Document:

Exhibit 10.7

 

July 19, 2021

 

Elliot Maltz

11 Ivy Road

Needham, MA 02492

 

	Re:	Employment Agreement

 

Dear Elliot:

 

On behalf of Gelesis, Inc. (the “Company”), I
am pleased to confirm our offer to continue your employment as the Company’s Chief Financial Officer (“CFO”).
  The terms and conditions of your continued employment are set forth below in this letter agreement (the “Agreement”):

 

1.            Position.
As CFO, you will report to the Company’s Chief Executive Officer (the “CEO”) and have such powers and duties as may
from time to time be prescribed by the CEO. This is a full-time employment position. It is understood and agreed that, while you render
services to the Company, you will not engage in any other employment, consulting or other business activities (whether full-time or part-time),
except as expressly authorized in writing by the CEO. Notwithstanding the foregoing, you may engage in religious, charitable and other
community activities so long as such activities do not interfere or conflict with your obligations to the Company.

 

2.            Effective
Date. The Effective Date of this Agreement shall be on the closing of the currently contemplated deSPAC transaction with Capstar Special
Purpose Acquisition Corp (or other entity) (“Effective Date”).

 

3.            Compensation
and Related Matters.

 

(a)            Base
Salary. The Company will pay you an initial base salary at the rate of $318,270 per year, payable in accordance with the Company’s
standard payroll schedule for its executives and subject to applicable deductions and withholdings. Your base salary will be subject to
periodic increases at the Company’s discretion. Your base salary in effect at any given time is referred to herein as the “Base
Salary.”

 

(b)            Annual
Bonus. You will initially be eligible to receive an annual performance bonus targeted at 40% of your Base Salary. The actual bonus
amount is discretionary and will be determined by the Company’s Board of Directors. To receive an annual bonus, you must be employed
by the Company as of December 31 of the year to which such bonus relates. Any annual bonus will be paid no later than March 15th
of the calendar year following the calendar year to which such bonus relates.

 

(c)            Expenses.
The Company will promptly reimburse you for all reasonable expenses incurred by you in performing services hereunder, in accordance with
the policies and procedures then in effect and established by the Company for its executives.

 

     

     

    

 

(d)            Benefits/Paid
Time Off. You will be eligible, subject to the terms of the applicable plans and programs, to participate in the employee benefits
and insurance programs generally made available to the Company’s full-time employees. You will be entitled to 20 days annually of
paid time off consistent with the terms of the Company’s paid time off policy for its executives, as in effect from time to time.
The Company reserves the right to modify, amend or cancel any of its benefits plans or programs at any time.

 

4.            Equity.
All options that you were previously granted to purchase the Company’s Common Stock shall continue to vest in accordance with your
Stock Option Agreements with the Company and the Gelesis 2006 Stock Incentive Plan, as amended, and the 2016 Stock Incentive Plan, as
amended as applicable.

 

5.            Location.
You will primarily work from the Company’s U.S. office, currently located in Boston, Massachusetts, provided, however, that
you may be required to travel on business as is necessary from time to time.

 

6.            At-Will
Employment; Date of Termination. At all times your employment is “at will,” meaning you or the Company may terminate it
at any time for any or no reason, subject to the terms of this Agreement. Your last day of employment regardless of the reason is referred
to herein as the “Date of Termination.” Given your role as a senior executive, in the event that you elect to end your
employment other than for Good Reason, the Company requires you to provide at least 30 days’ advance written notice to the Company.
Notwithstanding the foregoing, in the event you give such advance written notice, the Company may unilaterally accelerate the Date of
Termination, and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

 

To the extent applicable, you shall be deemed to have resigned from
all officer and board member positions that you hold with the Company or any of its respective subsidiaries and affiliates upon the termination
of your employment regardless of the reason. You shall execute any documents in reasonable form as may be requested to confirm or effectuate
any such resignations.

 

7.            Accrued
Obligations. In the event of the ending of your employment regardless of the reason, the Company shall pay you (i) your Base
Salary and, if applicable, any accrued but unused vacation, through the Date of Termination, (ii) the amount of any documented expenses
properly incurred by you on behalf of the Company prior to any such termination and not yet reimbursed, and (iii) the awarded, but
unpaid portion, if any, of the annual performance bonus for any prior year (the “Accrued Obligations”).

