Document:

Exhibit 10.3

 

CHARDAN
HEALTHCARE ACQUISITION CORP.

 

VOTING
AGREEMENT

 

This
Voting Agreement (this “Agreement”) is made as of October 28, 2019 by and among Chardan Healthcare Acquisition
Corp., a Delaware corporation (the “Company”), BiomX Ltd., an Israeli company (“BiomX”),
Chardan Investments, LLC (“Chardan”) and each of the individuals and entities set forth on the signature page
hereto (each a “Voting Party” and collectively, the “Voting Parties”). For purposes of this
Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Merger Agreement
(as defined below).

 

RECITALS

 

WHEREAS,
the Company, BiomX, CHAC Merger Sub Ltd., an Israeli company (“Merger Sub”), and Shareholder Representative
Services LLC, as the representative of the shareholders of the Company (the “Shareholders’ Representative”)
entered into a Merger Agreement, dated July 16, 2019 (the “Merger Agreement”); and

 

WHEREAS,
each of the Voting Parties, currently owns, or on closing of the transactions contemplated by the Merger Agreement, will own,
shares of the Company’s capital stock, and wishes to provide for orderly elections of the Company’s board of directors
as described herein.

 

NOW
THEREFORE, in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1.
Agreement to Vote. During the term of this Agreement, each Voting Party agrees to vote all securities of the Company that
may vote in the election of the Company’s directors that such Voting Party owns from time to time (hereinafter referred
to as the “Voting Shares”) in accordance with the provisions of this Agreement, whether at a regular or special
meeting of stockholders or any class or series of stockholders or by written consent.

 

2.
Election of Boards of Directors.

 

2.1
Voting. During the term of this Agreement, each Voting Party agrees to vote all Voting Shares in such manner as may be necessary
to elect (and maintain in office) as members of the Company’s Board of Directors the following persons:

 

(a)
Two (2) person(s) (each a “Chardan Designee”) designated by Chardan to serve for two (2) years from the
Closing Date (as defined in the Merger Agreement); and

 

(b)
Five (five) person(s) (each a “Stockholder Designee,” and collectively, the “Stockholder Designees”)
designated below, which may be subsequently (following Closing) changed by the Shareholders’ Representative; and

 

2.2
Initial Designees. The initial Chardan Designees are Jonas Grossman and Gbola Amusa. The initial Stockholder Designees are
Jonathan Solomon, Yaron Breski, Erez Chimovitz, Robbie Woodman and one vacancy.

 

2.3
Size of the Board. The parties hereto agree that they shall, and that they shall cause their respective designees to, maintain
the size of the Company’s Board of Directors at seven (7) persons for two (2) years from the Closing Date.

 

2.4
Obligations; Removal of Directors; Vacancies. The obligations of the Voting Parties pursuant to this Section 2 shall
include any stockholder vote to amend the Company’s Amended and Restated Certificate of Incorporation as required to
effect the intent of this Agreement. Each of the Voting Parties and the Company agree not to take any actions that would
contravene or materially and adversely affect the provisions of this Agreement and the intention of the parties with respect
to the composition of the Company’s Board of Directors as herein stated. The parties acknowledge that the fiduciary
duties of each member of the Company’s Board of Directors are to the Company’s stockholders as a whole. In the
event any director elected pursuant to the terms hereof ceases to serve as a member of the Company’s Board of
Directors, the Company and the Voting Parties agree to take all such action as is reasonable and necessary, including the
voting of shares of capital stock of the Company by the Voting Parties as to which they have beneficial ownership, to cause
the election or appointment of such other person designated by the Company or the Shareholders’ Representative (after
Closing) , as the case may be, to the Board of Directors as may be designated on the terms provided herein.

 

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3.
Approval of Amendment to the BiomX 2015 Equity Incentive Plan. During the term of this Agreement each Voting Party agrees
to vote all Voting Shares in such manner as may be necessary to approve an amended BiomX 2015 Employee Stock Option Plan (the
“Equity Incentive Plan”), (or the adoption of a new equity incentive plan having the same effect) that will
be assumed by Company as of the Effective Time), subject to and in accordance with Section 9.11 of the Merger Agreement.

 

4.
Successors in Interest of the Voting Parties and the Company. The provisions of this Agreement shall be binding upon the successors
in interest of any Voting Party with respect to any of such Voting Party’s Voting Shares or any voting rights therein, unless
such shares are sold into the public markets. Each Voting Party shall not, and the Company shall not, permit the transfer of any
Voting Party’s Voting Shares (except for sales of Voting Shares into the public markets), unless and until the person to
whom such securities are to be transferred shall have executed a written agreement pursuant to which such person becomes a party
to this Agreement and agrees to be bound by all the provisions hereof as if such person was a Voting Party hereunder.

