Document:

Exhibit
10.12

 

NTN
BUZZTIME, INC.

INDEMNIFICATION AGREEMENT

 

This
Indemnity Agreement (this “Agreement”) is made as of the ____day of________, 20__, by and between NTN Buzztime,
Inc., a Delaware corporation (the “Corporation”), and ____________________ (“Indemnitee”),
a director and/or officer of the Corporation.

 

A.
The Corporation and the Indemnitee recognize that the interpretation of statutes, regulations, court opinions and the Corporation’s
certificate of incorporation and bylaws is too uncertain to provide the Corporation’s officers and directors with adequate
guidance with respect to the legal risks and potential liabilities to which they may become personally exposed as a result of
performing their duties in good faith for the Corporation.

 

B.
Section 145 of the Delaware General Corporation Law, which sets forth certain provisions relating to the mandatory and permissive
indemnification of officers and directors (among others) of a Delaware corporation by such corporation, is specifically not exclusive
of other rights to which those indemnified thereunder may be entitled under any bylaw, agreement, vote of stockholders or disinterested
directors, or otherwise.

 

C.
In order to induce capable persons such as the Indemnitee to serve or continue to serve as officers or directors of the Corporation
and to enable them to perform their duties to the Corporation secure in the knowledge that certain expenses and liabilities that
may be incurred by them will be borne by the Corporation, and in order to provide such protection pursuant to express contract
rights (intended to be enforceable irrespective of, among other things, any amendment to the Corporation’s certificate of
incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the board
of directors of the Corporation (the “Board”) or any change in control or business combination transaction
relating to the Corporation), the Corporation has determined, after due consideration and investigation of the terms and provisions
of this Agreement and the various other options available to the Corporation and the Indemnitee in lieu of this Agreement, that
this Agreement is in the best interests of the Corporation and its stockholders.

 

D.
The Corporation desires to have the Indemnitee serve or continue to serve as an officer or director of the Corporation, and the
Indemnitee desires to serve or continue to serve as an officer or director of the Corporation provided, and on the express condition,
that Indemnitee is furnished with the indemnity set forth below.

 

NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to continue to provide services to the Corporation,
the parties agree as follows:

 

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

 

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

 

(i)
any Person (other than a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or an
entity owned directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their ownership
of stock of the Corporation) is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Corporation representing 30% or more of the then outstanding Voting Securities; provided, however,
that for purposes of this clause (i), no Change of Control will be deemed to have occurred (a) as a result of any acquisition
directly from the Company or (b) if the change in relative beneficial ownership of the Corporation’s securities by any Person
results solely from a reduction in the aggregate number of outstanding Voting Securities;

 

(ii)
the consummation of a reorganization, merger or consolidation (unless immediately following such transaction, all of the beneficial
owners of the Voting Securities immediately prior to such transaction beneficially own, directly or indirectly, more than 50%
of the combined voting power of the outstanding securities of the entity resulting from such transaction that vote generally in
the election of directors of such entity);

 

    	 	 	 

     

    

 

(iii)
during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who
at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board
or nomination for election by the Corporation’s stockholders was approved by a vote of at least a majority of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved) cease for any reason to constitute at least a majority of the Board; or

 

(iv)
the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or an agreement for
the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets.

 

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

 

“Expenses”
means any and all actual and reasonable expenses, including, without limitation, attorneys’ and experts’ fees, court
costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other actual and
reasonable costs and expenses (i) incurred in connection with investigating, defending, being a witness in or participating in
(including on appeal), or preparing to defend, be a witness or participate in, any Proceeding, and (ii) incurred in connection
with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating
to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For purposes of Section 5 only, as used in that section,
the term “Expenses” also includes any Expenses incurred by Indemnitee in connection with the interpretation, enforcement
or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Notwithstanding anything to the contrary
herein, however, the term “Expenses” does not include amounts paid in settlement by Indemnitee or the amount of judgments
or fines against Indemnitee.

 

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

 

“Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Corporation or any subsidiary of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee, member, manager, trustee or agent of
any other corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization
or enterprise, or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity
at the time any Loss is incurred for which indemnification can be provided under this Agreement).

 

“Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in corporate law and neither presently performs,
nor in the five years immediately prior to the date of determination has performed, services for either: (i) the Corporation or
Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar
agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s rights under this Agreement
may not be an Independent Counsel.

 

“Losses”
means any and all Expenses and any and all actual damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal
or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state,
local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other
actual and reasonable charges paid or payable in connection with investigating, defending, being a witness in or participating
in (including on appeal), or preparing to defend, be a witness or participate in, any Proceeding.

 

    	 	2	 

    	 

    

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

“Proceeding”
means: (i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether
civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law;
or (ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action,
suit, proceeding or alternative dispute resolution mechanism.

