Document:

EXHIBIT 10.1

 

US ECOLOGY, INC.

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made as of this __ day of __________, 2014, by and between US ECOLOGY,
INC., a Delaware corporation (the “Company”), and [insert name of indemnitee] (“Indemnitee”).

 

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, Indemnitee
and other directors, officers, employees, agents and fiduciaries of the Company may not be willing to continue to serve in such
capacities without additional protection;

 

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

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s certificate of incorporation
and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall
this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder.

 

NOW, THEREFORE,
in consideration for Indemnitee’s services as an officer and/or director of the Company, the Company and Indemnitee hereby
agree as follows:

 

1.Definitions.
For purposes of this Section 1.1, the following terms shall have the following meanings:

 

1.1A “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:

 

(a)Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the Company’s
then outstanding securities;

 

(b)Change in
Board Composition. During any period of two consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Company’s board of directors, and any new directors (other
than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
Sections 1.1(a), 1.1(c) or 1.1(d)) whose election by the board of directors 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 Company’s board of directors;

 

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c)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 entity)
more than 50% of the combined voting power of the voting securities of the surviving 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 entity;

 

(d)Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

(e)Other Events.
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
in 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.

 

1.2“Person”
shall have the meaning as set forth in Sections 3, 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended;
provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee or
other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

1.3“Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended; provided, however, that “Beneficial Owner” shall exclude any Person otherwise becoming
a Beneficial Owner by reason of (i) the stockholders of the Company approving a merger of the Company with another entity
or (ii) the Company’s board of directors approving a sale of securities by the Company to such Person.

 

1.4“Corporate
Status” describes the status of a person who is or was a director, trustee, general partner, managing member, officer,
employee, agent or fiduciary of the Company or any subsidiary of the Company or of any other Enterprise.

 

1.5“DGCL”
means the General Corporation Law of the State of Delaware.

 

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

 

1.7“Enterprise”
means the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary.

 

1.8“Expenses”
include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include
(i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium,
security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for
purposes of Section 7.2, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies maintained
by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee.

 

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1.9“Independent
Counsel” means a law firm, or a partner or member of a law firm, that is experienced in matters of corporation law
and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any
matter material to either such party (other than as Independent Counsel with respect to matters concerning Indemnitee under this
Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to or participant in 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.

 

1.10“Proceeding”
means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, including any appeal therefrom and including without limitation any such Proceeding
pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party
witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any
action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company,
or (iii) the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary of the Company, any subsidiary of the Company or any other Enterprise, in
each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification or
advancement of expenses can be provided under this Agreement.

 

1.11Reference
to “other enterprises” shall include employee benefit plans; references to “fines”
shall include any excise taxes assessed on a person 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.

 

2.Indemnification.

 

2.1Third Party
Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2.1 if Indemnitee
is or was a party 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) against all Expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by Indemnitee 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, with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful
(collectively, “Indemnifiable Amounts”).

 

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2.2Proceedings
By or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section
2.2 if Indemnitee was or is a party or is threatened to be made a party to or a participant in any Proceeding by or in the
right of the Company, any subsidiary of the Company or any other Enterprise to procure a judgment in its favor against all Indemnifiable
Amounts, except that no indemnification shall be made under this Section 2.2 in respect of any claim, issue or matter as
to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, any subsidiary of
the Company or any other Enterprise unless and only to the extent that the Court of Chancery of the State of Delaware or the court
in which such action or suit was brought 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 indemnity for such Indemnifiable Amounts
which the Court of Chancery of the State of Delaware or such other court shall deem proper.

 

2.3Payment of
Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee is a party to or a participant in and is successful (on the merits or
otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent
permitted by applicable law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
in defense of 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 (a) each
successfully resolved claim, issue or matter and (b) any claim, issue or matter related to any such successfully resolved
claim, issuer or matter.  For purposes of this Section 2.3, 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.

