Document:

exv10w12

 

Exhibit 10.12

FORM OF INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (the “Agreement”) is effective as of                     , between
Duraswitch Industries, Inc., a Nevada Corporation (the “Company”), and
                                                            , a director or officer of the Company (“Indemnitee”).

RECITALS

     A. The Company believes that it is essential for the Company to be able to attract and retain
as employees, directors and officers the most capable persons available.

     B. Indemnitee is a director or officer of the Company.

     C. Both the Company and Indemnitee recognize the increased risk of litigation and claims
against directors, officers and employees of public companies in today’s environment.

     D. In recognition of Indemnitee’s need for substantial protection against personal liability
in order to enhance Indemnitee’s service to the Company, the Company wishes to provide in this
Agreement for the indemnification of, and the advancing of expenses to, Indemnitee to the fullest
extent permitted by law and to the extent insurance is maintained, for the continued coverage of
Indemnitee under the Company’s liability insurance policies.

     In consideration of Indemnitee agreeing to serve the Company as an employee, director or
officer, and intending to be legally bound hereby, and for other valuable consideration, the
adequacy of which is hereby acknowledged, the parties agree as follows:

     1.
Certain Definitions:

	 	(a)  	Action: Any threatened, pending or completed action, suit or
proceeding, or any inquiry or investigation, whether conducted by the Company or any
other party, that Indemnitee in good faith believes might lead to the institution of
any such action, suit or proceeding, whether civil, criminal, administrative,
investigative or other.
	 
	 	(b)  	Derivative Action: An Action by or in the right of the Company.
	 
	 	(c)  	Expenses: Include reasonable attorneys’ fees, court costs, deposition
costs, court reporter fees, travel and all other costs, expenses and obligations
actually paid to another or incurred in connection with investigating the facts
underlying the Action, preparing to defend and defending the Action or preparing for
and participating in the Action as a witness, or any of the foregoing expenses incurred
on appeal, or any other reasonable expenses incurred by indemnitee in participating in
any Indemnifiable Derivative Action.
	 
	 	(d)  	Indemnifiable Action or Indemnifiable Derivative Action: Any Action or
Derivative Action arising out of or relating, directly or indirectly, to the fact that
Indemnitee is or was a director or officer of the Company, or a subsidiary of the
Company, or is or was serving at the request of the Company as a director, officer,
employee, trustee, agent or fiduciary of another corporation, partnership, joint
venture, employee benefit plan, trust or other enterprise, or by reason of anything
done or not done by Indemnitee in any such capacity.
	 
	 	(e)  	Voting Securities: Any securities of the Company which vote generally
in the election of directors.

     2. No Pending Actions: Indemnitee represents to Company that to Indemnitee’s actual
knowledge, (i) there is no Indemnifiable Action or Indemnifiable Derivative Action involving
Indemnitee as of the date of this Agreement and (ii) no facts exist that may form the basis for
such Action involving Indemnitee.

     3. Indemnification For Actions Other Than Derivative Actions. If Indemnitee was, is,
or becomes a party to or a witness or other participant in, or is threatened to be made a party to
or witness or other participant in, an Indemnifiable Action other than an Indemnifiable Derivative
Action, the Company shall, subject to the provisions of this Agreement, indemnify Indemnitee to the
fullest extent permitted by law against any and all Expenses, judgments, fines, penalties, and

1

 

amounts paid in settlement of such Action.

     4. Indemnification For Derivative Actions.

          (a) Basic Indemnification. If Indemnitee was, is, or becomes a party to or a witness
or other participant in, or is threatened to be made a party to or witness or other participant in
an Indemnifiable Derivative Action, the Company shall, subject to the provisions of this Agreement,
indemnify Indemnitee to the fullest extent permitted by law against any and all Expenses, but not
judgments, fines, or, except as set forth below, amounts paid in settlement of such Indemnifiable
Derivative Action.

          (b) Adjudication of Liability in Derivative Actions. Notwithstanding Paragraph 4(a),
no indemnification shall be made in respect of any claim, issue, or matter as to which Indemnitee
shall have been adjudged (by final judicial determination from which there is no further right to
appeal) to be liable to the Company unless and only to the extent that the court in which such
Derivative Action was brought shall determine upon application by Indemnitee that despite the
adjudication of liability and in view of all circumstances of the case, such person is fairly and
reasonably entitled to indemnification which such court shall deem proper.

