Document:

Exhibit 10.11

 

IRREVOCABLE PROXY AGREEMENT

 

This
Irrevocable Proxy Agreement (this “Agreement”) is made as of March 31,
2008 by and between Echo Global Logistics, Inc. (the “Representative”
or “Echo”) and Scott P. Pettit, an individual (“Pettit”).

 

WHEREAS,
Pettit has been employed as Chief Financial Officer of Echo;

 

WHEREAS,
Echo is terminating Pettit’s employment effective as of April 4, 2008 (the
“Effective Date”) in accordance with the terms of that certain
Confidential Separation Agreement dated as of March 31, 2008 by and
between Echo and Pettit;

 

WHEREAS, as of the Effective Date, Pettit will (i) be
the record and beneficial owner of 50,000 shares (the “Shares”) of
common stock, par value $0.0001 per share, of Echo (the “Common Stock”),
(ii) be the record and beneficial owner of vested options to purchase
50,000 shares of Common Stock at an exercise price of $4.40 per share (the “Vested
Options,” and together with the Shares, the “Owned Securities”), (iii) be
the record and beneficial owner of unvested options to purchase 30,000 shares
of Common Stock vesting on January 1, 2009 (the “Subject Options,”
and together with the Owned Securities and Vested Options, the “Subject
Securities”), subject to the terms and conditions of that certain
Confidential Separation Agreement dated as of the Effective Date between Pettit
and Echo, and (iv) own no other equity interests of Echo, whether directly
or indirectly, or of record or beneficially, and has no right to acquire any
other equity interests of Echo;

 

WHEREAS, Echo is
contemplating an initial public offering (the “Offering”) of its Common
Stock (the “Offering Shares”), which Offering Shares will be sold to a
group of underwriters for resale to the public;

 

WHEREAS, in
connection with the Offering, certain shares of Common Stock held by Echo
stockholders, including the Subject Securities held by Pettit, may be included
in the Offering;

 

WHEREAS, in
connection with the Offering, Pettit desires to grant to the Representative the
proxy granted pursuant hereto; and

 

WHEREAS,
Pettit and the Representative intend that the proxy granted pursuant hereto be
irrevocable during the term of this Agreement and that the powers and proxies
granted pursuant to this Agreement are given in connection with the proposed
Offering.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants herein
contained, and other consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.             Irrevocable Proxy.  Pettit hereby
irrevocably constitutes and appoints the Representative, from the Effective
Date until the Termination Date (as defined below), as his true and lawful
proxy, with full power of substitution, for and in his name, place and stead to
vote the Subject Securities, and any and all other equity interests in Echo held
by Pettit, whether directly or indirectly, beneficially or of record, now owned
or hereafter acquired, with respect to 

 

 

any and all matters subject to a vote of Echo stockholders, including,
without limitation (i) matters relating to, or arising in connection with,
the Offering, (ii) any amendment to the governing documents of Echo, (iii) the
adoption of any employee benefit plan by Echo and (iv) any recapitalization,
merger, purchase, sale, change of control, conversion of equity interests or
similar transaction proposed by Echo (the “Voting Matters”).  The foregoing proxy shall include the right
to sign Pettit’s name (as an Echo stockholder or option holder) to any agreement,
consent, certificate or other document relating to any and all Voting Matters
that the Representative deems necessary or appropriate, in its sole and
absolute discretion, to cause the Subject Securities to be voted in accordance
with the preceding sentence.  Pettit
hereby revokes all other proxies and powers of attorney with respect to the Subject
Securities that he may have appointed or granted.  Pettit hereby agrees not to give a subsequent
proxy or power of attorney (and if given, will not be effective) or enter into
any other voting agreement with respect to the Subject Securities.  The Representative shall be
entitled to exercise any and all voting and other consensual rights pertaining
to the Subject Securities or any part thereof for any purpose not inconsistent
with the terms of this Agreement.

 

THE PROXIES AND POWERS GRANTED BY PETTIT PURSUANT TO THIS AGREEMENT ARE
COUPLED WITH AN INTEREST AND ARE GIVEN TO SECURE THE PERFORMANCE OF PETTIT’S
OBLIGATIONS UNDER THIS AGREEMENT.

