Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is entered into as of July 7, 2021, by and among Agrico Acquisition Corp., a Cayman Islands
exempted company (the “Company”), and the undersigned parties listed under Investors on the signature page hereto
(or their designees) (each, an “Investor” and collectively, the “Investors”).

 

WHEREAS, the
Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration
of the securities held by them as of the date hereof or that may be held by them upon consummation of a Business Combination (defined
below);

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means the acquisition of direct or indirect ownership through a merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities.

 

“Commission”
means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange Act.

 

“Company” is defined in the
preamble to this Agreement.

 

“Demand Registration” is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Form S-3” is defined in Section
2.3.

 

“Founder
Shares” means the 3,593,750 Class B ordinary shares of the Company, par value $0.0001 per share, issued to the Company’s
initial shareholders prior to the Company’s initial public offering.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying Party” is defined in Section 4.3.

 

     

     

    

 

“Investor” is defined in
the preamble to this Agreement.

 

“Investor Indemnified Party” is defined in Section 4.1.

 

“Maximum
Number of Shares” is defined in Section 2.1.4.

 

“Notices” is defined in Section 6.3.

 

“Ordinary Shares”
means the Class A ordinary shares, par value $0.0001 per share, of the Company.

 

“Piggy-Back Registration” is defined
in Section 2.2.1.

 

“Private Warrants”
means the Warrants certain of the Investors are privately purchasing simultaneously with the consummation of the Company’s initial
public offering.

 

“Pro Rata” is defined in Section
2.1.4.

 

“Register,”
“Registered” and “Registration” mean a registration effected by preparing and filing
a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) the Founder Shares, (ii) the Private Warrants (and underlying securities), (iii) the Working
Capital Warrants (and underlying securities), if any, and (iv) any outstanding Ordinary Shares or any other equity security
(including the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company held by an Investor
as of the date of this Agreement. Registrable Securities include any warrants, shares of capital stock or other securities of the
Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such Founder Shares,
Private Warrants (and underlying securities) and Working Capital Warrants (and underlying securities). As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to
the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company,
and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities shall have
ceased to be outstanding, or (d) the Registrable Securities are freely saleable under Rule 144 under the Securities Act without
volume limitations.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8,
or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets
of another entity).

 

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“Representative” means Maxim Group
LLC.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s
market-making activities.

 

“Units”
means the units of the Company, each comprised of one Ordinary Share and one- half of one warrant, each whole warrant entitling the holder
to purchase one Ordinary Share.

 

“Working
Capital Warrants” means any Warrants held by Investors, officers or directors of the Company or their affiliates which may
be issued in payment of working capital loans made to the Company.

 

 2. REGISTRATION RIGHTS.

 

 2.1 Demand Registration.

 

2.1.1 Request
for Registration. At any time and from time to time on or after the date that the Company consummates a Business Combination, the
holders of a majority-in-interest of the Founder Shares, Private Warrants (or underlying securities), Working Capital Warrants (or underlying
securities) or other Registrable Securities, as the case may be, held by the Investors, officers or directors of the Company or their
affiliates, or the transferees of the Investors may make a written demand for registration under the Securities Act of all or part of
their Founder Shares, Private Warrants (or underlying securities), Working Capital Warrants (or underlying securities) or other Registrable
Securities, as the case may be (a “Demand Registration”). Any demand for a Demand Registration shall specify
the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will,
within ten (1) days of the Company’s receipt of the Demand Registration, notify all holders of Registrable Securities of the demand,
and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the
Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”)
shall so notify the Company, in writing, within three (3) days after the receipt by the holder of the notice from the Company. Upon any
such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject
to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of two
(2) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

2.1.2 Effective
Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective by the Commission and the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or
injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the
offering; provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration
Statement that has been filed is counted as a Demand Registration or is terminated.

 

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2.1.3 Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their written
demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be
conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities
in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through
such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such
underwriting by a majority-in-interest of the holders initiating the Demand Registration.

 

2.1.4 Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which
the Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company desires to
sell and the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as
applicable, the “Maximum Number of Shares”), then the Company shall include in such registration: (i)
first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such Person has requested be included in such registration, regardless of the number
of shares held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i) and (ii), the Registrable Securities of holders exercising their piggy-back registration rights pursuant to
Section 2.2; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i),
(ii), and (iii), the Ordinary Shares or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of
Shares.

