Document:

Exhibit 10.2(b)

 

STOCKHOLDERS’ AGREEMENT
JOINDER

 

Virgin Investments
Limited, a company limited by shares under the laws of the British Virgin Islands (“VIL”), and Fifteenth Investment
Company LLC, a limited liability company established under the laws of the Emirate of Abu Dhabi (“Fifteenth”),
are executing and delivering this joinder (this “Joinder”) pursuant to the Stockholders’ Agreement, dated
as of December 29, 2021 (as the same may hereafter be amended, the “Stockholders’ Agreement”), among Virgin
Orbit Holdings, Inc., a Delaware corporation (the “Company”), and the other persons named as parties therein.
Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Stockholders’ Agreement.

 

By executing
and delivering this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, (i)
VIL hereby agrees to become a party to, to be bound by, and to comply with the Stockholders’ Agreement as the VO Holder and as a
Voting Party in the same manner as if VIL were an original signatory to the Stockholders’ Agreement and (ii) Fifteenth hereby agrees
to become a party to, to be bound by, and to comply with the Stockholders’ Agreement as a Voting Party in the same manner as if
Fifteenth were an original signatory to the Stockholders’ Agreement. The parties hereby agree that (i) any reference to the VO Holder
in the Stockholders’ Agreement after the date hereof shall be to VIL as memorialized by this Joinder and (ii) any references to
Voting Party in the Stockholders’ Agreement after the date hereof shall include VIL and Fifteenth as memorialized by this Joinder.

 

Pursuant to
that certain Transaction Support and Liquidation Agreement, effective as of July 2, 2021 (the “Letter Agreement”),
by and among Vieco 10 Limited, VIL and Aabar Space Inc. (“ASI”), so long as ASI continues to own at least 7.5%
of the outstanding shares of Common Stock of the Company, VIL will assign to ASI the right to nominate one VO Designee for election to
the Board. Pursuant to section 5(f) of the Letter Agreement, ASI has assigned its rights under the Letter Agreement to Fifteenth. Accordingly,
the parties hereby agree that, so long as (i) VIL has the right to designate at least one VO Designee for election to the Board under
the terms of the Stockholders’ Agreement and (ii) Fifteenth continues to own at least 7.5% of the outstanding shares of Common Stock
of the Company, Fifteenth shall have the right to nominate one VO Designee for election to the Board pursuant to the terms of the Stockholders’
Agreement.

 

[Signature Pages Follow]

 

     

     

    

 

Accordingly, the undersigned has executed
and delivered this Joinder as of the 29th day of December, 2021

 

	 	Virgin Investments Limited
	 	 	 
	 	By: 	/s/ James Cahillane
	 	Name:	James Cahillane
	 	 Its:	Authorized Signatory

 

	 	Address:
	 	 
	 	Virgin Investments Limited

        Craigmuir
Chambers

	 	PO Box 71
	 	Road Town,Tortola, VG 1110 

        British Virgin Islands

	 	 
	 	with copy to:
	 	Virgin Management USA, Inc. 

        65 Bleecker Street, 6th Floor

        New York, NY 10012

 

[Signature
page to Joinder]

 

     

     

    

 

Accordingly, the undersigned has executed
and delivered this Joinder as of the 29th day of December, 2021.

 

	 	Virgin Investments Limited
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Its:	 

 

	 	Address:
	 	 
	 	Virgin Investments Limited

                                                                          Craigmuir Chambers

	 	PO Box 71
	 	Road Town, Tortola, VG 1110

                                                                          British Virgin Islands

	 	 
	 	with copy to:
	 	Virgin Management USA, Inc.