 

“Voting
Securities” means any securities of the Corporation that vote generally in the election of directors.

 

2.
Services to the Corporation. Indemnitee agrees to continue to serve as a director or officer of the Corporation for so
long as Indemnitee is duly elected or appointed or until Indemnitee tenders his/her resignation or is no longer serving in such
capacity. This Agreement shall not be deemed an employment agreement between the Corporation (or any of its subsidiaries) and
Indemnitee. Indemnitee specifically acknowledges that if Indemnitee is employed by the Corporation, such employment is at will
and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in
any written employment agreement between Indemnitee and the Corporation, other applicable formal severance policies duly adopted
by the Board or, with respect to service as a director or officer of the Corporation, by the Constituent Documents or the laws
of the State of Delaware.

 

3.
Advancement of Expenses.

 

(a)
Indemnitee shall have the right to advancement by the Corporation, prior to the final disposition of any Proceeding by final adjudication
to which there are no further rights of appeal, of any and all Expenses paid or incurred by Indemnitee in connection with any
Proceeding arising out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction
of any standard of conduct as contemplated by Section 8(b).

 

(b)
Within 10 business days after any request by Indemnitee for the advancement of Expenses, the Corporation shall, in accordance
with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay
such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for the advancement of Expenses,
Indemnitee shall provide reasonable evidence of the Expenses incurred by Indemnitee; provided, however, Indemnitee shall not be
required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize
attorney-client privilege.

 

(c)
The Execution and delivery to the Corporation of this Agreement by Indemnitee constitutes an undertaking by the Indemnitee to
repay any amounts paid, advanced or reimbursed by the Company pursuant to this Section 4 in respect of Expenses relating to, arising
out of or resulting from any Proceeding in respect of which it shall be determined, pursuant to Section 8, following the final
disposition of such Proceeding, that Indemnitee is not entitled to indemnification hereunder. No other form of undertaking shall
be required other than the execution of this Agreement. Indemnitee’s obligation to reimburse the Corporation for the advancement
of any Expenses shall be unsecured and no interest shall be charged thereon.

 

4.
Indemnification. Subject to Sections 8 and 9, to the fullest extent permitted by law, including the laws of the State of
Delaware in effect on the date hereof (or as such laws may from time to time hereafter be amended to increase the scope of such
permitted indemnification), the Corporation shall indemnify Indemnitee against any and all Losses if Indemnitee was or is or becomes
a party to or participant in, or is threatened to be made a party to or participant in, any Proceeding by reason of or arising
in part out of an Indemnifiable Event, including, without limitation, Proceedings brought by or in the right of the Corporation,
Proceedings brought by third parties, and Proceedings in which the Indemnitee is solely a witness.

 

    	 	3	 

    	 

    

 

5.
Indemnification for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Corporation
shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section
3, any Expenses paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification
or reimbursement or advancement of Expenses by the Corporation under this Agreement, or under any other agreement or provision
of the Constituent Documents now or hereafter in effect relating to Proceedings relating to Indemnifiable Events, and/or (b) recovery
under any directors’ and officers’ liability insurance policies maintained by the Corporation. However, in the event
that Indemnitee is ultimately determined not to be entitled to such indemnification, reimbursement or advancement of Expenses
or insurance recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid to the Corporation within
30 days of the date such determination is made. In addition, Indemnitee shall be required to reimburse the Corporation if a final
judicial determination is made that such action or proceeding brought by Indemnitee was frivolous or not made in good faith.

 

6.
Notification and Defense of Proceedings.

 

(a)
Notification of Proceedings. Indemnitee must notify the Corporation in writing as soon as practicable of any Proceeding
which could relate to an Indemnifiable Event or for which Indemnitee could seek the advancement of Expenses. Such notice must
include a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying,
such Proceeding. The failure by Indemnitee to timely notify the Corporation hereunder will not relieve the Corporation from any
liability hereunder unless and to the extent such failure materially prejudices the Corporation.

 

(b)
Defense of Proceedings.

 

(i)
The Corporation will be entitled to participate in the defense of any Proceeding relating to an Indemnifiable Event at its own
expense and, except as otherwise provided in Section 6(b)(iii), to the extent the Corporation so elects, it may assume the defense
thereof with counsel reasonably satisfactory to Indemnitee.

 

(ii)
After the Corporation notifies Indemnitee of the Corporation’s election to assume the defense of any such Proceeding, the
Corporation will not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred
by Indemnitee in connection with Indemnitee’s defense of such Proceeding other than reasonable costs of investigation or
as provided in Section 6(b)(iii).