 

2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of
their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the
majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section 2.1. Notwithstanding anything to the contrary in this
Agreement, the Company shall be responsible for all costs and expenses incurred in connection with a registration pursuant to a
Demand Registration prior to its withdrawal under this subsection 2.15.

 

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 2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back
Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their
account (or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within three
(3) days following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and
conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

2.2.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Ordinary Shares which
the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration has been demanded pursuant to
separate written contractual arrangements with persons or entities other than the holders of Registrable Securities hereunder, the
Registrable Securities as to which registration has been requested under this Section 2.2, and the Ordinary Shares, if any, as to
which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of
the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a) If
the registration is undertaken for the Company’s account: (A) the Ordinary Shares or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any, comprised of Registrable Securities,
as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such
security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other securities for the
account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights
with such persons and that can be sold without exceeding the Maximum Number of Shares; and 

 

(b) If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of
Registrable Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), collectively, the Ordinary Shares or other securities comprised of Registrable Securities, Pro Rata,
as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of
Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B)
and (C), Ordinary Shares or other securities for the account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

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2.2.3
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration
Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities
in connection with such Piggy-Back Registration as provided in Section 3.3.

 

2.2.4 Unlimited
Piggy-Back Registration Rights. For the avoidance of doubt, any registration effected pursuant to Section 2.2 hereof shall not be
counted as a registration pursuant to a Demand Registration effected pursuant to Section 2.1 hereof.

 

2.3 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time request in writing that the Company register
the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be available at such
time (“Form S-3”); provided, however, that the Company shall not be obligated to effect such request through
an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice of the proposed registration
to all other holders of Registrable Securities, and each holder of Registrable Securities who thereafter wishes to include all or a portion
of such holder’s Registrable Securities in such registration shall notify the Company in writing within three (3) days after the
receipt by the holder of the notice from the Company and, as soon as practicable thereafter, the Company shall effect the registration
of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder or holders joining in
such request; provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3:
(i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together with the holders of
any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other
securities (if any) at any aggregate price to the public of less than $10,000,000. Registrations effected pursuant to this Section 2.3
shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

 3. REGISTRATION PROCEDURES.

 

3.1 Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2, the
Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1 Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request for a
Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which the
Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all
Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use
its best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective for the
period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for up
to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to
which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the
President or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be
materially detrimental to the Company and its shareholders for such Registration Statement to be effected at such time; provided
further, however, that the Company shall not have the right to exercise the right set forth in the immediately preceding proviso
more than once in any 365-day period in respect of a Demand Registration hereunder.

 

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3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge
to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus),
and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders
may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

3.1.3 Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn.

 

3.1.4
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2)
business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing,
and shall further notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence
of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take
all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for
any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the
occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment;
except that before filing with the Commission a Registration Statement or prospectus or any amendment or supplement thereto, including
documents incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration
Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of
filing to provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the
Company shall not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated
by reference, to which such holders or their legal counsel shall object.

 

3.1.5 State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered by
the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii)
take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all
other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall
not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any
action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise
so subject.

 

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3.1.6 Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any
Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in
such registration statement. No holder of Registrable Securities included in such registration statement shall be required to make any
representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good
standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational
documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion
in such Registration Statement.

 

3.1.7 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the
Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

 

3.1.8
Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their
due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by
any of them in connection with such Registration Statement.

 

3.1.9 Opinions
and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement a signed
counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort
letter from the Company’s independent public accountants delivered to any Underwriter. In the event no legal opinion is delivered
to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at any
time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing
such prospectus has been declared effective and that no stop order is in effect.

 

3.1.10 Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available
to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11 Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or, if
no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities
included in such registration.

 

3.1.12 Road
Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000, the
Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road show”
presentations that may be reasonably requested by the Underwriter in any underwritten offering.

 

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3.2 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders”
covered by such program to transact in the Company’s securities because of the existence of material non-public information, each
holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended prospectus
contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s securities
is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all written copies, other
than permanent file copies then in such holder’s possession, of the most recent prospectus covering such Registrable Securities
at the time of receipt of such notice.

