Document:

Exhibit 10.6

    

    

      PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

       

      THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT (as it may from time to time be amended and including all exhibits referenced herein, this “Agreement”), dated as of [•], 2021, is entered
        into by and between Bullpen Parlay Acquisition Company, a Cayman Islands exempted company (the “Company”), and BPAC Partners LLC, a Delaware limited liability company (the “Purchaser”).

       

      WHEREAS, the Company intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one Class A ordinary share of the Company, par
        value $0.0001 per share (each, a “Share”), and one-half of one redeemable warrant, each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the Company’s Registration Statement
        on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”), File Number [•] (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities Act”).

       

      WHEREAS, the Purchaser has agreed to purchase an aggregate of 6,500,000 warrants (and up to 600,000 additional warrants if the underwriter in the Public Offering exercises its option to purchase
        additional units in full) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, at a price of $1.00 per warrant.

       

      NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
        parties to this Agreement hereby, intending legally to be bound, agree as follows:

       

      AGREEMENT

       

      Section 1.            Authorization, Purchase and Sale; Terms of the Private Placement Warrants.

       

      A.          Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and
          sale of the Private Placement Warrants to the Purchaser.

       

      B.          Purchase and Sale of the Private Placement Warrants.

       

      (i)          On the date of the consummation of the Public Offering (the “IPO Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 6,500,000 Private Placement Warrants at a price of $1.00 per warrant for an aggregate purchase price of
          $6,500,000 (the “Purchase Price”). The Purchaser shall pay the Purchase Price by wire transfer of immediately available funds in the following amounts: (i)
          $2,500,000 to or on behalf of the Company at a financial institution to be chosen by the Company, and (ii) $4,000,000 to the trust account maintained by U.S. Bank National Association, acting as trustee (the “Trust Account”), in each case in accordance with the Company’s wiring instructions, at least one (1) business day prior to the IPO Closing Date. On the IPO Closing Date, subject to the receipt
          of funds pursuant to the immediately prior sentence, the Company, at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such
          delivery in book-entry form.

       

      
        
          

      

      
      (ii)         On the date of the closing of the option to purchase additional units, if any, in connection with the Public Offering or on such
          earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Option Closing Date”, and each Option Closing Date (if any) and the
          IPO Closing Date, a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 600,000
          Private Placement Warrants (or, to the extent the option to purchase additional units is not exercised in full, a lesser number of Private Placement Warrants in proportion to portion of the option that is exercised) at a price of $1.00 per
          warrant for an aggregate purchase price of up to $600,000 (the “Option Purchase Price”). The Purchaser shall pay the Option Purchase Price in accordance
          with the Company’s wire instruction by wire transfer of immediately available funds to the Trust Account, at least one (1) business day prior to the Option Closing Date. On the Option Closing Date, subject to the receipt of funds pursuant to the
          immediately prior sentence, the Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry
          form.

       

      C.          Terms of the Private Placement Warrants.

       

      (i)          Each Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a
          warrant agent on the IPO Closing Date in connection with the Public Offering (the “Warrant Agreement”) and shall be subject to the terms of a letter agreement to be entered into on the IPO Closing Date in connection with the Public Offering by
          the Company, the Purchaser and other parties thereto (the “Insider Agreement”).

       

      (ii)          On the IPO Closing Date, the Company and the Purchaser shall enter into a registration and shareholder rights agreement (the “Registration and Shareholder Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement
          Warrants and the Shares underlying the Private Placement Warrants.

       

      Section 2.          Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive
          each Closing Date) that:

       

      A.         Incorporation and Corporate Power. The Company is an exempted company duly incorporated, validly
          existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition,
          operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement.

       

      
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      B.         Authorization; No Breach.

       

      (i)         The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the
          Company as of the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
          laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the
          Warrant Agreement and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date.

       

      (ii)        The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the
          Private Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date
          (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s share capital or assets under,
          (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the memorandum and
          articles of association of the Company (in effect on the date hereof or as may be amended prior to completion of the Public Offering) or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order,
          judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

       

      C.         Title to Securities. Upon issuance in accordance with, and payment pursuant to, the
          terms hereof and the Warrant Agreement, and upon registration in the Company’s register of members, the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable. On the date of
          issuance of the Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant
          Agreement, and upon registration in the Company’s register of members, the Purchaser will have good title to the Private Placement Warrants purchased by it and the Shares issuable upon exercise of such Private Placement Warrants, free and clear
          of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, including the Insider Agreement, (ii) transfer restrictions under federal and state securities
          laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

      

      

      
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      D.        Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing
          with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby.