 

(iii)
Indemnitee has the right to employ its own legal counsel in such Proceeding, but all Expenses related to such counsel incurred
after notice from the Corporation of its assumption of the defense of such Proceeding will be at Indemnitee’s own expense;
provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the Corporation,
(ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Corporation in the
defense of such Proceeding, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved
by Independent Counsel or (iv) the Corporation does not in fact employ counsel to assume the defense of such Proceeding, then
Indemnitee will be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel
in respect of any such Proceeding) and the Corporation will be responsible for all Expenses related to such separate counsel,
in each case of the preceding clauses (on), (ii), (iii) and (iv), if it is determined pursuant to Section 8 that Indemnitee is
entitled to indemnification with respect to the Proceeding.

 

7.
Procedure upon Application for Indemnification. To obtain indemnification pursuant to this Agreement, Indemnitee must submit
to the Corporation a request therefor (a “Indemnification Request”) and, in connection therewith and from time
to time thereafter, Indemnitee must provide the Corporation with 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 the Proceeding; provided, however, that documentation and information need not be so provided to the
extent that doing so would undermine or otherwise jeopardize attorney-client privilege. Upon an Indemnification Request pursuant
to the first sentence of this Section, a determination with respect to Indemnitee’s entitlement thereto shall be made in
the specific case by one of the methods set forth in Section 8. The Corporation must indemnify Indemnitee if and to the extent
Indemnitee is entitled to indemnification as determined under Section 8.

 

    	 	4	 

    	 

    

 

8.
Determination of Right to Indemnification.

 

(a)
Mandatory Indemnification.

 

(i)
To the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding or any portion thereof
or in defense of any issue or matter therein, including without limitation dismissal without prejudice, for which Indemnitee is
entitled to indemnification pursuant to Section 4, the Corporation shall indemnify Indemnitee against all Losses relating to such
Proceeding in accordance with Section 4. For the avoidance of doubt, if Indemnitee is not wholly successful in a 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
Corporation shall indemnify Indemnitee against all Losses incurred by Indemnitee in connection with each successfully resolved
claim, issue or matter. For avoidance of doubt, no Standard of Conduct Determination (as defined in Section 8(b)) is required
in order for Indemnitee to be indemnified under this Section 8(a)(i).

 

(ii)
To the extent that Indemnitee’s involvement in a Proceeding relating to an Indemnifiable Event is to prepare to serve and/or
serve as a witness, and not as a party, the Corporation shall indemnify Indemnitee against all Expenses incurred by Indemnitee
in connection with such Proceeding. For avoidance of doubt, no Standard of Conduct Determination is required in order for indemnification
under this Section 8(a)(ii).

 

(b)
Standard of Conduct. To the extent that the provisions of Section 8(a) are inapplicable to a Proceeding for which Indemnitee
is entitled to indemnification pursuant to Section 4 that has been finally disposed of, the determination of whether Indemnitee
has satisfied any applicable standard of conduct under applicable law that is a legally required condition to indemnification
of Indemnitee hereunder against Losses relating to such Proceeding and the determination of whether any Expenses advanced to Indemnitee
must be repaid to the Corporation (a “Standard of Conduct Determination”) will be made as follows:

 

(i)
if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the
Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though
less than a quorum, or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed
to the Board, a copy of which must be delivered to Indemnitee; and

 

(ii)
if a Change in Control has occurred, (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors,
even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board,
a copy of which must be delivered to Indemnitee.

 

The
Corporation shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for,
or advance to Indemnitee, within 10 business days of such request, any and all Expenses incurred by Indemnitee in cooperating
with the person or persons making such Standard of Conduct Determination.

 

(c)
Making the Determination. The Corporation shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 8(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of
Conduct Determination under Section 8(b) have not made such a determination within 30 days after the later of (A) the date the
Corporation receives the applicable Indemnification Request (such date, the “Notification Date”) and (B) the
date Independent Counsel is selected, if Independent Counsel is to make such determination, then Indemnitee will be deemed to
have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not
to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time
to obtain or evaluate information relating thereto. Notwithstanding anything to the contrary in this Agreement, no Standard of
Conduct Determination required under Section 8(b) may be required to be made prior to the final disposition of any Proceeding.

 

    	 	5	 

    	 

    

 

(d)
Cooperation. Indemnitee shall cooperate with the person or persons making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person or persons 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.

 

(e)
Indemnification Payment. If, in regard to any Losses:

 

(i)
Indemnitee is entitled to indemnification under Section 8(a);

 

(ii)
no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii)
Indemnitee has been determined or deemed to have satisfied the applicable standard of conduct under Delaware law that is a
legally required condition to indemnification of Indemnitee hereunder under Section 8(b) or Section 8(c), as applicable, then
the Corporation shall pay to Indemnitee, within 10 business days after the later of (A) the Notification Date or (B) the
earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such
Losses.