 

2.             Acknowledgements of Pettit
and the Representative.  Pettit acknowledges that the proxies and
powers granted herein to the Representative shall be exercised by the Chief
Executive Officer or Chief Financial Officer of the Representative, each of
whom shall have the right during the term of this Agreement to vote the Subject
Securities with respect to any and all Voting Matters.  The Representative acknowledges that the
proxies and powers granted to it herein shall not include the right to sell the
Subject Securities.

 

3.             Termination.  This Agreement shall terminate upon the closing of
the Offering (the “Termination Date”). 
This Agreement shall not be terminated by operation of law upon the
occurrence of any event, including, without limitation, the death or incapacity
of Pettit.

 

4.             Miscellaneous.

 

(a)           Governing Law.  This Agreement and all acts and transactions
pursuant hereto shall be governed, construed and interpreted in accordance with
the laws of the State of Delaware as they apply to contracts entered into and
wholly to be performed within such state by residents thereof.

 

(b)           Binding
Effect.  Except as otherwise provided
in this Agreement, every covenant, term and provision of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective heirs, legatees, legal representatives, successors, transferees and
assigns.

 

(c)           Entire
Agreement.  This Agreement contains
the complete and entire understanding and agreement of the parties with respect
to the subject matter hereof and 
supersedes all prior and contemporaneous understandings, conditions and
agreements, oral or written, express or implied, in connection with the subject
matter hereof.

 

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(d)           Severability.  Every provision of this Agreement is intended
to be severable.  If any term or
provision hereof is illegal or invalid for any reason whatsoever, such
illegality or invalidity shall not affect the validity or legality of the
remainder of this Agreement.

 

(e)           Further
Action.  Pettit agrees to perform all
further acts and execute, acknowledge and deliver any documents which may be
reasonably necessary, appropriate or desirable to carry out the provisions of
this Agreement.

 

(f)            Headings.  Section and other headings contained in
this Agreement are for reference purposes only and are not intended to
describe, interpret, define or limit the scope, extent or intent of this
Agreement or any provision hereof.

 

(g)           Amendment.  Except as
expressly provided herein, neither this Agreement nor any term hereof may be
amended, waived, discharged or terminated other than by a written instrument
referencing this Agreement and signed by each of the parties to this Agreement.

 

(h)           Counterparts.  This Agreement may be executed in any number
of counterparts, including counterparts transmitted by facsimile or electronic
transmission, each of which shall be an original as against any party whose
signature appears thereon and all of which together shall constitute one and
the same instrument.  This Agreement
shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected
hereon as signatories.

 

[signature page follows]

 

3

 

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

 

	
   

  	
  REPRESENTATIVE:

  
	
   

  	
   

  
	
   

  	
  ECHO GLOBAL LOGISTICS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas R. Waggoner

  
	
   

  	
  Name: 

  	
  Douglas R. Waggoner

  
	
   

  	
  Title: 

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PETTIT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Scott P. Pettit

  
	
   

  	
  Scott
  P. Pettit

  

 

[Signature Page to
Irrevocable Proxy Agreement]Exhibit
10.12

 

FORM OF INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of this         
day of                     ,
2009 by and between Echo Global Logistics, Inc., a Delaware corporation
(the “Company”), and the undersigned officer, director or employee of the
Company (“Indemnitee”).

 

WHEREAS, the Company and
Indemnitee recognize the increasing difficulty in obtaining directors’ and
officers’ liability insurance, the significant increases in the cost of such
insurance and the general reductions in the coverage of such insurance;

 

WHEREAS, the Company and
Indemnitee further recognize the substantial increase in corporate litigation
in general, subjecting officers, directors and employees to expensive
litigation risks at the same time as the availability and coverage of liability
insurance has been severely limited;

 

WHEREAS, the Company
desires to attract and retain the services of highly qualified individuals such
as Indemnitee to serve as officers, directors or employees of the Company and
to indemnify such officers, directors and employees so as to provide them with
the maximum protection permitted by law; and

 

WHEREAS, this Agreement
is being entered into as part of the Indemnitee’s total compensation for
serving as an officer, director or employee of the Company, as applicable.