 

3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and all
expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees and fees of any securities exchange
on which the Ordinary Shares are then listed; (ii) fees and expenses of compliance with securities or “blue sky” laws
(including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii)
printing expenses; (iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of its
officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required
by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the Company and
fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs associated
with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the fees and expenses of any
special experts retained by the Company in connection with such registration; and (ix) the fees and expenses of one legal counsel
selected by the holders of a majority-in-interest of the Registrable Securities included in such registration. The Company shall
have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by
the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an
underwritten offering, all selling shareholders and the Company shall bear the expenses of the Underwriter pro rata in proportion to
the respective amount of shares each is selling in such offering.

 

3.4 Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter,
if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect
the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s
obligation to comply with federal and applicable state securities laws.

 

 4. INDEMNIFICATION AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any
expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based
upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder
applicable to the Company and relating to action or inaction required of the Company in connection with any such registration; and
the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such
Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability
or action whether or not any such person is a party to any such claim or action and including any and all legal and other expenses
incurred in giving testimony or furnishing documents in response to a subpoena or otherwise; provided, however, that the Company
will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based
upon any untrue statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement,
preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or supplement, in reliance upon and in
conformity with information furnished to the Company, in writing, by such selling holder expressly for use therein. The Company also
shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members and agents
and each person who controls such Underwriter on substantially the same basis as that of the indemnification provided above in this
Section 4.1.

 

    9 

     

    

 

4.2 Indemnification
by Holders of Registrable Securities. Subject to the limitations set forth in Section 4.4.3 hereof, each selling holder of Registrable
Securities will, in the event that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable
Securities held by such selling holder, indemnify and hold harmless the Company, each of its directors and officers and each Underwriter
(if any), and each other selling holder and each other person, if any, who controls another selling holder or such Underwriter within
the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as
such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement
or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities
was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration
Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged
omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly
for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling person for
any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage,
liability or action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited
to the amount of any net proceeds actually received by such selling holder.

 

4.3 Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or
any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking
indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be
entitled to participate in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to
assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party
to the Indemnified Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not
be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with
the defense thereof other than reasonable costs of investigation; provided, however, that in any action in which both the
Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be
subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written
advice of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless
such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim
or proceeding.

 

 4.4 Contribution.

 

4.4.1 If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of
any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as
well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

 

    10 

     

    

 

4.4.2 The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately
preceding Section 4.4.1.

 

4.4.3 The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the
dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by
such holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) with respect to any action shall be entitled to
contribution in such action from any person who was not guilty of such fraudulent misrepresentation.

 

 5. UNDERWRITING AND DISTRIBUTION.

 

5.1 Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act
and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time
to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission.

 

 6. MISCELLANEOUS.

 

6.1 Other
Registration Rights. The Company represents and warrants that no person, other than the holders of the Registrable Securities, has
any right to require the Company to register any shares of the Company’s capital stock for sale or to include shares of the Company’s
capital stock in any registration filed by the Company for the sale of shares of capital stock for its own account or for the account
of any other person.

 

6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part, except in connection with a Business Combination and with the consent of each Investor party
hereto. This Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder may be freely assigned
or delegated by such holder of Registrable Securities in conjunction with and to the extent of any transfer of Registrable Securities
by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties,
to the permitted assigns of the Investors or holder of Registrable Securities or of any assignee of the Investors or holder of Registrable
Securities. This Agreement is not intended to confer any rights or benefits on any persons that are not party hereto other than as expressly
set forth in Article 4 and this Section 6.2.

 

6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed
as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed
given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such
service or transmission is not on a business day or is after normal business hours, then such notice shall be deemed given on the next
business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such
notice to a reputable air courier service with an order for next-day delivery.

 

    11 

     

    

 

To the Company:

 

Agrico Acquisition Corp.

Boundary
Hall, Cricket Square

Grand Cayman, KY1-1102, Cayman
Islands

Attn: Brent de Jong, Chief Executive Officer

E-mail: brent@dejongcapital.com

 

with a copy to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Tahra Wright, Esq.