 

8.            Severance
Pay and Benefits Upon a Qualifying Termination. In the event that a Qualifying Termination (as defined in Section 9)
occurs, then, in addition to you being entitled to the Accrued Obligations, and subject to (i) you signing a separation
agreement and release in a form and manner reasonably satisfactory to the Company, which shall include, without limitation, a
general release of claims against the Company and all related persons and entities and a reaffirmation of the Continuing Obligations
(as defined below) and, in the Company’s discretion, a one year post-employment noncompetition agreement that is no more
restrictive than the existing Non-Competition and Non-Solicitation Agreement, and shall provide that if you breach the Continuing
Obligations, all payments of the Severance Amount (as defined below) shall immediately cease (the “Separation
Agreement”), and (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination
(or such shorter period as set forth in the Separation Agreement):

 

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(a)            the
Company shall pay you an amount equal to twelve (12) months of your Base Salary (the “Severance Amount”); and

 

(b)            subject
to your copayment of premium amounts at the applicable active employees’ rate and your proper election to receive benefits under
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group
health plan provider(s) or the COBRA provider a monthly payment equal to the monthly employer contribution that the Company would
have made to provide health insurance to you if you had remained employed by the Company until the earliest of (A) the twelve (12)
month anniversary of the Date of Termination; (B) your eligibility for group health plan benefits under any other employer’s
group health plan; or (C) the cessation of your continuation rights under COBRA; provided, however, that if the Company reasonably
determines that it cannot pay such amounts to the group health plan provider(s) or the COBRA provider (if applicable) without potentially
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert
such payments to payroll payments directly to you for the time period specified above. Such payments, if to you, shall be subject to tax-related
deductions and withholdings and paid on the Company’s regular payroll dates.

 

The amounts payable under this Section 8, to the extent taxable,
shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over twelve (12) months
commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year
and ends in a second calendar year, the Severance Amount, to the extent it qualifies as “non-qualified deferred compensation”
within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin
to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall
include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant
to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

If your employment ends for any reason other than a Qualifying Termination,
you will be entitled to the Accrued Obligations and will not be entitled to any further compensation from the Company. For the avoidance
of doubt, if your employment ends due to your death or disability, you will receive the Accrued Obligations but will not be eligible for
severance pay and benefits, whether pursuant to this Section 8 or otherwise.

 

9.            Change
in Control Payment. The provisions of this Section 9 address your rights and obligations upon the occurrence of a Change in
Control of the Company. These provisions shall supplement, and be in addition to the provisions of Section 8 regarding
severance pay and benefits upon a termination of employment, if such termination of employment occurs within twelve (12) months
after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further
force or effect beginning twelve (12) months after the occurrence of a Change in Control.

 

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(a)            Change
in Control. If your employment is terminated by the Company without Cause or by you for Good Reason within twelve (12) months after
a Change in Control, then, subject to your signing of the Separation Agreement and the Separation Agreement becoming irrevocable, all
within 60 days after the Date of Termination, notwithstanding anything to the contrary in any applicable option agreement or stock-based
award agreement, all unvested stock options and other unvested stock-based awards held by you shall immediately accelerate and become
fully exercisable or nonforfeitable as of the Date of Termination.

 

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

 

(a)            “Cause”
shall mean (i) your dishonest statements or acts with respect to the Company or any affiliate of the Company, or any current or prospective
customers, suppliers, vendors or other third parties with which such entity does business that results in or is reasonably anticipated
to result in harm to the Company; (ii) your commission of (A) a felony or (B) any misdemeanor involving moral turpitude,
deceit, dishonesty or fraud; (iii) your failure to perform your assigned duties and responsibilities, which failure continues, in
the reasonable judgment of the Board, for 30 days after written notice given to you describing such failure; (iv) your gross negligence,
willful misconduct or insubordination that results in or is reasonably anticipated to result in harm to the Company; (v) your violation
of any material provision of any agreement(s) between you and the Company or any Company policies including, without limitation,
this Agreement, the Restrictive Covenants Agreement, agreements relating to noncompetition, nonsolicitation, nondisclosure and/or assignment
of inventions or policies related to ethics or workplace conduct; or (vi) your failure to cooperate with a bona fide internal investigation
or an investigation by regulatory or law enforcement authorities, after being instructed by the Board to cooperate, or the willful destruction
or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to
cooperate or to produce documents or other materials in connection with such investigation.

 

(b)            “Change
of Control” shall mean any of the following:

 

(i)            any
 “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity
holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
 “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person,
shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
of securities of the Company representing fifty (50) percent or more of the combined voting power of the Company’s then
outstanding securities having the right to vote in an election of the Board (“Voting Securities”) (in such case other
than as a result of an acquisition of securities directly from the Company); or

 

(ii)            the
date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed
by a majority of the members of the Board before the date of the appointment or election; or

 

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(iii)            the
consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under
the Act), directly or indirectly, shares representing in the aggregate more than fifty (50) percent of the voting shares of the Company
issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially
all of the assets of the Company.