                                                                          65 Bleecker Street, 6th Floor

                                                                          New York, NY 10012

 

	 	Fifteenth Investment Company LLC
	 	 	 
	 	By:	/s/ Andre Namphy
	 	Name:	Andre Namphy
	 	Its: 	Authorised Signatory

 

	 	Address:
	 	 
	 	Fifteenth Investment Company LLC

                                                     Mamoura A, Muroor Street, Abu Dhabi

                                                     United Arab Emirates, PO Box 45005

	 	 
	 	Attention: Andre Namphy

 

[Signature
page to Joinder]

 

     

     

    

 

Agreed and Accepted as of

December 29th, 2021

 

	Virgin Orbit Holdings, Inc.	 
	 	 	 
	By:	/s/ Dan Hart	 
	Name:	Dan Hart	 
	Its:	Chief Executive Officer	 

 

[Signature
page to Joinder]Exhibit 10.5

 

Virgin Orbit Holdings, Inc.

 

Indemnification and Advancement Agreement

 

This Indemnification and Advancement Agreement
(“Agreement”) is made as of  December 29, 2021, by and between Virgin Orbit Holdings, Inc., a Delaware corporation
(the “Company”) (f/k/a NextGen Acquisition Corp. II, a Cayman Islands exempted company limited by shares prior to its
domestication as a Delaware corporation), and [NAME], a member of the Board of Directors or an officer of the Company (“Indemnitee”).
This Agreement supersedes and replaces any and all agreements between the Indemnitee and the Company, entered into prior to the Company’s
domestication as a Delaware corporation, to the extent covering the indemnification of such Indemnitee as a member of the Board of Directors
or an officer of the Company.

 

RECITALS

 

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

 

WHEREAS, the Board has determined that, in order
to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability
insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance
has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes
that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with
more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have
been brought only against the Company or business enterprise itself. The Bylaws of the Company (the “Bylaws”) and Certificate
of Incorporation of the Company (the “Certificate of Incorporation”) require indemnification of the officers and directors
of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the
“DGCL”). The Bylaws, Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the
board of directors, officers and other persons with respect to indemnification and advancement of expenses;

 

WHEREAS, the uncertainties relating to such insurance,
to indemnification and to advancement of expenses may increase the difficulty of attracting and retaining such persons;

 

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

 

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

 

WHEREAS, this Agreement is a supplement to and
in furtherance of the Bylaws, Certificate of Incorporation and any resolutions adopted pursuant thereto, and is not a substitute therefor,
nor diminishes or abrogates any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee does not regard the protection
available under the Bylaws, Certificate of Incorporation, DGCL and insurance as adequate in the present circumstances, and may not be
willing to serve or continue to serve as an officer or director without adequate additional protection, and the Company desires Indemnitee
to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for
or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

 

     

     

    

 

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

 

Section 1. Services to the Company. Indemnitee
agrees or has agreed to serve as a director or officer of the Company. Indemnitee may at any time and for any reason resign from such
position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not create any
obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its
subsidiaries or any Enterprise) and Indemnitee.

 

Section 2. Definitions. As used in this
Agreement:

 

(a) “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

(b) “Agent”
means any person who is or was a director, officer or employee of the Company or an Enterprise or other person authorized by the Company
or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.

 

(c) A “Change
in Control” occurs upon the earliest to occur after the later of (i) the Closing and (ii) the date of this Agreement of any
of the following events:

 

i. Acquisition
of Stock by Third Party. Any Person (as defined below) other than a Designated Person, is or becomes the Beneficial Owner (as defined
below), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of
the Company’s then outstanding securities unless the change in relative beneficial ownership of the Company’s securities by
any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the
election of directors;

 

ii. Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person
who has entered into an agreement with the Company to effect a transaction described in Sections 2(c)(i), 2(c)(iii) or 2(c)(iv))
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved, (the “Initial Board”) cease for any reason to constitute at least a majority of the members
of the Board (a “Board Change”); provided, however, that no change to the composition of the Initial Board shall
be considered for the purposes of determining whether a Board Change has occurred to the extent such change resulted from a designation
made in accordance with the Stockholders’ Agreement dated December 29, 2021 by and among the Company, Vieco 10 Limited, a company
limited by shares under the laws of the British Virgin Islands (“Vieco 10”) and the other parties thereto, as may be
amended from time to time;

