Document:

EX-10.3

 Exhibit 10.3 

EXHIBIT C 
 Form of Option
Award Agreement for 
 Employment Agreement Exhibit 

GNC HOLDINGS, INC. 

NON-QUALIFIED STOCK OPTION AGREEMENT 

This AGREEMENT (“Agreement”), dated as of             ,
            between GNC Holdings, Inc., a Delaware corporation (the “Company”), and Ken Martindale (the “Executive”). 

1. Grant of Option. Subject in all respects to the terms and conditions set forth herein, the Executive is hereby granted an
option (the “Option”) to purchase from the Company             shares of Common Stock, at a price per share of
$            1 (the “Option Price”). The Option has not been granted under the GNC Holdings, Inc. 2015 Stock and
Incentive Plan (the “Plan”); however, this Agreement references certain provisions in the Plan, and unless otherwise defined in this Agreement, capitalized terms shall have the meanings ascribed to them in the Plan. The Option is
subject to adjustment as provided in Section 4.2 of the Plan. No part of the Option granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended. 

2. Exercise. 
 (a)
The Option shall vest and become exercisable as provided below, which shall be cumulative. To the extent that the Option has become exercisable with respect to a number of shares of Common Stock as provided below, the Option may thereafter be
exercised by the Executive, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein and in accordance with Section 6.3(d) of the Plan, as if granted thereunder, including, without
limitation, the filing of such written form of exercise notice, if any, as may be required by the Committee and payment in full of the Option Price multiplied by the number of shares of Common Stock underlying the portion of the Option exercised.
Upon expiration of the Option, the Option shall be canceled and no longer exercisable. The following table indicates each date upon which the Option shall be vested and Executive shall be entitled to exercise the Option with respect to the
percentage indicated beside that date provided that the Executive has not experienced a termination of employment prior to the applicable vesting date: 
  

			
	 Vesting Date
	  	Percent Vested
	 First Anniversary of Grant Date
	  	33 1⁄3%
	 Second Anniversary of Grant Date
	  	33 1⁄3%
	 Third Anniversary of Grant Date
	  	33 1⁄3%

 There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting
shall occur only on the appropriate vesting date. 
 (b) Notwithstanding the foregoing, the Executive may not exercise the Option unless the
shares of Common Stock issuable upon such exercise are then registered under the Securities Act, or, if such shares of Common Stock are not then so registered, the Company has determined that such 

 
  

	1 	Closing price on the date of grant. 

  
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 exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of
the Option must also comply with other applicable laws and regulations governing the Option, and the Executive may not exercise the Option if the Company determines that such exercise would not be in material compliance with such laws and
regulations. 
 (c) The provisions in the Plan regarding Detrimental Activity shall apply to the Option, as if granted thereunder. In the
event that the Executive engages in Detrimental Activity prior to the exercise of the Option, the Option shall terminate and expire as of the date the Executive engaged in such Detrimental Activity. As a condition of the exercise of the Option, the
Executive shall be required to certify (or be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Executive is in compliance with the terms and conditions of the Plan and that the Executive has not
engaged in, and does not intend to engage in, any Detrimental Activity. In the event the Executive engages in Detrimental Activity during the one year period commencing on the date the Option is exercised, the Company shall be entitled to recover
from the Executive at any time within one year after such exercise, and the Executive shall pay over to the Company, an amount equal to any gain realized as a result of the exercise of the Option (whether at the time of exercise or thereafter). 

(d) Upon the exercise of the Option, the Executive: 

(i) will be deemed to acknowledge and make such representations and warranties as may be requested by the Company for compliance with
applicable laws, and any issuances of Common Stock by the Company shall be made in reliance upon the express representations and warranties of the Executive. The Executive will not sell, transfer or otherwise dispose of the shares of Common Stock in
violation of this Agreement; and 
 (ii) agrees that the Executive will not dispose of the Common Stock unless and until the Executive has
complied with all requirements of this Agreement applicable to the disposition of the shares of Common Stock. 
 3. Option
Term. The term of the Option shall be until the tenth anniversary of the Grant Date, after which time it shall terminate, subject to earlier termination in the event of the Executive’s termination of employment as specified in
Section 4 below. 
 4. Termination. 