       

      E.          Regulation D Qualification. Neither the Company nor, to its actual knowledge, any of its affiliates,
          members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506 (d) of Regulation D under the Securities Act.

       

      Section 3.          Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and
          warranties shall survive each Closing Date) that:

       

      A.         Organization and Requisite Authority. The Purchaser possesses all requisite power and authority
          necessary to carry out the transactions contemplated by this Agreement.

       

      B.          Authorization; No Breach.

       

      (i)          This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
          bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or
          law).

       

      (ii)         The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the
          Purchaser does not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security
          interest, charge or encumbrance upon the Purchaser’s equity or assets under, (d) result in a violation of, or (e) require authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or
          administrative or governmental body or agency pursuant to the Purchaser’s organizational documents in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering, or any material law, statute, rule or
          regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the date hereof under federal or state securities laws.

       

      C.          Investment Representations.

       

      (i)          The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares
          issuable upon such exercise (collectively, the “Securities”) for its own account, for investment purposes only and not with a view towards, or for resale
          in connection with, any public sale or distribution thereof.

       

      
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      (ii)        The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act, and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

       

      (iii)       The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from
          the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set
          forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

       

      (iv)        The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within
          the meaning of Rule 502(c) of Regulation D under the Securities Act.

       

      (v)        The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
          relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that
          its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.

       

      (vi)       The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed
          on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

       

      (vii)       The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any
          state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration
          and Shareholder Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption
          thereunder. In this regard, the Purchaser understands that the SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act
          would not be available for resale transactions of the Securities despite technical compliance with the requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the
          registration requirements of the Securities Act.

       

      
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      (viii)      The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk
          associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in
          the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for
          liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities.

       

      (ix)         The Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth in the
          Warrant Agreement.

       

      Section 4.           Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

       

      A.         Representations and Warranties. The representations and warranties of the Company contained in
          Section 2 shall be true and correct at and as of the Closing Date as though then made.

       

      B.         Performance. The Company shall have performed and complied with all
          agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date.

       

      C.         No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or
          injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits
          the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement.

       

      D.         Warrant Agreement and Registration and Shareholder Rights Agreement. The Company shall have entered
          into the Warrant Agreement, in the form of Exhibit A hereto, and the Registration and Shareholder Rights Agreement, in the form of Exhibit B hereto, in each case on terms satisfactory to the Purchaser.

       

      Section 5.            Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

       

      
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      A.         Representations and Warranties. The representations and warranties of the Purchaser
          contained in Section 3 shall be true and correct at and as of such Closing Date as though then made.

       

      B.          Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in
          this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date.

       

      C.         Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution,
          delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

       

      D.          No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
          enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of
          the transactions contemplated by this Agreement or the Warrant Agreement.

       

      E.           Warrant Agreement. The Company shall have entered into the Warrant Agreement.

       

      Section 6.           Miscellaneous.

       

      A.         Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements
          contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary
          herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members).

       

      B.          Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
          manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
          invalidity, without invalidating the remainder of this Agreement.

       

      C.         Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of
          which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and effective to bind
          the party so signing.

       

      D.        Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
          convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

       

      
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      E.          Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of
          New York and for all purposes shall be construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the laws of another jurisdiction.

       

      F.           Amendments. This Agreement may not be amended, modified or waived as to any particular provision,
          except by a written instrument executed by the parties hereto.

       

      (Signature page follows)

       

      
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      IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

       

      	 	
              COMPANY:

            
	 	 
	 	
              BULLPEN PARLAY ACQUISITION COMPANY

            
	 	 
	 	
              By:

            	

            	

            
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      	 	
              PURCHASER:

            
	 	 
	 	
              BPAC PARTNERS LLC

            
	 	 
	 	
              By:

            	

            	

            
	 	 	
              Name:

            
	 	 	
              Title:

            

       

      
        Signature Page to Private Placement Warrants Purchase Agreement

      

       

      

      
        
          

      

      EXHIBIT A

       

      Warrant Agreement

       

      
        
          

      

      EXHIBIT B

       

      Registration and Shareholder Rights AgreementExhibit 10.7

       

      INDEMNITY AGREEMENT

       

      THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of [●], 2021, by and between Bullpen Parlay Acquisition Company, a Cayman Islands exempted company
          (the “Company”), and                      (“Indemnitee”).