 

(f)
Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be
made by Independent Counsel pursuant to Section 8(b)(i), the Independent Counsel shall be selected by the Board, and the Corporation
shall give notice to Indemnitee advising him/her of the identity of the Independent Counsel so selected. If a Standard of Conduct
Determination is to be made by Independent Counsel pursuant to Section 8(b)(ii), the Independent Counsel shall be selected by
Indemnitee, and Indemnitee shall give notice to the Corporation advising it of the identity of the Independent Counsel so selected.
In either case, Indemnitee or the Corporation, as applicable, may, within five business days after receiving notice of selection
from the other, deliver to the other an objection to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent
Counsel”, and the objection must set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person or firm so selected will act as Independent Counsel. If such objection is properly and timely made and substantiated,
(i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a
court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative
Independent Counsel and give notice to the other party advising such other party of the identity of the alternative Independent
Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this
sentence and clause (i) of this sentence will apply to such subsequent selection and notice, and, if applicable, clause (ii) of
the this sentence will apply to successive alternative selections. If no Independent Counsel that is permitted under this Section
8(f) to make the Standard of Conduct Determination is selected within 30 days after the Corporation gives its initial notice pursuant
to the first sentence of this Section 8(f) or Indemnitee gives its initial notice pursuant to the second sentence of this Section
8(f), as the case may be, either the Corporation or Indemnitee may petition the Court of Chancery of the State of Delaware (the
“Delaware Court”) to resolve any objection which has been made by the Corporation or Indemnitee to the other’s
selection of Independent Counsel and/or to appoint as Independent Counsel a person or firm to be designated by the Delaware Court,
and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent
Counsel. In all events, the Corporation shall pay all of the reasonable fees and expenses of the Independent Counsel incurred
in connection with the Independent Counsel’s determination pursuant to Section 8(b).

 

    	 	6	 

    	 

    

 

(g)
Presumptions and Defenses.

 

(i)
Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons
making such determination must presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification,
and anyone seeking to overcome this presumption, including the Corporation, will have the burden of proof to overcome that presumption
and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged
by Indemnitee in the Delaware Court. No determination by the Corporation (including by its directors or any Independent Counsel)
that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any proceedings brought by Indemnitee
to secure indemnification or reimbursement or advancement of Expenses by the Corporation hereunder or create a presumption that
Indemnitee has not met any applicable standard of conduct.

 

(ii)
Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith
if the following circumstances do not exist, Indemnitee will be deemed to have acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Corporation if Indemnitee’s actions or omissions to act are
taken in good faith reliance upon the records of the Corporation, including its financial statements, or upon information, opinions,
reports or statements furnished to Indemnitee by the officers or employees of the Corporation or any of its subsidiaries in the
course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial
advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence
and who has been selected with reasonable care by or on behalf of the Corporation. In addition, the knowledge and/or actions,
or failures to act, of any director, officer, agent or employee of the Corporation may not be imputed to Indemnitee for purposes
of determining the right to indemnity hereunder.

 

(iii)
No Other Presumptions. For purposes of this Agreement, the termination of any Proceeding by judgment, order, settlement
(whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a
presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification
hereunder is otherwise not permitted.

 

(iv)
Defense to Indemnification and Burden of Proof. It will be a defense to any action brought by Indemnitee against the Corporation
to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Proceeding
related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the
Corporation to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct
Determination, the Corporation will have the burden of proving such a defense or that the Indemnitee did not satisfy the applicable
standard of conduct.

 

(v)
Resolution of Proceedings. The Corporation acknowledges that a settlement or other disposition short of final judgment
may be successful on the merits or otherwise for purposes of Section 8(a)(i) if it permits a party to avoid expense, delay, distraction,
disruption and/or uncertainty. If any Proceeding relating to an Indemnifiable Event to which Indemnitee is a party is resolved
in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim
or proceeding with our without payment of money or other consideration) it will be presumed that Indemnitee has been successful
on the merits or otherwise for purposes of Section 8(a)(i). Anyone seeking to overcome this presumption, including the Corporation,
will have the burden of proof to overcome this presumption.

 

9.
Exclusions from Indemnification. Notwithstanding anything to the contrary in this Agreement, the Corporation will not be
obligated to:

 

(a)
indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including
any proceedings against the Corporation or its directors, officers, employees or other indemnitees and not by way of defense,
except: (i) proceedings referenced in Section 5 (unless 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 (ii) where the Corporation has
joined in or the Board has consented to the initiation of such proceedings;

 

(b)
indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited
by applicable law;

 

(c)
indemnify Indemnitee if Indemnitee made a misstatement of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with a Proceeding, if and to the extent Indemnitee would
not have been entitled to indemnification under this Agreement in the absence of such misstatement or omission;

 

    	 	7	 

    	 

    

 

(d)
indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Corporation
in violation of Section 16(b) of the Exchange Act or any similar successor statute; or

 

