Document:

Exh - MW Separation Agreement

		
			
		

		
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			CONFIDENTIAL
		

		
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			February 27, 2020
		

		
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			Michelle Wilson 
		

		
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			Re:Separation from Employment/Revised
		

		
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			Dear Michelle:
		

		
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			This revised letter agreement (the “Agreement”) sets forth the terms and conditions of the termination of your employment with World Wrestling Entertainment, Inc., including its current and former subsidiaries and affiliated entities (collectively “WWE”).  
		

		
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			Your employment with WWE terminated effective January 30, 2020 (“Termination Date”).    
		

		
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				 1.
			

			
	
			
			WWE provided or will provide you with:

		
			a.your regular salary, less applicable withholdings and deductions, through your Termination Date in accordance with WWE’s regular payroll procedures and dates;
		

		
			b.         a lump-sum payment, less applicable withholdings and deductions, which represents the value of your accrued, unused vacation as of the Termination Date, if any;  
		

		
			c.written notification in a separate letter regarding your eligibility for continued group health insurance coverage after the Termination Date pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and at your own expense; and
		

		
			d.Equity Vesting:  Pursuant to the terms of the WWE Omnibus Incentive Plan, all unvested Restricted and Performance Stock units, if any, are hereby forfeited.       
		

		
			2.In consideration for signing this Agreement, not revoking this Agreement as set forth herein, and complying with the promises, covenants and releases set forth in this Agreement, WWE will provide you with the following payments and other benefits in the manner specified in this Agreement.  This Agreement is entered into to amicably resolve potential disputes between you and WWE, and therefore, it is not, and may not be cited as, and does not constitute any admission by WWE or you of any violation of any law or legal obligation with respect to any aspect of your employment or termination from employment.  Furthermore, nothing in this Agreement shall be construed to limit the rights and remedies of WWE, except as set forth herein.
		

		
			a.            Salary and Benefit Continuation: After the Termination Date and seven (7) days following your acceptance and execution of this Agreement (within which you have not revoked 
		

		 

 

		that acceptance), and after confirmation from you that you have returned any and all WWE-owned property to Human Resources, you will be paid eighteen (18) months of your base salary (on a bi-weekly basis) as of the Termination Date, less applicable withholdings and deductions, in accordance with WWE’s regular payroll procedures and dates (“Salary Continuation Period”).  During that portion of the Salary Continuation Period you remain eligible for, and on the condition that you timely elect, group health insurance coverage continuation pursuant to COBRA, WWE shall pay the portion of your COBRA premium in the same percentage as it paid toward your health insurance premium during your employment.   All other employee benefits shall cease immediately as of your Termination Date.
		

		
			 
		

		
			b.2019 MIP Bonus Payment:  In addition to those payments and benefits set forth above, you are eligible for a discretionary bonus payment pursuant to WWE’s discretionary bonus plan at the standard time that WWE determines then active employee bonuses, and payable at the standard time, but no later than March 31, 2020. This payment will be subject to ordinary withholdings and deductions.
		

		
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			c.COBRA: You will be afforded COBRA coverage in accordance with applicable law at your cost after the end of the Benefit Continuation period referred to above.
		

		
			3.(a) In consideration of the payments and benefits described above, you hereby waive, release and forever discharge WWE, and its parents, subsidiaries, and related entities, and its and their respective current and former predecessors, successors, parents, subsidiaries, assigns, representatives, agents, attorneys, contractors, shareholders, officers, principals, directors and employees, either individually and/or in their official capacities (collectively, “WWE Parties”), from any and all claims of any kind or nature, debts, obligations, promises, covenants, agreements, contracts, suits, actions, causes of action, judgments, damages, expenses, demands, in law or in equity, known or unknown, suspected or unsuspected (“Claims”), which you ever had, now have, or which you may have, against any of the WWE Parties arising from the beginning of the world until the date of your execution of this Agreement, including but not limited to all claims (whether known or unknown, suspected or unsuspected) arising out of or regarding your employment with or termination of employment from WWE, any claim for wages, salary, bonuses or benefits not expressly provided for in this Agreement, subject to applicable law, any contract (express or implied), any claim for equitable relief or recovery of economic, compensatory, punitive or other damages or monies, or attorneys’ fees; claims based on any tort; and all claims for alleged discrimination including, but not limited to, claims based upon age, race, color, sex, sexual orientation, gender identity, sexual harassment, marital status, religion, national origin, disability, or retaliation, including any claim, asserted or unasserted, which has arisen or which may arise under Title VII of the Civil Rights Act; the Equal Pay Act; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Americans With Disabilities Act;  the Genetic Information Nondiscrimination Act; any and all Civil Rights Acts; 42 U.S.C. § 1981; the Employee Retirement Income Security Act; the Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act; the Fair Credit Reporting Act; the Immigration Reform and Control Act; the Corporate and Criminal Fraud Accountability Act, 18 U.S.C. § 1514A, also known as the Sarbanes Oxley Act; the Connecticut Fair Employment Practices Act, the Connecticut Wage and Hour Statutes (to the maximum extent permissible under law), the Connecticut Family and Medical Leave Act, Connecticut General Statutes Section 31-51m, Connecticut General Statutes Section 31-51q; any and all applicable Connecticut and any other state’s anti-discrimination and related statutes or any common law; and any other federal, state or local laws, rules, regulations or ordinances, whether equal employment opportunity laws, rules, regulations or ordinances or otherwise; any right or claim under any WWE severance, compensation, pension, welfare, 
		

		 

		

			 

		

 

		or stock plans or policies (except those rights vested and accrued); and any claims based on any other statutory or common law right or theory, except as set forth in Paragraph 4(b) below.  
		