E-mail: twright@loeb.com

 

To an Investor, to the address set forth below such Investor’s
name on Exhibit A hereto.

 

6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall
constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall
constitute valid and sufficient delivery thereof.

 

6.6 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.7 Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any party unless executed in writing
by such party.

 

6.8 Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

 

6.9 Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be
deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or
extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of
any other obligations or acts.

 

    12 

     

    

 

6.10 Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity
or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of
any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to
take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

6.11 Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of- law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction. The Company irrevocably submits to the nonexclusive
jurisdiction of any New York State or United States Federal court sitting in The City of New York, Borough of Manhattan, over any suit,
action or proceeding arising out of or relating to this Agreement. The Company irrevocably waives, to the fullest extent permitted by
law, any objection that they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a
court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum.

 

6.12 Waiver
of Trial by Jury. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM
OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties have cause this Registration
Rights Agreement to be executed and delivered by their duly authorized representative as of the date first written above.

 

	 	COMPANY:
	 	 
	 	AGRICO ACQUISITION CORP.
	 	 
	 	/s/ Brent de Jong
	 	Name:	Brent de Jong
	 	Title:	Chief Executive Officer

 

	 	INVESTORS
	 	 	 
	 	DJCAAC LLC
	 	 	 
	 	By:	/s/
    Brent de Jong 
	 	 	Name: 	 Brent de Jong 
	 	 	Title:	 Managing Member
	 	 	 
	 	MAXIM GROUP LLC
	 	 	 
	 	By:	/s/
    Clifford Teller 
	 	 	Name: 	 Clifford Teller
	 	 	Title:	 Executive Managing Director, Head of Investment Banking

 

    14 

     

    

 

EXHIBIT A

 

	Name and Address of Investor	 
	 	 
	DJCAAC LLC	 
	Boundary Hall, Cricket Square 

Grand Cayman, KY1-1102

Cayman Islands	 
	 	 
	MAXIM Partners LLC	 
	405 Lexington Avenue 

New York, NY 10174	 

 

 

 

A-1Exhibit 10.4

 

INDEMNIFICATION AGREEMENT

 

This Agreement,
made and entered into effective as of July 7, 2021 (“Agreement”), by and between Agrico Acquisition Corp., a Cayman Islands
exempted company (“Company”), and the undersigned indemnitee (“Indemnitee”).

 

WHEREAS, the
adoption of the Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability
of officers and directors; and

 

WHEREAS, the
Board of Directors of the Company (“Board”) has determined that the ability to attract and retain such persons is in the best
interests of the Company’s stockholders; and

 

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

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the Company’s Amended and Restated Memorandum and Articles of Association and
any resolutions adopted pursuant thereto and shall neither be deemed to be a substitute therefor nor to diminish or abrogate any rights
of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
is willing to serve on behalf of the Company on the condition that he be indemnified according to the terms of this Agreement;

 

NOW, THEREFORE,
in consideration of the premises and the covenants contained herein, and subject to the provisions of the letter agreement dated as of
July 7, 2021, the Company and Indemnitee do hereby covenant and agree as follows:

 

	1.	Definitions. For purposes of this Agreement:

 

1.1  “Change
in Control” means a change in control of the Company occurring after the date hereof of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or
form) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”), whether or not the Company is
then subject to such reporting requirement provided, however, that, without limitation, such a Change in Control shall be deemed to
have occurred if after the date hereof (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act), other than a person who is an officer or director of the Company on the date hereof (and any of such person’s
affiliates), is or becomes “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 50% or more of the combined voting power of the then outstanding securities of the Company
without the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person attaining
such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization, or a proxy
contest, as a consequence of which (A) members of the Board in office immediately prior to such transaction or event constitute less
than a majority of the Board thereafter or (B) the voting securities of the Company outstanding immediately prior to such
transaction do not continue to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding
immediately after such transaction with the power to elect at least a majority of the board of directors or other governing body of
such surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period
constituted the Board (including for this purpose any new director whose election or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning
of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least
a majority of the Board.