       

      WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or 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;

       

      WHEREAS, 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. The amended and restated memorandum and articles of association of the Company (the “Articles”) provide for the indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law. The
          Articles 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, officers and other persons with respect to
          indemnification, hold harmless, exoneration, advancement and reimbursement rights;

       

      WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

       

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

       

      WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to 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;

       

      WHEREAS, 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; and

       

      WHEREAS, Indemnitee may not be willing to serve as an officer or a director 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 or she be so indemnified.

       

      NOW, THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement dated as of January [●], 2021, the Company and Indemnitee do hereby covenant and agree
          as follows:

       

      
        
          

      

      
      	1.	
              SERVICES TO THE COMPANY

            

       

      In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, a director, an advisor, a key employee or in any other capacity of
        the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her 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 an officer, a director, an advisor, a key employee or in any other capacity of the Company, as provided in Section 17 hereof. 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:

       

      (a)        References to “agent” shall mean any person who
          is or was a director, an officer or an 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, an officer, an
          employee, an advisor, a 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.

       

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

       

      (c)          “Cayman Court” shall mean the courts of the
          Cayman Islands.

       

      (d)          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:

       

      (i)          Acquisition of Shares by Third Party. Other than an
          affiliate of BPAC Partners LLC, a Delaware limited liability company (the “Sponsor”), any Person 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 of securities entitled to
          vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute a Change in Control under part (iii) of this definition;

       

      (ii)          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 (2/3) of the directors then still in office who were
          directors on the date hereof or whose election or 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;

       

      
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      (iii)        Corporate Transactions. The effective date of a merger, a
          share exchange, an asset acquisition, a share purchase, a reorganization or a similar business combination, involving the Company and one (1) 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 that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either
          directly or through one (1) 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) other than
          an affiliate of the Sponsor, 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, providing for such Business Combination;

       

      (iv)          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 (1) transaction or a series of related transactions); or

       

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

       

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

       

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

       

      (g)         “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, an officer, a trustee, a general partner, a manager, a managing member, a fiduciary, an employee or an
          agent.

       

      
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      (h)          “Exchange Act” shall mean the Securities
          Exchange Act of 1934, as amended.

       

      (i)          “Expenses” shall include all direct and
          indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable 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, including reasonable compensation for time spent
          by the 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, 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.

       

      (j)           References to “fines” shall include any
          excise tax assessed on Indemnitee with respect to any employee benefit plan.

       

      (k)         References to “serving at the request of the Company”
          shall include any service as a director, an officer, an employee, an agent or a fiduciary of the Company that 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.

       

      (l)         “Independent Counsel” shall mean a law firm or
          a member of a law firm with significant experience in matters of corporate law and that neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such
          party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding giving rise to a claim for indemnification
          hereunder. Notwithstanding the foregoing, the term “Independent Counsel” 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.

       

      
        4

        
          

      

      (m)        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 of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary 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 shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary 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 shares of the Company.

       

      (n)         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 her or of any action (or failure to act) on his or her part while acting as a director or an officer of
          the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, an officer, a trustee, a general partner, a manager, a managing member, a fiduciary, an employee or an 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.

       

      (o)         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.

       

      (p)        The phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: (a) to
          the fullest extent authorized or permitted by the provision of applicable Cayman Islands law that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of applicable
          Cayman Islands law, and (b) to the fullest extent authorized or permitted by any amendments to or replacements of applicable Cayman Islands law adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
          its officers and directors.

       

      	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 or her behalf in connection with such Proceeding or any
        claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to
        believe that his or her conduct was unlawful; provided, however, in no event shall Indemnitee be entitled to be indemnified, held harmless or advanced any amounts
        hereunder in respect of any Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (if any) that Indemnitee may incur by reason of his or her own actual fraud or intentional misconduct. Indemnitee shall not be found to
        have committed actual fraud or intentional misconduct for any purpose of this Agreement unless or until a court of competent jurisdiction shall have made a finding to that effect.