		
			(b)    In further consideration of the payments and benefits provided herein, you agree you remain bound by, and thus re-affirm your obligations pursuant to those provisions set forth in the March 12, 2015 and March 18, 2018 Performance Stock, Retention and Non-Competition Agreements to the extent their provisions apply post-termination of employment, which provisions are hereby incorporated by reference as if fully set forth in this Agreement (copies also attached hereto).  Notwithstanding the foregoing, in view of the additional consideration provided under this Agreement, you also agree that the Non-Compete Period defined in Paragraph 7, and the Non-Solicit Period referred to in Paragraphs 8 and 9 of the March 12, 2015 and March 18, 2018 Agreements shall be and are hereby extended from twelve (12) to eighteen (18) months in duration.
		

		
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			(c)    During the Salary Continuation Period, you agree to notify WWE in writing within five (5) business days if you accept an offer of employment and/or intend to start or take an ownership interest in a business, whether alone or with others. In the event you accept an offer of employment, the written notice shall identify the name and location of the new employer, your job title, and the nature of your duties. In the event you determine to start or take an ownership interest in a business alone or with others, the written notice shall identify the name and location of the business, the nature of the business, and the identity of any other person(s) and/or entities who has/have an  ownership  interest  in  the business. You further  agree that the failure to  provide such written notice shall be grounds to  terminate  all payments under this Agreement, and to reimburse WWE for any payments made to  you after any written notice required by this Section  was otherwise  due but  not  given by you. Written notice pursuant to this Section should be sent to the General Counsel of WWE with a copy to the Senior Vice President of Human Resources.
		

		
			(d)    You hereby confirm that you have resigned from the Boards of Directors of WWE and its subsidiaries.  
		

		
			(e)    Nothing contained herein shall waive or modify any rights of WWE under this Agreement or the terms of the March 12, 2015 and March 18, 2018 Performance Stock, Retention, and Non-Compete Agreements which survive termination of your employment. 
		

		
			4.(a) You warrant and represent that as of the date on which you execute this Agreement, you have not filed or caused to be filed any lawsuits, claims, complaints, actions, proceedings or arbitrations in any form or forum against any of the WWE Parties.  Pursuant to and as a part of your waiver, release and discharge of the WWE Parties as set forth herein, subject to the exceptions listed below, you agree, to the fullest extent permitted by law, not to sue or file a charge, complaint, grievance or demand for arbitration against any of the WWE Parties in any form or forum, or otherwise participate voluntarily in any claim, arbitration, suit, action, investigation or other proceeding which relates to any matter that involves any of the WWE Parties, and that arises out of facts or events which occurred at any time up to and including the date of your execution of this Agreement, unless required to do so by court order, subpoena or other directive by a court, administrative agency, arbitration panel or legislative body, or unless required to enforce this Agreement.  
		

		
			(b) Nothing in this Agreement shall prevent you (or your attorneys) from:  (i) commencing an action or proceeding to enforce or interpret this Agreement; (ii) filing a charge  of discrimination with or initiating and/or participating in any investigation conducted by any federal or state administrative 
		

		 

		

			 

		

 

		agency, including, but not limited to, the Equal Employment Opportunity Commission, the Connecticut Commission on Human Rights and Opportunities or any other applicable agency with jurisdiction; (iii) filing a complaint, or otherwise communicating, with the Securities and Exchange Commission; (iv) exercising your rights under the Older Workers’ Benefit Protection Act of 1990 to challenge the validity of your waiver of claims arising under the Age Discrimination in Employment Act as set forth in Paragraph 3 of this Agreement; (v) enforcing your rights to indemnification that you have under WWE's Amended and Restated By-Laws, dated October 14, 1999, as amended on May 17, 2002, or that you may have under the certificate of incorporation, any affiliate's by-laws or equivalent governing documents of WWE or its subsidiaries or affiliates, or the laws of the State of Delaware or any other state of which such subsidiary or affiliates is a domiciliary; (vi) enforcing your rights to insurance coverage under any directors' and officers' personal liability insurance or fiduciary insurance policy; (vii) enforcing your rights with respect to your account under WWE's 401(k) plan; and/or (viii) filing a factually accurate claim for unemployment insurance benefits.  However, to the extent any such action under (ii) may be brought by a third party or by you, you expressly waive any claim or right to any form of monetary or other damages in connection with any such action.    
		

		
			(c)  WWE warrants and represents that as of the date on which it executes this Agreement, WWE has not filed or caused to be filed any lawsuits, claims, complaints, actions, proceedings or arbitrations in any form or forum against you.
		

		
			5.You understand and agree that you are not entitled to and would not receive the payments and benefits described above in Paragraph 2 unless you execute this Agreement, do not revoke your acceptance within seven (7) days, and comply with the terms of this Agreement.  You also acknowledge and agree that the payments and benefits described above in Paragraph 2 are adequate and sufficient consideration for all of your obligations under this Agreement.  You represent, warrant and acknowledge that you have reported all hours worked as of the date of this Agreement and have been paid for all such hours, and that WWE owes you no wages, commissions, bonuses, stock, stock options, restricted shares, other equity, sick pay, personal leave pay, severance pay, vacation pay or other compensation or benefits or payments or form of remuneration of any kind or nature, other than that specifically provided for in this Agreement.  In addition, you represent that you have no known workplace injuries or occupational diseases and have been provided and/or not been denied any leave to which you may have been entitled under the federal or state Family and Medical Leave Act.  You further represent that as of the date on which you execute this Agreement, you are not aware of any facts, events, incidents or omissions that could form the basis for you to make any claim against any of the WWE Parties arising under the Fair Labor Standards Act or under the federal or state Family and Medical Leave Acts.  
		

