Document:

Exhibit 10.6

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”), dated as of ____________________, is by and between SenesTech, Inc., a Delaware corporation
(the “Company”) and ____________ (the “Indemnitee”).

 

WHEREAS, Indemnitee
is currently a director and/or officer of the Company, or the Company expects Indemnitee to join the Company as a director and/or
an officer;

 

WHEREAS, both the Company
and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public
companies;

 

WHEREAS, the board
of directors of the Company (the “Board”) has determined that enhancing the ability of the Company to retain
and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore
should seek to assure such persons that indemnification and insurance coverage is available; and

 

WHEREAS, in recognition
of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
service, or continued service as a director and/or officer of the Company and to enhance Indemnitee’s ability to serve the
Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable
irrespective of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively,
the “Constituent Documents”), any change in the composition of the Board or any change in control or business
combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and
the advancement of Expenses (as defined in 1(f) below) to, Indemnitee as set forth in this Agreement and, to the extent
insurance is maintained, for the coverage, or continued coverage of Indemnitee under the Company’s directors’ and officers’
liability insurance policies.

 

NOW, THEREFORE, in
consideration of the foregoing and the Indemnitee’s agreement to provide services, or continue to provide services, to the
Company, the parties agree as follows:

 

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

 

(a)          “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

(b)          “Change
in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i)          any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 30% or more of the
Company’s then outstanding Voting Securities unless the change in relative Beneficial Ownership of the Company’s securities
by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally
in the election of directors;

 

     

     

    

 

(ii)         the
consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such
transaction;

 

(iii)        during
any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the 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; or

 

(iv)        the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets.

 

(c)          “Claim”
means:

 

(i)          any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii)         any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(d)          “Delaware
Court” shall have the meaning ascribed to it in Section 9(e) below.

 

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

 

(f)          “Expenses”
means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses,
duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including
without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond
or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(g)          “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section
5 hereof.

 

(h)          “Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any
Loss is incurred for which indemnification can be provided under this Agreement).

 

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(i)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection
with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party
to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(j)          “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any 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 charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(k)          “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(l)           “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(m)          “Voting
Securities” means any securities of the Company that vote generally in the election of directors.

 

2.            Services
to the Company. Indemnitee agrees to serve or continue to serve as a director or officer of the Company for so long as Indemnitee
is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This
Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee.
Indemnitee specifically acknowledges that his or her employment with or service to the Company or any of its subsidiaries or Enterprise,
as applicable, is at will and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may
be otherwise provided in any written employment agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprise),
other applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of the
Company, by the Company’s Constituent Documents or Delaware law. This Agreement shall continue in force after Indemnitee
has ceased to serve as a director or officer of the Company or, at the request of the Company, of any of its subsidiaries or Enterprise,
as provided in Section 12 hereof.

 

3.            Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent
permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be
amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes
a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part
out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought
by third parties, and Claims in which the Indemnitee is solely a witness.

 

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4.            Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred
by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement
is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within
30 days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of
Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such
Expenses. In connection with any request for Expense Advances, 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. In connection
with any request for Expense Advances, Indemnitee shall execute and deliver to the Company an undertaking (which shall be accepted
without reference to Indemnitee’s ability to repay the Expense Advances), in the form attached hereto as Exhibit A,
to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined,
following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s
obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

 

5.            Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against,
and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually
and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification
or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement
or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or
(b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be.
However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery,
as the case may be, then all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be required to reimburse
the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not
made in good faith.

 

6.            Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

7.            Notification
and Defense of Claims.

 

(a)          Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder
shall not relieve the Company from any liability hereunder unless such failure materially prejudices the Company. If at the time
of the receipt of such notice, the Company has directors’ and officers’ liability insurance in effect under which coverage
for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable
insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy
of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers
regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

 

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(b)          Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its
own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense
of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently
directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation
or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses
related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s
own expense; provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the Company,
(ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense
of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent
Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall
be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of
any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

8.            Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit
to the Company a written request therefor, including in such request 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 following
the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the
provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the
Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9.            Determination
of Right to Indemnification.

 

(a)          Mandatory
Indemnification; Indemnification as a Witness.

