Document:

Exhibit 10.6

 

CELCUITY INC.

2017 STOCK INCENTIVE
PLAN

 

STOCK APPRECIATION
RIGHTS AGREEMENT

 

THIS STOCK APPRECIATION RIGHTS AGREEMENT
(“Agreement”) is entered into as of the “Grant Date” set forth below, by and between Celcuity
Inc., a Delaware corporation (the “Company”) and the person named below (the “Participant”).
The Award granted hereby is granted under the Celcuity Inc. 2017 Stock Incentive Plan (the “Plan”). Unless otherwise
defined herein, terms used in this Agreement that are defined in the Plan will have the meanings given to them in the Plan.

 

1.       Grant
of Award. The Company hereby grants to the Participant an award (the “Award”) of Stock Appreciation Rights
(“SARs”) with respect to the number of shares of Common Stock of the Company (the “Shares”)
set forth below, at the exercise price per Share set forth below (the “Exercise Price”), subject to the terms
and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions
of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan will prevail.

 

	Grant Number:	SAR-______________
	 	 
	Participant:	______________________________________
	 	 
	Grant Date:	________________
	 	 
	Vesting Commencement Date:	________________
	 	 
	Total Number of Shares of Stock Subject to SARs under the Award:	
         

        ______________ Shares

	 	 
	Exercise Price per Share:	$_____ per Share
	 	 
	Term/Expiration Date:	________________
	 	 
	Earlier Expiration:	See Section 4.

 

Each SAR represents the right to receive a payment from the
Company at the time of exercise, in the form of Shares, cash or a combination of both, equal to the difference between the Fair
Market Value of one Share of Common Stock and the per-share Exercise Price set forth above.

 

2.             Vesting
Schedule. This Award may be exercised, in whole or in part, in accordance with the following schedule:

 

(a)       Time-Based
Vesting. This Award will vest [insert vesting schedule]; provided, however, that if the Participant ceases
ceases to be employed by the Company or to provide services to the Company as a director, consultant or independent contractor
before this Award has become vested with respect to all of the SARs, no additional SARs will vest after the termination of such
services. This Award may be exercised, in whole or in part, at any time or from time to time after it vests and until this Award
expires pursuant Section 5 of this Agreement.

 

     

     

    

 

(b)       Treatment
Upon a Change in Control. In the event of a Change in Control of the Company, the Committee administering the Plan may take
any of the actions described in Section 14 of the Plan with respect to this Award.

 

(c)       Accelerated
Vesting upon Death or Disability. If the Participant ceases to provide services to the Company by reason of the Participant’s
death or disability before this Award has become vested with respect to all of the SARs, all unvested SARs will vest as of such
termination date.

 

3.            Exercise
of Award.

 

(a)       Right
to Exercise. This Award will be exercisable during its term in accordance with the vesting schedule set forth in Section 2
of this Agreement and with the applicable provisions of the Plan and this Agreement. This Award may not be exercised for a fraction
of a share. No portion of the Award which has not become vested and exercisable at the date of the Participant’s termination
of service to the Company will thereafter become vested and exercisable, except as may be set forth in a written agreement between
the Company and the Participant.

 

(b)       Duration
of Exercisability. The installments provided in the vesting schedule set forth in Section 2 of this Agreement are cumulative.
Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in Section 2 of this Agreement
will remain vested and exercisable until this Award expires pursuant Section 4 of this Agreement.

 

(c)       Method
of Exercise. This Award will be exercisable by delivering to the Company’s Chief Financial Officer, or to such other
party as may be designated by such officer, a written notice of exercise in the form approved by the Company (the “Exercise
Notice”), stating the election to exercise the Award and the number of SARs with respect to which the Award is being
exercised (the “Exercised SARs”), and containing such other representations and agreements as may be required
by the Company pursuant to the provisions of the Plan. The Participant will be required to make adequate provision for all withholding
taxes relating to the exercise as a condition to the exercise of the Award. This Award will be deemed to be exercised upon receipt
by the Company of such fully executed Exercise Notice accompanied by arrangements for the adequate provision for the withholding
taxes relating to the exercise.