 

2.4Payment of
Expenses of a Witness. 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, Indemnitee shall be indemnified to the extent permitted by applicable law against all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

3.Advancement
of Expenses. The Company shall advance all Expenses incurred by Indemnitee in connection with the investigation, defense,
settlement or appeal of any civil or criminal Proceeding referenced in Section 2.1, 2.2 or 2.3 hereof (but
not amounts actually paid in settlement of any such Proceeding). Indemnitee hereby undertakes to repay such amounts advanced only
if, and to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company
as authorized hereby. The advances to be made hereunder shall be paid by the Company to Indemnitee within thirty (30) days following
delivery of a written request therefor by Indemnitee to the Company (which shall include invoices received by Indemnitee in connection
with such 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 shall not be included with the
invoice). Advances shall be unsecured and interest free and shall be made without regard to Indemnitee’s ability to repay
such advances. This Section 3 shall not apply to the extent advancement is prohibited by law and shall not apply to any
Proceeding for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding referenced in Section
13.4 or 13.5 prior to a determination that Indemnitee is not entitled to be indemnified by the Company.

 

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4.Procedures for Notification
and Defense of Claim.

 

4.1Notification.
To obtain indemnification or the advancement of Expenses, Indemnitee shall submit to the Company, as soon as reasonably practicable
following the receipt by Indemnitee of notice thereof, a written request, including therein or therewith, in reasonable detail,
a description of the nature of the Proceeding and the facts underlying the Proceeding, as well as such documentation and information
as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled
to indemnification (which information may be supplemented during and following the final disposition of the Proceeding). The Company
shall, as soon as reasonably practicable after receipt of such notice, advise the board of directors that Indemnitee has requested
indemnification.  Subject to Section 4.5, the failure by Indemnitee to notify the Company will not relieve the Company from
any liability which it may have to Indemnitee hereunder or otherwise, and any delay in so notifying the Company shall not constitute
a waiver by Indemnitee of any rights, except to the extent such failure is prejudicial to the Company.

 

4.2Insurance.
If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’
liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance
with the procedures set forth in the applicable policies. The Company shall thereafter take all commercially-reasonable 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.

 

4.3Defense.
With respect to any Proceeding, the Company shall be entitled to participate in the Proceeding at its own expense and, to the extent
the Company so desires, it may assume or lead the defense thereof with counsel reasonably satisfactory to Indemnitee; provided,
in the event that (i) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the
Company in the defense of such Proceeding, (ii) after a Change of Control (other than a Change in Control approved by a majority
of the board of directors who were directors immediately prior to such Change in Control), the employment of counsel by Indemnitee
has been approved by Independent Counsel or (iii) the Company shall not in fact have employed counsel to assume the defense of
such Proceeding, Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local
counsel in respect of any particular claim) and the reasonable and documented fees and expenses of such separate counsel shall
be at the expense of the Company; provided further, that the Company shall not be entitled to assume the defense in any Proceeding
brought by or on behalf of the Company. After notice from the Company to Indemnitee of its election to assume the defense of any
Proceeding, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred
by Indemnitee in connection with the defense of such Proceeding other than reasonable costs of investigation or as otherwise provided
below. Indemnitee shall have the right to employ legal counsel in such Proceeding, but all Expenses related thereto incurred after
notice from the Company of its assumption of the defense thereof shall be at Indemnitee’s expense. In any Proceeding in which
the Company’s participates, Indemnitee agrees to consult with the Company and to consider in good faith the advisability
and appropriateness of joint representation in the event that either the Company or other indemnitees in addition to Indemnitee
require representation in connection with any Proceeding. The Company shall not be liable to indemnify Indemnitee under this Agreement
with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate
in the defense of such action; provided, that the Company’s liability hereunder shall not be excused if participation in
the Proceeding by the Company was barred by this Agreement.

 

4.4Cooperation
of Indemnitee. Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may
be reasonably appropriate.

 

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4.5Limitation
on Settlements by Indemnitee. Indemnitee shall not settle any Proceeding (or any part thereof) without the Company’s
prior written consent, which shall not be unreasonably withheld.