 

iii. Corporate
Transactions. The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one
or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all
or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition
of assets or stock of another entity, in each case other than a transaction: (1) which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting
securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly
or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company
or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of
the Successor Entity’s outstanding voting securities immediately after the transaction, and (2) after which no person or group beneficially
owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however,
that no person or group shall be treated for purposes of this clause (2) as beneficially owning 50% or more of the combined voting power
of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

 

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iv. 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

 

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

 

vi. For
purposes of this Section 2(c), the following terms have the following meanings:

 

		1	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

		2	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person
excludes (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.

 

		3	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial
Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the
Company with another entity.

 

(d) “Closing”
means the closing of the transactions contemplated by the Agreement and Plan of Merger, dated August 22, 2021, by and among Vieco
10, Pulsar Merger Sub, Inc., and Vieco USA, Inc.

 

(e) “Corporate
Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary, or Agent of the Company
or an Enterprise.

 

(f) “Designated
Person” means Vieco 10, Aabar Space Inc. (“Aabar”) and Virgin Investments Limited (“Virgin Investments”),
and any of their respective Affiliates and Related Parties.

 

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

 

(h) “Enterprise”
means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which
Indemnitee is or was serving at the request of the Company as a director, officer, employee, fiduciary or Agent.

 

(i) “Expenses”
shall be broadly construed and shall include, without limitation, all reasonable costs, disbursements or expenses incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a deponent or witness in, or otherwise
participating in, a Proceeding (including all reasonable attorneys’ fees, retainers, court costs, mediation fees, transcript costs,
fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt
of any payments under this Agreement and ERISA excise taxes and penalties). 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, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred
by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation
or otherwise. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

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(j) “finally
adjudged” or “final adjudication” means determined by a final (not interlocutory) judgment or other adjudication
of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or
the time within which an appeal must be filed has expired without such filing (and from which there is no further right of appeal).

 

(k) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements); or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” does not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel, regardless of the
manner in which such Independent Counsel was selected.

 

(l) “Potential
Change in Control” means the occurrence of any of the following events: (i) the Company enters into any written or oral agreement,
undertaking or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any Person or the Company
publicly announces an intention to take or consider taking actions which if consummated would constitute a Change in Control; (iii) any
Person who becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing five percent (5%) or more of
the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors increases
his beneficial ownership of such securities by five percent (5%) or more over the percentage so owned by such Person on the date hereof;
or (iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

 

(m) “Proceeding”
shall be broadly construed and mean any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, or
investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee
(or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s
Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification,
reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee
believes in good faith may lead to or culminate in the institution of a Proceeding.

 

(n) “Related
Party” means, with respect to any Person, (a) any controlling stockholder, controlling member, general partner, subsidiary,
spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation, partnership or other
entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more of Vieco 10, Aabar or Virgin Investments,
and each of their respective Affiliates (other than the Company and its subsidiaries) and Related Parties and/or such other Persons referred
to in the immediately preceding clause (a), or (c) any executor, administrator, trustee, manager, director or other similar fiduciary
of any Person referred to in the immediately preceding clause (b), acting solely in such capacity.

 

Section 3. Indemnity in Third-Party Proceedings.
The Company will hold harmless and indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or
is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to
procure a judgment in its favor. Pursuant to this Section 3, the Company will hold harmless and indemnify Indemnitee to the fullest
extent permitted by applicable law against all loss and liability suffered, Expenses, judgments, fines and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines
and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such
Proceeding or any claim, issue or matter therein if (a) such 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 (b) in the case of a criminal Proceeding, such Indemnitee had no reasonable
cause to believe that Indemnitee’s conduct was unlawful.