 

(i)          To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent
allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii)         To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as
a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest
extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(b)          Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of
conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating
to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

 

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(i)          if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii)         if
a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the
Board, a copy of which shall be delivered to Indemnitee.

 

The Company shall indemnify and hold harmless
Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within 30 days of
such request, any and all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard of Conduct
Determination.

 

(c)          Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard
of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later of (A) receipt
by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt
being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to
be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided
that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making
such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of any Claim.

 

(d)          Payment
of Indemnification. If, in regard to any Losses:

 

(i)          Indemnitee
shall be entitled to indemnification pursuant to Section 9(a);

 

(ii)         no
Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii)        Indemnitee
has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct
Determination,

 

then the Company shall pay to Indemnitee,
within five days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified
in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

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(e)          Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard
of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall
be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice
of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition
of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis
of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such
written objection is properly and timely made and substantiated, (i) the Independent Counsel so 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; and (ii) the
non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising
such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately
preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent
selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive
alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e)
to make the Standard of Conduct Determination shall have been selected within 20 days after the Company gives its initial notice
pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant to the second sentence
of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery of the State
of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company or Indemnitee
to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court
or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or
the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees
and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section
9(b).

 

(f)           Presumptions
and Defenses.

 

(i)          Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct
Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the
Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct
may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment
of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

 

(ii)         Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have 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 if Indemnitee’s actions or omissions to act are taken in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements
furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or
by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee
reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable
care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent
or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

 

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(iii)        No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

(iv)        Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an
Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

(v)         Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10.          Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a)          indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i)          proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)         where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b)          indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c)          indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d)          indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the
purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

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11.          Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened
or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not
be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification
of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle
any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee’s
prior written consent.

 

12.          Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or
officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to
an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any
rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either
case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13.          Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity
Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification
under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that
any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under
this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.

 

14.          Liability
Insurance. For the duration of Indemnitee’s service as a director or officer of the Company, and thereafter for so long
as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable
efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in
effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially comparable
in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability
insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee shall
be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably
insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee is an
officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’
and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

 

15.          No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect
of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other
Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16.          Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee 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.

 

    	 	9	 

     

    

 

17.          Amendments.
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 binding unless in the form of a writing signed by the party against
whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether
or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise
or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. 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 substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

19.          Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

20.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

 

(a)          if
to Indemnitee, to the address set forth on the signature page hereto.

 

(b)          if
to the Company, to:

 

SenesTech, Inc.

3140 N. Caden Court, Suite 1

Flagstaff, AZ 86004

 

Notice of change of
address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed
to have been received on the date of hand delivery or on the third business day after mailing.

 

21.          Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The
Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States,
(b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out
of or in connection with this Agreement, (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue
or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

    	 	10	 

     

    

 

22.          Headings.
The headings of the sections and 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 or interpretation thereof.

 

23.          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.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

	 	SENESTECH, INC.
	 	 
	 	By:	 
	 	Name: 	Loretta P. Mayer, Ph.D.
	 	Title: 	Chief Executive Officer
	 	 
	 	INDEMNITEE:
	 	 
	 	By:	 
	 	Name:	 
	 	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Email:	 

 

    	 	12	 

     

    

 

EXHIBIT A

 

FORM OF UNDERTAKING TO REPAY ADVANCEMENT
OF EXPENSES

 

[DATE]

 

SenesTech, Inc.

Attn: Chief Executive Officer

3140 N. Caden Court, Suite 1

Flagstaff, AZ 86004

 

Re: Undertaking to Repay Advancement of Expenses.

 

Dear [ADDRESSEE]:

 

This undertaking is
being provided pursuant to that certain Indemnification Agreement, dated [DATE], by and between SenesTech, Inc., a Delaware corporation
(the “Company”), and the undersigned as Indemnitee (the “Indemnification Agreement”). Terms
used herein and not otherwise defined shall have the meanings ascribed to them in the Indemnification Agreement. Pursuant to the
Indemnification Agreement, among other things, I am entitled to the advancement of Expenses paid or incurred in connection with
Claims relating to Indemnifiable Events.