(e)
indemnify or advance funds to Indemnitee for Indemnitee’s reimbursement to the Corporation of any bonus or other incentive-based
or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale
of securities of the Corporation, as required in each case under the Exchange Act (including any such reimbursements under Section
304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Corporation or the payment to the Corporation
of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

10.
Settlement of Proceedings. The Corporation will not be liable to Indemnitee under this Agreement for any amounts paid in
settlement of any Proceeding related to an Indemnifiable Event effected without the Corporation’s prior written consent,
which may not be unreasonably conditioned, delayed or withheld; provided, however, that if a Change in Control has occurred, the
Corporation will be liable for indemnification of Indemnitee for amounts paid in settlement if an Independent Counsel has approved
the settlement. The Corporation shall not settle any Proceeding related to an Indemnifiable Event in any manner that would impose
any Losses on the Indemnitee without the Indemnitee’s prior written consent.

 

11.
Partial Indemnity. If Indemnitee is entitled under this Agreement to indemnification by the Corporation for a portion of
any Losses in respect of a Proceeding related to an Indemnifiable Event but not for the total amount thereof, the Corporation
must nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

12.
Duration. All agreements and obligations of the Corporation contained in this Agreement will continue during the period
that Indemnitee is a director or officer of the Corporation (or is serving at the request of the Corporation as a director, officer,
employee, member, trustee or agent of another corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization or enterprise) and will continue thereafter (i) so long as Indemnitee may be subject
to any possible Proceeding relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the
pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret Indemnitee’s
rights under this Agreement, even if, in either case, Indemnitee may have ceased to serve in such capacity at the time of any
such Proceeding or proceeding.

 

13.
Non-Exclusivity. Indemnitee’s rights under this Agreement are in addition to any other rights Indemnitee may have
under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively,
“Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have
any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right
under this Agreement and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater
right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such
greater right under this Agreement.

 

14.
Liability Insurance. For the duration of Indemnitee’s service as a director/officer of the Corporation, and thereafter
for so long as Indemnitee may be subject to any pending Proceeding relating to an Indemnifiable Event, the Corporation must use
commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof)
to continue to maintain in effect policies of directors’ and officers’ liability insurance providing coverage that
is at least substantially comparable in scope and amount to that provided by the Corporation’s current directors’
and officers’ liability insurance policies. Indemnitee shall be named as an insured in all the directors’ and officers’
liability insurance policies maintained by the Corporation in such a manner as to provide Indemnitee the same rights and benefits
as are provided to the most favorably insured of the Corporation’s directors, if Indemnitee is a director, or of the Corporation’s
officers, if Indemnitee is an officer (and not a director) by such policy. Upon request, the Corporation must provide to Indemnitee
copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements
and other related materials.

 

    	 	8	 

    	 

    

 

15.
No Duplication of Payments. The Corporation will not be liable under this Agreement to make any payment to Indemnitee in
respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, any of the Other Indemnity
Provisions or otherwise of the amounts otherwise indemnifiable by the Corporation hereunder.

 

16.
Subrogation. If any payment is made to Indemnitee under this Agreement, the Corporation will be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee. Indemnitee must execute all papers required and must do everything
that may be necessary to secure such rights, including the execution of such documents necessary to enable the Corporation effectively
to bring suit to enforce such rights.

 

17.
Severability. The provisions of this Agreement are severable if any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
will remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the greatest extent possible.

 

18.
Notices. All notices, requests, demands and other communications hereunder must be in writing and will be deemed to have
been duly given if delivered by hand, or mailed, by postage prepaid, certified or registered mail:

 

if
to Indemnitee, to the address for Indemnitee in the Corporation’s records

 

if
to the Corporation, to:

 

NTN
Buzztime, Inc.

Attn:
Board of Directors

1800
Aston Ave., Suite 100

Carlsbad,
CA 92008

 

Notice
of any change of address will be effective only when given in accordance with this Section. All notices complying with this Section
will be deemed to have been received on the date of hand delivery or on the third business day after mailing.

 

19.
Governing Law and Forum. This Agreement will be governed by and construed and enforced in accordance with the laws of the
State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts
of laws. The Corporation and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising
out of or in connection with this Agreement will be brought only in the Delaware Court and not in any other state or federal court
in the United States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or
proceeding arising out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that
the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper
or inconvenient forum. Each of the parties agrees, (i) to the extent such party is not otherwise subject to service of process
in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance
of legal process, and (ii) that service of process may also be made on such party by prepaid certified mail with a proof of mailing
receipt validated by the United States Postal Service constituting evidence of valid service. Service made pursuant to clauses
(i) or (ii) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware.

 

    	 	9	 

    	 

    

 

20.
Entire Agreement. This Agreement embodies the final, entire agreement among the parties hereto with respect to the subject
matter hereof and supersedes any and all prior negotiations, commitments, agreements, representations and understandings, whether
written or oral, relating to such subject matter and may not be contradicted or varied by evidence of prior, contemporaneous or
subsequent oral agreements or discussions of the parties hereto.