 

(d)       Settlement
of SARs. Upon the exercise of all or a portion of this Award, the Participant will be entitled to receive, with respect to
each Exercised SAR, a payment equal to (i) the amount by which the Fair Market Value of one Share on the date of exercise
exceeds (ii) the per share Exercise Price of the SAR. The Participant may request that such payment be made in the form of
Shares, cash, or a combination of Shares and cash; provided, however, that the Committee shall make the final determination
as to the form or forms of payment.

 

4.             Expiration
of Award. This Award will expire and may not be exercised to any extent by anyone after the first to occur of the following
events:

 

    	 	2	 

     

    

 

(a)       Expiration
of Term of Award. The Term/Expiration Date set forth in Section 1 of this Agreement;

 

(b)       Termination
of Service without Cause. The expiration of three months from the date of the Participant’s voluntary or involuntary
termination of service to the Company, unless the Participant’s service is terminated for Cause or such termination occurs
by reasons of the Participant’s death or Disability;

 

(c)       Cause.
The date of the Participant’s termination of service if the Participant’s service is terminated for Cause, or the date
of written notice from the Company to the Participant of a material breach of any confidentiality or non-compete agreement entered
into with the Company, if the Participant commits such a material breach either during or after the Participant’s period
of service to the Company;

 

(d)       Death
or Disability. The expiration of one year from the date of the Participant’s death, either during or after the Participant’s
period of service to the Company, or of termination of the Participant’s service by reason of the Participant’s Disability;
or

 

(e)       Cancellation
upon Change in Control. The cancellation of this Award by action of the Committee pursuant to Section 14 of the Plan, in connection
with a Change in Control of the Company.

 

5.             Non-Transferability
of Award. Neither this Award nor the SARs may be transferred in any manner otherwise than by will or by the laws of descent
or distribution and may be exercised during the lifetime of the Participant only by the Participant. The terms of the Plan and
this Agreement will be binding upon the executors, administrators, heirs, successors and assigns of the Participant.

 

6.            Tax
Obligations. The Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing
or retaining the Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding
requirements applicable to the Award exercise. The Participant acknowledges and agrees that the Company may refuse to honor the
exercise of this Award if such withholding amounts are not delivered at the time of exercise.

 

7.             NO
GUARANTEE OF CONTINUED SERVICE. THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING
SCHEDULE IN THIS AGREEMENT IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT AT THE WILL OF THE COMPANY (AND
NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN AWARD OR ACQUIRING ANY SHARES HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES
AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE
AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD,
OR AT ALL, AND WILL NOT INTERFERE WITH THE PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE PARTICIPANT’S
RELATIONSHIP (A) AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT CAUSE; (B) AS A CONSULTANT PURSUANT TO THE TERMS OF THE PARTICIPANT’S
AGREEMENT WITH THE COMPANY OR AN AFFILIATE; OR (C) AS A DIRECTOR PURSUANT TO THE BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS
OF THE CORPORATE LAW OF THE STATE OR OTHER JURISDICTION IN WHICH THE COMPANY IS DOMICILED, AS THE CASE MAY BE.

 

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8.            Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Agreement constitute the entire agreement
of the parties regarding the acquisition of stock in the Company and supersede in their entirety all prior oral and written undertakings
and agreements of the Company and the Participant on that subject, with the exception of any other Awards previously granted and
delivered to the Participant under the Plan or any similar plan maintained by the Company or its Affiliates. This Agreement may
not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and the Participant.
This Agreement is governed by the internal substantive laws but not the choice of law rules of the State of Minnesota.

 

* * * * *

 

[Signature page follows]

 

    	 	4	 

     

    

 

Signature page to
Stock Appreciation Rights Agreement

 

By the Participant’s signature and
the signature of the Company’s representative below, the Participant and the Company agree that this Award is granted under
and governed by the terms and conditions of the Plan and this Agreement. The Participant has reviewed the Plan and this Agreement
in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands
all provisions of the Plan and Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Board of Directors (or any Committee to whom the Board has delegated administration of the Plan) upon
any questions relating to the Plan and this Agreement.