 

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

 

1.  Indemnification.

 

(a)  Third Party
Proceedings.  The Company shall
indemnify Indemnitee if Indemnitee is or was a party or is threatened to be
made a party or otherwise involved (including involvement as a witness) to any
threatened, pending or completed action, suit, proceeding or any alternative
dispute resolution mechanism, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Company) by
reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company, by reason of any action or inaction on the part of
Indemnitee while a director, officer, employee or agent of the Company or by
reason of the fact that Indemnitee is or was serving at the request of the
Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, including service with
respect to an employee benefit plan, against all expenses (including attorneys’
fees), judgments, fines, ERISA excise taxes or penalties and amounts paid in
settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld) actually and reasonably incurred
or suffered by Indemnitee in connection with such action, suit or proceeding 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.  The termination of
any action, suit or proceeding by judgment, order, settlement or conviction, or
upon a plea of nolo  

 

 

contendere or its equivalent, shall not, of itself,
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 and, with respect to any criminal action or
proceeding, had reasonable cause to believe that Indemnitee’s conduct was
unlawful.

 

(b)  Proceedings
by or in the Right of the Company. 
The Company shall indemnify Indemnitee if Indemnitee was or is a party
or is threatened to be made a party or otherwise involved (including
involvement as a witness) to any threatened, pending or completed action or
suit by or in the right of the Company to procure a judgment in its favor by
reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company, by reason of any action or inaction on the part of
Indemnitee while a director, officer, employee or agent of the Company or by
reason of the fact that Indemnitee is or was serving at the request of the
Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, including service with
respect to an employee benefit plan, against all expenses (including attorneys’
fees) and, to the fullest extent permitted by law, amounts paid in settlement
actually and reasonably incurred or suffered by Indemnitee in connection with
the defense or settlement of such action or suit 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, except that no indemnification shall be made
in respect of any claim, issue or matter as to which Indemnitee shall have been
adjudged to be liable to the Company 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 expenses
which the Court of Chancery of the State of Delaware or such other court shall
deem proper.

 

(c)  Actions
where Indemnitee is Deceased.  If
Indemnitee was or is a party, or is threatened to be made a party, to any
proceeding by reason of the fact that he or she is or was a director, officer
or employee of the Company or by reason of anything done or not done by
Indemnitee in any such capacity, and prior to, during the pendency of, or after
completion of, such proceeding, Indemnitee shall die, then the Company shall
indemnify, defend and hold harmless the estate, heirs and legatees of
Indemnitee against any and all expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement (if such settlement is approved in advance
by the Company, which approval shall not be unreasonably withheld) actually and
reasonably incurred by such estate, heirs or legatees in connection with the
investigation, defense, settlement or appeal of such proceeding on the same
basis as provided for Indemnitee in subsections (a) and (b) of this Section 1.

 

(d)  Mandatory
Payment of Expenses.  To the extent
that Indemnitee has served as a witness on behalf of the Company or has been
successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in subsections (a) and (b) of this Section 1,
or in defense of any claim, issue or matter therein, Indemnitee shall be
indemnified against expenses (including attorneys’ fees) actually and
reasonably incurred by Indemnitee in connection therewith.

 

2.  Agreement to Serve.  In consideration of the protection afforded
by this Agreement, if Indemnitee is a director of the Company, he or she agrees
to serve at least for the six months 

 

2

 

after the
effective date of this Agreement as a director and not to resign voluntarily
during such period without the written consent of a majority of the Board of
Directors of the Company.  If Indemnitee
is an officer of the Company not serving under an employment contract, he or
she agrees to serve in such capacity at least for the balance of the current
fiscal year of the Company and not to resign voluntarily during such period
without the written consent of a majority of the Board of Directors of the
Company.  Following the applicable period
set forth above, Indemnitee agrees to continue to serve in such capacity at the
will of the Company (or under separate agreement, if such agreement exists) so
long as he or she is duly appointed or elected and qualified in accordance with
the applicable provisions of the Bylaws of the Company or until such time as he
or she tenders his or her resignation in writing.  Nothing contained in this Agreement is
intended to create in Indemnitee any right to continued employment.