 

     

     

    

 

1.2
“Corporate Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of
the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person
is or was serving at the request of the Company. In addition, service at the actual request of the Company, for purposes of this Agreement,
Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, agent or fiduciary
of any other enterprise if Indemnitee is or was serving as a director, officer, employee, agent or fiduciary of such enterprise and (A)
such enterprise is or at the time of such service was an affiliate of the Company, (B) such enterprise is or at the time of such service
was an employee benefit plan (or related trust) sponsored or maintained by the Company or an affiliate of the Company or (C) the Company
or an affiliate of the Company directly or indirectly caused Indemnitee to be nominated, elected, appointed, designated, employed, engaged
or selected to serve in such capacity

 

1.3
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect
of which indemnification is sought by Indemnitee.

 

1.4
“Expenses” means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement,
and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, or being or preparing to be a witness in a Proceeding.

 

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.

 

1.5
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any other 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” does not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Except as provided in the
first sentence of Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested Directors or (b) a committee of
the Board consisting of two or more Disinterested Directors or if (a) and (b) above are not possible, then by a majority of the full
Board.

 

    2

     

    

 

1.6
“Proceeding” means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative
hearing or any other proceeding, , whether conducted by or on behalf of the Company or any other party, whether civil, criminal, administrative
or investigative, except one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.

 

	2.	Services by Indemnitee.

 

Indemnitee agrees
to serve as a director, officer or employee of the Company. Indemnitee may at any time and for any reason resign from such position (subject
to any other contractual obligation or any obligation imposed by operation of law).

 

	3.	Indemnification - General.

 

Except with
respect to actions finally adjudicated to be a result of actual fraud or intentional misconduct of the Indemnitee, the Company shall indemnify,
and, subject to Section 26 hereof, advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable
law in effect on the date hereof and to such greater extent as any amendment to or interpretation of applicable law may thereafter from
time to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights
set forth in the other Sections of this Agreement.

 

	4.	Proceedings Other Than Proceedings by or in the Right of the Company.

 

Indemnitee
shall be entitled to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he is, was or is
threatened to be made, a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company.
Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines
and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any
claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful; provided, 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.

 

    3

     

    

 

	5.	Proceedings by or in the Right of the Company.

 

Indemnitee shall
be entitled to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he was or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against amounts paid in settlement
and Expenses actually and reasonably incurred by him or on his behalf in connection with the defense or settlement of any such Proceeding
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding
the foregoing, no indemnification under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is settled
or otherwise disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company,
unless and only to the extent that the court in which such Proceeding shall have been brought, was brought or is pending, shall determine,
upon application, that Indemnitee is fairly and reasonably entitled to indemnity for such portion of the settlement amount and Expenses
as the court deems proper.

 

	6.	Indemnification for Expenses of Party Who is Wholly or Partly Successful.

 

Notwithstanding
any other provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status,
a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and, when eligible
hereunder, amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses (and, when eligible hereunder, amount
paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the term “successful, on the merits or otherwise,” includes, but is not limited
to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the Indemnitee without any express
finding of liability or guilt against him, and (ii) the expiration of 90 days after the making of any claim or threat of a Proceeding
without the institution of the same and without any promise or payment made to induce a settlement.

 

	7.	Indemnification for Expenses as a Witness.

 

Notwithstanding
any other provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status,
a witness in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in
connection therewith.

 

	8.	Advancement of Expenses and Other Amounts.

 

Subject
to Section 26 hereof, the Company shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid
in settlement, incurred by or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by
the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or
after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses, judgments,
penalties, fines and amounts paid in settlement, incurred by Indemnitee and shall include or be preceded or accompanied by an
agreement by or on behalf of Indemnitee to repay any Expenses, judgments, penalties, fines and amounts paid in settlement advanced
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses, judgments, penalties,
fines and, when eligible hereunder, amounts paid in settlement. In connection with any request for advancement of Expenses,
judgments, penalties, fines and amounts paid in settlement, Indemnitee shall not be required to provide any documentation or
information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The
Company’s obligation in respect of the advancement of Expenses, judgments, penalties, fines and amounts paid in settlement in
connection with a criminal Proceeding in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads guilty or
is convicted after trial and such conviction becomes final and no longer subject to appeal. Advances shall be unsecured and interest
free. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to
Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.