(a) Subject to the terms of this Agreement, the Option, to the extent vested at the time of the Executive’s termination of employment,
shall remain exercisable or be terminated as provided in Section 12.2(a) of the Plan, as if granted thereunder. 
 (b) Except as
provided in this Section 4(b), any portion of the Option that is not vested as of the date of the Executive’s termination of employment for any reason shall terminate and expire as of the date of such termination of employment. 

(i) Death or Disability. If the Executive’s employment with the Company is terminated by reason of the Executive’s
death or Disability, as such term is defined in the Executive’s Employment Agreement with the Company of even date herewith, during any time while all or any portion of the Option remains unvested, any unvested portion of the Option shall vest
immediately upon the Executive’s death or termination of employment by reason of Disability. 

  
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 (ii) Involuntary Termination without Cause or Termination for Good Reason. If the
Executive’s employment with the Company is terminated by the Company without “Cause” or by the Executive for “Good Reason”, as such terms are defined in the Executive’s Employment Agreement with the Company of even date
herewith (the “Employment Agreement”) or if the Company elects not to renew the Employment Agreement, in each case, during any time while all or any portion of the Option remains unvested, [For Make-Whole Awards: any unvested
portion of the Option shall vest immediately upon the Executive’s termination of employment] [For other time-vesting Awards: any portion of the Option scheduled to vest within 24 months following the Executive’s termination of
employment shall vest immediately upon the Executive’s termination of employment, and the remaining unvested portion of the Option shall be forfeited, without compensation, immediately upon the Executive’s termination of employment]. 

(c) In the event of a Change in Control, the Option may be assumed, replaced or substituted by a successor corporation, which assumption or
replacement shall be binding on the Executive. The provisions of Article XIII of the Plan shall apply to the Option in the event of a Change in Control, as if granted thereunder. 

5. Restriction on Transfer of Option. No part of the Option shall be Transferable other than by will or by the laws of descent
and distribution and during the lifetime of the Executive, may be exercised only by the Executive or the Executive’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way
(except as provided by law or herein), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to Transfer the Option or in the event of any levy upon the Option by reason of any execution, attachment or
similar process contrary to the provisions hereof, the Option shall immediately become null and void. To ensure that the shares of Common Stock issuable upon exercise of the Option are not transferred in contravention of the terms of this Agreement,
and to ensure compliance with other provisions of this Agreement, the Company may deposit any certificates evidencing the shares of Common Stock to be issued upon the exercise of the Option with an escrow agent designated by the Company. 

6. Rights as a Stockholder. The Executive shall have no rights as a stockholder with respect to any shares covered by the Option
unless and until the Executive has become the holder of record of the shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically
provided for in this Agreement. 
 7. Provisions of Agreement Control. This Agreement contains the entire understanding of the
parties with respect to the subject matter hereof (other than any exercise notice, other documents or other terms expressly contemplated herein by reference to the Plan) and supersedes any prior agreements between the Company and the Executive with
respect to the subject matter hereof. 
 8. Notices. Any notice or communication given hereunder shall be in writing and shall
be deemed to have been duly given: (i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized
overnight delivery service, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify): 

  
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 If to the Company, to: 

GNC Holdings, Inc. 
 300 Sixth
Avenue 
 Pittsburgh, Pennsylvania 15222 

Attention: Chief Legal Officer 

If to the Executive, to the address on file with the Company. 

9. No Obligation to Continue Employment. This Agreement is not an agreement of employment. This Agreement does not guarantee
that the Company will employ the Executive for any specific time period, nor does it modify in any respect the Company’s right to terminate or modify the Executive’s employment or compensation. 

10. WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE
AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT. 
 11.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written. 

 

	
	GNC HOLDINGS, INC.
	
	By:                                     
                                         
                  
	Name: Kevin G. Nowe
	Title: Senior Vice President, Chief Legal Officer

  

	
	EXECUTIVE
	
	By:                                     
                                         
            
	Name:

 [Signature Page to Inducement Option Agreement]EXHIBIT 10.1

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this “Agreement”)
is made and entered into as of _________________, 201__, by and between R F Industries Ltd., a Nevada corporation (the “Company”)
and ____________________ (the “Indemnitee”).