 

Notwithstanding the foregoing, a “Change in
Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition
of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number
of Voting Securities beneficially owned by any person to fifty (50) percent or more of the combined voting power of all of the then outstanding
Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of
any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result
of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns fifty (50) percent or more of
the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to
have occurred for purposes of the foregoing clause (i).

 

(c)            “Good
Reason” shall mean that you have complied with the Good Reason Process (hereinafter defined) following the occurrence of any of
the following events: (i) a material diminution in your responsibilities, authority or duties; (ii) a diminution in your Base
Salary except for across-the-board salary reductions of similar magnitude based on the Company’s financial performance similarly
affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location
of the principal office of the Company to which you are assigned, such that there is an increase of at least thirty (30) miles of driving
distance to such location from your principal residence as of such change; or (iv) the material breach of this Agreement by the Company.

 

(d)            “Good
Reason Process” shall mean that (i) you reasonably determine that a “Good Reason” condition has occurred; (ii) you
notify the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition;
(iii) you reasonably cooperate with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure
Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) you
terminate your employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure
Period, Good Reason shall be deemed not to have occurred.

 

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(e)            “Qualifying
Termination” shall mean, after the Effective Date, the Company terminates your employment without Cause or you resign from your
employment for Good Reason. For the avoidance of doubt, a termination due to your death or disability is not a Qualifying Termination.

 

11.            Continuing
Obligations.

 

(a)            Restrictive
Covenants Agreements. You acknowledge and agree that your Noncompetition and Nonsolicitation Agreement, dated February 20, 2014,
and your Invention and Non-Disclosure Agreement, dated February 20, 2014, as amended, shall continue in full force and effect, and
are incorporated by reference herein (together, the “Restrictive Covenants Agreements”). For purposes of this Agreement, the
obligations in this Section 11 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality,
assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.”

 

(b)            Third
Party Agreements and Rights. You hereby confirm that you are not bound by the terms of any agreement with any previous employer or
other party which restricts your engagement in any business in any way, other than confidentiality restrictions (if any). You represent
to the Company that your execution of this Agreement, your employment with the Company and the performance of your proposed duties for
the Company will not violate any obligations you may have to any such previous employer or other party. In your work for the Company,
you will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other
party, and you will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging
to or obtained from any such previous employment or other party. You agree that, notwithstanding anything to the contrary herein, if your
employment ends in connection with or as a result of a former employer or third party enforcing or attempting to enforce a noncompetition
obligation or other restrictive covenant against you, such termination will not constitute a Qualifying Termination for purposes of this
Agreement.

 

(c)              
Litigation and Regulatory Cooperation. During and for the period of six (6) years after your employment with the Company
ends, you shall cooperate in any reasonable manner with the Company in (i) the defense or prosecution of any claims or actions now in
existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired
while you were employed by the Company, (ii) the investigation, whether internal or external, of any matters about which the Company believes
you may have knowledge or information and (iii) transitioning your duties. Your cooperation in any reasonable manner in connection with
such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions
or to prepare for discovery or trial and to act as a witness on behalf of the Company, all at mutually convenient times. During and for
the period of six (6) years after your employment with the Company ends, you also shall cooperate in any reasonable manner with the Company
in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review
relates to events or occurrences that transpired while you were employed by the Company. The Company shall reimburse you for any reasonable
out-of-pocket expenses incurred in connection with your performance of obligations pursuant to this Section 11(c), and, after the expiration
of the period during which you are receiving the Severance Amount, shall reimburse you at the last rate of base compensation effective
during your employment for your reasonable time spent providing cooperation, excluding time required to testify in response to subpoena.

  

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(d)            Relief.
You agree that it would be difficult to measure any damages caused to the Company which might result from your breach of any of the Continuing
Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, you agree that if you
breach, or propose to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies
that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual
damage to the Company.

 

12.            Section 409A

 

(a)            Anything
in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A
of the Code, the Company determines that you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of
the Code, then to the extent any payment or benefit that you become entitled to under this Agreement or otherwise on account of your separation
from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such
benefit shall not be provided until the date that is the earlier of (A) six months and one day after your separation from service,
or (B) your death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include
a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision,
and the balance of the installments shall be payable in accordance with their original schedule.

 

(b)            All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
you during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but
in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was
incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits
to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation
applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit.

 

(c)            To
the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under
Section 409A of the Code, and to the extent that such payment or benefit is payable upon the termination of your employment, then
such payments or benefits shall be payable only upon your “separation from service.” The determination of whether and when
a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

 

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(d)            The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute
a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended,
as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and
regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(e)            The
Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement
are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the
conditions of, such Section.

 

13.            Withholding;
Tax Effect. All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and
payroll taxes and other deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation
policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to
tax liabilities arising from your compensation.

