexclusivity of Rights. The
rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled to under applicable law, the Certificate of Incorporation, the By-laws, any
agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

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

 

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

 

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

 

Section 8.03 The Company’s obligation to
indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee,
partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other Enterprise shall be reduced
by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise.

 

    14 

     

    

 

Section 8.04. Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to
an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company
and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii)
the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s)
and/or transaction(s).

 

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

 

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

 

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

 

    15 

     

    

 

Section 8.08. Severability. If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b)
such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect
to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby.

 

Section 8.09. Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission). All such notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m.
in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall
be deemed not to have been received until the next succeeding business day in the place of receipt. The address for notice to a party
is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other
party as provided above.

 

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

 

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

 

    16 

     

    

 

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

 

Section 8.11. Governing Law. This Agreement
and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of
Delaware, without regard to its conflict of laws rules.

 

Section 8.12. Consent To Jurisdiction. The
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action
or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware
(the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in
any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court has been brought in an improper or inconvenient forum.

 

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

 

Section 8.14. Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement.

 

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

 

    17 

     

    

 

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

  

	 	COMPANY
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Address:
	 	Attention:
     
	 	 
	 	With
    a copy to:  
	 	 
	 	Address:
	 	Attention:
	 	 
	 	INDEMNITEE
	 	 
	 	
	 	Address:  
	 	 
	 	With
    a copy to:  
	 	 
	 	Address:
	 	Attention:

 

    18

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