 

RECITALS

 

WHEREAS, the Company values the Indemnitee’s
service to the Company as a director and/or officer and desires that the Indemnitee continue to serve the Company in such capacity;

 

WHEREAS, the Indemnitee does not regard
the protection available under the organizational documents of the Company and any insurance policies maintained by the Company
as adequate in the present circumstances, and the Indemnitee may not be willing to continue to serve in his or her capacity as
a director and/or officer of the Company without the additional protections set forth in this Agreement;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that, on the basis of the foregoing, it is reasonable, prudent and necessary for
the Company to obligate itself contractually to indemnify, and to advance expenses on behalf of, the Indemnitee on the terms described
in this Agreement so that the Indemnitee will serve or continue to serve the Company free from undue concern that he or she will
not be so indemnified;

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the Amended and Restated Certificate of Incorporation (as amended from time to time, the “Certificate
of Incorporation”) and Amended and Restated Bylaws (as amended from time to time, the “Bylaws”) of
the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor nor to diminish or abrogate
any rights of the Indemnitee thereunder;

 

NOW, THEREFORE, in consideration of the
mutual promises and agreements herein contained, and intending to be legally bound, the parties to this Agreement agree as follows:

 

AGREEMENT

 

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

 

(a)              
“Corporate Status” describes the status of an individual who is or was at any time (including, without
limitation, any time prior to the date of this Agreement) a director, officer, employee, agent or fiduciary of the Company or of
any other corporation, partnership, joint venture, limited liability company, trust or other enterprise or entity that such individual
is or was serving at the express written request of the Company.

 

    	 	 	 

     

    

 

(b)              
“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 the Indemnitee.

 

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

 

(d)              
“Expenses” means all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding
to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection
with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result
of the actual or deemed receipt of any payments under this Agreement, including, without limitation, the 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 the Indemnitee or the amount of judgments or fines against the Indemnitee.

 

(e)              
“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 (1) the Company or the Indemnitee
in any matter material to either such party or (2) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable
fees of Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(f)               
“Person” means any individual, corporation, partnership, joint venture, limited liability company, trust
or other enterprise or entity.

 

(g)              
“Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding (including
one pending on or before the date of this Agreement but excluding one initiated by the Indemnitee pursuant to Section 7 of this
Agreement to enforce his or her rights under this Agreement), whether brought by or in the right of the Company or otherwise and
whether civil, criminal, administrative or investigative, in which the Indemnitee was, is or will be involved as a party or otherwise,
by reason of the fact that the Indemnitee is or was an officer or director of the Company, by reason of any action taken by him
or her or of any inaction on his or her part while acting as an officer or director of the Company, or by reason of the fact that
he or she is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation,
partnership, limited liability company, trust or other enterprise or entity, in each case whether or not he or she is acting or
serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this
Agreement.

 

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2.                 
Indemnification of the Indemnitee. Subject to the terms of this Agreement, if, by reason of the Indemnitee’s
Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding, the Company agrees
to hold harmless and indemnify the Indemnitee to the fullest extent permitted by applicable law (as such law may be amended from
time to time to increase the scope of such permitted indemnification) against all Expenses, judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding
or any claim, issue or matter therein. In furtherance of the foregoing indemnification, and without limiting the generality of
the preceding sentence:

 

(a)              
The Indemnitee shall be entitled to the rights of indemnification provided in this Section 2(a) if, by reason of his or
her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding other than a
Proceeding by or in the right of the Company. Pursuant to this Section 2(a), the Indemnitee shall be indemnified against all Expenses,
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf,
in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner
the Indemnitee 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 the Indemnitee’s conduct was unlawful.