 

3.  Expenses; Indemnification Procedure.

 

(a)  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 action,
suit or proceeding referenced in Section 1(a) or (b) (but not
amounts actually paid in settlement of any such action, suit or
proceeding).  Indemnitee hereby
undertakes to repay such amounts advanced (without interest) 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 twenty (20) days following delivery of
a written request therefor by Indemnitee to the Company.  Such request shall reasonably evidence the
expenses and costs incurred by the Indemnitee in connection therewith.  The Company’s obligation to provide an
advancement of expenses is subject to the following conditions: (a) if the
proceeding arose in connection with Indemnitee’s service as a director or officer,
as applicable, then the Indemnitee or his or her representative shall have
executed and delivered to the Company an undertaking, which need not be secured
and shall be accepted without reference to Indemnitee’s financial ability to
make repayment, by or on behalf of Indemnitee to repay all advances if and to
the extent that it shall ultimately be determined by a final, unappealable
decision rendered by a court having jurisdiction over the parties and the
question that Indemnitee is not entitled to be indemnified for such advances
under this Agreement or otherwise; (b) Indemnitee shall give the Company
such information and cooperation as it may reasonably request and as shall be
within Indemnitee’s power; and (c) Indemnitee shall furnish, upon request
by the Company and if required under applicable law, a written affirmation of
Indemnitee’s good faith belief that any applicable standards of conduct have
been met by Indemnitee.  Indemnitee’s
entitlement to such advances shall include those incurred in connection with
any proceeding by Indemnitee seeking an adjudication pursuant to this
Agreement.

 

(b)  Notice/Cooperation
by Indemnitee.  Indemnitee shall, as
a condition precedent to his or her right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any
claim made against Indemnitee for which indemnification will or could be sought
under this Agreement.   Notice to the
Company shall be directed to the Chief Financial Officer of the Company at the
address shown on the signature page of this Agreement (or such other
address as the Company shall designate in writing to Indemnitee).  Notice shall be deemed received three (3) business
days after the date postmarked if sent by domestic certified or registered mail,
properly addressed; or five (5) business days if sent by 

 

3

 

airmail from a
country outside of North America; otherwise notice shall be deemed received
when such notice shall actually be received by the Company.  In addition, Indemnitee shall give the
Company such information and cooperation as it may reasonably require and as
shall be within Indemnitee’s power.

 

(c)  Procedure.  Any indemnification and advances provided for
in Section 1 and this Section 3 shall be made no later than
forty-five (45) days (or, in the case of an advance of expenses, twenty (20)
days) after receipt of the written request of Indemnitee.  If the Company fails to respond within sixty
(60) days of a written request for indemnification, the Company shall be deemed
to have approved the request.  If a claim
under this Agreement, under any statute or under any provision of the Company’s
Certificate of Incorporation or Bylaws providing for indemnification is not
paid in full by the Company within forty-five (45) days (or, in the case of an
advance of expenses, twenty (20) days) after a written request for payment
thereof has first been received by the Company, Indemnitee may, but need not,
at anytime thereafter, bring an action against the Company to recover the
unpaid amount of the claim and, subject to Section 14 of this Agreement,
Indemnitee shall also be entitled to be paid for the expenses (including
attorneys’ fees) of bringing such action. 
It shall be a defense to any such action (other than an action brought
to enforce a claim for expenses incurred in connection with any action, suit or
proceeding in advance of its final disposition) that Indemnitee has not met the
standards of conduct which make it permissible under applicable law for the
Company to indemnify Indemnitee for the amount claimed.  However, Indemnitee shall be entitled to
receive interim payments of expenses pursuant to Section 3(a) unless
and until such defense may be finally adjudicated by court order or judgment
from which no further right of appeal exists. 
It is the parties’ intention that if the Company contests Indemnitee’s
right to indemnification the question of Indemnitee’s right to indemnification
shall be for the court to decide, and neither the failure of the Company
(including its Board of Directors, any committee or subgroup of the Board of
Directors, independent legal counsel or its stockholders) to have made a
determination that indemnification of Indemnitee is proper in the circumstances
because Indemnitee has met the applicable standard of conduct required by
applicable law, nor an actual determination by the Company (including its Board
of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel or its stockholders) that Indemnitee has not met such applicable
standard of conduct, shall create a presumption that Indemnitee has or has not
met the applicable standard of conduct.