 

4.6Limitation
on Settlements by Company. The Company shall not settle any Proceeding (or any part thereof) in any manner that would impose
any penalty or limitation on Indemnitee without Indemnitee’s prior written consent, which shall not be unreasonably withheld.

 

5.Procedures Upon Application
for Indemnification.

 

5.1Determination
of Entitlement to Indemnification. Upon written request by Indemnitee for indemnification pursuant to Section 4.1,
a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case (i) if a Change
in Control shall have occurred, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of
which shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred, at the discretion of the board
of directors, either (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s
board of directors, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested Directors
or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s board of directors,
a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of directors, by the stockholders
of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within
ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees
and disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company, to the extent permitted by applicable law.

 

5.2Selection of
Independent Counsel. In the event the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 5.1, the Independent Counsel shall be selected as provided in this Section 5.2. If
a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Company’s board of directors,
and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.
If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request
that such selection be made by the Company’s board of directors, in which event the preceding sentence shall apply), and
Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either
event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall
have been given, 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 1.9 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 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 4.1 hereof and (ii) the final disposition of the Proceeding, the parties have not agreed
upon an Independent Counsel, 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
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 5.1 hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 7.1 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).

 

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5.3Payment of
Fees and Expenses. The Company agrees to pay the reasonable fees and expenses of any Independent Counsel 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.

 

6.Presumptions
and Effect of Certain Proceedings.

 

6.1Presumption
and Burden of Proof in Favor of Indemnitee. In making a determination with respect to entitlement to indemnification hereunder,
the person, 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 4.1 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 such person, persons or entity of any determination contrary
to that presumption. Without limiting the foregoing, neither (i) the failure of the Company, its board of directors, any committee
or subgroup of the board of directors, Independent Counsel or stockholders to have made a determination that indemnification
of Indemnitee is permitted under the circumstances nor (ii) an actual determination by the Company, its board of directors,
any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has or has not met the applicable
standard of conduct or is not entitled to indemnification or the advancement of Expenses. In the event that a determination shall
have been made pursuant to Section 5 of this Agreement that Indemnitee is not entitled to indemnification (or in the
event that no determination has been made as described in clause (i) above), any judicial proceeding or arbitration commenced pursuant
to Section 7.1 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
Section 7.1, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

6.2Effect of Certain
Proceedings. 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.

 

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6.3Reliance by
Indemnitee. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to
the extent Indemnitee relied in good faith on (i) the records or books of account of the Enterprise, including financial statements,
(ii) information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, (iii) the advice
of legal counsel for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or
(iv) information or records given or reports made to the Enterprise by an independent certified public accountant, an appraiser,
investment banker or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of
the board of directors. The provisions of this Section 6.3 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.

 

6.4No Imputed
Knowledge. Neither the knowledge or actions of, nor the failure to act by, any other director, officer, agent or employee of
the Enterprise shall be imputed to Indemnitee for purposes of determining the Indemnitee’s right to indemnification under
this Agreement.

 

7.Remedies of Indemnitee.

 

7.1Adjudication
and Arbitration Rights. Subject to Section 7.4, in the event that (i) a determination is made pursuant to
Section 5 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made pursuant to Section 3 or 7.3 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 5 of this Agreement within 90 days after
the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment
of indemnification pursuant to this Agreement is not made (A) within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 2.3, 2.4
and 7.3 of this Agreement, within thirty (30) days after receipt by the Company of a written request therefor, or (v) the
Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or
institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided
or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent
jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his
or her option, may seek an award in arbitration with respect to his or her entitlement to such indemnification or advancement of
Expenses, 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 one year
following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7.1;
provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce
his or her rights under Section 2.3 of this Agreement. The Company shall not oppose Indemnitee’s right to seek
any such adjudication or an award in arbitration in accordance with this Agreement.