 

14.            Entire
Agreement. This Agreement, together with the Restrictive Covenants Agreements, and any existing stock option or incentive stock agreements
or similar, constitute the complete agreement between you and the Company, contains all of the terms of your employment with the Company
and supersedes any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company.

 

15.            Governing
Law; Jurisdiction. This Agreement will be governed by the laws of the Commonwealth of Massachusetts, excluding laws relating to conflicts
or choice of law. You and the Company each submit to the exclusive personal jurisdiction of the federal and state courts located in the
Commonwealth of Massachusetts.

 

16.            Assignment;
Successors and Assigns. Neither you nor the Company may make any assignment of this Agreement or any interest in it, by operation
of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights
and obligations under this Agreement without your consent to any affiliate or to any person or entity with whom the Company shall hereafter
effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets;
provided further, that if you remain employed or become employed by the Company, the purchaser or any of their affiliates in connection
with any such transaction, then you shall not be entitled to any severance payments or benefits solely as a result of such transaction.
This Agreement shall inure to the benefit of and be binding upon you and the Company, and each of your and its respective successors,
executors, administrators, heirs and permitted assigns. In the event of your death after the Date of Termination but prior to the completion
by the Company of all payments due to you under this Agreement, the Company shall continue such payments to your beneficiary designated
in writing to the Company prior to your death (or to your estate, if you fail to make such designation).

 

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17.            Waiver;
Amendment. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure
of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This
Agreement may be amended or modified only by a written instrument signed by you and the CEO.

 

18.            Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

 

19.            Indemnification/Other
Terms. The Company agrees to indemnify you to the fullest extent required by the laws of the State of Delaware, the
Company’s Articles of Incorporation and Bylaws (as each may be amended and/or restated from time to time), and in accordance
with its Directors and Officers Liability Policy. The provisions of this Agreement shall survive the termination of your employment
to the extent necessary to effectuate the terms contained herein. The headings and other captions in this Agreement are for
convenience and reference only and shall not be used in interpreting, construing or enforcing any of the provisions of this
Agreement. This Agreement may be executed in separate counterparts. When both counterparts are signed, they shall be treated
together as one and the same document. PDF copies of signed counterparts shall be equally effective as originals.

 

[Signature page follows.]

 

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To accept this offer of employment, please sign and return this Agreement
to the undersigned. We look forward to your continuing employment with the Company.

 

Very truly yours,

 

	By:	/s/ Yishai Zohar	 
	Name: Yishai Zohar	 
	Title: President, Chief Executive Officer	 
	 	 
	I have read and accept this employment offer:	 
	 	 
	/s/ Elliot Maltz	 
	Elliot Maltz	 
	 	 
	Date:	July 19, 2021Exhibit 10.12

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”)
is made as of January 13, 2022 by and between Gelesis Holdings, Inc., a Delaware corporation (the “Company”),
and [        ] (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Company desires to attract and retain
the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to provide
or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses
to, Indemnitee to the maximum extent permitted by law;

 

WHEREAS, the Bylaws (the “Bylaws”)
of the Company require indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification
pursuant to the General Corporation Law of the State of Delaware (the “DGCL”);

 

WHEREAS, the 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 of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that the increased difficulty in attracting and retaining highly qualified persons such
as Indemnitee is detrimental to the best interests of the Company’s stockholders;

 

WHEREAS, it is reasonable and prudent 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, regardless of any amendment or revocation of the Charter or the Bylaws, so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified; and

 

WHEREAS, this Agreement is a supplement to and
in furtherance of the indemnification provided in the Charter, 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.

 

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

 

Section 1.     Services
to the Company. Indemnitee agrees to serve as a director of the Company. Indemnitee may at any time and for any reason resign from
such position (subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall have no
obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between
the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

     

     

    

 

Section 2.     Definitions.

 

As used in this Agreement:

 

(a)            “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended, as in effect on the date of this Agreement; provided, however, that
no Person who is a director or officer of the Company shall be deemed an Affiliate or an Associate of any other director or officer of
the Company solely as a result of such Person’s position as director or officer of the Company.