 

21.
Amendments. No supplement, modification or amendment of this Agreement will be binding unless executed in writing by the
Corporation and Indemnitee. No waiver of any of the provisions of this Agreement will be binding unless in the form of a writing
signed by the party against whom enforcement of the waiver is sought, and no such waiver will operate as a waiver of any other
provisions hereof (whether or not similar), nor will such waiver constitute a continuing waiver. Except as specifically provided
herein, no failure to exercise or any delay in exercising any right or remedy hereunder will constitute a waiver thereof.

 

22.
Binding Effect. This Agreement is binding upon and inures to the benefit of and be enforceable by the parties hereto and
their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all
or substantially all of the business and/or assets of the Corporation), assigns, spouses, heirs and personal and legal representatives.
The Corporation must 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 Corporation, by written agreement in form
and substances satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Corporation would be required to perform if no such succession had taken place.

 

23.
Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and are not to
be deemed to constitute part of this Agreement or to affect the construction or interpretation hereof.

 

24.
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 will constitute one and the same agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	10	 

    	 

    

 

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

 

	CORPORATION:

        
	 	INDEMNITEE:
	 	 	 
	NTN
    Buzztime, Inc.	 	 	 
	 	 	 	 
	By:

        
	                  	 	 	 
	Name:

        
	 	 	Name:

        
	            
	Title:	 	 	 	 

 

    	 	11Exhibit 10.1

 

FORM OF PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT

 

This Restricted Stock Unit Agreement (this “Agreement”) is made and entered into as of March [DATE], 2019 (the “Grant Date”) by and between WillScot Corporation, a Delaware corporation (the “Company”), and [PARTICIPANT NAME] (the “Participant”). This Agreement is being entered into pursuant to the WillScot Corporation 2017 Incentive Award Plan (the “Plan”). Capitalized terms used in this Agreement but not defined herein will have the meaning ascribed to them in the Plan.

 

1.                                      Grant of Restricted Stock Units. Pursuant to Section 9 of the Plan, the Company hereby issues to the Participant on the Grant Date an Award consisting of a target number of [#] Restricted Stock Units (such target number of Restricted Stock Units, as may be adjusted, as described in this Agreement, the “Restricted Stock Units”). The actual number of Restricted Stock Units that shall vest and become unrestricted shall be determined in accordance with Section 3 hereof. Each Restricted Stock Unit represents the right to receive one Common Share, subject to the terms and conditions set forth in this Agreement and the Plan. The Restricted Stock Units shall be credited to a separate account maintained for the Participant on the books and records of the Company (the “Account”). All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company.

 

2.                                      Consideration. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Participant to the Company.

 

3.                                      Performance-Based Vesting. Except as otherwise provided herein or in the Plan, provided that the Participant remains in continuous service through the third anniversary of the Grant Date (the “Vesting Date”), the Restricted Stock Units shall vest and become unrestricted based on the attainment of the performance conditions set forth in Exhibit A attached hereto. The period during which restrictions apply, the “Restricted Period”. Once vested, the Restricted Stock Units shall become “Vested Units.”

 

4.                                      Termination of Service/Employment. Notwithstanding any provision of this Agreement or the Plan to the contrary, if the Participant’s employment or service terminates for any reason at any time before the Vesting Date, the Participant’s Restricted Stock Units shall be automatically forfeited upon such termination of employment or service and neither the Company nor any Affiliate shall have any further obligations to the Participant under this Agreement; provided, however, that if the Participant experiences a Qualifying Termination on or within the 12-month period following the consummation of the Change in Control, any Restricted Period in effect on the date of such Qualifying Termination shall expire as of such date and the Restricted Stock Units shall vest in accordance with the provisions of Exhibit A attached hereto.

 

5.                                      Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period and until such time as the Restricted Stock Units are settled, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted

 

1

 

Stock Units will be forfeited by the Participant and all of the Participant’s rights to such units shall immediately terminate without any payment or consideration by the Company.

 

6.                                      Rights as Shareholder. The Participant shall not have any rights of a shareholder with respect to the Common Shares underlying the Restricted Stock Units unless and until the Restricted Stock Units vest and are settled by the issuance of such Common Shares. Upon and following the settlement of the Restricted Stock Units, the Participant shall be the record owner of the Common Shares underlying the Restricted Stock Units unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights).

 

7.                                      Settlement of Restricted Stock Units. Promptly upon the expiration of the Restricted Period, and in any event no later than March 15th of the calendar year following the calendar year in which the Restricted Period ends, the Company shall (a) issue and deliver to the Participant, or his or her beneficiary, without charge, the number of Common Shares equal to the number of Vested Units, and (b) enter the Participant’s name on the books of the Company as the shareholder of record with respect to the Common Shares delivered to the Participated; provided, however, that the Committee may, in its sole discretion elect to (i) pay cash or part cash and part Common Share in lieu of delivering only Common Shares in respect of the Restricted Stock Units or (ii) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted Period lapsed with respect to the Restricted Stock Units, less an amount equal to any required tax withholdings.