 

(b)              
The Indemnitee shall be entitled to the rights of indemnification provided in this Section 2(b) if, by reason of his or
her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or
in the right of the Company. Pursuant to this Section 2(b), the Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
However, if applicable law so provides and notwithstanding any provision in this Section 2 or elsewhere in this Agreement to the
contrary, no indemnification against such Expenses (or against any judgments, penalties, fines and amounts paid in settlement)
shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to
be liable to the Company unless and to the extent that a court of competent jurisdiction shall determine that such indemnification
may and should be made.

 

(c)              
Notwithstanding any other provision of this Agreement to the contrary, to the extent that the Indemnitee is, by reason of
his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he or she shall be indemnified
to the maximum extent permitted by law, as such may be amended from time to time to increase the scope of such permitted indemnification,
against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If the 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 the Indemnitee against all Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes
of this Section 2(c) and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

    	 	3	 

     

    

 

(d)              
Notwithstanding the foregoing, the Company shall not be obligated to make any payment to the Indemnitee that is finally
determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 of this Agreement) to be unlawful.

 

3.                 
Contribution.

 

(a)              
Whether or not the indemnification provided in Section 2 of this Agreement is available, in respect of any Proceeding in
which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the
first instance, the entire amount of any judgment or settlement of such Proceeding without requiring the Indemnitee to contribute
to such payment and the Company hereby waives and relinquishes any right of contribution it may have against the Indemnitee. The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with the Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against the
Indemnitee.

 

(b)              
Without diminishing the obligations of the Company set forth in Section 3(a), if, for any reason, the Indemnitee shall elect
or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable
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 actually and reasonably incurred and paid or payable by the Indemnitee in proportion to the
relative benefits received by the Company and all officers, directors or employees of the Company, other than the Indemnitee, who
are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the
other hand, from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis
of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the
Company and all officers, directors or employees of the Company other than the Indemnitee who are jointly liable with the Indemnitee
(or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, in connection with the events
that resulted in such Expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable
law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other
than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and
the Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree
to which their conduct is active or passive.

 

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

 

(d)              
If the indemnification required to be paid by the Company pursuant to this Agreement is unavailable to the Indemnitee for
any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee to the extent required by this Agreement, shall contribute
to the amount incurred by the Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion
as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (1) the relative benefits
received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or
(2) the relative fault of the Company (and its directors, officers, employees and agents) and the Indemnitee in connection with
such event(s) and/or transaction(s).

 

4.                 
Indemnification for Expenses of a Witness. Notwithstanding any provision of this Agreement to the contrary, to the
extent that the Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or asked to) respond to discovery
requests, in any Proceeding to which the Indemnitee is not a party, he or she shall be indemnified against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding.

 

5.                 
Advancement of Expenses. Notwithstanding any provision of this Agreement to the contrary, but subject to Section
9, the Company shall advance all Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding by reason
of the Indemnitee’s Corporate Status within thirty days after the receipt by the Company of a statement or statements from
the 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 incurred by the Indemnitee (but may omit such information as
necessary to avoid having the Indemnitee waive any privilege with respect to legal work under applicable law) and shall include
or be preceded or accompanied by a written undertaking by or on behalf of the Indemnitee to repay any Expenses advanced if it shall
ultimately be determined by a court of competent jurisdiction (with the burden of proof on the Company) that the Indemnitee is
not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be
unsecured and shall not bear interest.

 

6.                 
Procedures and Presumptions for Determining Entitlement to Indemnification. The following procedures and presumptions
shall apply in the event of any question as to whether the Indemnitee is entitled to indemnification under this Agreement:

 

(a)              
To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary
to determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification.
Notwithstanding the foregoing, any failure of the Indemnitee to provide such a request to the Company, or to provide such a request
in a timely fashion, shall not relieve the Company of any liability that it may have to the Indemnitee unless, and to the extent
that, such failure actually and materially prejudices the interests of the Company.

 

    	 	5	 

     

    

 

(b)              
Upon written request by the Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination
with respect to the Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following
four methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors, even though less
than a quorum; (2) by a committee of those Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum; (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee; or (4) if so directed by the Board
and with the consent of the Indemnitee, by the stockholders of the Company.