 

(d)  Notice to
Insurers.  If, at the time of the
receipt of a notice of a claim pursuant to Section 3(b), the Company has
directors and officers liability insurance in effect, the Company shall give
prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

(e)  Selection of
Counsel.  In the event the Company
shall be obligated under Section 3(a) to advance the expenses of any
proceeding against Indemnitee, the Company, if appropriate, shall be entitled
to assume the defense of such proceeding, with counsel approved by Indemnitee,
upon the delivery to Indemnitee of written notice of its election and approval
of counsel by Indemnitee, which approval shall not be unreasonably
withheld.  After the delivery of such
notice, approval of such counsel by Indemnitee and retention of such counsel by
the 

 

4

 

Company, the
Company shall not be liable to Indemnitee under this Agreement for any fees of
counsel subsequently incurred by Indemnitee with respect to the same
proceeding, except as provided below. 
The Indemnitee shall have the right to employ his or her own counsel in
any such proceeding at Indemnitee’s expense unless: (i) the employment of
counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee
shall have reasonably concluded that there may be a material conflict of
interest between the Company and Indemnitee in the conduct of any such defense
or (iii) the Company shall not, in fact, have employed counsel to assume
the defense of such proceeding, in each of which case the fees and expenses of
Indemnitee’s counsel shall be at the expense of the Company.

 

4.  Additional Indemnification Rights;
Nonexclusivity.

 

(a)  Scope.  Notwithstanding any other provision of this
Agreement, the Company hereby agrees to indemnify Indemnitee to the fullest
extent permitted by law, notwithstanding that such indemnification is not
specifically authorized by the other provisions of this Agreement, by the
Company’s Certificate of Incorporation or 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 or employee of the Company, such changes shall be, ipso facto,
within the purview of Indemnitee’s rights and the 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 or employee of the Company, 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.

 

(b)  Nonexclusivity.  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 or Bylaws, any
agreement, any vote of stockholders or disinterested directors, the General
Corporation Law of the State of Delaware (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 or she may have ceased to serve in such capacity at the time of any
action, suit or other covered proceeding.

 

5.  Partial Indemnification.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
the expenses, judgments, fines or penalties actually or reasonably incurred by
him or her in the investigation, defense, appeal or settlement of any civil or
criminal action, suit or proceeding, but not, however, for the total amount
thereof, the Company shall nevertheless indemnify Indemnitee for the portion of
such actual and reasonable expenses, judgments, fines or penalties to which
Indemnitee is entitled.

 

6.  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, officers and employees under this
Agreement or otherwise.  

 

5

 

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.

 

7.  Directors and Officers Liability Insurance.

 

(a) 
The Company shall obtain and maintain a policy or policies of insurance (“D&O
Liability Insurance”) with reputable insurance companies providing
liability insurance for directors and officers of the Company in their
capacities as such (and for any capacity in which any director or officer of
the Company serves any other person or entity at the request of the Company),
in respect of acts or omissions occurring while serving in such capacity, on
terms with respect to coverage and amount (including with respect to the
payment of expenses) no less favorable than those of such policy in effect on
the date hereof except for any changes approved by the Board of Directors of
the Company.

 

(b) Indemnitee
shall be covered by the Company’s D&O Liability Insurance policies as in
effect from time to time in accordance with the applicable terms to the maximum
extent of the coverage available for any other director or officer under such
policies. The Company shall, promptly after receiving notice of a proceeding as
to which Indemnitee is a party or a participant (as a witness or otherwise),
give notice of such proceeding to the insurers under the Company’s D&O
Liability Insurance policies in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or
desirable actions to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such proceeding in accordance with the terms of
such policies. The failure or refusal of any such insurer to pay any such
amount shall not affect or impair the obligations of the Company under this
Agreement.

 

(c) Upon
request by Indemnitee, the Company shall provide to Indemnitee copies of the
D&O Liability Insurance policies as in effect from time to time. The
Company shall promptly notify Indemnitee of any material changes in such
insurance coverage.