 

(b)            A
Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own” and have “Beneficial
Ownership” of, any securities:

 

(i)            which
such Person or any of such Person’s Affiliates or Associates, directly or indirectly, Beneficially Owns (as determined pursuant
to Rule 13d-3 of the Rules under the Exchange Act, as in effect on the date of this Agreement);

 

(ii)            which
such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has: (A) the legal, equitable or contractual
right or obligation to acquire (whether directly or indirectly and whether exercisable immediately or only after the passage of time,
compliance with regulatory requirements, satisfaction of one or more conditions (whether or not within the control of such Person) or
otherwise) upon the exercise of any conversion rights, exchange rights, rights, warrants or options, or otherwise; (B) the right
to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); or (C) the right to dispose of pursuant
to any agreement, arrangement or understanding (whether or not in writing) (other than customary arrangements with and between underwriters
and selling group members with respect to a bona fide public offering of securities);

 

(iii)            which
are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person or
any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) (other
than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of
securities) for the purpose of acquiring, holding, voting or disposing of any securities of the Company; or

 

(iv)            that
are the subject of a derivative transaction entered into by such Person or any of such Person’s Affiliates or Associates,
including, for these purposes, any derivative security acquired by such Person or any of such Person’s Affiliates or
Associates that gives such Person or any of such Person’s Affiliates or Associates the economic equivalent of ownership of an
amount of securities due to the fact that the value of the derivative security is explicitly determined by reference to the price or
value of such securities, or that provides such Person or any of such Person’s Affiliates or Associates an opportunity,
directly or indirectly, to profit or to share in any profit derived from any change in the value of such securities, in any case
without regard to whether (A) such derivative security conveys any voting rights in such securities to such Person or any of
such Person’s Affiliates or Associates; (B) the derivative security is required to be, or capable of being, settled
through delivery of such securities; or (C) such Person or any of such Person’s Affiliates or Associates may have entered
into other transactions that hedge the economic effect of such derivative security;

 

    2

     

    

 

Notwithstanding the foregoing, no Person engaged
in business as an underwriter of securities shall be deemed the Beneficial Owner of any securities acquired through such Person’s
participation as an underwriter in good faith in a firm commitment underwriting.

 

(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. Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities unless
the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of directors, provided that a Change of Control
shall be deemed to have occurred if subsequent to such reduction such Person becomes the Beneficial Owner, directly or indirectly, of
any additional securities of the Company conferring upon such Person any additional voting power;

 

(ii)            Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(c)(i), 2(c)(iii) or
2(c)(iv)) 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 either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

(iii)            Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving or successor entity) more than
50% of the combined voting power of the voting securities of the surviving or successor entity outstanding immediately after such merger
or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving or
successor entity;

 

(iv)            Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale, lease, exchange
or other transfer by the Company, in one or a series of related transactions, of all or substantially all of the Company’s assets;
and

 

    3

     

    

 

(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 a response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of
1934, as amended, whether or not the Company is then subject to such reporting requirement.

 

(d)            “Corporate
Status” describes the status of a person as a current or former director of the Company or current or former director, manager,
partner, officer, employee, agent or trustee of any other Enterprise which such person is or was serving at the request of the Company.

 

(e)            “Enforcement
Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements
or expenses of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or an appeal
from such action. Expenses, however, shall not include fees, salaries, wages or benefits owed to Indemnitee.

 

(f)            “Enterprise”
shall mean any corporation (other than the Company), partnership, joint venture, trust, employee benefit plan, limited liability company,
or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, partner, officer, employee,
agent or trustee.

 

(g)            “Expenses”
shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding. Expenses, however, shall not
include amounts paid in settlement by Indemnitee, the amount of judgments or fines against Indemnitee or fees, salaries, wages or benefits
owed to Indemnitee.

 

(h)            “Independent
Counsel” means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in
matters of Delaware corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the
Company, any subsidiary of the Company, any Enterprise or Indemnitee in any matter material to any such party; or (ii) any other
party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel
against any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

    4

     

    

 

 

(i)            “Person”
shall mean (i) an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company,
a trust, a business trust, a government or political subdivision, any unincorporated organization, or any other association or
entity including any successor (by merger or otherwise) thereof or thereto, and (ii) a “group” as that term is used
for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 

(j)            The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in
the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory or investigative nature, and whether
formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or
was a director of the Company or is or was serving at the request of the Company as a director, manager, partner, officer, employee, agent
or trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action taken on his or her part while acting as
a director of the Company or while serving at the request of the Company as a director, manager, partner, officer, employee, agent or
trustee of any 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; provided, however, that
the term “Proceeding” shall not include any action, suit or arbitration, or part thereof, initiated by Indemnitee to enforce
Indemnitee’s rights under this Agreement as provided for in Section 12(a) of this Agreement.

 

Section 3.     Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee to the extent set forth in this Section 3 if Indemnitee is,
or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments,
fines, penalties, excise taxes, 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 Indemnitee
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.

 

Section 4.     Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee to the extent set forth in this
Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of
the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by Indemnitee or on his or her 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 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 the Delaware Court of Chancery (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 for such expenses as the Delaware Court shall deem proper.