  

7.2No Assertion
of Invalidity of Agreement. To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any
judicial proceeding or arbitration commenced pursuant to this Section 7 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to Section 5 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 7, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statements not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

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7.3Indemnification
of Expenses In Actions Brought By Indemnitee. To the extent not prohibited by law, the Company shall indemnify Indemnitee against
all Expenses that are incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or advancement
of Expenses from the Company under this Agreement, the Company’s certificate of incorporation or bylaws, or applicable law,
(ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, or (iii) the
enforcement of this Agreement, in each case, to the extent Indemnitee is successful in such action, and, if requested by Indemnitee,
shall (as soon as reasonably practicable, but in any event no later than sixty (60) days, after receipt by the Company of a written
request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section 8.

 

7.4Final Disposition
of Proceeding. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification
shall be required to be made prior to the final disposition of the Proceeding.

 

8.Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for
Expenses, judgments, fines or amounts paid or to be paid in settlement, 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 events and transactions
giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers,
employees and agents) in connection with such events and transactions.

 

9.Additional
Indemnification Rights; Nonexclusivity.

 

9.1Scope.
Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest extent
permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement,
the Company’s certificate of incorporation, the Company’s bylaws or by statute. In the event of any change, after the
date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify
a member of its board of directors or an officer, such changes shall be, ipso facto, within the purview of Indemnitee’s
rights and Company’s obligations, under this Agreement. In the event of any change in any applicable law, statute or rule
which narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer, such changes,
to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this
Agreement or the parties’ rights and obligations hereunder.

 

9.2Nonexclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled
under the Company’s certificate of incorporation, its bylaws, any agreement, any vote of stockholders or Disinterested Directors,
the DGCL, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding
such office. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken
while serving in an indemnified capacity even though he may have ceased to serve in such capacity at the time of any action, suit
or other covered proceeding.

 

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10.Mutual
Acknowledgement. Both the Company and Indemnitee acknowledge that in certain instances, federal law or applicable public
policy may prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands
and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities and Exchange
Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s
right under public policy to indemnify Indemnitee.

 

11.Officer
and Director Liability Insurance. The Company shall, from time to time, make the good faith determination whether or not
it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing
the officers and directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance
of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining
such insurance coverage against the protection afforded by such coverage. In all policies of director and officer liability insurance,
Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded
to the most favorably insured of the Company’s directors, if Indemnitee is a director; or of the Company’s officers,
if Indemnitee is not a director of the Company but is an officer. Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if
the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such
insurance is limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained
by a subsidiary or parent of the Company.

 

12.Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section
12. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then
the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that
shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its
terms.

 

13.Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

13.1Claims Initiated
by Indemnitee. Subject to Section 7.3, to indemnify or advance Expenses to Indemnitee with respect to any Proceeding
(or any part of any Proceeding) or claims initiated or brought voluntarily by Indemnitee and not by way of defense, against the
Company or its directors, officers, employees, agents or other indemnitees, except with respect to Proceedings brought to establish
or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145
of the DGCL, but such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board
of Directors has approved the initiation or bringing of such suit; or

 

13.2Lack of Good
Faith. To indemnify Indemnitee for any Expenses incurred by the Indemnitee with respect to any Proceeding instituted by Indemnitee
to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made
by the Indemnitee in such Proceeding was not made in good faith or was frivolous; or

 

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13.3Insured Claims.
To indemnify Indemnitee for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA
excise taxes or penalties, and amounts paid in settlement) which have been paid directly to Indemnitee by an insurance carrier
under a policy of officers’ and directors’ liability insurance maintained by the Company, except in respect of any
excess expenses or liabilities beyond the amount of payments under such insurance; or

 

13.4Claims Under
Section 16(b). If applicable, to indemnify Indemnitee for expenses and the payment of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar
successor statute; or

 

13.5Violation
of Law. To indemnify Indemnitee (i) if a final decision by a court having jurisdiction in the matter shall determine that such
indemnification is not lawful or (ii) with respect to any remuneration paid to Indemnitee if it shall be determined by a final
judgment or other final adjudication that such remuneration was in violation of law; or