		
			6.Subject to your rights pursuant to Paragraph 4(b) above, you will not criticize or disparage any of the WWE Parties, or, to the maximum extent permitted by law, issue any communication, written or otherwise, that reflects adversely on any of the WWE Parties, except if testifying truthfully under oath pursuant to any lawful court order or subpoena or otherwise responding to or providing disclosures required by law or legal process. Subject to WWE's rights pursuant to Paragraph 3(d) above, the members of WWE's Human Resources and Legal Departments, and the members of WWE's current senior level executives to whom you reported as of the Termination Date, will not criticize or disparage you to third parties, or, to the maximum extent permitted by law, issue any communication, written or otherwise, to third parties that reflects adversely on you, except if testifying truthfully under oath pursuant to any lawful court order or subpoena; or responding to or providing disclosures required by law, regulation, or legal process. On the condition that you direct all such inquiries to WWE's Human Resources Department, WWE 
		

		 

		

			 

		

 

		agrees to provide a neutral reference to prospective employers which shall include only dates employed and your last position held.
		

		
			7.(a) You agree not to disclose, nor use for your benefit or the benefit of any other person or entity, any information received in connection with any of the WWE Parties which is confidential or proprietary and (i) which has not been disclosed publicly by WWE, (ii) which is otherwise not a matter of public knowledge or (iii) which is a matter of public knowledge but you know or have reason to know that such information became a matter of public knowledge through an unauthorized disclosure (“Confidential Information”).  Confidential Information shall include information the unauthorized disclosure or use of which would reduce the value of such information to any of the WWE Parties or otherwise damage any of the WWE Parties. Such Confidential Information may include, without limitation, WWE’s client/vendor/talent lists, its trade secrets, story lines, plot plans, scripts, any confidential, private, personal or privileged information about (or provided by) any of the WWE Parties, WWE talent or independent contractors, WWE employees or any client or prospective or former client of WWE, information concerning any of the WWE Parties’ business or financial affairs, including its/their books and records, commitments, procedures, plans and prospects, products developed by WWE or current or prospective transactions or business of WWE and any “inside information.”  
		

		
			(b)    You hereby confirm that as of the date you execute this Agreement,  you have delivered to WWE all written materials, records and documents in your possession and you further confirm that you have retained no copies of any written materials, records and documents (including those that are electronically stored) made by you or coming into your possession during the course of your employment with WWE, which contain or refer to any Confidential Information.  
		

		
			(c)  You further confirm that as of the date you execute this Agreement you have delivered to WWE any and all property and equipment of WWE, including, but not limited to, laptop computers, smart phones and blackberry devices, which may have been provided to you and/or in your possession during your employment with WWE. 
		

		
			8.Subject to your rights pursuant to paragraph 4(b) above, you agree not to disclose the terms or contents of this Agreement, any claims that you did raise or could have raised against any of the WWE Parties, or the facts and circumstances underlying this Agreement, except in the following circumstances:
		

		
			a.You may disclose the terms of this Agreement to a member of your immediate family, so long as such family member agrees to be bound by the confidential nature of this Agreement;
		

		
			b.You may disclose the terms of this Agreement to: (i) your tax advisors so long as such tax advisors agree in writing to be bound by the confidential nature of this Agreement; (ii) taxing authorities if requested by such authorities and so long as they are advised in writing of the confidential nature of this Agreement; or (iii) your legal counsel whom you choose to consult regarding this Agreement; and 
		

		
			c.Pursuant to the order of a court or governmental agency of competent jurisdiction, or for purposes of securing enforcement of the terms and conditions of this Agreement should that ever be necessary.
		

		

		

		 

		

			 

		

 

		            9.Upon service on you, or anyone acting on your behalf, of any subpoena, order, directive or other legal process requiring you to engage in conduct encompassed within Paragraphs 6, 7 or 8 of this Agreement, you or your attorney shall immediately notify WWE of such service and of the content of any testimony or information to be provided pursuant to such subpoena, order, directive or other legal process and within two (2) business days send to the undersigned representative of WWE, via overnight delivery, a copy of said documents served upon you; unless such prior notice is prohibited by statute.
		

		
			          10.All payments or benefits under this Agreement are subject to any applicable employment or tax withholdings or deductions.  In addition, you and WWE hereby agree that it is our mutual intention that all payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and this Agreement shall be interpreted accordingly.  You hereby are advised to seek independent advice from your tax advisor(s) with respect to the application of Section 409A of the Code to any payments or benefits under this Agreement. Notwithstanding any provision of this Agreement to the contrary, to the extent that a payment or benefit provided hereunder is subject to Section 409A and payable on account of your "separation from service"  (as defined in Section 409A and the related regulations), such payment will be delayed for a period of six months after your separation date (or if earlier within thirty (30) days of  your date of death following the date of such separation) if you are a "specified employee" (as defined in Section 409A and the related regulations) of WWE, as determined in accordance with the regulations issued under Section 409A and the procedures established by WWE. Notwithstanding the foregoing, this provision will not apply to (i) all payments on separation from service that satisfy the short-term deferral rule of Treas. Reg. §1.409A- 1(b)(4), (ii) to the portion of the payments on separation from service that satisfy the requirements for separation pay due to an involuntary separation from service under Treas. Reg. §1.409A-1(b)(9)(iii), and (iii) to any payments that are otherwise exempt from the six month delay requirement of the Treasury Regulations under Section 409A. Solely and specifically for purposes of Section 409A of the Code, each payment made under this Agreement will be designated as a "separate  payment" within the meaning of the Section 409A (other than the nine (9) months of severance and benefits payments set forth in your Offer Letter, dated January 16, 2009, which were not initially designated  as "separate  payments"  within the meaning of Section 409A). Notwithstanding the foregoing, WWE does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state or local laws.
		