       

      
        5

        
          

      

      	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 her or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if
        Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the 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 of competent jurisdiction 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.

       

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

            

       

      Notwithstanding any other provisions of this Agreement, but subject to Section 27 hereof, 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 or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one (1) 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 her or on his or her 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

        
          

      

      	6.	
              INDEMNIFICATION FOR EXPENSES OF A WITNESS

            

       

      Notwithstanding any other provision of this Agreement, but subject to Section 27 hereof, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in
        any Proceeding to which Indemnitee is not a party or threatened to be made a party, he or she 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 her or on his or her behalf in connection therewith.

       

      	7.	
              ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

            

       

      Notwithstanding any limitation in Sections 3, 4 or 5 hereof, but subject to Section 27 hereof, 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 on account of Indemnitee’s conduct that
        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 that involves intentional misconduct or a knowing violation of applicable law.

       

      	8.	
              CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

            

       

      (a)          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.

       

      (b)         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.

       

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

       

      
        7

        
          

      

      	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 any successor rule) or similar provisions of state statutory law or common law; or

       

      (c)         except as otherwise provided in Sections 14(f) and (g) 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.

       

      	10.	
              ADVANCES OF EXPENSES; DEFENSE OF CLAIM

            

       

      (a)          Notwithstanding any provision of this Agreement to the contrary, but subject to Section 27 hereof, 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 (3) 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, to the fullest extent permitted by law, 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 advanced amounts 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. If it shall be determined by a final judgment or other final adjudication that Indemnitee was not so entitled to indemnification, any
          advancement shall be returned to the Company (without interest) by the Indemnitee. This Section 10(a) shall not apply to any claim made by Indemnitee for
          which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9 hereof, but shall apply to any Proceeding referenced in Section 9(b) hereof prior to a final determination that Indemnitee is liable therefor.

       

      
        8

        
          

      

      (b)          The Company will be entitled to participate in the Proceeding at its own expense.

       

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

       

      	11.	
              PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

            

       

      (a)          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, claim, issue or matter therein that 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 that it may have to Indemnitee under this Agreement, or otherwise.

       

      (b)         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(a) hereof.

       

      	12.	
              PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

            

       

      (a)          A determination, if required by applicable law, with respect to Indemnitee’s entitlement to
          indemnification shall be made in the specific case by one (1) of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a
          committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
          to Indemnitee, or (iv) by vote of the shareholders by ordinary resolution. The Company promptly will 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 that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including 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.

       

      
        9

        
          

      

      (b)          In the event the determination of entitlement to indemnification is to be made by Independent Counsel
          pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section
            12(b). 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 hereof. If the Independent Counsel is selected by the Board, the Company shall
          give written notice to Indemnitee advising him or her 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 hereof. 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 hereof, 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(b) 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(a) hereof. Upon the due commencement of any judicial proceeding or
          arbitration pursuant to Section 14(a) hereof, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
          to the applicable standards of professional conduct then prevailing).

       

      (c)          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.

       

      	13.	
              PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

            

       

      (a)         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(b) hereof, 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 the Disinterested 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 the Disinterested 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.

       

      
        10

        
          

      

      (b)         If the person, persons or entity empowered or selected under Section

            12 hereof 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, to the fullest extent permitted by law, 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.

       

      (c)          The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement
          or conviction, or upon a plea of nolo contendere or its equivalent, 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 that he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her
          conduct was unlawful.

       

      (d)         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, manager, 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(d) 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.

       

      (e)          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.

       

      
        11

        
          

      

      	14.	
              REMEDIES OF INDEMNITEE

            

       

      (a)         In the event that (i) a determination is made pursuant to Section 12 hereof 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 hereof, (iii) no determination of entitlement to indemnification
          shall have been made pursuant to Section 12(a) hereof 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
          hereof or the last sentence of Section 12(a) hereof 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 hereof, (vi)
          payment of indemnification pursuant to Section 3 or 4 hereof 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 in accordance with this Agreement 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 or her option, may seek an award in arbitration to be conducted by a single arbitrator
          pursuant to the Commercial Arbitration Rules and Mediation Procedures 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.