 

13.6Other Claims.
If applicable, to indemnify Indemnitee for 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 Securities Exchange Act of 1934, as amended (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), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); or

 

13.7Proceedings
by or in the Right of the Company. With respect to any Proceeding by or in the right of the Company, any subsidiary of the
Company or any other Enterprise, to indemnify Indemnitee for (i) acts or omissions that involve intentional misconduct or a knowing
and culpable violation of law by Indemnitee, (ii) acts or omissions that Indemnitee believed to be opposed to the best interests
of the Company or that involved an absence of good faith on the part of Indemnitee, (iii) any transaction from which Indemnitee
derived an improper personal benefit, or (iv) acts or omissions that show a reckless disregard for Indemnitee’s duty to the
Company or its shareholders under the circumstances.

 

14.Counterparts;
Execution. This Agreement may be executed in one or more counterparts, each of which shall constitute an original. Any
counterpart of this Agreement may be delivered by facsimile transmission, with the same force and legal effect as delivery of an
originally signed copy hereof.

 

15.Successors
and Assigns. This Agreement shall be binding upon the Company and its successors and assigns, and shall inure to the benefit
of Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. Without limiting the generality of the foregoing,
this Agreement shall be binding upon any direct or indirect successor of the Company by purchase, merger or otherwise to all or
substantially all of the business or assets of the Company.

 

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16.Attorneys’
Fees. In the event that any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the
terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees,
incurred by Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction determines
that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith or were frivolous.
In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’ fees,
incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made
in such action), unless as a part of such action the court determines that each of Indemnitee’s material defenses to such
action were made in bad faith or were frivolous.

 

17.Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given
(i) if delivered by hand and receipted for by the party addressee, on the date of such receipt, or (ii) if mailed by domestic certified
or registered mail with postage prepaid, on the third business day after the date postmarked. Addresses for notice to either party
are as shown on the signature page of this Agreement, or as subsequently modified by written notice.

 

18.Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State
of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree
that any action instituted under this Agreement shall be brought only in the state courts of the State of Delaware.

 

19.Choice
of Law. This Agreement shall be governed by and its provisions construed in accordance with the laws of the State of Delaware,
as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware without regard to
the conflict of law principles thereof.

 

20.Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration
of two (2) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however,
that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

21.Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights.

 

22.Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it
is in writing signed by both the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any
right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status
prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

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23.Integration
and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes and
merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof
between the parties hereto; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s
certificate of incorporation and bylaws and applicable law.

 

24.Services
of Indemnitee. In consideration of the Company’s covenants and commitments hereunder, Indemnitee agrees to continue
to serve as a director and/or officer of the Company. However, this Agreement shall not impose any obligation on Indemnitee or
the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements
or commitments of the parties, if any.

 

25.Representations
and Warranties of the Company. The Company hereby represents and warrants to Indemnitee that (a) the Company has all necessary
power and authority to enter into, and be bound by the terms of, this Agreement, and the execution and delivery and performance
of the undertakings contemplated by this Agreement have been duly authorized by the Company and (b) this Agreement, when executed
and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally.

 

26.No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any
claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment under any insurance policy, provision
of the Company’s certificate of incorporation or bylaws, or otherwise of the amounts otherwise indemnifiable hereunder; provided,
in each case, that Indemnitee is not required to reimburse the amount of such payment at a later date. The Company’s obligation
to indemnify or advance Expenses hereunder as a result of Indemnitee’s Corporate Status with an entity other than the Company
shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such other entity.

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

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

 

	 	US ECOLOGY, INC.
	 	 
	 	 
	 	 
	 	By: 
	 	Print Name: 
	 	Title: 

 

AGREED TO AND ACCEPTED: 

 

INDEMNITEE: 

 

	 	 
	Signature	 
	 	 
	 	 
	Print Name	 
	 	 
	 	 
	Title	 

 

 

	Address: 	 	 
	 	 	 
	 	 	 

 

 

    	14Exhibit 10.1

 

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