 

The Participant further agrees to notify
the Company of any change in the Participant’s residence address indicated below.

 

	PARTICIPANT:	 	CELCUITY INC.
	 	 	 
	 	 	By:	 
	(Signature)	 	Title:	 
	 	 	 
	 	 	 
	(Print Name)	 	(Print Name)
	 	 	 
	Address:	 	Address:
	 	 	Celcuity Inc.
	 	 	16305 36th Avenue N., Suite 450
	 	 	Minneapolis, MN  55446

 

    	 	5Exhibit 10.17

 

INDEMNIFICATION AGREEMENT

 

THIS AGREEMENT (“Agreement”)
dated as of the _____ day of __________, 2017, is by and between Celcuity Inc., a Delaware corporation (the “Company”),
and ____________________________ (“Indemnitee”).

 

RECITALS

 

A.           Indemnitee
is serving as a director and/or officer of the Company, and as such is performing a valuable service for the Company.

 

B.           Both
the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers
of publicly-held companies.

 

C.           The
Board of Directors of the Company has determined that enhancing the ability of the Company to attract and retain qualified persons
to serve as directors and/or officers is in the best interests of the Company and its stockholders, and that the Company should
therefore seek to assure such persons that there will be adequate certainty of protection through indemnification and insurance
against risks of claims and actions against them arising out of their service to the Company.

 

D.           Section
145 of the General Corporation Law of Delaware permits the Company to indemnify and advance expenses to its officers and directors
and to persons who serve at the request of the Company as directors, officers, employees, or agents of other corporations or enterprises.
The Company’s Bylaws provide that the Company may enter into indemnification agreements that specify the rights and obligations
of the Company and such persons with respect to indemnification, advancement of expenses and related matters.

 

E.           The
Company desires to have Indemnitee continue to serve the Company in an Official Capacity (as defined below), and Indemnitee desires
to continue so to serve the Company, provided, and on the express condition, that Indemnitee is furnished with the indemnity and
other rights set forth in this Agreement.

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of Indemnitee’s continued service to the Company in an Official Capacity, the parties hereto agree as follows:

 

1.            Definitions.
For purposes of this Agreement:

 

(a)          “Change
of Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required
to be reported in response to Item 5.01 of Current Report on Form 8-K (or in response to any similar item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934 (the “Act”), whether or not the Company is then
subject to such reporting requirement; provided, however, that, without limitation, such a Change of Control shall be deemed to
have occurred if after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities
of the Company representing forty percent (40%) or more of the combined voting power of the Company’s then outstanding securities
without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such
person attaining such percentage; (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization,
or a proxy contest, as a consequence of which members of the Board of Directors in office immediately prior to such transaction
or event constitute less than a majority of the Board of Directors of the surviving corporation or parent corporation (in the case
of a merger in which the Company becomes a wholly-owned subsidiary of another entity) thereafter; or (iii) during any period
of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors (including for this
purpose any new director whose election or nomination for election by the Company’s shareholders was approved by a vote of
at least two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any reason
to constitute at least a majority of the Board of Directors.

 

(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
or advancement of Expenses is sought by Indemnitee.

 

(c)          “Effective
Date” means the date first above written.

 

(d)          “Expenses”
shall include all direct and indirect costs including, but not limited to, reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, advisory 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 investigating, prosecuting, defending (or preparing to investigate, prosecute or defend) a Proceeding, or being
or preparing to be a witness in a Proceeding.

 

(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 (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to
either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

 

(f)          “Official
Capacity” means Indemnitee’s corporate status as an officer and/or director and any other fiduciary capacity in
which Indemnitee serves the Company, its subsidiaries and affiliates, and any other entity which Indemnitee serves in such capacity
at the request of the Company’s CEO, its Board of Directors or any committee of its Board of Directors. “Official Capacity”
also refers to all actions Indemnitee takes or does not take while serving in such capacity.