 

(c)              
If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b), Independent
Counsel shall be selected as provided in this Section 6(c). Independent Counsel shall be selected by the Board, and the Board shall
notify the Indemnitee of the name of such Independent Counsel. The Indemnitee may, within ten days after such written notice of
selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that Independent Counsel so selected does not meet the requirements of Independent Counsel,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the Person so selected shall act as Independent Counsel. If a written objection is made and substantiated, Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such
Independent Counsel in connection with acting pursuant to Section 6(b), and the Company shall pay all reasonable fees and expenses
incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.
Any costs or expenses (including attorneys’ fees and disbursements) incurred by the Indemnitee in cooperating with the Independent
Counsel or the Company with respect to a determination of entitlement to indemnification (and irrespective of the ultimate determination
on such entitlement) shall be borne by the Company.

 

(d)              
In making a determination with respect to the Indemnitee’s entitlement to indemnification under this Agreement, the
Person or Persons making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement.
Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence. Neither the failure of the Company (including by its directors or independent legal 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
the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors
or independent legal counsel) that the Indemnitee has not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that the Indemnitee has not met the applicable standard of conduct.

 

    	 	6	 

     

    

 

(e)              
It shall be presumed that the Indemnitee has acted in good faith and in a manner he or she reasonably believed to be in
or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence.

 

(f)               
If the Person or Persons empowered or selected under this Section 6 to determine whether the Indemnitee is entitled to indemnification
shall not have made a determination within sixty days after receipt by the Company of the request for indemnification, the requisite
determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such
indemnification absent (1) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to
make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification or (2) a prohibition
of such indemnification under applicable law. However, such sixty-day period may be extended for a reasonable time, not to exceed
an additional thirty days, if the Person or Persons making such determination with respect to entitlement to indemnification in
good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification
is to be made by the Company’s stockholders pursuant to Section 6(b) and if (A) within fifteen days after receipt by the
Company of the request for such determination, the Board resolves to submit such determination to the stockholders for their consideration
at an annual meeting thereof to be held within seventy-five days after such receipt and such determination is made thereat or (B)
a special meeting of stockholders is called within fifteen days after such receipt for the purpose of making such determination,
such meeting is held for such purpose within sixty days after having been so called and such determination is made at such meeting.

 

(g)              
The Indemnitee shall cooperate with the Person or Persons making the determination with respect to the Indemnitee’s
entitlement to indemnification, including providing to such Person or Persons upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee
and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall
act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under
this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating
with the Person or Persons making such determination shall be borne by the Company (irrespective of the determination as to the
Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold the Indemnitee harmless
from such costs and expenses.

 

    	 	7	 

     

    

 

(h)              
The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits
a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which the Indemnitee
is a party is resolved in any manner other than by adverse judgment against the Indemnitee (including, without limitation, settlement
of such Proceeding with or without payment of money or other consideration) it shall be presumed that the Indemnitee has been successful
on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

 

(i)                
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 the Indemnitee to indemnification or create a presumption that the Indemnitee did not act in good
faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(j)                
For purposes of any determination of “good faith” or “best interests of the
Company”, Indemnitee shall be deemed to have acted in good faith and/or in the best interests of the Company, as applicable,
if Indemnitee’s action is based on the records or books of account of the Company, including financial statements, or on
information supplied to Indemnitee by the Company, or on the advice of legal counsel for the Company or Board or any counsel selected
by any committee of the Board or on information or records given or reports made to the Company by the Company’s accountants,
an independent certified public accountant or by an appraiser, investment banker, compensation consultant, or other expert selected
with reasonable care by the Company or the Board or any committee thereof. 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. 

 

7.                 
Remedies of the Indemnitee.

 

(a)              
In the event that (1) a determination is made pursuant to Section 6 of this Agreement that the Indemnitee is not entitled
to indemnification under this Agreement, (2) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement,
(3) no determination of entitlement to indemnification is made pursuant to Section 6 of this Agreement within ninety days after
the later of receipt by the Company of the request for indemnification (as such deadline may be extended pursuant to Section 6(f)
upon a determination to be made by the stockholders of the Company) and the final disposition of the Proceeding for which indemnification
is sought, (4) payment of indemnification is not made as required by Section 4 or Section 2(c) or the last sentence of Section
6(c) of this Agreement within ten days after receipt by the Company of a written request therefor, or (5) payment of indemnification
is not made within ten days after a determination has been made that the Indemnitee is entitled to indemnification or such determination
is deemed to have been made pursuant to Section 6 of this Agreement, the Indemnitee shall be entitled to an adjudication in any
court of competent jurisdiction of the Indemnitee’s entitlement to such indemnification. The Company shall not oppose the
Indemnitee’s right to seek any such adjudication.