          (c) Settlement of Derivative Actions. Notwithstanding Paragraph 4(a), the court in
which such Derivative Action was brought may determine upon application of Indemnitee that, in view
of all circumstances of the case, indemnity for amounts paid in settlement is proper and may order
indemnity for the amounts so paid in settlement and for the Expenses actually and reasonably paid
in connection with such application, to the extent the court deems proper.

     5. Limits on Indemnification. Except as stated in Paragraph 6, there shall be no
indemnification pursuant to this Indemnification Agreement:

          (a) to the extent that payment for the same claims or amounts are actually made to the
Indemnitee under a valid and collectible insurance policy; provided, however, that if it should
subsequently be determined that the Indemnitee is not legally entitled to retain any such payment,
the restriction on indemnification pursuant to this subparagraph (a) shall no longer apply;

          (b) to the extent that the Indemnitiee is indemnified or receives a recovery for the same
claims or amounts otherwise than pursuant to this Indemnification Agreement; provided, however,
that if it should subsequently be determined that the Indemnitee is not legally entitled to retain
any such recovery, the restriction on Indemnification pursuant to this subparagraph (b) shall no
longer apply;

          (c) on account of any violation of Section 16(b) of the Securities Exchange Act of 1934, as
amended, and rules promulgated thereunder;

          (d) on account of any violation of Section 10(b) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and any rules promulgated thereunder, or similar state law, to the
extent that such violation is based on (i) the purchase or sale of a security by Indemnitee or a
person affiliated with Indemnitee while Indemnitee is in possession of material nonpublic
information about the Company, or (ii) the communication of material nonpublic information about
the Company in connection with any transaction on or through the facilities of a national
securities exchange or from or through a broker or dealer, other than as part of a securities
offering by the Company;

          (e) to the extent that the Indemnitee’s conduct was (i) not in good faith, or (ii) not in the
best interests of the Company and Indemnitee did not reasonably believe Indemnitee’s conduct was in
the best interests of the Company, or (iii) committed, with respect to any criminal Action, even
though Indemnitee had reasonable cause to believe his or her conduct was unlawful; or

          (f) if a final nonappealable decision by a court having jurisdiction in the matter shall
determine that such indemnification is not lawful.

2

 

     6. Partial and Mandatory Indemnity. If Indemnitee is entitled under any provision of
this Agreement to indemnification by the Company of some or a portion of the Expenses, judgments,
fines, penalties and amounts paid in settlement of an Action but not for the total amount, the
Company shall indemnify Indemnitee for the portion to which Indemnitee is entitled. To the extent
that Indemnitee has been successful on the merits or otherwise (including dismissal with or without
prejudice) in defense of any Indemnifiable Action or Indemnifiable Derivative Action, or in defense
of any claim, issue or matter therein, he or she shall be indemnified against Expenses actually and
reasonably incurred by him in connection therewith, except as stated in Paragraph 5.

     7. Notification of Indemnifiable Action or Indemnifiable Derivative Action.
Indemnitee shall promptly notify the Company of any Indemnifiable Action or Indemnifiable
Derivative Action promptly after receipt by Indemnitee of notice of the commencement of such
Indemnifiable Action or Indemnifiable Derivative Action. With respect thereto:

          (a) The Company will be entitled to participate therein at its own expense.

          (b) Except as otherwise provided below, the Company jointly with any other indemnifying party
may assume the defense thereof, with counsel reasonably satisfactory to Indemnitee to be chosen or
approved by the Company. After notice from the Company to Indemnitee of its election to so assume
the defense thereof, the Company will not be liable to Indemnitee for any legal or other expenses
subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable
costs of investigation or participation in any Action or Derivative Action (including travel
expenses) or as otherwise provided below. Indemnitee shall have the right to employ independent
counsel in such Action or Derivative Action; however, the fees and expenses of such counsel
incurred after notice from the Company of its assumption of the defense thereof shall be at the
expense of Indemnitee unless:

	 	(i)  	the employment of independent counsel by Indemnitee
has been authorized by the Company;
	 
	 	(ii)  	counsel employed by the Company to represent the
Indemnitee shall have reasonably concluded that there may be a conflict
of interest in the conduct of the defense of such action that prevents
such counsel from representing Indemnitee; or
	 
	 	(iii)  	the Company shall not in fact have employed
counsel to assume the defense of such Action or Derivative Action on
behalf of Indemnitee.