 

I have become subject
to [DESCRIPTION OF PROCEEDING] (the Proceeding) based on [my status as [an officer/[TITLE OF OFFICER]/a director] of the Company/alleged
actions or failures to act in my capacity as [an officer/[TITLE OF OFFICER]/a director] of the Company. [This undertaking also
constitutes notice to the Company of the Proceeding pursuant to Section 7 of the Indemnification Agreement.] The following is a
brief description of the [current status of the] Proceeding:

 

[DESCRIPTION OF PROCEEDING]

 

[Pursuant to Section
4 of the Indemnification Agreement, the Company can (a) pay such Expenses on my behalf, (b) advance funds in an amount sufficient
to pay such Expenses, or (c) reimburse me for such Expenses.] [Pursuant to Section 4 of the Indemnification Agreement, I hereby
request an Expense Advance in connection with the Proceeding. The Expenses for which advances are requested are as follows:]

 

[DESCRIPTION OF EXPENSES]

 

In connection with
the request for Expense Advances [set out above/delivered to the Company separately on [DATE]], I hereby undertake to repay any
amounts paid, advanced or reimbursed by the Company for such Expense Advances to the extent that it is ultimately determined that
I am not entitled to indemnification under the Indemnification Agreement.

 

This undertaking shall
be governed by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts
of laws thereof.

 

    	 	13	 

     

    

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[cc: [ADD PARTY(IES) NAME(S) AND ADDRESS AS REQUIRED]]

 

    	 	14Exhibit
10.7

 

SenesTech,
Inc.

3140 N. Caden Ct., Ste 1

Flagstaff, AZ 86004

 

June 30, 2016

 

Dr. Loretta P. Mayer

3165 Forest Hills Drive

Flagstaff, Arizona 86001

 

Re:    Employment Terms

 

Dear Loretta:

 

SenesTech,
Inc. (the “Company”) is pleased to offer you continued employment in the position of Chief
Executive Officer on the following terms of this letter agreement (which is also sometimes referred to as the “Agreement”).

 

1.          Duties
and Responsibilities. As Chief Executive Officer, you will report to the Company’s Board of Directors (the “Board”).
You will also continue to serve as a member of the Board and as Chairperson of the Board subject to the terms and conditions of
the Company’s Bylaws. You will work at our facility located in Flagstaff, Arizona. Of course, subject to the terms of this
Agreement, the Company may change your position, duties, and work location from time to time in its discretion. As a Company employee,
you will be expected to abide by Company rules and policies as adopted from time to time, applicable to all officers of the Company.

 

2.          Salary.
Your salary will be $300,000 per year initially, less payroll deductions and withholdings, paid on the Company’s normal payroll
schedule (the “Base Salary”). Your Base Salary will be paid in accordance with the Company’s normal
payroll schedule.

 

3.          Signing
Bonus. The Company agrees to pay you a signing bonus equal to $150,000, less payroll deductions and withholdings, payable within
one (1) business day after the execution of this Agreement by you (the “Signing Bonus”). By signing this
Agreement and accepting the Signing Bonus, you further agree to waive all rights to receive any compensation amounts provided for
in the Executive Employment Agreement dated October 16, 2013, between you and the Company (the “Prior Employment Agreement”).

 

4.          Annual
Bonuses. Each year during your employment, you will be eligible to receive an annual incentive bonus with a minimum target
value equal to fifty percent (50%) of your annual Base Salary (each such bonus, an “Annual Bonus”). Whether
you receive an Annual Bonus, and the actual amount of any such bonus, shall be determined by the Board in its sole discretion,
and shall be based upon achievement of performance objectives to be mutually agreed upon between you and the Board (or duly authorized
committee thereof) and other criteria to be determined by the Board. Each Annual Bonus shall be paid within thirty (30) days after
the Board’s determination that an Annual Bonus shall be awarded.