 

    	 	2	 

     

    

 

(g)          “Proceeding”
includes any actual or threatened inquiry, investigation, action, suit, arbitration, or any other such actual or threatened action
or occurrence, whether civil, criminal, administrative or investigative, whether or not initiated prior to the Effective Date,
except a proceeding initiated by Indemnitee pursuant to Section 8 of this Agreement to enforce his or her rights under this Agreement.

 

2.             Service
by Indemnitee. So long as Indemnitee has or holds an Official Capacity with the Company, Indemnitee will serve in such Official
Capacity faithfully and to the best of Indemnitee’s ability. Indemnitee may at any time and for any reason resign from Indemnitee’s
Official Capacity (subject to any other contractual obligation or any obligation imposed by operation of law).

 

3.             Indemnification.

 

(a)          General.
Except as otherwise provided in this Agreement, the Company shall indemnify Indemnitee to the fullest extent permitted by the Delaware
General Corporation Law as such law may from time to time be amended. Indemnitee shall be entitled to the indemnification provided
in this Section if Indemnitee is a party or is threatened to be made a party to any Proceeding by reason of his or her Official
Capacity or by reason of anything done or not done by Indemnitee in his or her Official Capacity. The Company shall indemnify Indemnitee
against all costs, judgments, penalties, fines, liabilities, amounts paid in settlement by or on behalf of Indemnitee in any Proceeding,
and Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding, if Indemnitee is determined to
have met the standard of conduct set forth in Section 7(a).

 

(b)            Exceptions.
Indemnitee shall receive no indemnification hereunder:

 

(i)          to
the extent such indemnification is expressly prohibited by Delaware law or the public policies of Delaware, the United States of
America or agencies of any governmental authority in any jurisdiction governing the matter in question;

 

(ii)         to
the extent payment is actually made to or on behalf of Indemnitee for the amount to which Indemnitee would otherwise have been
entitled under this Agreement pursuant to an insurance policy, or another indemnity agreement or arrangement from the Company or
other person or entity;

 

(iii)        in
connection with any Proceeding, or part thereof (including claims and permissive counterclaims) initiated by Indemnitee, except
a judicial proceeding pursuant to Section 8 to enforce rights under this Agreement, unless the Proceeding (or part thereof) was
authorized by the Board of Directors of the Company;

 

(iv)        with
respect to any Proceeding brought by or on behalf of the Company against Indemnitee if Indemnitee failed to act in good faith and
in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;

 

    	 	3	 

     

    

 

(v)         with
respect to any claim, issue, or matter as to which Delaware law expressly prohibits such indemnification by reason of any adjudication
of liability of Indemnitee to the Company, unless and only to the extent that the Delaware Court of Chancery, or the court in which
such Proceeding was brought, shall determine upon application that, despite an adjudication of liability but in view of all the
circumstances of the case, Indemnitee is entitled to indemnification for such Expenses as such court shall deem proper.

 

4.             Advancement
of Expenses.

 

(a)          General.
Except as otherwise provided in this Agreement, Expenses incurred by Indemnitee in connection with a Proceeding shall be paid by
the Company in advance of the final disposition of such Proceeding to the fullest extent permitted by the Delaware General Corporation
Law as such law may from time to time be amended. Indemnitee shall be entitled to the advancement provided in this Section if Indemnitee
is a party or is threatened to be made a party to any Proceeding by reason of his or her Official Capacity or by reason of anything
done or not done by Indemnitee in his or her Official Capacity. The Company shall advance to Indemnitee Expenses actually and reasonably
incurred by Indemnitee in connection with such Proceeding. Notwithstanding the foregoing, unless otherwise determined pursuant
to Section 5, the Company will not advance or continue to advance Expenses to Indemnitee (except by reason of the fact that Indemnitee
is or was a director of the Company in which event this sentence will not apply) in any Proceeding if a determination is reasonably
and promptly made (i) by the Board of Directors by a majority vote of Disinterested Directors, even though less than a quorum,
(ii) if there are no Disinterested Directors or the Disinterested Directors so direct, by Independent Counsel in a written
opinion, or (iii) by a majority vote of a committee of Disinterested Directors designated by a majority vote of Disinterested
Directors, that the facts known to the decision-making party at the time such determination is made demonstrate that Indemnitee
acted in bad faith or in a manner that Indemnitee did not believe to be in or not opposed to the best interests of the Company,
or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe his conduct was unlawful.