 

    4

     

    

 

	9.	Procedure for Determination of Entitlement to Indemnification.

 

9.1
To obtain indemnification under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall
submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary
of the Company shall, promptly upon receipt of any such request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification.

 

9.2
Upon written request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control shall have
occurred, by Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the stockholders,
in which case in the manner provided for in clauses (ii) or (iii) of this Section 9.2) in a written opinion to the Board, a copy of
which shall be delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, at the election of the Company, (A) by
the Board by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board consisting of
Disinterested Directors is not obtainable, by a majority of a committee of the Board consisting of two or more Disinterested
Directors, or (C) by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D)
by the stockholders of the Company, by a majority vote of a quorum consisting of stockholders who are not parties to the proceeding,
or if no such quorum is obtainable, by a majority vote of stockholders who are not parties to such proceeding; or (iii) as provided
in Section 10.2 of this Agreement. 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 cooperate with the person, persons or entity making such determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including 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 indemnifies and agrees to hold Indemnitee harmless therefrom.

 

9.3
If a Change of Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request
that such selection be made by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other
party advising it of the identity of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may
be, may, within seven days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as
the case may be, a written objection to such selection. Such objection may be asserted only on the ground that Independent Counsel
so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the
objection shall set forth with particularity the factual basis of such assertion. If such written objection is made, Independent
Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without
merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 9.1 hereof, no
Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent
jurisdiction, 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 such court or by such other person
as such court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act
as Independent Counsel under Section 9.2 hereof. The Company shall pay any and all reasonable fees and expenses of Independent
Counsel incurred by such Independent Counsel in connection with its actions pursuant to this Agreement, and the Company shall pay
all reasonable fees and expenses incident to the procedures of this Section 9.3, regardless of the manner in which such Independent
Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding pursuant to Section 11.1(iii) of this
Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).

 

    5

     

    

 

	10.	Presumptions and Effects of Certain Proceedings.

 

10.1
In making a determination with respect to entitlement to indemnification hereunder, the person or 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 9.1 of this Agreement, and the Company shall have the burden of proof to
overcome that presumption by clear and convincing evidence 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.

 

10.2
If the person, persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the
requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable
law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if
the person, persons or entity making the determination with respect to entitlement to indemnification in good faith require(s) such additional
time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, however, that the foregoing
provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 9.2 of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination
the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held
within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within 15
days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having
been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a stockholder determination will
be made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee. The Company shall
afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification in any Company
proxy statement relating to such stockholder determination. Subject to the fiduciary duties of its members under applicable law, the Board
will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal to indemnify or reimburse
the Indemnitee.

 

10.3
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

10.4
For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable
cause to believe his conduct was unlawful, if his action is based on (i) the records or books of account of the Company, or another
enterprise, including financial statements, (ii) information supplied to him by the officers of the Company or another enterprise in
the course of their duties, (iii) the advice of legal counsel for the Company or another enterprise, or of an independent certified
public accountant or an appraiser or other expert selected with reasonable care by the Company or another enterprise. The term
“another enterprise” as used in this Section shall mean any other corporation or any partnership, joint venture, trust,
employee benefit plan or other enterprise of which the Indemnitee is or was serving at the request of the Company as a director,
officer, partner, trustee, employee or agent. The provisions of this Section shall not be deemed to be exclusive or to limit in any
way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth herein.
Whether or not the foregoing provisions of this Section 10.4 are satisfied, it shall in any event be presumed that Indemnitee has at
all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company,
or, with respect to any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s conduct was unlawful.
Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

    6

     

    

 

10.5
The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this
Agreement.

 

	11.	Remedies of Indemnitee.

 

11.1
In the event that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination
of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall not have
been made and delivered in a written opinion within sixty

(60) days after receipt by the Company
of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within thirty
(30) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within thirty (30)
days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made
pursuant to Section 9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of
New York, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses, judgments,
penalties, fines or, when eligible hereunder, amounts paid in settlement. The Company shall not oppose Indemnitee’s right to seek
any such adjudication.

 

11.2
In the event that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial on
the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

11.3
If a determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee is
entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this
Section, 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) prohibition of
such indemnification under applicable law.