 

    	Page 1 

     

    

  

5.          Restricted
Stock Unit Award. At the first Board meeting following the execution of this Agreement, the Company will grant you an award
of restricted stock units (the “RSU Award”) representing the right to receive 1,100,000 shares of the
Company’s common stock. The RSU Award will vest and be settled over a three-year period, with one third (1/3) of the units
vesting on the twelve (12)-month anniversary of the date of grant, and the remaining units vesting in equal quarterly tranches
over the following twenty-four (24) months of continuous service. The RSU Award shall be issued pursuant to the terms and conditions
of the Company’s 2015 Equity Incentive Plan and the award agreement evidencing the RSU Award, the form of which is attached
hereto as Exhibit C. The RSU Award shall provide that at your election you may satisfy any required employee withholding
taxes due on vesting and settlement of the RSU Award through share withholding.

 

6.          Benefits.
During your employment, you will be eligible to participate in the standard benefits plans offered to similarly situated employees
by the Company from time to time, subject to plan terms and generally applicable Company policies. You will also be eligible to
accrue four weeks of paid vacation and sick leave pursuant to the Company’s standard policies. In addition to these standard
benefits, during your employment the Company will pay the annual premiums (up to $10,000 per year) for a key person term life insurance
policy of $1,000,000, subject to an underwriter’s acceptance. The Company and you will also enter into the Company’s
standard form of Indemnification Agreement in the form attached as Exhibit B.

 

7.          Business
and Travel Expenses. The Company will reimburse you for reasonable out-of-pocket expenses incurred in the performance of your
duties for the Company in accordance with the Company’s rules and policies.

 

8.          Sale
Bonus. In addition to the Signing Bonus, and the Annual Bonus provided above, the Company will pay a transaction bonus in the
amount provided below within 10 days following a Sale of the Company, provided that you are employed by the Company on the date
of such event equal to: (i) 1% of the Net Sales Price (as defined in Exhibit A) that is $100,000,000 (cash or value of other
property) or less plus an additional (ii) 0.5% of the Net Sales Price that is more than $100,000,000
(cash or value of other property) (the “Sale Bonus”), payable in cash or other proceeds payable to the
Company’s security holders. “Sale of the Company” means a Change in Control (as defined in the
Company’s 2015 Equity Incentive Plan), provided that for the purposes of this Agreement, such definition is hereby revised
to delete the words “(A) on account of the acquisition of securities of the Company directly from the Company,” from
subparagraph (E)(i) thereof. The Sale Bonus is also subject to the additional terms provided in Exhibit A to this Agreement.

 

Notwithstanding the foregoing, if a Sale
of the Company occurs within 12 months following the termination of your employment by the Company without Cause (excluding death
or disability), or your resignation for Good Reason, then you will remain entitled to receive the Sale Bonus, subject to your compliance
with your Employee Confidential Information and Inventions Assignment Agreement and your other obligations under this Agreement
(to the extent then applicable).

 

    	Page 2 

     

    

  

9.          Confidentiality.
In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets,
of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only
that information which is generally known and used by persons with training and experience comparable to your own, which is common
knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.
You agree that you will not bring onto Company premises any unpublished documents or property belonging to any former employer
or other person to whom you have an obligation of confidentiality. You hereby represent that you have disclosed to the Company
any contract you have signed that may restrict your activities on behalf of the Company. In addition, as a condition of your continued
employment, you continue to be subject to the Employee Confidential Information and Inventions Assignment Agreement previously
entered into with the Company.

 

10.         At-Will
Employment. You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying
the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice.

 

11.         Severance
Benefits. If, at any time, the Company terminates your employment without Cause, and other than as a result of your death or
disability, and provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h)) (a “Separation from Service”), or if you terminate your employment for Good Reason,
you shall be entitled to receive the following severance benefits (the “Severance Benefits”):

 

(a) severance
pay in the form of continuation of your base salary in effect on the effective date of termination for the first 12 months after
the date of such termination;

 

(b) payment
or reimbursement by the Company of COBRA premiums in effect on the date of termination for the coverage in effect for you and,
if applicable, your spouse and dependent children on such date under the Company’s group health plan(s) during the first
12 months after the date of your termination (or, if shorter, until you are no longer entitled to COBRA continuation of coverage
under the Company’s group health plan(s)), provided that you timely (and properly) elect COBRA continuation coverage under
the Company’s group health plan(s) in accordance with Internal Revenue Code Section 4980B(f);

 

(c) any
earned but unpaid Annual Bonus; and

 

(d) an acceleration
of vesting of all outstanding equity awards.