 

8.  Presumptions and Burdens of
Proof; Effect of Certain Proceedings.

 

(a) 
In making any determination as to Indemnitee’s entitlement to indemnification
hereunder, Indemnitee shall be entitled to a presumption that he is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for
indemnification in accordance with Section 3(c), and the Company shall
have the burdens of coming forward with evidence and of persuasion to overcome
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 nolo contendere or
its equivalent, shall not of itself create a presumption (i) 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, (ii) that
with respect to any criminal proceeding, Indemnitee had reasonable cause to
believe that his or her conduct was unlawful or (iii) that Indemnitee did
not otherwise satisfy the applicable standard of conduct to be indemnified
pursuant to this Agreement.

 

6

 

(c) 
For purposes of any determination of good faith, Indemnitee shall be deemed to
have acted in good faith if Indemnitee’s action is based on the records or
books of account of the Company or other person or entity, as applicable,
including financial statements, or on information supplied to Indemnitee by the
officers of such person or entity in the course of their duties, or on the
advice of legal counsel for such entity or on information or records given or
reports made to such entity by an independent certified public accountant,
appraiser or other expert selected with reasonable care by such entity.  The provisions of this Section 8(c) shall
not be deemed to be exclusive or to limit in any way other circumstances in
which Indemnitee may be deemed or found to have met the applicable standard of
conduct to be indemnified pursuant to this Agreement.

 

(d) 
The knowledge or actions or failure to act of any other director, officer,
employee or agent of the Company or other person or entity, as applicable,
shall not be imputed to Indemnitee for purposes of determining Indemnitee’s
right to indemnification under this Agreement.

 

9.             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 9.  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 fullest 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.

 

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

 

(a)           Claims Initiated by Indemnitee.  To indemnify or advance expenses to
Indemnitee with respect to proceedings or claims initiated or brought
voluntarily by Indemnitee and not by way of defense, 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 its Board of Directors has approved
the initiation or bringing of such suit; or

 

(b)           Lack of Good Faith.  To indemnify Indemnitee for any expenses
incurred by 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 Indemnitee in such
proceeding was not made in good faith or was frivolous; or

 

(c)           Insured 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 

 

7

 

insurance
carrier under a policy of directors and officers liability insurance maintained
by the Company;

 

(d)           Claims under Section 16(b).  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

 

(e)           Non-compete and Non-disclosure.  To indemnify Indemnitee for expenses or
liabilities with respect to proceedings or claims involving the enforcement of
non-compete and/or non-disclosure agreements or the non-compete and/or
non-disclosure provisions of employment, consulting or similar agreements the
Indemnitee may be a party to with the Company.

 

11.  Construction of Certain Terms and Phrases.

 

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

 

(b)  For purposes of
this Agreement, references to “other enterprises” shall include employee
benefit plans; and 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 or its participants
or beneficiaries; and if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have
acted in a manner “not opposed to the best interests of the Company” as
referred to in this Agreement.

 

12.  Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

 

13.  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.  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 

 

8

 

in the same manner
and to the same extent that the Company would be required to perform if no such
succession had taken place.

 

14.  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 was not made in good faith or was 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 reasonable 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 was made not in good faith or was frivolous.

 

15.  Notice.  Except as provided in Section 3(b), 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.

 

16.  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.

 

17.  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.

 

18.  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 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.

 

19.  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.

 

9

 

20.  Retroactivity.  This Agreement shall be deemed to have been
in effect during all periods that Indemnitee was a director, officer or
employee of the Company, regardless of the date of this Agreement.

 

21.  Amendment and Termination.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in a writing
signed by both of the parties hereto.  No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar), nor shall
such waiver constitute a continuing waiver.

 

22.  Integration and Entire Agreement.  Subject to the provisions of Section 4,
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.

 

[signature page follows]

 

10

 

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

 

	
   

  	
  ECHO GLOBAL LOGISTICS,
  INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for notice:

  
	
   

  	
   

  
	
   

  	
  600 West Chicago Avenue, Suite 725

  Chicago, Illinois 60654

  

 

 

	
  AGREED TO AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  INDEMNITEE:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Address for notice:

  	
   

  
	
  [                            ]

  	
   

  
	
  [                            ]

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