 

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Section 4. Indemnity in Proceedings by or
in the Right of the Company. The Company will hold harmless and indemnify Indemnitee in accordance with the provisions of this Section 4
if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure
a judgment in its favor. Pursuant to this Section 4, the Company will hold harmless and indemnify Indemnitee to the fullest extent
permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, if applicable law so provides, the Company
will not hold harmless and indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding
for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the Court
of Chancery of the State of Delaware or any court in which the Proceeding was brought determines that such indemnification may be made.

 

Section 5. Indemnification for Expenses of
a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted
by applicable law, the Company will hold harmless and indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with any Proceeding in which Indemnitee is successful, on the merits or otherwise. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company will hold harmless and indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter
to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue
or matter.

 

Section 6. Indemnification For Expenses of
a Witness. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by the DGCL, the Company will
hold harmless and indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee, by reason of Indemnitee’s Corporate
Status, is a witness, deponent, interviewee, or otherwise asked to participate.

 

Section 7. Partial Indemnification. If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but
not, however, for the total amount thereof, the Company will hold harmless and indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled.

 

Section 8. Additional Indemnification.
Notwithstanding any limitation in Sections 3, 4, or 5, the Company will hold harmless and hold harmless and indemnify Indemnitee
against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf to the fullest extent permitted by applicable law (including but not limited to, the DGCL and any amendments
to or replacements of the DGCL adopted after the date of this Agreement that expand the Company’s ability to hold harmless and indemnify
its officers and directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by
or in the right of the Company to procure a judgment in its favor), including, without limitation, all liability arising out of the negligence
or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this
Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally adjudged (subject to the
presumptions, set forth in Section 13) to be unlawful.

 

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Section 9. Exclusions. Notwithstanding
any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payment to Indemnitee in
connection with any Proceeding:

 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to
the extent provided in Section 16(b), and except with respect to any excess beyond the amount paid under any insurance policy or
other indemnity provision; or

 

(b) for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(c) hereof) or similar provisions of state statutory
law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act
(including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee
of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the
Board, if any, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D
of the Exchange Act; or

 

(c) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights
to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14
of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

Section 10. Advances of Expenses.

 

(a) The
Company will advance, to the fullest extent permitted by the DGCL, but subject to the terms of this Agreement, all Expenses incurred by
Indemnitee or on behalf of Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or
any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s
rights to obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant
to Section 14 or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation. The Company will
advance the Expenses within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances from
time to time, whether prior to or after final disposition of any Proceeding.

 

(b) Advances
will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution
of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution of this Agreement. The
Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement.

 

Section 11. Procedure for Notification of
Claim for Indemnification or Advancement.

 

(a) Indemnitee
will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include
in the written notification to the Company a description of the nature of the Proceeding and the allegations underlying the Proceeding
and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether
and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee’s failure
to so notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay
or defect in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of
the Company will, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification or advancement.

 

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(b) The
Company will be entitled to participate in the Proceeding at its own expense, provided, that the Company will not be entitled to assume
the defense of such Proceedings on Indemnitee’s behalf without Indemnitee’s prior written consent.

 

(c) The
Company will not settle any Proceeding (in whole or in part) if such settlement would attribute to Indemnitee any admission of liability
or impose any Expense, judgment, liability, fine, penalty or obligation or limitation on Indemnitee without Indemnitee’s prior written
consent, which shall not be unreasonably withheld.

 

Section 12. Procedure Upon Application for
Indemnification.

 

(a) Unless
a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:

 

i. by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

 

ii. by
a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of
the Board;

 

iii. if
there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel
selected by the Board; or

 

iv. if
so directed by the Board, by the stockholders of the Company.

 

(b) If a
Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written opinion
provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board).

 

(c) The
party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of
the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent
Counsel, deliver to the selecting party a written objection to such selection; provided, however, that such objection may
be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection will set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or
the Court of Chancery of the State of Delaware Court has determined that such objection is without merit. If, within thirty (30) days
after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final
disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection has not been resolved, either
the Company or Indemnitee may petition the Court of Chancery of the State of Delaware for the appointment as Independent Counsel of a
person selected by such court or by such other person as such court designates. Upon the due commencement of any judicial proceeding or
arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(d) Indemnitee
will 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 which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification
determination irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee
is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and
providing a copy of any written opinion provided to the Board by Independent Counsel.