 

11.4
The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound
by all the provisions of this Agreement.

 

11.5
In the event that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover damages
for breach of, this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any
provision of the Company’s Amended and Restated Memorandum and Articles of Association now or hereafter in effect, or for recovery
under directors’ and officers’ liability insurance policies maintained by the Company, Indemnitee shall be entitled to recover
from the Company, and shall be indemnified by the Company against, any and all expenses (of the kinds described in the definition of Expenses)
actually and reasonably incurred by him in such judicial adjudication, but only if he prevails therein. If it shall be determined in such
judicial adjudication that Indemnitee is entitled to receive less than all of the indemnification or advancement of expenses sought, the
expenses incurred by Indemnitee in connection with such judicial adjudication shall be appropriately prorated. In addition, the Company
shall, if so requested by Indemnitee, advance the foregoing expenses to Indemnitee, subject to and in accordance with Section 8.

 

    7

     

    

 

	12.	Procedure Regarding Indemnification.

 

With respect
to any Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Company as to the
procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement or compromise of
the Proceeding without the written consent of the Company (which consent may not be unreasonably withheld or delayed). The Company shall
be entitled to participate in defending, settling or compromising any Proceeding and to assume the defense of such Proceeding with counsel
of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding the election by, or obligation of, the Company
to assume the defense of a Proceeding, the Indemnitee shall have the right to participate in the defense of such Proceeding and to employ
counsel of Indemnitee’s choice, but the fees and expenses of such counsel shall be at the expense of the Indemnitee unless (i) the
employment of such counsel has been authorized in writing by the Company, or (ii) the Indemnitee has reasonably concluded that there may
be defenses available to him which are different from or additional to those available to the Company (in which latter case the Company
shall not have the right to direct the defense of such Proceeding on behalf of the Indemnitee), in either of which events the fees and
expenses of not more than one additional firm of attorneys selected by the Indemnitee shall be borne by the Company. If the Company assumes
the defense of a Proceeding, then counsel for the Company and Indemnitee shall keep Indemnitee reasonably informed of the status of the
Proceeding and promptly send to Indemnitee copies of all documents filed or produced in the Proceeding, and the Company shall not compromise
or settle any such Proceeding without the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed)
if the relief provided shall be other than monetary damages and shall promptly notify the
Indemnitee of any settlement and the amount thereof.

 

	13.	Non-Exclusivity; Survival of Rights; Insurance; Subrogation; Contribution.

 

13.1
The rights of indemnification and to receive advancement of Expenses 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 Company’s Amended and Restated Memorandum
and Articles of Association, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or omitted
by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law
and the Company’s Amended and Restated Memorandum and Articles of Association, 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 Company’s
Amended and Restated Memorandum and Articles of Association 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 applicable law and the Company’s Amended and Restated Memorandum and Articles of Association. 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.

 

13.2
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in
accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or
fiduciary 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.

 

13.3
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are reasonably necessary to enable the Company to bring suit to enforce such rights.

 

    8

     

    

 

13.4
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

13.5
If a determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor,
under this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Company is jointly liability with
the Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and
amounts paid in settlement by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the
Company on the one hand and the Indemnitee on the other hand from the transaction from which Proceeding arose, and (ii) the relative fault
of the Company on the one hand and of the Indemnitee on the other hand in connection with the events that resulted in such Expenses, judgments,
fines or amounts paid in settlement, as well as any other relevant equitable considerations. The relative fault of the Company on the
one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments,
fines or amounts paid in settlement. The Company agrees that it would not be just and equitable if contribution pursuant to this Section
were determined by pro rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations.
The determination as to the amount of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application
of both the Indemnitee and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court);
(ii) the Board by a majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not
obtainable for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

	14.	Duration of Agreement.

 

This
Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased
to serve as a director and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which
Indemnitee is granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in
settlement hereunder and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be
binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs,
executors, personal representatives and administrators. 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.

 

	15.	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 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 applicable law and the Company’s Amended and Restated Memorandum and Articles of Association; (b) such
provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and the Company’s
Amended and Restated Memorandum and Articles of Association and to give the maximum effect to the intent of the parties hereto; and
(b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or
unenforceable.