 

    5

     

    

 

Section 5.     Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement and except as provided
in Section 7, to the extent that Indemnitee is a party to or a participant in any Proceeding and is successful in such Proceeding
or in defense of any claim, issue or matter therein, the Company shall indemnify 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 as to one
or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s 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 6.     Reimbursement
for Expenses of a Witness or in Response to a Subpoena. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee, by reason of his or her Corporate Status, (i) is a witness in any Proceeding to which Indemnitee is not a party and is
not threatened to be made a party or (ii) receives a subpoena with respect to any Proceeding to which Indemnitee is not a party and
is not threatened to be made a party, the Company shall reimburse Indemnitee for all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

Section 7.     Exclusions.
Notwithstanding any provision in this Agreement to the contrary, the Company shall not be obligated under this Agreement:

 

(a)            (a)     to
indemnify for amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee
has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise; provided that the foregoing
shall not apply to any personal or umbrella liability insurance maintained by Indemnitee;

 

(b)            to
indemnify for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law, or from the purchase or sale by Indemnitee of such securities in violation of Section 306 of the Sarbanes-Oxley
Act of 2002 (“SOX”);

 

(c)            to
indemnify with respect to any Proceeding, or part thereof, brought by Indemnitee against the Company, any legal entity which it
controls, any director or officer thereof or any third party, unless (i) the Board has consented to the initiation of such
Proceeding or part thereof and (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Company under applicable law; provided, however, that this Section 7(c) shall not apply to
(A) counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee or (B) any action
brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company in the suit for which indemnification or advancement is being
sought as described in Section 12; or

 

    6

     

    

 

(d)            to
provide any indemnification or advancement of expenses that is prohibited by applicable law (as such law exists at the time payment would
otherwise be required pursuant to this Agreement).

 

Section 8.     Advancement
of Expenses. Subject to Section 9(b), the Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding,
and such advancement shall be made within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances (including any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of
any privilege accorded by applicable law) 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 (i) ability to repay the expenses, (ii) ultimate
entitlement to indemnification under the other provisions of this Agreement, and (iii) entitlement to and availability of insurance
coverage, including advancement, payment or reimbursement of defense costs, expenses or covered loss under the provisions of any applicable
insurance policy (including, without limitation, whether such advancement, payment or reimbursement is withheld, conditioned or delayed
by the insurer(s)). Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement which shall
constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to repay the advance if and to the
extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee
is not entitled to be indemnified by the Company. No other form of undertaking shall be required. The right to advances under this paragraph
shall in all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section 8 shall
limit Indemnitee’s right to advancement pursuant to Section 12(e) of this Agreement.

 

Section 9.     Procedure
for Notification and Defense of Claim.

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor specifying the basis
for the claim, the amounts for which Indemnitee is seeking payment under this Agreement, and all documentation related thereto as reasonably
requested by the Company.

 

(b)            In
the event that the Company shall be obligated hereunder to provide indemnification for or make any advancement of Expenses with
respect to any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, or any claim, issue or matter
therein, with counsel approved by Indemnitee (which approval shall not be unreasonably withheld or delayed) upon the delivery to
Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of 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 separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Proceeding; provided
that (i) Indemnitee shall have the right to employ separate counsel in any such Proceeding at Indemnitee’s expense and
(ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company,
(B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in
the conduct of such defense, (C) the Company shall not continue to retain counsel to defend such Proceeding, or (D) a
Change in Control shall have occurred, then the fees and expenses actually and reasonably incurred by Indemnitee with respect to
Indemnitee’s separate counsel shall be Expenses hereunder.

 

    7

     

    

 

(c)            In
the event that the Company does not assume the defense in a Proceeding pursuant to paragraph (b) above, then the Company will be
entitled to participate in the Proceeding at its own expense.

 

(d)            The
Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected
without its prior written consent (which consent shall not be unreasonably withheld or delayed). Without limiting the generality of the
foregoing, the fact that an insurer under an applicable insurance policy delays or is unwilling to consent to such settlement or is or
may be in breach of its obligations under such policy, or the fact that directors’ and officers’ liability insurance is otherwise
unavailable or not maintained by the Company, may not be taken into account by the Company in determining whether to provide its consent.
The Company shall not, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed),
enter into any settlement which (i) includes an admission of fault of Indemnitee, any non-monetary remedy imposed on Indemnitee or
any monetary damages for which Indemnitee is not wholly and actually indemnified hereunder or (ii) with respect to any Proceeding
with respect to which Indemnitee may be or is made a party or may be otherwise entitled to seek indemnification hereunder, does not include
the full release of Indemnitee from all liability in respect of such Proceeding.

 

Section 10.     Procedure
Upon Application for Indemnification.