		
			11.You agree that if so requested by WWE after the Termination Date, you will provide assistance and cooperation as may be needed from time to time, including but not limited to providing, locating or obtaining information and documents concerning any of the WWE Parties about which you are knowledgeable.  You further agree that you will assist and cooperate with WWE in connection with the defense or prosecution of any claim that may be made against or by and/or involving any of the WWE Parties or in connection with any ongoing or future investigation or dispute or claim of any kind involving any of the WWE Parties, including any proceeding before any arbitral, administrative, judicial, legislative, or other body or agency, including testifying in any proceeding to the extent such claims, investigations or proceedings relate to services performed or required to be performed by you, pertinent knowledge possessed by you, or any act or omission by you.  You further agree to perform all acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Paragraph. WWE shall reimburse you for actual, out of pocket and pre-approved expenses incurred in connection with such matters.
		

		
			12.In the unfortunate event that you die during the Salary Continuation Period, as defined in Paragraph 2, any amounts that would have been paid to you had you lived will be paid in a lump sum to 
		

		 

		

			 

		

 

		your spouse, or if you do not have a legal spouse, to your designated beneficiary under the designation you made in your WWE benefit policy.
		

		
			13.If WWE reasonably determines that you have violated any of your obligations under this Agreement, or any of your acts or omissions during your prior employment or in the future constituted or would constitute “cause” as defined in the WWE Severance Policy,  with the exception of the items set forth in Sections 3.1 e, m or n of that Policy, then WWE will be entitled to stop the continued salary and benefits provided in Paragraph 2, as well as seek repayment of any and all payments and benefits already then provided to you pursuant to Paragraph 2, plus any and all damages, with attorneys’ fees incurred pursuant to Paragraph 18 below. Nothing herein shall diminish your rights pursuant to Paragraph 4(b) of this Agreement and any actions expressly authorized by Paragraph 4(b) shall not subject you to the provisions of this Paragraph.  
		

		
			14.This Agreement constitutes the entire agreement between WWE and you, except for your grant to WWE of intellectual property interests in and to work product created by you during your employment at WWE, which is confirmed by the Intellectual Property Rider attached to this Agreement, as well as the Confidentiality/Non-Solicitation Agreement also attached to the initial draft of this Agreement, and the provisions of the March 12, 2015 and March 18, 2018 Performance Stock, Retention and Non-Competition Agreements referenced herein in Paragraph 3(b).   Except as set forth in the attached documents, this Agreement supersedes and cancels all prior and contemporaneous written and oral agreements, if any, between WWE and you.  You affirm that, in entering into this Agreement, you are not relying upon any oral or written promise or statement made by anyone at any time on behalf of any of the WWE Parties, unless specifically set forth in this Agreement.
		

		
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			15.This Agreement is binding upon you and your successors, assigns, heirs, executors, administrators and legal representatives.
		

		
			16.If any of the provisions, terms or clauses of this Agreement is declared illegal, unenforceable or ineffective in a legal forum, you and WWE jointly request that such provision, term or clause be modified to the least extent necessary to render it legal, valid and enforceable.  If any such provision, term or clause of this Agreement cannot be so modified, then such provision, term or clause shall be deemed null, void and severable, such that all other provisions, terms and clauses of this Agreement shall remain valid and binding upon both parties, unless this would fundamentally frustrate the purpose of this Agreement.  This Agreement shall be interpreted under the laws of the State of Connecticut, without regard to conflict of law principles.
		

		
			17.You agree that in the event that you ever seek employment or re-employment with any of the WWE Parties, such party may refuse to employ or re-employ you for any reason or for no reason at all, and you may not and shall not file or pursue any demand, complaint, cause of action, or claim against any of the WWE Parties arising from or related to such refusal.  You also agree that the execution of this Agreement is good, sufficient and legal cause for any of the WWE Parties to reject any application by you for employment or re-employment with any of the WWE Parties. On the other hand, you promise not to apply for any job with the WWE Parties in the future and the mere fact of this provision entitles the WWE Parties to reject your application or terminate you immediately, if hired. 
		

		
			18.You and WWE agree that, except as otherwise provided below, in the event of any dispute related to or arising from this Agreement, such dispute shall be submitted to binding arbitration.  Any 
		

		 

		

			 

		

 

		such arbitration shall be conducted in accordance with the American Arbitration Association (“AAA”) Rules for Employment Disputes then in effect, shall take place in Stamford, Connecticut, and shall be conducted before a single neutral arbitrator selected pursuant to the AAA rules and procedures. In any such arbitration, in addition to any damages available under applicable law, the prevailing party shall be entitled to recover its attorneys’ fees and costs from the other party.  Nothing herein shall prohibit either party from seeking injunctive or equitable relief from the state or federal courts of Connecticut in an effort to prevent an actual or threatened breach of this Agreement or in an effort to obtain specific performance of the terms and conditions of this Agreement.  In any such injunction or equitable proceeding, the parties consent to be subject to the jurisdiction of the state and federal courts located in Connecticut and also consent to an award of attorneys’ fees and costs to the prevailing party.
		