 

    7 

     

    

 

(e) If it
is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within ten (10) days after such
determination.

 

Section 13. Presumptions and Effect of Certain
Proceedings.

 

(a) It is
the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and
public policy of the State of Delaware. In making a determination with respect to entitlement to indemnification hereunder, the person
or persons or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification
under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement,
and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption by clear and
convincing evidence. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination
prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(b) If the
determination of the Indemnitee’s entitlement to indemnification has not been made pursuant to Section 12 within sixty (60)
days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and
(ii) the final disposition of the Proceeding for which Indemnitee requested Indemnification (the “Determination Period”),
the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been
made and Indemnitee will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not
to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification
in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and
provided, further, the Determination Period may be extended an additional fifteen (15) days if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement.

 

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

 

(d) For
purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on the records
or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied to
Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, or on the advice
of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the Company
or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected with reasonable
care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee will be
deemed to have acted in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement. Whether
or not the foregoing provisions of this Section 13(d) are satisfied, it shall in any event be presumed that Indemnitee has at all
times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
The provisions of this Section 13(d) is not exclusive and does not limit in any way the other circumstances in which the Indemnitee
may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

    8 

     

    

 

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

 

(f) The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner
other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment
of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit
or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

Section 14. Remedies of Indemnitee.

 

(a) Indemnitee
may commence litigation against the Company in the Court of Chancery of the State of Delaware to obtain indemnification or advancement
of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not timely advance Expenses pursuant to Section 10
of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement
within the Determination Period, (iv) the Company does not hold harmless and indemnify Indemnitee pursuant to Section 5 or 6 or the
second to last sentence of Section 12(d) of this Agreement within ten (10) days after receipt by the Company of a written request
therefor, (v) the Company does not hold harmless and indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within
ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company
or any other person 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, the Indemnitee the benefits provided or intended to be provided to
the Indemnitee hereunder. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by
a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee must commence such
Proceeding seeking an adjudication or an award in arbitration within one hundred eighty (180) days following the date on which Indemnitee
first has the right to commence such Proceeding pursuant to this Section 14(a); provided, however, that the foregoing
clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 5 of this
Agreement. The Company will not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b) If a
determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration,
on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be and will not introduce evidence of the determination made pursuant to Section 12 of this
Agreement.

 

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

 

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

 

    9 

     

    

 

(e) It is
the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses
associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or to recover under any directors’
and officers’ liability insurance policy by litigation or otherwise because the cost and expense thereof would substantially detract
from the benefits intended to be extended to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within
ten (10) days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee
in connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the
Company, or concerning any directors’ and officers’ liability insurance policies maintained by the Company and will hold harmless
and indemnify Indemnitee against any and all such Expenses, regardless of whether Indemnitee is ultimately determined to be entitled to
such indemnification, unless the court determines that each of the Indemnitee’s claims in such Proceeding were made in bad faith
or were frivolous.

 

Section 15. Establishment of Trust.

 

(a) In the
event of a Potential Change in Control or a Change in Control, the Company will, upon written request by Indemnitee, create a trust for
the benefit of Indemnitee (the “Trust”) and from time to time upon written request of Indemnitee will fund such Trust
in an amount sufficient to satisfy the reasonably anticipated indemnification and advancement obligations of the Company to the Indemnitee
in connection with any Proceeding for which Indemnitee has demanded indemnification and/or advancement prior to the Potential Change in
Control or Change in Control (the “Funding Obligation”). The trustee of the Trust (the “Trustee”)
will be a bank or trust company or other individual or entity chosen by the Indemnitee and reasonably acceptable to the Company. Nothing
in this Section 15 relieves the Company of any of its obligations under this Agreement.