 

    	 	8	 

     

    

 

(b)              
In the event that a determination shall have been made pursuant to Section 6 of this Agreement that the Indemnitee is not
entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as
a de novo trial on the merits, and the Indemnitee shall not be prejudiced by reason of the adverse determination under Section
6.

 

(c)              
If a determination shall have been made pursuant to Section 6 of this Agreement that the Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7 absent (1) a misstatement
by the Indemnitee of a material fact or an omission of a material fact necessary to make the Indemnitee’s misstatement not
materially misleading in connection with the application for indemnification or (2) a prohibition of such indemnification under
applicable law.

 

(d)              
In the event that the Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall, to the fullest extent permitted by law, pay on his or her behalf, in advance
of such final adjudication, and shall indemnify the Indemnitee against, any and all expenses (including attorneys’ fees and
any and all other costs that would qualify as Expenses, as defined herein, if the proceeding contemplated by this paragraph or
the next paragraph were a “Proceeding,” as defined herein, hereinafter, “Enforcement Expenses”))
actually and reasonably incurred by him or her in such judicial adjudication, regardless of whether the Indemnitee ultimately is
determined to be entitled to such indemnification, advancement of Expenses or insurance recovery.

 

(e)              
The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 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 of the provisions of this Agreement. The Company shall indemnify the Indemnitee against any and all Enforcement
Expenses and, if requested by the Indemnitee, shall (within ten days after receipt by the Company of a written request therefor)
advance, to the extent not prohibited by law, such Enforcement Expenses to the Indemnitee, which are incurred by the Indemnitee
in connection with any action brought by the Indemnitee for indemnification or advance of Enforcement Expenses from the Company
under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company,
regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Enforcement
Expenses or insurance recovery, as the case may be.

 

(f)               
Notwithstanding any provision of this Agreement to the contrary, no determination as to entitlement to indemnification under
this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

    	 	9	 

     

    

 

8.                 
Non-Exclusivity and Survival of Rights.

 

(a)              
The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which the
Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation and Bylaws of the Company, any other
agreement with the Company, a vote of the Company’s stockholders, a resolution of the Board or otherwise. No amendment, alteration
or repeal of this Agreement or of any provision of this Agreement shall limit or restrict any right of the Indemnitee under this
Agreement in respect of any action taken or omitted by the Indemnitee in his or her Corporate Status prior to such amendment, alteration
or repeal. To the extent that a change in any applicable law, whether by statute or judicial decision, permits greater indemnification
than would be afforded currently under the Company’s Certificate of Incorporation and Bylaws and this Agreement, it is the
intent of the parties to this Agreement that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such
change. 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.

 

(b)              
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents or fiduciaries of the Company, the Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company
has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all commercially reasonable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies.

 

(c)              
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 the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)              
Except as provided in Section 8(c), the Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received payment of such amounts
under any insurance policy, contract, other agreement or otherwise.

 

(e)              
Except as provided in Section 8(c), the Company’s obligation to indemnify or advance Expenses hereunder to the Indemnitee
who is or was serving at the request of the Company as a director, officer, employee or agent of any enterprise or entity other
than the Company shall be reduced by any amount the Indemnitee has actually received as indemnification or advancement of Expenses
from such other enterprise or entity.