		
			19.This Agreement may be executed separately, in separate counterparts, by you and  WWE, and such execution shall be valid and binding, just as if you and WWE each had signed the same original at the same time.
		

		
			20.Without detracting in any respect from any other provision of this Agreement: 
		

		
			(a)In consideration of the payments and benefits provided to you as described in Paragraph 2 of this Agreement, you acknowledge and agree that this Agreement constitutes a knowing and voluntary waiver, release and discharge of all rights or claims you have or may have against any of the WWE Parties, including, but not limited to, all rights or claims alleging discrimination or retaliation under any federal, state or local laws; that you have no physical or mental impairment of any kind that has interfered with your ability to read and understand the meaning of this Agreement or its terms; and that you are not acting under the influence of any medication or mind-altering chemical of any type when entering into this Agreement.
		

		
			(b)You understand that, by entering into this Agreement, you do not waive rights or claims that may arise after the date of your execution of this Agreement, including without limitation any rights or claims that you may have to enforce the terms and conditions of this Agreement.
		

		
			(c)You agree and acknowledge that the payments and benefits provided to you as described in Paragraph 2 of this Agreement are in addition to anything of value to which you are already entitled.
		

		
			(d)WWE hereby advises you that this Agreement is a legal document that imposes binding legal obligations on you.  Accordingly, you were advised to consult with an attorney of your own choice regarding the meaning of all terms and conditions set forth herein prior to executing this Agreement, and you did consult with Finn Dixon & Herling LLP.
		

		
			(e)You were informed that you had twenty-one  (21) days from your receipt of the initial draft of this Agreement in which to review and consider this Agreement, although you could have opted to execute it sooner.  Your execution of this Agreement signifies your acceptance of each and every term herein. Some revisions from the initial draft as reflected in this Agreement were implemented upon your request.
		

		
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		YOU EXPRESSLY ACKNOWLEDGE AND REPRESENT THAT YOU HAVE READ THIS AGREEMENT CAREFULLY; THAT YOU FULLY UNDERSTAND THE TERMS, CONDITIONS, AND SIGNIFICANCE OF THIS AGREEMENT; THAT WWE HAS ADVISED YOU THAT YOU HAVE TWENTY-ONE (21) DAYS WITHIN WHICH TO CONSIDER AND ACCEPT OR REJECT THE TERMS OF THIS AGREEMENT (ALTHOUGH YOU MAY OPT TO EXECUTE IT SOONER.  CHANGES TO ANY TERM OF THIS AGREEMENT SHALL NOT RE-START THE 21-DAY CONSIDERATION PERIOD); THAT WWE HAS ADVISED YOU TO CONSULT WITH AN ATTORNEY CONCERNING THIS AGREEMENT; THAT YOU HAVE HAD A FULL OPPORTUNITY TO REVIEW THIS AGREEMENT WITH AN ATTORNEY OF YOUR CHOOSING; THAT YOU UNDERSTAND THAT THIS AGREEMENT HAS BINDING LEGAL EFFECT; AND THAT YOU HAVE EXECUTED THIS AGREEMENT FREELY, KNOWINGLY AND VOLUNTARILY.  YOU FURTHER HAVE BEEN ADVISED THAT YOU HAVE SEVEN (7) CALENDAR DAYS FROM THE DATE OF YOUR ACCEPTANCE AND EXECUTION OF THIS AGREEMENT IN WHICH TO REVOKE YOUR ACCEPTANCE. IN ORDER TO REVOKE THIS AGREEMENT, SUCH REVOCATION MUST COMPLY WITH THE PROVISIONS OF PARAGRAPH 20(f) OF THIS AGREEMENT.  
		

		
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			PLEASE READ THIS AGREEMENT CAREFULLY AS IT HAS IMPORTANT LEGAL CONSEQUENCES.
		

		
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			Date:February 27, 2020/s/ Michelle Wilson
		

		
			Michelle Wilson 
		

		
			WORLD WRESTLING ENTERTAINMENT, INC.
		

		
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			Date:  March 2, 2020/s/ Jim Johnstone 
		

		
			Name:    Jim Johnstone
		

		
			Title:      SVP, Human Resources
		

		
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			You must sign and return this Agreement to Jim Johnstone, SVP, Human Resources, WWE, Inc., 1241 East Main St, Stamford, CT  06902, fax number (203) 328-2510, within twenty-one (21) days from the date you received it; i.e., no later than midnight on February 20, 2020, or you may lose the opportunity to receive the payments and benefits detailed herein.  You initially received this Agreement on January 30, 2020.
		

		 

		

			 

		

 

		
		

		
			INTELLECTUAL PROPERTY RIDER
		

		
			
You reaffirm and agree that any inventions, materials and proceeds created by you in connection with your relationship with WWE (hereinafter, the “Company”) was done at the request of the Company as “works made for hire” and the Company will be deemed the sole author thereof, automatically upon their creation, as contemplated by Sections 101 and 201 of the United States Copyright Act of 1976 as amended (hereinafter, “the Act”).  In the event that any such works were not works made for hire, you hereby irrevocably transfer and assign to the Company in perpetuity throughout the world and in all manner, media and channels of distribution now known or hereafter devised, developed or created, including but not limited to electronic media and the internet, any and all rights, title and interests, including but not limited to the copyright and other proprietary rights, effective automatically as of the creation thereof.  In addition, you reaffirm your irrevocable transfer and assignment, and hereby again irrevocably transfer and assign, to the Company in perpetuity throughout the world any and all rights, title and interests, including but not limited to copyrights, patent rights, trade secrets, trademarks and other proprietary rights, in and to all inventions, materials and proceeds created by you in connection with or arising out of your relationship with the Company, effective automatically as of the creation thereof.  You agree: (a) to disclose promptly in writing to the Company all inventions, materials and proceeds hereunder; (b) to cooperate with and assist the Company to apply for, and to execute any applications and/or assignments reasonably necessary to obtain, any patent, copyright, trademark or other statutory protection for such ideas, inventions and materials in the Company’s name as the Company deems appropriate; and (c) to otherwise treat all such materials as “Confidential Information or Trade Secrets.”  You hereby waive any right of “droit moral” or similar right.
		