       

      (b)         In the event that a determination shall have been made pursuant to Section 12(a) hereof 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.

       

      (c)         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 advancement 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 advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) hereof 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 hereof 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).

       

      (d)         If a determination shall have been made pursuant to Section 12(a) hereof 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.

       

      
        12

        
          

      

      (e)          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.

       

      (f)          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 that are incurred by Indemnitee in
          connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her 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).

       

      (g)          Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts that
          the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance 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, but subject to Section 27 hereof, 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.

       

      	16.	
              NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION; PRIORITY OF OBLIGATIONS

            

       

      (a)          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) or claim, issue or matter therein arising out of, or related to,
          any action taken or omitted by such Indemnitee in his or her 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 indemnifies the 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.

       

      
        13

        
          

      

      (b)        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 her or incurred by or on behalf of him or in such capacity as a director, an officer, an employee or an agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to
          indemnify him or her against such liability under the provisions of this Agreement and the Articles. 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.

       

      (c)         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 that 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 use commercially reasonable efforts 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.

       

      (d)         In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law,
          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. No such payment by the Company shall be deemed to relieve any insurer of its obligations.

       

      
        14

        
          

      

      (e)          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, an officer, a trustee, a partner, a manager, a managing member, a fiduciary, an employee or an 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, but subject to Section 27 hereof, (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.

       

      (f)          Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification
          or advancement obligation of the Sponsor or its affiliates or members or any other Person is secondary.

       

      	17.	
              DURATION OF AGREEMENT

            

       

      All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or an officer of the Company or as a director, an officer, a trustee,
        a partner, a manager, a managing member, a fiduciary, an employee or an agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise that 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 hereof) by reason of his or her Corporate
        Status, whether or not he or she 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.

       

      
        15

        
          

      

      	19.	
              ENFORCEMENT AND BINDING EFFECT

            

        

      

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

       

      (b)         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.

       

      (c)          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, an officer, a trustee, a general partner, a manager, a
          managing member, a fiduciary, an employee or an 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.

       

      (d)         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.

       

      (e)         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, to the fullest extent permitted by law, 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 or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, 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 to the fullest extent permitted by law.

       

      
        16

        
          

      

      	20.	
              MODIFICATION AND WAIVER

            

       

      No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or
        shall constitute a waiver of any other provisions 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) if 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:

       

      Bullpen Parlay Acquisition Company

      215 2nd St, Floor 3

      San Francisco, CA 94105

      Attn: David VanEgmond, CEO

      Email: dave@bettorcapital.com

       

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

       

      Sidley Austin LLP

      787 7th Avenue

      New York, New York 10019

      Attn: David Ni

      E-mail: dni@sidley.com

      

      

       

      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 State of New York, without regard to its conflict of
        laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) hereof, to the fullest extent permitted by law, 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. To the fullest extent
        permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 hereof or in such other manner as may be permitted by law, shall
        be valid and sufficient service thereof.

       

      
        17

        
          

      

      	23.	
              IDENTICAL COUNTERPARTS

            

       

      This Agreement may be executed in one (1) 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 (1) such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

       

      
        	
                24.

              	
                MISCELLANEOUS

              

      

       

      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 (2) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action
        within such two-year (2-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 to the fullest extent permitted by law, 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 fulfill its obligations under this Agreement.

       

      	27.	
              WAIVER OF CLAIMS TO TRUST ACCOUNT

            

       

      Notwithstanding anything contained herein to the contrary, 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 (the “Trust Account”) 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 the Trust Account for any
        reason whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the Company has sufficient funds outside of the Trust Account to satisfy its
        obligations hereunder or (ii) the Company consummates a Business Combination.

       

      
        18

        
          

      

      	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 (1) or more policies of insurance with reputable insurance companies to provide the officers and 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.

       

      (Signature Page Follows)

       

      
        19

        
          

      

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

       

      

      
        	 	
                BULLPEN
                  PARLAY ACQUISITION COMPANY

              
	 	 
	 	
                By:

              	

                 
	 	

              	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	 	
                INDEMNITEE

              
	 	 	 
	 	
                Name:

              	

                 
	 	
                Address:

              	 

      

       

      

      
        
          Signature Page to Indemnity Agreement

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