 

(a)            Upon
written request by Indemnitee for indemnification pursuant to Section 9(a), a determination, if such determination is required
by applicable law, with respect to Indemnitee’s entitlement to indemnification hereunder shall be made in the specific case by
one of the following methods: (x) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to
the Board; or (y) if a Change in Control shall not have occurred: (i) by a majority vote of the disinterested directors,
even though less than a quorum; (ii) by a committee of disinterested directors designated by a majority vote of the
disinterested directors, even though less than a quorum; or (iii) if there are no disinterested directors or if the
disinterested directors so direct, by Independent Counsel in a written opinion to the Board. For purposes hereof, disinterested
directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification
is sought. In the case that such determination is made by Independent Counsel, a copy of Independent Counsel’s written opinion
shall be delivered to Indemnitee and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within forty-five (45) days after such determination. Indemnitee shall cooperate with the Independent Counsel or the
Company, as applicable, in making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such counsel or the Company, 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. The Company shall likewise cooperate with Indemnitee and Independent Counsel, if applicable, in making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such counsel and Indemnitee,
upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to the Company and reasonably necessary to such determination. Any out-of-pocket costs or expenses
(including reasonable attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with
the Independent Counsel or the Company shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

    8

     

    

 

(b)            If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a), the Independent
Counsel shall be selected by the Board if a Change in Control shall not have occurred or, if a Change in Control shall have occurred,
by Indemnitee. Indemnitee or the Company, as the case may be, may, within ten (10) days after written notice of such selection, deliver
to the Company or 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
the Delaware Court has determined that such objection is without merit. If, within twenty (20) days after the later of (i) submission
by Indemnitee of a written request for indemnification pursuant to Section 9(a), and (ii) the final disposition of the Proceeding,
including any appeal therein, no Independent Counsel shall have been selected without objection, either Indemnitee or the Company may
petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee or the Company to the 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. The person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 10(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(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)            Notwithstanding
anything to the contrary contained in this Agreement, the determination of entitlement to indemnification under this Agreement shall
be made without regard to the Indemnitee’s entitlement to and availability of insurance coverage, including advancement,
payment or reimbursement of defense costs, expenses or covered loss under the provisions of any applicable insurance policy
(including, without limitation, whether such advancement, payment or reimbursement is withheld, conditioned or delayed by the
insurer(s)).

 

    9

     

    

 

Section 11.     Presumptions
and Effect of Certain Proceedings.

 

(a)            To
the extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder, it shall be
presumed that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof and the burden of persuasion
by clear and convincing evidence to overcome that presumption in connection with the making of any determination contrary to that presumption.

 

(b)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
guilty, 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.

 

(c)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s actions are based on good faith reliance on the records or books of
account of the Company or any other Enterprise, including financial statements, or on information supplied to Indemnitee by the directors,
officers, agents or employees of the Company or any other Enterprise in the course of their duties, or on the advice of legal counsel
for the Company or any other Enterprise or on information or records given or reports made to the Company or any other Enterprise by an
independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or any other Enterprise.
The provisions of this Section 11(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which
Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. In addition, the knowledge and/or
actions, or failure to act, of any director, manager, partner, officer, employee, agent or trustee of the Company, any subsidiary of the
Company, or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 11(c) are satisfied, it shall in any event be presumed that Indemnitee
has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

Section 12.     Remedies
of Indemnitee.

 

(a)            Subject
to Section 12(f), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to
Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 10(a) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification for
which a determination is to be made other than by Independent Counsel, (iv) payment of indemnification or reimbursement of
expenses is not made pursuant to Section 5 or 6 or the last sentence of Section 10(a) of this Agreement within
forty-five (45) days after receipt by the Company of a written request therefor (including any invoices received by Indemnitee,
which such invoices may be redacted as necessary to avoid the waiver of any privilege accorded by applicable law) or
(v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within forty-five (45) days after
a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication
by the Delaware Court of Indemnitee’s entitlement to such indemnification or advancement. 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. Indemnitee shall commence such proceeding seeking an adjudication or
an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 12(a); provided, however, that the foregoing time limitation shall not apply in respect
of a proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement. The Company shall not
oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    10

     

    

 

(b)            In
the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 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. In any
judicial proceeding or arbitration commenced pursuant to this Section 12, the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement, as the case may be.

 

(c)            If
a determination shall have been made pursuant to Section 10(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 12,
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 or arbitration commenced pursuant to this Section 12 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 any and all Enforcement Expenses and, if requested
by Indemnitee, shall (within forty-five (45) days after receipt by the Company of a written request therefor) advance, to the extent
not prohibited by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action
brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company in the suit for which indemnification or advancement is being
sought. Such written request for advancement shall include invoices received by Indemnitee in connection with such Enforcement
Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures
made that would cause Indemnitee to waive any privilege accorded by applicable law need not be included with the invoice.