 

(b)          Affirmation
and Undertaking in Connection with Request for Advancement. As a condition precedent to the Company’s advancement of
Expenses to Indemnitee, Indemnitee shall provide the Company with (i) a written affirmation by Indemnitee of his or her good
faith belief that he or she has met the standard of conduct necessary for indemnification under §145 of the Delaware General
Corporation Laws, and (ii) an undertaking, in substantially the form attached as Exhibit 1, by or on behalf of
Indemnitee to reimburse such amount if it is finally determined, after all appeals, by a court of competent jurisdiction that Indemnitee
is not entitled to be indemnified against such Expenses by the Company as provided by this Agreement or otherwise. Indemnitee’s
undertaking to reimburse any such amounts is not required to be secured.

 

(c)          Exceptions.
The Company shall not be obligated to advance Expenses to Indemnitee with respect to claims initiated or brought voluntarily by
such Indemnitee and not by way of defense, except (i) as set forth in Section 8(e); (ii) in specific cases if the Company’s
Board of Directors has approved the initiation or bringing of such a claim; or (iii) as otherwise required under Section 145
of the DGCL.

 

    	 	4	 

     

    

 

5.             Indemnification
for Expenses of Successful Party. Notwithstanding the limitations of any other provisions of this Agreement, to the extent
that Indemnitee is successful on the merits or otherwise in defense of any Proceeding, or in defense of any claim, issue or matter
therein, including, without limitation, the dismissal of any Proceeding without prejudice, or if it is ultimately determined that
Indemnitee is otherwise entitled to be indemnified against Expenses, Indemnitee shall be indemnified against all Expenses actually
and reasonably incurred in connection therewith. If Indemnitee is partially successful on the merits or otherwise in defense of
any Proceeding, such indemnification shall be apportioned appropriately to reflect the degree of success.

 

6.             Payment
of Expenses Incurred in Serving as a Witness. Notwithstanding any other provisions of this Agreement, Indemnitee shall be entitled
to payment or reimbursement by the Company of all Expenses reasonably incurred by Indemnitee for serving as a witness by reason
of Indemnitee’s Official Capacity in any Proceeding with respect to which Indemnitee is not a party or threatened to be made
a party.

 

7.             Determination
of Entitlement to Indemnification.

 

(a)           Standard
of Conduct. Except as provided in Section 5 above, Indemnitee shall be entitled to indemnification pursuant to this Agreement
only upon a determination that Indemnitee acted in good faith and in a manner 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 that Indemnitee’s
conduct was unlawful.

 

(b)           Manner
of Determining Eligibility. Upon written request of the Indemnitee for indemnification, the entitlement of Indemnitee to such
requested indemnification shall be determined:

 

(i)          by
the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a
quorum; or

 

(ii)         by
a committee of Disinterested Directors designated by majority vote of such Disinterested Directors, whether or not such majority
constitutes a quorum; or

 

(iii)        by
Independent Counsel in a written opinion to the Board of Directors, or designated committee of the Board, with a copy to Indemnitee,
which Independent Counsel shall be selected by majority vote of the Company’s directors at a meeting at which a quorum is
present, or a majority vote of the Disinterested Directors, or committee of Disinterested Directors; or

 

(iv)        by
the Company’s stockholders, by a majority vote of those in attendance at a meeting at which a quorum is present; or

 

(v)         if
a Change of Control has occurred, by Independent Counsel (selected by Indemnitee) in a written opinion to the Board of Directors
of the Company, a copy of which shall be delivered to the Indemnitee.

 

    	 	5	 

     

    

 

(c)           Change
of Control. The Company agrees that if there is a Change of Control of the Company (other than a Change of Control which has
been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change of Control)
then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnification under this Agreement
or any other agreements, Company Bylaw, provision in the Certificate of Incorporation or any other document now or hereafter in
effect relating to such indemnification, the Company shall seek legal advice from Independent Counsel selected by Indemnitee. The
Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to indemnify fully such counsel against
any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto.