		
			In addition, in connection with your relationship with the Company, you may have been photographed, videotaped or otherwise recorded by the Company in connection with Company Event(s) (“Footage”).  You hereby reaffirm and again grant the Company the sole and exclusive right, including the right to authorize others, to use and incorporate the Footage, in whole or in part, in conjunction with other photographs and footage, and the right to use your name, voice, likeness and/or biographical information (collectively, “Likeness”) in connection with the exploitation, advertising, promotion and/or packaging of the Footage, the Event(s) or any future events similar thereto and/or any product into which the Footage may be incorporated, including but not limited to, radio, television, home video or other motion picture programs or sound recordings (“Products”) at such times and in such manner as the Company may elect in perpetuity throughout the world, and to broadcast, exhibit and/or exploit the same in any and all media, whether now or hereafter known or devised.  You further acknowledge and agree that the Company shall be under no obligation to use or exploit the Footage and/or Likeness; that you shall not be entitled to any further payments, residuals, monies or other compensation arising out of the Company’s exploitation of the Footage and/or Likeness in any manner, that you hereby release, discharge and agree to save and hold harmless the Company and/or its assignee from any and all claims of liability arising out of any use of the Footage and/or Products; and that the Footage shall be the sole and exclusive property of the Company in perpetuity.  In this regard, the Footage shall be deemed created for the benefit of the Company as a “work made for hire” as defined in the Act.Exhibit 10.1

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this “Agreement”) is made
on __________, 2020.

 

Between:

 

		(1)	GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED, an exempted company incorporated under the laws of the Cayman Islands with registered
office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”);
and

 

		(2)	_______________________________________________________ (“Indemnitee”).

 

Whereas:

 

		(A)	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 against inordinate risks
of claims and actions against them arising out of their service to and activities on behalf of such corporations;

 

		(B)	The board of directors of the Company (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 publicly traded 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 amended and restated articles of association of the Company
(the “Articles”) provide for the indemnification of the officers and directors of the Company. The Articles 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,
hold harmless, exoneration, advancement and reimbursement rights;

 

		(C)	The uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

		(D)	The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best
interests of the Company’s shareholders and that the

 

		(E)	Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

		(F)	It is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate
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 protected against liabilities;

 

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		(G)	This Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

		(H)	Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection,
and the Company desires Indemnitee 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 he be so indemnified; and

 

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

 

TERMS AND CONDITIONS

 

1 SERVICES TO THE
COMPANY

 

Indemnitee will serve or continue to serve as an officer, director,
advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed
or retained or until Indemnitee tenders his resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement
shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in
any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee
or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements
or commitments of the parties, if any.

 

2 DEFINITIONS

 

As used in this Agreement:

 

		2.1	References to “agent” shall mean any
person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized
by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, advisor,
fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise
at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

 

		2.2	The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

		2.3	A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

		(a)	Acquisition of Shares by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s
then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial
Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding
shares entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing
Directors (as defined below) and such acquisition would not constitute a Change in Control under part (c) of this definition;

 

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		(b)	Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose
election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds
of the directors then still in office who were directors on the date hereof or whose election for nomination for election was previously
so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the
members of the Board;

 

		(c)	Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were
the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately
prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) no Person (excluding
any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the
combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving
corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of
the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the
execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

		(d)	Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement
or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other
than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the
Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

		(e)	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.

 

		2.4	“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general
partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which
such person is or was serving at the request of the Company.

 

		2.5	“Cayman Court” shall mean the Courts of the Cayman Islands.

 

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		2.6	“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding
(as defined below) in respect of which indemnification is sought by Indemnitee.

 

		2.7	“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is
or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary,
employee or agent.

 

		2.8	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

		2.9	“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,
including, without limitation, all attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements,
obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable
compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses
also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including
without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other
appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments
or fines against Indemnitee.

 

		2.10	“Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters
of corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

		2.11	References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee,
agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and 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 shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

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		2.12	The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as
in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries
(as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the
Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions
as their ownership of share of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the
shareholders of the Company in substantially the same proportions as their ownership of share of the Company.

 

		2.13	The term “Proceeding” shall include any threatened, pending or completed action, suit, 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 (including intentional or unintentional
tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a director or officer
of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, trustee,
general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving
in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses
can be provided under this Agreement.

 

		2.14	The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

3 INDEMNITY IN THIRD-PARTY
PROCEEDINGS

 

To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was,
is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than
a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status.
Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities,
fines, penalties 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, penalties and amounts paid in settlement) actually and reasonably incurred
by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case
of a criminal Proceeding, had no reasonable cause to believe that his conduct was unlawful.

 

4 INDEMNITY IN PROCEEDINGS
BY OR IN THE RIGHT OF THE COMPANY

 

To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was,
is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the
right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section
4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or
on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless
or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee
shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which
the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless
or to exoneration.