 

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

 

Section 13.     Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)            The
rights of indemnification and to receive advancement 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 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 Delaware law, whether by statute or judicial
decision, permits greater indemnification or advancement than would be afforded currently under the Charter, Bylaws and this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
No 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)            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers,
partners, officers, employees, agents or trustees of the Company or of any other Enterprise, 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,
manager, partner, officer, employee, agent or trustee under such policy or policies. If, at the time of the receipt of a notice of a
claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give
prompt notice of such claim to the insurers in accordance with the procedures set forth in the respective policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts
payable as a result of such Proceeding in accordance with the terms of such policies. Upon request of Indemnitee, the Company shall
also promptly provide to Indemnitee: (i) copies of all of the Company’s potentially applicable directors’ and
officers’ liability insurance policies, (ii) copies of such notices delivered to the applicable insurers, and
(iii) copies of all subsequent communications and correspondence between the Company and such insurers regarding the
Proceeding.

 

(c)            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.

 

(d)            The
Company’s obligation to provide indemnification or advancement hereunder to Indemnitee who is or was serving at the request of the
Company as a director, manager, partner, officer, employee, agent or trustee of any other Enterprise shall be reduced by any amount Indemnitee
has actually received as indemnification or advancement from such other Enterprise.

 

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Section 14.     Duration
of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that
Indemnitee shall have ceased to serve as a director of the Company or (b) one (1) year after the final termination of any Proceeding,
including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of
any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. This Agreement shall be binding
upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and
administrators. 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.

 

Section 15.     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 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 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 16.     Enforcement.

 

(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 or continue to serve as a director of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director of the Company.

 

(b)            This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and applicable law, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 17.     Modification
and Waiver. No supplement, modification or amendment, or waiver of any provision, of this Agreement shall be binding unless executed
in writing by the parties thereto. 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. No supplement, modification or amendment of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action
taken or omitted by such Indemnitee prior to such supplement, modification or amendment.

 

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Section 18.     Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification, reimbursement
or advancement as provided hereunder. The failure of Indemnitee to so notify the Company or any delay in notification shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise, unless, and then only to the extent that,
the Company did not otherwise learn of the Proceeding and such delay is materially prejudicial to the Company’s ability to defend
such Proceeding or matter; and, provided, further, that notice will be deemed to have been given without any action on the part of Indemnitee
in the event the Company is a party to the same Proceeding.

 

Section 19.     Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed,
or (iii) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have
been directed:

 

(a)            If
to Indemnitee, at such address as Indemnitee shall provide to the Company.

 

(b)            If
to the Company to:

 

Gelesis Holdings, Inc.

501 Boylston Street, Suite 6102,

Boston, Massachusetts 02116

Attention: General Counsel

 

with a copy to: dabraham@gelesis.com

 

and

 

James T. Barrett, Esq.

Goodwin Procter LLP

100 Northern Avenue

Boston, Massachusetts 02210

Email: JBarrett@goodwinlaw.com

 

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

 

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Section 20.     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 Proceeding
in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits
received by the Company and Indemnitee in connection with 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 transactions.

 

Section 21.     Internal
Revenue Code Section 409A. The Company intends for this Agreement to comply with the Indemnification exception under Section 1.409A-1(b)(10) of
the regulations promulgated under the Internal Revenue Code of 1986, as amended (the “Code”), which provides that indemnification
of, or the purchase of an insurance policy providing for payments of, all or part of the expenses incurred or damages paid or payable
by Indemnitee with respect to a bona fide claim against Indemnitee or the Company do not provide for a deferral of compensation, subject
to Section 409A of the Code, where such claim is based on actions or failures to act by Indemnitee in Indemnitee’s capacity
as a service provider of the Company. The parties intend that this Agreement be interpreted and construed with such intent.

 

Section 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 12(a) of this Agreement, 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 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) consent to service of process at the
address set forth in Section 19 of this Agreement with the same legal force and validity as if served upon such party
personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in
the Delaware Court, and (v) 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 23.     Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

Section 24.     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.

 

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Section 25.     Monetary
Damages Insufficient/Specific Enforcement. The Company and Indemnitee agree that a monetary remedy for breach of this Agreement 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 enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without
any necessity of showing actual damage or irreparable harm (having agreed that actual and irreparable harm will result in not forcing
the Company to specifically perform its obligations pursuant to this Agreement) 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 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
the Court, and the Company hereby waives any such requirement of a bond or undertaking.

 

[Remainder of Page Intentionally Left Blank]

 

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

 

	 	Gelesis Holdings, Inc.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	 
	 	[Name of Indemnitee]

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