 

    9

     

    

 

	16.	Entire Agreement.

 

This Agreement
constitutes the entire agreement between the Company and the Indemnitee with respect to the subject matter hereof and supersedes all prior
agreements, understanding, negotiations and discussion, both written and oral, between the parties hereto with respect to such subject
matter (the “Prior Agreements”); provided, however, that if this Agreement shall ever be held void or unenforceable for any
reasons whatsoever, and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall not be deemed to have superseded
any Prior Agreements; (ii) all of such Prior Agreements shall be deemed to be in full force and effect notwithstanding the execution of
this Agreement; and (iii) the Indemnitee shall be entitled to maximum indemnification benefits provided under any Prior Agreements, as
well as those provided under applicable law, the Company’s Amended and Restated Memorandum and Articles of Association, a vote of
stockholders or resolution of directors.

 

	17.	Exception to Right of Indemnification or Advancement of Expenses.

 

17.1
Except as provided in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses, judgments,
penalties, fines and amounts paid in settlement under this Agreement with respect to any Proceeding, or any claim therein, brought or
made by him against the Company.

 

17.2
Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding,
or any claim therein, arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act
or Company similar successor statute.

 

	18.	Covenant Not to Sue; Limitation of Actions; Release of Claims.

 

No
legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries)
against the Indemnitee, his spouse, heirs, executors, personal representatives or administrators 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 (or any of its subsidiaries)
shall be extinguished and deemed released unless asserted by the filing of a legal action within such two (2) year period; provided,
however, that if any shorter period of limitation is otherwise applicable to any such cause of action, such shorter period shall
govern.

 

	19.	Identical Counterparts.

 

This Agreement
may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement.

 

	20.	Headings.

 

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.

 

	21.	Modification and Waiver.

 

No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any
of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver.

 

    10

     

    

 

	22.	Notice by Indemnitee.

 

Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or
other document relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments, penalties,
fines or amounts paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not constitute a waiver
of Indemnitee’s rights under this Agreement, except to the extent that such failure or delay (i) causes the amounts paid or to be
paid by the Company to be greater than they otherwise would have been, (ii) adversely affects the Company’s ability to obtain for
itself or Indemnitee coverage or proceeds under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results
in prejudice to the Company.

 

	23.	Notices.

 

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

 

If to Indemnitee, to:

 

If to the Company, to:

 

Agrico Acquisition Corp.

Boundary Hall, Cricket Square

Grand Cayman, KY1-1102, Cayman Islands

 

or to such other address or such
other person as Indemnitee or the Company shall designate in writing in accordance with this Section, except that notices regarding changes
in notices shall be effective only upon receipt.

 

	24.	Governing Law.

 

The parties
agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable
to contracts made and performed in that state without giving effect to the principles of conflicts of laws. The Company and Indemnitee
each hereby irrevocably consents to the jurisdiction of the courts of the State of New York and the federal courts within the State for
all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and agrees that any action instituted
under this Agreement shall be brought only in the United States District Court for the Southern District of New York and any New York
State court within that District.

 

	25.	Mutual Acknowledgment.

 

Both the Company
and Indemnitee acknowledge that, in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying
its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken
or may be required in the future in certain circumstances to undertake with the Securities and Exchange Commission to submit the question
of indemnification to a court for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

	26.	Waiver of Claims to Trust Account.

 

Notwithstanding
anything 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
for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as
a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason
whatsoever. 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.

 

[Signature Page Follows]

 

 

 

 

    11

     

    

 

 

	 	AGRICO ACQUISITION CORP.
	 	 
	 	 
	 	/s/ Brent de Jong
	 	
    Name: Brent de Jong

    Title: Chief Executive Officer

 

	 	
    Indemnitees: 

     

    Brent de Jong

	 	/s/Brent de Jong
	 	Signature
	 	 
	 	Roberto Perez Silva
	 	/s/Roberto Perez Silva
	 	Signature

 

	 	John Alexander Baker
	 	/s/John Alexander Baker
	 	Signature

 

	 	Donald C. Hubbard, Jr.
	 	/s/Donald C. Hubbard 
	 	Signature

 

	 	Christopher J. Ornee
	 	/s/Christopher J. Ornee 
	 	Signature

 

	 	Brian Zatarain
	 	/s/Brian Zatarain
	 	Signature

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