 

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5 INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding any other provisions of this Agreement except
for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant
in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole
or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee
against all Expenses actually and reasonably incurred by him in connection therewith. 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 shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee
against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim,
issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with
a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. 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,
shall be deemed to be a successful result as to such claim, issue or matter.

 

6 INDEMNIFICATION
FOR EXPENSES OF A WITNESS

 

Notwithstanding any other provision of this Agreement except
for Section 27, to the extent that Indemnitee is, by reason of his Corporate Status, a witness or deponent in any Proceeding to
which Indemnitee is not a party or threatened to be made a party, he shall, to the fullest extent permitted by applicable law,
be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

7 ADDITIONAL INDEMNIFICATION,
HOLD HARMLESS AND EXONERATION RIGHTS

 

		7.1.	Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee 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) against all Expenses,
judgments, fines, penalties 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, penalties and amounts paid in settlement) actually and reasonably
incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available
under this Section 7.1 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty
to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing
violation of the law.

 

		7.2.	Notwithstanding any limitation in Sections 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the fullest extent
permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee 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) against
all Expenses, judgments, fines, penalties 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, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

8 CONTRIBUTION IN
THE EVENT OF JOINT LIABILITY

 

		8.1.	To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right
of contribution it may have at any time against Indemnitee.

 

		8.2.	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.

 

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

 

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9 EXCLUSIONS

 

Notwithstanding any provision in this Agreement, the Company
shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment
in connection with any claim made against Indemnitee:

 

		(a)	for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or
advancement provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract,
agreement, other indemnity or advancement provision or otherwise;

 

		(b)	for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or

 

		(c)	except as otherwise provided in Sections 14.5 and 14.6 hereof, prior to a Change in Control, in connection with any Proceeding
(or any part of any Proceeding) 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 Board authorized the
Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless
or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall
seek payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance
policy of the Company covering Indemnitee.

 

10 ADVANCES OF EXPENSES; DEFENSE OF CLAIM

 

		10.1.	Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited
by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred
by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a
statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances
shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall be made without regard to Indemnitee’s
ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or
exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing
a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company
to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the
final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,
to repay the advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company
under the provisions of this Agreement, the Articles, applicable law or otherwise. This Section 10.1 shall not apply to any claim
made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

		10.2.	The Company will be entitled to participate in the Proceeding at its own expense.

 

		10.3.	The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment,
fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

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11 PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

		11.1.	Indemnitee agrees to notify promptly 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, hold harmless
or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not
relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

		11.2.	Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance
with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate
in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement
to indemnification shall be determined according to Section 12.1 of this Agreement.

 

12 PROCEDURE UPON
APPLICATION FOR INDEMNIFICATION

 

		12.1.	A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be
made in the specific case by one of the following methods: (i) if no Change in Control has occurred, (x) by a majority vote of
the Disinterested Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors, even though
less than a quorum of the Board, or (z) if there are no Disinterested Directors, or if such Disinterested Directors so direct,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (ii) if a Change
in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.
The Company will promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall reasonably cooperate with the person, persons or entity making such 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. Any costs or Expenses (including reasonable attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify
and to hold Indemnitee harmless therefrom.

 

		12.2.	In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1
hereof, the Independent Counsel shall be selected as provided in this Section 12.2. The Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice
to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so
selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent
Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him of the identity of the Independent
Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10)
days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may
be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent
Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction
has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request
for indemnification pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected and not objected to, either
the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall
act as Independent Counsel under Section 12.1 hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant
to Section 14.1 of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing).

 

		12.3.	The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless
such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto.

 

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13 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

 

		13.1.	In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 11.2 of this Agreement, and the Company shall have the burden of proof to overcome
that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.
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, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

		13.2.	If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall
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 final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided,
however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) 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.

 

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

 

		13.4.	For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the directors, managers, managing members, or officers of the Enterprise in the course of their duties, or on
the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner,
manager, or managing member or on information or records given or reports made to the Enterprise, its Board, any committee of the
Board or any director, trustee, general partner, manager or managing member by an independent certified public accountant or by
an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general
partner, manager or managing member. The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit in any
way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth
in this Agreement.

 

     9

     

    

 

		13.5.	The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member,
fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

14 REMEDIES OF INDEMNITEE

 

		14.1.	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) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant
to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section
12.1 of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement within ten (10)
days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant
to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within
ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee
pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) days after receipt
by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification,
hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his 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.
Except as set forth herein, the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association shall
apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in
arbitration.

 

		14.2.	In the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to
be indemnified, held harmless, exonerated to receive advances of Expenses under this Agreement and the Company shall have the burden
of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses, as the
case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12.1 of this Agreement
adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or
lapsed).

 

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		14.3.	If a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 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.

 

		14.4.	The Company shall be 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 shall stipulate in any such
court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

		14.5.	The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if
requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,
to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee (i) to enforce his rights under, or to recover damages for breach of, this Agreement
or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Articles now
or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of
Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold
harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding
or arbitration was not brought by Indemnitee in good faith).

 

		14.6.	Interest shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and the Indemnitee for amounts
which the Company indemnifies, holds harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate for the period
commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement
or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

15 SECURITY

 

Notwithstanding anything herein to the contrary except for Section
27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide
security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or
other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent
of Indemnitee.