 

(b) The
amount or amounts to be deposited in the Trust pursuant to the Funding Obligation will be determined by mutual agreement of the Indemnitee
and the Company or, if the Company and the Indemnitee are unable to reach such an agreement, by Independent Counsel selected in accordance
with Section 12(b) of this Agreement. The terms of the Trust will provide that, except upon the consent of both the Indemnitee and
the Company, upon a Change in Control: (i) the Trust may not be revoked, or the principal thereof invaded, without the written consent
of the Indemnitee; (ii) the Trustee will advance Expenses, to the fullest extent permitted by applicable law, within two (2) business
days of a request by the Indemnitee; (iii) the Company will continue to fund the Trust in accordance with the Funding Obligation; (iv)
the Trustee will promptly pay to the Indemnitee all amounts for which the Indemnitee is entitled to indemnification pursuant to this Agreement
or otherwise; and (v) all unexpended funds in such Trust revert to the Company upon mutual agreement by the Indemnitee and the Company
or, if the Indemnitee and the Company are unable to reach such an agreement, by Independent Counsel selected in accordance with Section 12(b)
of this Agreement, that the Indemnitee has been fully indemnified under the terms of this Agreement. The terms of the Trust shall provide
that New York law (without regard to its conflicts of laws rules) will govern the Trust and the Trustee will consent to the exclusive
jurisdiction of Court of Chancery of the State of Delaware, in accordance with Section 25 of this Agreement.

 

Section 16. Non-exclusivity; Survival of
Rights; Insurance; Subrogation.

 

(a) The
indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution
of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted
by any amendment, alteration or repeal of the Certificate of Incorporation, the Bylaws or this Agreement in any way with respect to any
action taken or omitted by Indemnitee in Indemnitee’s Corporate Status occurring prior to any such amendment, alteration or repeal
of this Agreement. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification
or advancement of Expenses than would be afforded currently under the Bylaws, Certificate of Incorporation, or this Agreement, it is the
intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

 

    10 

     

    

 

(b) The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided
by one or more Persons with whom or which Indemnitee may be associated (including, without limitation, any Designated Person).

 

i. The
Company hereby acknowledges and agrees:

 

1) the Company
is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement
concerning any Proceeding arising from or related to Indemnitee’s Corporate Status with the Company;

 

2) the Company
is primarily liable for all indemnification and advancement of Expenses obligations for any Proceeding arising from or related to Indemnitee’s
Corporate Status, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise;

 

3) any obligation
of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any Designated Person) to hold harmless
and indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s
obligations;

 

4) the Company
will hold harmless and indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without
regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including any Designated
Person) or insurer of any such Person; and

 

ii. the
Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated (including,
without limitation, any Designated Person) from any claim of contribution, subrogation, reimbursement, exoneration or indemnification,
or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement and (B) any right
to participate in any claim or remedy of Indemnitee against any Designated Person(or former Designated Person), whether or not such claim,
remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive
from any Designated Person(or former Designated Person), directly or indirectly, in cash or other property or by set-off or in any other
manner, payment or security on account of such claim, remedy or right.

 

iii. In
the event any other Person with whom or which Indemnitee may be associated (including, without limitation, any Designated Person) or their
insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its
insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement, and the Company
shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including
the execution of such documents as may be necessary to enable such payor to bring suit to enforce such rights. The Company and the undersigned
agree that such payor shall be a third-party beneficiary with respect to this Section 16(b)(iii), entitled to enforce this Section 16(b)(iii)
as though such payor was a party to this Agreement. In no event will payment by any other Person with whom or which Indemnitee may be
associated (including, without limitation, any Designated Person) or their insurers affect the obligations of the Company hereunder or
shift primary liability for the Company’s obligation to hold harmless and indemnify or advance Expenses to any other Person with
whom or which Indemnitee may be associated (including, without limitation, any Designated Person).