 

8.                                      No Rights to Continued Service/Employment. Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an employee, consultant or director of the Company or any Affiliate. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company or an Affiliate to terminate the Participant’s employment or service with the Company or an Affiliate at any time, with or without Cause.

 

9.                                      Adjustments. In the event of any change to the outstanding Common Shares or the capital structure of the Company (including, without limitation, a Change in Control), if required, the Restricted Stock Units shall be adjusted or terminated in any manner as contemplated by Section 12 of the Plan.

 

10.                               Beneficiary Designation. The Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to his or her rights under this Agreement and the Plan, if any, in case of his or her death, in accordance with Section 16(f) of the Plan.

 

11.                               Tax Liability and Withholding.

 

11.1                        The Participant shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Participant pursuant to the Plan, the 

 

2

 

amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes in accordance with Section 16(c) of the Plan. The Committee may permit the Participant to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means of the Plan, (a) tendering a cash payment, (b) authorizing the Company to withhold Common Shares from the Common Shares otherwise issuable or deliverable to the Participant as a result of the vesting of the Restricted Stock Units (provided, however, that no Common Shares shall be withheld with a value exceeding the maximum amount of tax required to be withheld by law), or (c) delivering to the Company previously owned and unencumbered Common Shares.

 

11.2                        Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant’s liability for Tax-Related Items.

 

12.                               Compliance with Law. The issuance and transfer of Common Shares shall be subject to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Common Shares may be listed. No Common Shares shall be issued pursuant to Restricted Stock Units unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to register the Common Shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

 

13.                               Notices. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Vice President — Human Resources of the Company at its principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

 

14.                               Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of New York without regard to conflict of law principles.

 

15.                               Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.

 

16.                               Participant Bound by Plan. This Agreement is subject to all terms and conditions of the Plan as approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of 

 

3

 

a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

 

17.                               Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution.

 

18.                               Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

 

19.                               Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Stock Units in this Agreement does not create any contractual right or other right to receive any Restricted Stock Units or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant’s employment with the Company.

 

20.                               Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel Restricted Stock Units, prospectively or retroactively; provided that no such amendment shall adversely affect the Participant’s material rights under this Agreement without the Participant’s consent.

 

21.                               Section 409A. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

 

22.                               No Impact on Other Benefits. The value of the Participant’s Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

 

23.                               Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

4

 

24.                               Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts Restricted Stock Units subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Restricted Stock Units or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such vesting, settlement or disposition.

 

[SIGNATURE PAGE FOLLOWS]

 

5

 

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

 

	
 
    	
WILLSCOT CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name: 
    
	
 
    	
Title: 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[PARTICIPANT SIGNATURE]
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    

 

6

 

Exhibit A

 

1.                                      Purpose. In accordance with Section 3 of the Agreement, the number of the Restricted Stock Units that shall be become vested and unrestricted on the Vesting Date shall be based on the attainment of the Performance Goals during the Performance Period specified in this Exhibit. Any capitalized terms used herein but not defined in the Agreement or the Plan shall have the meaning ascribed to them in Section 2 below.

 

2.                                      Definitions.

 

For purposes of this Exhibit:

 

2.1                               “Performance Goals” shall mean the performance-based vesting conditions applicable to the Restricted Stock Units set forth in Section 3.1 below.

 

2.2                               “Performance Period” shall mean the three-year period commencing on the Grant Date and ending on the third Anniversary of the Grant Date.

 

2.3                               “Russell 3000 Group” shall mean the companies that comprise the Russell 3000 Index on the Grant Date, adjusted to reflect any such companies which are removed from the Russell 3000 Group as of the last day of the Performance Period in accordance with this Section 2.3. Companies shall be removed from the Russell 3000 Group if, during the Performance Period, any such company (i) is acquired by another company (whether by a peer company or otherwise) or (ii) ceases to be listed on a national stock exchange or other applicable market system. For the avoidance of doubt, a Company shall not be removed from the Russell 3000 Group if, during the Performance Period, the company (x) leaves the Russell 3000 Index but continues to be publicly traded or (y) files for bankruptcy protection under any chapter of the U.S. Bankruptcy Code; provided, however, that in the event such a company files for bankruptcy, its TSR (as defined below) shall be adjusted to negative one hundred percent (-100%).