The fees and expenses of independent counsel of Indemnitee in subparagraphs 7(b)(i), (ii), and
(iii) shall be borne by the Company.

          (c) If the Company has assumed the defense of the Indemnitee pursuant to subparagraph (b)
above, the Company shall not be liable to indemnify Indemnitee under this Agreement for any amount
paid in settlement of any Action or Derivative Action effected without its written consent, the
Company shall not settle any Action or Derivative Action in any manner which would impose any
penalty or limitation on Indemnitee without Indemnitee’s written consent, and neither the Company
nor Indemnitee will unreasonably withhold their consent to any proposed settlement.

     8. Advance of Expenses: Failure to Pay Claim.

          (a) Written Request: If so requested by Indemnitee in writing, the Company shall
(subject to the Expense Advance Rules hereinafter described) advance to Indemnitee (an “Expense
Advance”) any and all Expenses incurred in connection with the investigation and preparation of the
Indemnitee’s participation in any Indemnifiable Action or Indemnifiable Derivative Action, whether
as a witness or a party, pursuant to this Agreement. The Company shall comply with the
Indemnitee’s written request for an Expense Advance within 20 business days of receipt of such
written request together with the reimbursement commitment referred to in subparagraph (b) below.
If the Company does not honor Indemnitee’s request for an Expense Advance, Indemnitee may bring an
action in any court of competent jurisdiction to enforce the right to an Expense Advance, and the
Company shall have the burden of proof in such action to demonstrate that

3

 

the Expense Advance is not payable.

          (b) Reimbursement by Indemnitee. The obligation of the Company to make an Expense
Advance shall be subject to the condition that, if it is ultimately determined (by final judicial
determination from which there is no further right to appeal) that there are matters to which
Indemnitee is not entitled to indemnity under this Agreement, the Company shall be entitled to be
reimbursed by Indemnitee for all such amounts. Prior to obtaining the initial Expense Advance,
Indemnitee must confirm such reimbursement obligation by delivery to Company of a signed
undertaking in the form of Exhibit A or in such other form as Company may reasonably accept.

          (c) Expense Advance Rules. Expenses in all cases must be reasonable and comply with
existing or future billing procedures of the Company so that the Company can reasonably monitor and
audit such Expenses. With respect to attorneys’ fees, the Company will give reasonable
consideration to requests for specific counsel and to requests for the grouping of individuals for
joint defense purposes. Any attorney representing more than one individual may be requested to
render separate statements to each individual or otherwise allocate billings by individual.

          (d) Failure to Pay Claim. If loss has been incurred and a claim for indemnification
under this Agreement is not paid by the Company within 20 business days after a written claim has
been received by the Company, Indemnitee may at any time thereafter bring suit against the Company
to recover any unpaid amount of the claim.

     9. Burden of Proof. In connection with any determination as to whether Indemnitee is
entitled to be indemnified hereunder the burden of proof shall be on the Company to establish that
Indemnitee is not so entitled.

     10. No Presumption. For purposes of this Agreement, the termination of any action,
suit or proceeding by judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a
presumption that Indemnitee did not meet any particular standard of conduct or have any particular
belief or that a court has determined that indemnification is not payable under this
Indemnification Agreement or permitted by applicable law.

     11. Nonexclusivity Etc. The rights of the Indemnitee hereunder shall be in addition
to any other rights Indemnitee may have under the Company’s Articles of Incorporation and Bylaws,
or the Nevada General Corporation Law or otherwise. To the extent that a change in the Nevada
General Corporation Law (whether by statute or judicial decision) permits greater indemnification
by agreement than would be afforded currently under the Company’s Articles of Incorporation, Bylaws
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change.

     12. Liability Insurance. To the extent the Company maintains an insurance policy or
policies providing liability insurance that would cover Indemnitee, 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 Indemnitee. If Indemnitee incurs any expenses in tendering the defense of
the Action to the insurance company providing the insurance, such Expenses shall be considered
indemnifiable Expenses.

     13. No Right To Continued Employment. Nothing contained in this Indemnification
Agreement is intended to, or shall, create any right to continued employment by the Company.