 

For purposes of the above paragraphs, “Cause”
for the Company (or any acquirer or successor in interest thereto) to terminate your employment shall exist if any of the following
occurs: (A) your conviction (including a guilty plea or plea of nolo contendere) of any felony or any other crime involving
fraud, dishonesty or moral turpitude; (B) your commission or attempted commission of or participation in a fraud or act of dishonesty
or misrepresentation against the Company; (C) your intentional, material violation of any written and fully executed contract or
agreement between you and the Company, including without limitation, any Company policy, or of any statutory duty you owe to the
Company; or (D) your conduct that constitutes gross insubordination, incompetence or habitual neglect of duties, provided, however,
that the action or conduct described in clause (C) above and this clause (D) will constitute “Cause” only if such action
or conduct continues after the Board has provided you with written notice thereof and thirty (30) days opportunity to cure the
same (provided that the Board is not obligated to provide such written notice and opportunity to cure if the action or conduct
is not reasonably susceptible to cure). The determination that a termination is for Cause shall be made by the Board in its sole
discretion.  

 

    	Page 3 

     

    

  

For purposes of the above paragraphs, “Good
Reason” for you to terminate your employment shall exist if the following events occur without your prior written
consent: (i) a Sale of the Company; (ii) your assignment to materially reduced duties and responsibilities; (iii) reduction of
your Base Salary or a reduction in benefits; (iv) a relocation of the geographical location at which you must perform services
of more than 25 miles from the location on the date of this Agreement; or (v) a material breach of this Agreement by the Company;
provided that (solely with respect to a termination for Good Reason pursuant to subclauses (ii), (iii) and (v) above) you
must (1) provide written notice to the Board within 90 days after the first occurrence of the event giving rise to Good Reason
setting forth the basis for your resignation, (2) allow the Company 30 days from receipt of such written notice to cure such event,
and (3) if such event is not reasonably cured within such 30-day period, your resignation is effective not later than 90 days after
the expiration of the cure period. 

 

The Severance Benefits are conditional
upon (a) your continuing to comply with your obligations under Company policies with respect to confidential information; and
(b) your delivering to the Company an effective, general release of claims in favor of the Company in a form acceptable to the
Company within 60 days following your termination date. The salary continuation payments described in the above paragraph will
be paid in substantially equal installments on the Company’s regular payroll schedule subject to standard deductions and
withholdings over the period following termination; provided, however, that no payments will be made prior to the 60th day
following your termination, and the first payment shall include all portions of the payments that would have been paid during the
60-day period.

 

12.         Section
409A. It is intended that this Agreement and all payments and benefits provided hereunder satisfy, to the greatest extent possible,
the exemptions from the application of Section 409A of the Internal Revenue Code (the “Code”) provided
under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest
extent possible as consistent with those provisions. To the extent Code Section 409A is applicable to this Agreement and any such
payments and benefits, the parties intend that this Agreement and such payments and benefits comply with the deferral, payout and
other limitations and restrictions imposed under Code Section 409A. For purposes of Code Section 409A (including, without limitation,
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive installment payments under this Agreement
shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall
at all times be considered a separate and distinct payment. With regard to any provision in this Agreement that provides for reimbursement
of expenses or in-kind benefits, except for any expense, reimbursement or in-kind benefit provided pursuant to this Agreement that
does not constitute a "deferral of compensation," within the meaning of Treasury Regulation Section 1.409A-1(b), (x)
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any calendar year shall not affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (y) such reimbursements shall
be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (z) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. Notwithstanding
any provision to the contrary in this Agreement, if you are deemed by the Company at the time of your Separation from Service to
be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), to the extent delayed commencement of any
portion of the severance benefits to which you are entitled under this Agreement is required in order to avoid a prohibited distribution
under Code Section 409A(a)(2)(B)(i), such portion of your benefits shall not be provided to you prior to the earlier of (i) the
expiration of the six-month period measured from the date of your Separation from Service with the Company or (ii) the date of
your death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments
deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due under this Agreement shall
be paid as otherwise provided herein. 