 

iv. Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated (including, without
limitation, any Designated Person) is specifically in excess over the Company’s obligation to hold harmless and indemnify and advance
Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions
insurance) provided by the Company.

 

    11 

     

    

 

(c) To the
extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or
Agents of the Enterprise, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available
for any such director, officer, employee or Agent under such policy or policies, including coverage in the event the Company does not
or cannot, for any reason, hold harmless and indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time
of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect,
the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance
with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of
such policies. Indemnitee agrees to make reasonable efforts to assist the Company’s efforts to cause the insurers to pay such amounts.

 

(d) The
Company has not entered into as of the date hereof, and following the date hereof shall not enter into, any indemnification agreement
or similar arrangement, or amend any existing agreement or arrangement, with any existing or future director or officer of the Company
that has the effect of establishing rights of indemnification and contribution benefiting such director or officer in a manner more favorable
in any respect than the rights of indemnification and contribution established in favor of the Indemnitee by this Agreement, unless, in
each such case, the Indemnitee is offered the opportunity to receive the rights of indemnification and contribution of such agreement
or arrangement. All such agreements and arrangements shall be in writing.

 

Section 17. Duration of Agreement. This
Agreement and the obligations of the Company hereunder continues until and terminates upon the later of: (a) ten (10) years after the
date that Indemnitee ceases to serve as a director or officer of the Company or (b) one (1) year after the final adjudication or final
termination by settlement of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The
indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and shall be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be
a director, officer, employee or Agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s
spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. The Company shall require and shall cause
any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) of all or substantially all of the business
or assets of the Company to, by written agreement, expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place.

 

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

 

Section 19. Interpretation. Any ambiguity
in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement
of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for
indemnification in excess of that expressly provided, without limitation, by the Bylaws, Certificate of Incorporation, vote of the Company
stockholders or disinterested directors, or applicable law.

 

    12 

     

    

 

Section 20. Enforcement.

 

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

 

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

 

Section 21. Modification and Waiver.
No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto. No waiver of any
of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver
constitute a continuing waiver.

 

Section 22. Notice by Indemnitee. Indemnitee
agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder.
The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee
under this Agreement or otherwise.

 

Section 23. Notices. All notices, requests,
demands and other communications under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by
hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic
mail, with receipt of oral confirmation that such communication has been received:

 

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

 

(b) If to
the Company to:

 

Virgin Orbit Holdings, Inc.

4022 E. Conant St.

Long Beach, California 90808

Attention: Chief Legal Officer

E-mail:                     

 

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

 

Section 24. Contribution.

 

(a) Whether
or not the indemnification provided in Sections 3, 4 or 8 hereof is available, in respect of any Proceeding in which the Company
is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire
amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby
waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any
Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides
for a full and final release of all claims asserted against Indemnitee.

 

    13 

     

    

 

(b) Without
diminishing or impairing the obligations of the Company set forth in Section 24(a), if, for any reason, Indemnitee shall elect or
be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid
in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the
Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit
or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to
conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the
Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and
Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as
well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all
officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the
degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary
or secondary and the degree to which their conduct is active or passive.

 

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

 

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

 

Section 25. Applicable Law and Consent to
Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee
pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or Proceeding arising out of or in connection with this Agreement may be brought only in the Court of Chancery of the State of
Delaware and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware for purposes of any action or Proceeding arising
out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the
Court of Chancery of the State of Delaware, and (iv) waive, and agree not to plead or to make, any claim that any such action or Proceeding
brought in the Court of Chancery of the State of Delaware has been brought in an improper or inconvenient forum.

 

Section 26. Identical Counterparts. This
Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which
together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement.

 

Section 27. Headings. The headings of
this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof.

 

[Signature Page Follows]

 

    14 

     

    

 

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

 

	VIRGIN ORBIT HOLDINGS, INC.	 	INDEMNITEE
	 	 	 
	By:	          	 	 
	Name:	 	 	Name:	             
	Office:	 	 	Address:

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