     14. Amendments and Waiver. No supplement, modification, or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto; provided,
however, that if any provision of this Agreement is challenged as being unlawful, the parties
agree that the court in which such challenge is litigated may modify such provision so that it is
enforceable to the maximum extent permitted by law and may enforce the Agreement as so modified.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
continuing waiver.

     15. Subrogation. In the event of 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 shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Company effectively to bring
suit to enforce such rights.

     16. Binding Effect Etc. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors, heirs, and
assigns.

     17. Termination by Company. This Agreement shall continue in full force and effect,
regardless of whether

4

 

Indemnitee continues to serve as an employee, officer or director of the Company or any other
enterprise at the Company’s request, unless terminated pursuant to this Paragraph. By giving
written notice to Indemnitee at his or her address according to Company records, the Company may
terminate its obligations under this Indemnification Agreement as to any act or omission of
Indemnitee after such written notice is given. Notice is deemed given when actually received or
two days after being sent by first class U.S. Postal mail, postage prepaid, whichever is earlier.

     18. Severability. The provisions of this Agreement shall be severable and, if any of
the provisions hereof (including any provision within a single section, paragraph or sentence) are
held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, the
remaining provisions shall remain enforceable to the fullest extent permitted by law, including
the provisions that have been modified by a court pursuant to Paragraph 14 hereof.

     19. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Nevada applicable to contracts made and to be performed
in such state without giving effect to the principles of conflicts of laws.

     20. Prior Agreements. This Agreement supersedes all prior Indemnification Agreements
between the Company and Indemnitee.

Duraswitch Industries, Inc.

	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Its:
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	Indemnitee	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Position:	 	 	 	 	 	 
	 	 	 	 	 	 	 

5EXHIBIT 4.1

                                 EQUICAP, INC.
               INCORPORATED UNDER THE LAWS OF THE STATE OF NEVADA

             AUTHORIZED: 500,000,000 COMMON SHARES, $.001 PAR VALUE

     NUMBER                                                       SHARES

                                                              See Reverse for
                                                            Certain Definitions

                                                            CUSIP  29441R  30  4

This Certifies that

is the owner of

FULLY PAID AND NON ASSESSABLE SHARES OF $.001 PAR VALUE EACH OF COMMON STOCK OF

                                  EQUICAP, INC.

transferable on the books of the Corporation in person or by attorney upon
surrender of this Certificate properly endorsed or assigned. This Certificate is
not valid until countersigned by the Transfer Agent.

     In Witness Whereof, the Corporation has caused this Certificate to be
signed by the facsimile signatures of its duly authorized officers and to be
sealed with the facsimile seal of the Corporation

DATED:

(Graphic of Corporate Seal Omitted)

SECRETARY                       PRESIDENT

Countersigned:

EXECUTIVE REGISTRAR & TRANSFER, INC.
3615 South Huron Street, Suite 104, Englewood, CO 80110

BY
   ----------------------------------------------------
   Transfer Agent & Registrar - Authorized Signature

<PAGE>

                                 EQUICAP, INC.

                      Executive Registrar & Transfer, Inc.
                           Transfer Fee: As Required

--------------------------------------------------------------------------------

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common    UNIF GIFT MIN ACT          Custodian for
                                                    ----------            ------
                                                      (Cust.)            (Minor)
TEN ENT - as tenants by the entireties          under Uniform Gifts of Minors

JT TEN  - as joint tenants with right of         Act of
          survivorship and not as tenants              -------------------------
          in common                                            (State)

       Additional abbreviations may be used though not in the above list.

     For value received                    hereby sell, assign and transfer unto
                       --------------------

                     PLEASE INSERT SOCIAL SECURITY OR OTHER
                         IDENTIFYING NUMBER OF ASSIGNEE
                     ---------------------------------------

                     ---------------------------------------
               Please print or type name and address of assignee

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------Shares

of the Common Stock represented by the within Certificate and do hereby
irrevocably constitute and appoint

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Attorney to transfer the said stock on the books of the within-named
Corporation, with full power of substitution in the premises.

Dated                          20
     --------------------------  --

SIGNATURE GUARANTEED:                           X
                                                 -------------------------------

                                                X
                                                 -------------------------------

THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
THE FACE OF THIS CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATSOEVER. THE SIGNATURE(S) MUST BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan
Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]