 

    	 	10	 

     

    

 

9.                 
Exception to the Right of Indemnification. Notwithstanding any provision of this Agreement to the contrary, the Company
shall not be obligated under this Agreement to provide any indemnification (and, in the case of Section 9(c), the Company shall
not be obligated under this Agreement to advance expenses) in connection with any claim made by or against the Indemnitee: (a)
for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; (b) for an accounting
of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning
of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or (c) in connection with any
Proceeding (or any part of any Proceeding), other than a Proceeding under Section 7 of this Agreement to enforce his or her right
to indemnification under this Agreement, initiated by the Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by the Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (A) the Board
authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (B) the Company provides the indemnification,
in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10.             
Duration of Agreement. All agreements and obligations of the Company contained in this Agreement shall continue until
the date that is six years after the date upon which the Indemnitee’s Corporate Status terminates and shall continue thereafter
so long as the Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7) by reason of his Corporate
Status, whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for
which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and
be enforceable by the parties to this Agreement and their respective successors (including any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses,
heirs, executors and personal and legal representatives.

 

11.             
Security. To the extent requested by the Indemnitee and approved by the Board in its sole discretion, the Company
may at any time and from time to time provide security to the Indemnitee for the Company’s obligations hereunder through
an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to the Indemnitee, may not
be revoked or released without the prior written consent of the Indemnitee.

 

12.             
Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations
imposed on it by this Agreement in order to induce the Indemnitee to serve as an officer and/or director of the Company, and the
Company acknowledges that the Indemnitee is relying upon this Agreement in serving as an officer and/or director of the Company.
The Company shall not seek from a court, or agree to, a “bar order” that would have the effect of prohibiting or limiting
the Indemnitee’s rights to receive advancement of Expenses under this Agreement.

 

    	 	11	 

     

    

 

13.             
Severability. The invalidity or unenforceability of any provision of this Agreement shall in no way affect the validity
or enforceability of any other provision. In the event any provision of this Agreement conflicts with any applicable law, such
provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

14.             
Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding
unless executed in writing by both of the parties to this Agreement. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar) nor shall such waiver
constitute a continuing waiver.

 

15.             
Notice by the Indemnitee. The Indemnitee agrees to promptly notify the Company in writing upon being served with
or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding
or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the
Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that
such failure or delay materially prejudices the Company.

 

16.             
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall
be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed electronic mail
or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day; (c)
five business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one
business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All notices and other communications shall be sent:

 

(a)              
To the Indemnitee at the address set forth below the Indemnitee’s signature on this Agreement.

 

(b)              
To the Company at:

 

                    R F Industries Ltd.

                    7610 Miramar Road

                    San Diego, California 92126

                    Attention: Board of Directors

 

or to such other address as may have been furnished to the Indemnitee
by the Company or to the Company by the Indemnitee, as the case may be.

 

    	 	12	 

     

    

 

17.             
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.

 

18.             
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict of laws rules.
The Company and the Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or
in connection with this Agreement shall be brought only in the Clark County Nevada District Court (the “Nevada Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Nevada Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) consent to service of process at the address set forth in, or determined by reference in, this Agreement
of this Agreement with the same legal force and validity as if served upon such party personally within the State of Nevada, (iv)
waive any objection to the laying of venue of any such action or proceeding in the Nevada Court and (v) waive, and agree not
to plead or to make, any claim that any such action or proceeding brought in the Nevada Court has been brought in an improper or
inconvenient forum.

 

19.             
Entire Agreement. This Agreement (and the Certificate of Incorporation and Bylaws) constitutes the entire agreement
between the parties to this Agreement with respect to the subject matter this Agreement and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with respect to the subject matter of this Agreement.

 

20.             
Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but
both of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by e-mail
signature in PDF format or facsimile signature (or other similar electronic means) and in two counterparts, each of which shall
be deemed an original, but both of which together shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the Company and the
Indemnitee have executed and delivered this Agreement as of the date first written above.

 

	 	R F INDUSTRIES LTD.
	 	 
	 	By:                                                                                                        
	 	 
	 	Print Name:                                                                                          
	 	 
	 	Title:                                                                                                     
	 	 
	 	 
	 	 
	 	                                                                                                               
	 	Signature of the Indemnitee
	 	 
	 	Print Name:                                                                                          
	 	 
	 	Address:                                                                                               
	 	                                                                                                             
	 	                                                                                                             
	 	 

 

    	 	14

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