 

(d)           Payment
of Costs of Determining Eligibility. The Company shall pay all costs associated with its determination of Indemnitee’s
eligibility for indemnification.

 

(e)           Presumptions
and Effect of Certain Proceedings. The Secretary of the Company shall, promptly upon receipt of Indemnitee’s request
for indemnification, notify in writing the Board of Directors or such other person or persons empowered to make the determination
requested in Section 7(b), and the Company shall thereafter promptly make such determination or initiate the appropriate process
for making such determination. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly
provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s
conduct was unlawful.

 

8.             Remedies
of Indemnitee.

 

(a)           If
(i) a determination is made pursuant to Section 7 of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant
to Section 4 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 7(b) or (c) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to Section 5 or 6 of this Agreement within fifteen (15) business days after receipt by
the Company of written request therefor, or (v) payment of indemnification pursuant to Section 3 of this Agreement is not
made within fifteen (15) business days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee
shall be entitled to seek an adjudication by the United States District Court, District of Minnesota, or the Hennepin County District
Court in Minneapolis, Minnesota, of Indemnitee’s right to such indemnification or advancement of Expenses. The Company shall
not oppose Indemnitee’s right to seek any such adjudication.

 

    	 	6	 

     

    

 

(b)          If
a determination shall have been made pursuant to Section 7 of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 8 shall be conducted in all respects as a de novo trial on the merits
and Indemnitee shall not be prejudiced by that adverse determination. In any judicial proceeding commenced pursuant to this Section
8, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of
proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer
to or introduce into evidence any determination pursuant to Section 7 of this Agreement adverse to Indemnitee for any purpose.
If Indemnitee commences a judicial proceeding pursuant to this Section 8, Indemnitee shall not be required to reimburse the Company
for any advances pursuant to Section 4 until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal have been exhausted or lapsed).

 

(c)          Neither
the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement
of any action pursuant to this Section 8 that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not
met the applicable standard of conduct. If a determination shall have been made pursuant to Section 7 of this Agreement that Indemnitee
is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant
to this Section 8, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

 

(d)          The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 8 that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)          The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses (including reasonable
attorneys’ fees) and, if requested by an Indemnitee who has provided the affirmation and undertaking required by Section
4(b), shall (within ten (10) days after the Company’s receipt of such written request) advance to Indemnitee, to the fullest
extent permitted by applicable law, such Expenses (including reasonable attorneys’ fees) that are incurred by Indemnitee
in connection with any judicial proceeding brought by Indemnitee (i) to enforce Indemnitee’s rights under, or to recover
damages for breach of, this Agreement or any other indemnification agreement or provision of the Certificate of Incorporation or
the Company’s Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained
by any person for the benefit of Indemnitee, to the full extent Indemnitee ultimately is determined to be entitled to such indemnification,
advance or insurance recovery, as the case may be.

 

(f)          Notwithstanding
anything in 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 a Proceeding.

 

    	 	7	 

     

    

 

9.           Continuation
of Obligation of Company. All agreements and obligations of the Company contained in this Agreement shall continue during the
period of Indemnitee’s Official Capacity and shall continue thereafter with respect to any Proceedings based on or arising
out of Indemnitee’s Official Capacity. This Agreement shall be binding upon all successors and assigns of the Company (including
any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the
benefit of Indemnitee’s heirs, personal representatives and estate.

 

10.          Notification
and Defense of Claim. Promptly after receipt by Indemnitee of notice of any Proceeding, Indemnitee will notify the Company
in writing of the commencement thereof; but the omission so to notify the Company will not relieve it from any liability that it
may have to Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which Indemnitee
notifies the Company:

 

(a)          Except
as otherwise provided in Section 10(b), to the extent that it may wish, the Company may, separately or jointly with any other
indemnifying party, assume the defense of the Proceeding. After notice from the Company to Indemnitee of its election to assume
the defense of the Proceeding, the Company shall not be liable to Indemnitee under this Agreement for any Expenses subsequently
incurred by Indemnitee except as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel
in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense
thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized by the
Company, (ii) Indemnitee shall have reasonably determined that there is a conflict of interest between the Company and Indemnitee
in the conduct of the defense of the Proceeding, and such determination is supported by an opinion of qualified legal counsel addressed
to the Company, or (iii) the Company shall not within sixty (60) calendar days of receipt of notice from Indemnitee in fact
have employed counsel to assume the defense of the Proceeding.