 

    	Page 4 

     

    

  

13.         Miscellaneous.
This letter, together with your Employee Confidential Information and Inventions Assignment Agreement and your Indemnification
Agreement, forms the complete and exclusive statement of your employment agreement with the Company. It supersedes the Prior Employment
Agreement (including any options, warrants or compensation contained therein), and any other agreements or promises made to you
by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s
discretion in this letter, require a written modification signed by you and a member of the Board of Directors. The ongoing obligations
of the Company or you shall survive any of your termination, death or disability. This Agreement and the terms of your employment
with the Company shall be governed in all aspects by the laws of the State of Arizona.

 

[Remainder of page intentionally left
blank]

 

    	Page 5 

     

    

  

Please sign and date this letter, and return
them to me if you wish to accept continued employment at the Company under the terms described above.

 

We look forward to your favorable reply
and to a productive and enjoyable work relationship.

 

Sincerely,

 

SenesTech,
Inc.

 

	/s/ Matthew K. Szot	 	 
	Matthew K. Szot	 	 
	On behalf of the Board of Directors	 	 
	 	 	 
	Understood and Accepted:	 	 
	 	 	 
	/s/ Loretta P. Mayer	 	June 30, 2016
	Dr. Loretta P. Mayer	 	Date

 

     

     

    

  

Exhibit A

 

Sale Bonus – Additional Terms

 

1.          Certain
Definitions

 

“Net Sales Price” means
the sum of any cash and the Fair Market Value of any securities or other property, reduced by the Expenses, actually payable to
the Company and/or its securityholders in connection with a Sale of the Company, upon or following the Closing and before taking
into account any payments made under this Agreement or any similar transaction bonus arrangements. The Net Sales Price will include
any Contingent Payments, but will exclude salaries, benefits, bonuses, retention payments, severance arrangements, equity grants
and other compensation provided directly to service providers of the Company by the acquiring entity in connection with the post-closing
employment or other service of such service providers with the acquiring entity and its affiliates.

 

“Contingent Payment” shall
mean any portion of the Net Sales Price actually payable to the Company and/or its securityholders the receipt of which is contingent
upon the passage of time or the occurrence or non-occurrence of future events or circumstances, including without limitation amounts
paid at a subsequent closing, amounts distributed to securityholders as a distribution following an asset sale, and amounts subject
to an escrow, a purchase price adjustment, an earn-out, or indemnity claims, as and when such amounts are paid to the Company’s
securityholders, in each case after reducing such sum by any incremental Expenses associated with the receipt of such amounts.

 

“Expenses” means
the sum of (i) all transaction fees and expenses (including, without limitation, payments to investment bankers and attorneys),
(ii) all debts and liabilities of the Company not assumed by an acquirer of the Company, and (iii) any reserves that the Board
deems reasonably necessary, including a reasonable estimate of post-Closing expenses.

 

“Fair Market Value” means
the value as reasonably determined by the Board (with your abstention) as of the applicable date in accordance with Code Section
409A, if applicable, and such determination will be final and binding.

 

2.          Calculation
and Payment of Sale Bonus Attributable to Contingent Proceeds

 

If any portion of the Sale Bonus is attributable
to a Contingent Payment (the “Contingent Bonus”), such amount will be subject to the same conditions
on payment and potential forfeiture conditions imposed on all other Company securityholders with respect to their rights to such
Contingent Payment, and will be calculated on a pro-rata basis, as determined based on the ratio that your full Sale Bonus (prior
to tax withholdings and deductions) bears to the total Net Sales Price.

 

Any Contingent Bonus will be paid to you within
5 days following payment of the corresponding Contingent Proceeds to the Company’s securityholders.

 

It is intended that the Sale Bonus satisfy,
to the greatest extent possible, the exemption from Code Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4)
and, to the extent not so exempt, that the Sale Bonus comply, and be interpreted to the greatest extent possible as consistent,
with Treasury Regulations Section 1.409A-3(i)(5)(iv)(A) as “transaction-based compensation.”

 

     

     

    

  

Exhibit B

 

Indemnification Agreement

(See attached)

 

     

     

    

  

Exhibit C

 

Form of Restricted Stock Unit Award

(See attached)

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