 

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16 NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

 

		16.1.	The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced
or completed) arising out of, or related to, any action taken or omitted by such Indemnitee in his Corporate Status prior to such
amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits
greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under
the Articles or this Agreement, then this Agreement (without any further action by the parties hereto) shall automatically be deemed
to be amended to require that the Company indemnify Indemnitee to the fullest extent permitted by law. No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

 

		16.2.	The Articles permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements
including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
on behalf of Indemnitee against any liability asserted against him or incurred by or on behalf of him or in such capacity as a
director, officer, employee or agent of the Company, or arising out of his status as such, whether or not the Company would have
the power to indemnify him against such liability under the provisions of this Agreement and the Articles, as it may then be in
effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect
the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution
and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of
the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

		16.3.	To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which
such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its
or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, manager, managing
member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source
of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to
cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the
terms of such policies.

 

		16.4.	In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

		16.5.	The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or
was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee
or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless
or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement
to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion
any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing
such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue
or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against
any person or entity other than the Company.

 

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17 DURATION OF AGREEMENT

 

All agreements and obligations of the Company contained herein
shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee,
partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as
Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by
Indemnitee pursuant to Section 14 of this Agreement) by reason of his Corporate Status, whether or not he is acting in any such
capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

18 SEVERABILITY

 

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

 

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19 ENFORCEMENT AND BINDING EFFECT

 

		19.1.	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, officer or key employee of the Company, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

		19.2.	Without limiting any of the rights of Indemnitee under the Articles as they may be amended from time to time, 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.

 

		19.3.	The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this
Agreement shall be binding upon and 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 and/or
assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company
or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise
at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors
and administrators and other legal representatives.

 

		19.4.	The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place.

 

		19.5.	The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or
specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.
The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief,
including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds
or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may
be required of Indemnitee by a Court of competent jurisdiction and the Company hereby waives any such requirement of such a bond
or undertaking.

 

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20 MODIFICATION
AND WAIVER

 

No supplement, modification or amendment of this Agreement shall
be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21 NOTICES

 

All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the
party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with
postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

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

 

		(b)	If to the Company, to:

 

Glory Star New Media Group Holdings Limited

22F, Block B, Xinhua Technology Building

No. 8 Tuofangying South Road

Jiuxianqiao, Chaoyang District, Beijing, China 100016

Attn: Bing Zhang

 

With a copy, which shall not constitute
notice, to:

 

Lewis Brisbois Bisgaard & Smith LLP

2020 West El Camino Ave, Ste 700

Sacramento, California 95883

Attn: John P. Yung, Esq

 

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

 

22 APPLICABLE LAW
AND CONSENT TO JURISDICTION

 

This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the Cayman Islands, without regard to its conflict of
laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14.1 of this Agreement, the Company
and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States
of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes
of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue
of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such
action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole
or in part) to a jury trial.

 

     15

     

    

 

23 IDENTICAL COUNTERPARTS

 

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

 

24 MISCELLANEOUS

 

Use of the masculine pronoun shall be deemed to include usage
of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

25 PERIOD OF LIMITATIONS

 

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

 

26 ADDITIONAL ACTS

 

If for the validation of any of the provisions in this Agreement
any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or
other procedure to be affected or adopted in a manner that will enable the Company to fulfil its obligations under this Agreement.

 

27 WAIVER OF CLAIMS
TO TRUST ACCOUNT

 

Indemnitee hereby agrees that it does not have any right, title,
interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection
with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering,
and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and
will not seek recourse against such trust account for any reason whatsoever.

 

     16

     

    

 

28 MAINTENANCE OF
INSURANCE

 

The Company shall use commercially reasonable efforts to obtain
and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement,
one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage
for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under
this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies,
the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as
are accorded to the most favorably insured of the Company’s directors and officers.

 

29 INTERPRETATION

 

In this Agreement:

 

		29.1.	words importing the singular number include the plural number and vice versa;

 

		29.2.	words importing the masculine gender include the feminine gender;

 

		29.3.	“written” and “in writing” include all modes of representing or reproducing words in visible form,
including in the form of an Electronic Record (as defined in the Electronic Transactions Law (2003 Revision) (the "Electronic
Transactions Law"));

 

		29.4.	“shall” shall be construed as imperative and “may” shall be construed as permissive;

 

		29.5.	references to provisions of any law or regulation shall be construed as references to those provisions as amended, modified,
re-enacted or replaced;

 

		29.6.	any phrase introduced by the terms "including", "include", "in particular" or any similar expression
shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

 

		29.7.	the term "and/or" is used herein to mean both "and" as well as "or." The use of "and/or"
in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or" in others. The
term "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require the
conjunctive (in each case, unless the context otherwise requires);

 

		29.8.	headings are inserted for reference only and shall be ignored in construing this Agreement;

 

		29.9.	any requirements as to delivery under this Agreement include delivery in the form of an Electronic Record;

 

		29.10.	any requirements as to execution or signature under this Agreement including the execution of this Agreement itself can be
satisfied in the form of an electronic signature as defined in the Electronic Transactions Law; and

 

		29.11.	sections 8 and 19(3) of the Electronic Transactions Law shall not apply.

 

[SIGNATURE PAGE FOLLOWS]

 

     17

     

    

 

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

 

	 	Glory Star New Media Group Holdings Limited
	 	 
	 	By:	 
	 	
        Name:

        Title:  
	Bing Zhang 

Chief Executive Officer
	 	
         
	
         

	 	Indemnitee
	 	 
	 	By:	 
	 	
        Name:

        Address: 
	 

 

 

18

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