 

(b)          The
Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company, or as to which Indemnitee
shall have made the determination provided for in subparagraph (a)(ii) above.

 

(c)          Regardless
of whether the Company has assumed the defense of a Proceeding, the Company shall not be liable to indemnify Indemnitee under this
Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, and the Company
shall not settle any Proceeding in any manner that would impose any penalty or limitation on, or require any payment from, Indemnitee
without Indemnitee’s written consent. Neither the Company nor Indemnitee will unreasonably withhold its consent to any proposed
settlement.

 

(d)          Until
the Company receives notice of a Proceeding from Indemnitee, the Company shall have no obligation to indemnify or advance Expenses
to Indemnitee as to Expenses incurred prior to Indemnitee’s notification of Company.

 

    	 	8	 

     

    

 

11.            Severability;
Prior Indemnification Agreements. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including
without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that are not by themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby,
and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide protection
to Indemnitee to the fullest enforceable extent provided for in this Agreement.

 

12.            Non-exclusivity.
The rights conferred by this Agreement shall not be exclusive of any other right Indemnitee may have or hereafter acquire under
any applicable statute, provision of the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders
or disinterested directors, or otherwise, both as to action in his Official Capacity and as to action in another capacity while
holding office. The indemnification provided under this Agreement shall continue as to Indemnitee for any action such Indemnitee
took or did not take while serving in an Official Capacity even though the Indemnitee may have ceased to serve in such Official
Capacity.

 

13.            Non-attribution
of Actions of Any Indemnitee to Any Other Indemnitee. For purposes of determining whether Indemnitee is entitled to indemnification
or advancement of Expenses by the Company under this Agreement or otherwise, the actions or inactions of any other indemnitee or
group of indemnitees shall not be attributed to Indemnitee.

 

14.            Headings;
References; Pronouns. The headings of the sections 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. References herein to section numbers are to sections
of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular
or plural as appropriate.

 

15.            Other
Provisions.

 

(a)          This
Agreement shall be interpreted and enforced in accordance with the laws of Delaware.

 

(b)          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. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced as evidence of the existence of this Agreement.

 

(c)          This
Agreement shall not be deemed an employment contract between the Company and Indemnitee, and the Company shall not be obligated
to continue Indemnitee in Indemnitee’s Official Capacity by reason of this Agreement.

 

(d)          Upon
a payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of Indemnitee to recover against any person for such liability, and Indemnitee shall execute all documents and instruments required
and shall take such other actions as may be necessary to secure such rights, including the execution of such documents as may be
necessary for the Company to bring suit to enforce such rights.

 

    	 	9	 

     

    

 

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

 

(f)          Indemnitee’s
rights under this Agreement shall extend to Indemnitee’s spouse, members of Indemnitee’s immediate family, and Indemnitee’s
representative(s), guardian(s), conservator(s), estate, executor(s), administrator(s), and trustee(s), (all of whom are referred
to as “Related Parties”), as the case may be, to the extent a Related Party or a Related Party’s property
is subject to a Proceeding by reason of Indemnitee’s Official Capacity.

 

[Signature page follows]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	CELCUITY INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	 	 
	 	Indemnitee

 

    	 	11	 

     

    

 

EXHIBIT 1

 

UNDERTAKING TO REPAY INDEMNIFICATION EXPENSES

 

I, ___________________________________,
agree to reimburse Celcuity Inc., a Delaware corporation (the “Company”), for all Expenses paid to me by the
Company for my defense in any civil or criminal action, suit, or Proceeding (as defined in my Indemnification Agreement with the
Company), if and to the extent it shall ultimately be determined that I am not entitled to be indemnified by the Company for such
expenses.

 

	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]