 

2.4                               “TSR” shall mean total shareholder return as determined by the Committee for the Performance Period for the Company and each other company in the Russell 3000 Group based on the stock price appreciation from the beginning to the end of the Performance Period, plus dividends paid or declared (assuming such dividends are reinvested in the common stock of the Company or any company in the Russell 3000 Group). For purposes of computing the TSR for the Company and each company in the Russell 3000 Group, the stock price at the beginning and the end of the Performance Period shall be based on the 90-day average closing stock price on each of the 90 consecutive trading days immediately preceding and ending on and including the first day or last day of the Performance Period, as applicable, adjusted as necessary under Section 2.3.

 

2.5                               “TSR Percentile Ranking” shall mean the percentile performance of the TSR of the Company relative to the TSR for the companies in the Russell 3000 Group determined by the Committee for the Performance Period.

 

7

 

3.                                      Performance-Based Vesting Conditions.

 

3.1                               The number of the Restricted Stock Units that shall vest shall be determined based on the Company’s TSR Percentile Ranking as compared against the TSR for the companies comprising the Russell 3000 Group, measured as of the end of the Performance Period, based on following Performance Goals:

 

Company TSR Percentile Ranking Against Russell 3000 Group

 

	
Company TSR Percentile Ranking as
   Compared to Russell 3000 Group
    	
 
    	
Vesting Percentage
    
	
>75th Percentile
    	
 
    	
150%
    
	
75th Percentile
    	
 
    	
150% (Maximum)
    
	
50th Percentile
    	
 
    	
100% (Target)
    
	
25th Percentile
    	
 
    	
50% (Threshold)
    
	
<25th Percentile
    	
 
    	
0%
    

 

Payout for performance between goals shall be determined based on linear interpolation. The total number of Restricted Stock Units eligible to vest, in accordance with the table above, is between 0% - 150% (the minimum number of Restricted Stock Units that may be earned is zero while the maximum number is 150% of target). No Restricted Stock Units shall be earned if the Company’s TSR Percentile Ranking is below the 25th percentile and the maximum number of Restricted Stock Units that may be earned shall be capped at 150% of the target number even if the Company’s TSR Percentile Ranking exceeds the 75th percentile; provided, however, that if the Company’s TSR Percentile Ranking exceeds the 50th percentile but is negative, the maximum number of Restricted Stock Units that may be earned shall be capped at 100% of the target number.

 

3.2                               The Committee shall determine, as soon as reasonably practicable, but in any event within sixty (60) days, after the end of the Performance Period, the attainment level of the Performance Goals and the applicable number of the Restricted Stock Units that shall become Vested Units. Any Restricted Stock Units that do not become Vested Units as of the Vesting Date shall be forfeited. Any Vested Units shall be settled in accordance with Section 7 of the Agreement.

 

4.                                      Effect of a Change in Control. Notwithstanding any provision of the Agreement or this Exhibit to the contrary, in the event of a Change in Control during the Performance Period the Restricted Stock Units shall be treated as follows:

 

4.1                               Change in Control during First Year of Performance Period. In the event of a Change in Control (and subject to the Participant’s being in the employ of the Company, its Subsidiaries or any other affiliate as of the date of the Change in Control) during the first year of the Performance Period, the target number of the Restricted Stock Units shall automatically convert into, and represent the right to receive, an equivalent number of time-based Restricted 

 

8

 

Stock Units which will continue to vest but without regard to the achievement of any Performance Goals.

 

4.2                               Change in Control after First Year of Performance Period. In the event of a Change in Control (and subject to the Participant’s being in the employ of the Company, its Subsidiaries or any other affiliate as of the date of the Change in Control) after the first year of the Performance Period, the number of Restricted Stock Units deemed earned, based on the Company’s actual performance determined under Section 3.1 as of the Change in Control date, shall automatically convert into, and represent the right to receive, an equivalent number of time-based Restricted Stock Units which will continue to vest but without regard to the achievement of any Performance Goals.

 

4.3                               Accelerated Vesting if Awards Not Assumed. In the event of a Change in Control (and subject to the Participant’s being in the employ of the Company, its Subsidiaries or any other affiliate as of the date of the Change in Control), if the successor company does not equitably assume, continue or substitute outstanding Awards in connection with the Change in Control, the Restricted Stock Units (for the avoidance of doubt, in the case of Restricted Stock Units based on Sections 4.1 or 4.2 above) shall become fully vested as of the date of the Change in Control and the Participant shall be eligible to receive (at the same time and in the same form) the equivalent per share consideration offered to common shareholders generally.

 

4.4                               “Double-Trigger” Vesting for Assumed Awards. To the extent the successor company does equitably assume, continue or substitute outstanding Awards, the Restricted Stock Units (for the avoidance of doubt, in the case of Restricted Stock Units based on Sections 4.1 or 4.2 above) shall continue to vest but without regard to the achievement of any Performance Goals; provided, however, that if the Participant experiences a Qualifying Termination, such Restricted Stock Units shall become fully vested as of the date of such Qualifying Termination.

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]