 

5.
Covenants. The Company and each Voting Party agrees to take all actions required to ensure that the rights given to each Voting
Party hereunder are effective and that each Voting Party enjoys the benefits thereof. Such actions include, without limitation,
the use of best efforts to cause the nomination of the designees, as provided herein, for election as directors of the Company.
Neither the Company nor any Voting Party will, by any voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be performed hereunder by the Company or any such Voting Party, as applicable, but will at all times in good
faith assist in the carrying out of all of the provisions of this Agreement and in the taking of all such actions as may be necessary
or appropriate in order to protect the rights of each Voting Party hereunder against impairment.

 

6.
Grant of Proxy. The parties agree that this Agreement does not constitute the granting of a proxy to any party or any other
person; provided, however, that should the provisions of this Agreement be construed to constitute the granting of proxies, such
proxies shall be deemed coupled with an interest and are irrevocable for the term of this Agreement.

 

7.
Specific Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for
the breach of this Agreement by any party hereto, that this Agreement shall be specifically enforceable, and that any breach of
this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto
waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach and agrees that a party’s
rights would be materially and adversely affected if the obligations of the other parties under this Agreement were not carried
out in accordance with the terms and conditions hereof.

 

8.
Manner of Voting. The voting of shares pursuant to this Agreement may be effected in person, by proxy, by written consent
or in any other manner permitted by applicable law.

 

9.
Termination. This Agreement shall terminate upon the first to occur of the following:

 

9.1
The date that is two (2) years from the Closing Date; or

 

9.2
immediately prior to a transaction pursuant to which a person or group other than current shareholders of the Company or the
Voting Parties, or their respective affiliates, will control greater than 50% of the Company’s voting power with respect
to the election of directors of the Company.

 

10.
Amendments and Waivers. Except as otherwise provided herein, any provision of this Agreement may be amended or the observance
thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written
consent of (a) the Company, and (b) the holders of a majority of Voting Shares then held by the Voting Parties and the Shareholders’
Representative, voting separately as a class; provided, however, that the right of the Company to nominate the Company
Designee shall not be amended without the written consent of a majority in interest of the stockholders of the Company; and provided
further, that the right of the Shareholders’ Representative to nominate the Stockholder Designees shall not be amended
without the written consent of the Shareholders’ Representative.

 

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11.
Stock Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the
like, any securities issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of this
Agreement.

 

12.
Severability. In the event that any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

13.
Governing Law. This Agreement and the legal relations between the parties arising hereunder shall be governed by and interpreted
in accordance with the laws of the State of New York without reference to its conflicts of laws provisions, except that all matters
relating to the fiduciary duties of the Company’s Board of Directors shall be subject to the laws of Delaware.

 

14.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one instrument.

 

15.
Successors and Assigns. Except as otherwise expressly provided in this Agreement, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors and assigns of the parties hereto.

 

16.
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes
any prior agreement or understanding among the parties, with regard to the subjects hereof and thereof, and no party shall be
liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth
herein or therein.

 

[Remainder
of page intentionally left blank; signature page follows]

 

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This
Voting Agreement is hereby executed effective as of the date first set forth above.

 

	“COMPANY”  	 
	 	 
	CHARDAN HEALTHCARE ACQUISITION CORP.,  
	a Delaware corporation  	 
	 	 
	By:	/s/
Jonas Grossman  	 
	Name:	Jonas Grossman
 	 
	Title:	President  	 
	 	 
	“CHARDAN”  	 
	 	 
	CHARDAN INVESTMENTS, LLC  	 
	a Delaware limited liability company  	 
	 	 
	By:	/s/ Jonas Grossman	 
	Name:	Jonas Grossman
 	 
	Title: 	Managing Member  	 
	 	 
	“BiomX”  	 
	 	 
	BIOMX LTD.,  	 
	an Israeli company  	 
	 	 
	By: 	/s/ Jonathan Solomon  	 
	Name:	Jonathan Solomon
 	 
	Title: 	Chief Executive Officer  	 
	 	 
	[SHAREHOLDERS]  	 
	 	 
	 	 

  

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This
Voting Agreement is hereby executed effective as of the date first set forth above.

 

Yeda Research and Development Company Limited

 

	By:	/s/ Gil Granot-Mayer 	 
	Name: 	Gil Granot-Mayer 	 
	Title:	C.E.O.	 

 

	By:	/s/ Mudi Sheves	 
	Name: 	Mudi Sheves	 
	Title:	Chairman	 

 

ORBIMED ISRAEL PARTNERS, LIMITED PARTNERSHIP

and

ORBIMED ISRAEL INCUBATOR L.P.

 

	By:	OrbiMed Israel Biofund GP, L.P., its general partner;

and

 

	By:	OrbiMed Israel GP Limited, its general partner

 

	By:	/s/ Erez Chimovits	 
	Name: 	Erez Chimovits	 
	Title:	Senior Managing Director	 

 

	By:	/s/ Nissim Darvish	 
	Name: 	Nissim Darvish	 
	Title:	Senior Managing Director	 

 

JOHNSON & JOHNSON INNOVATION-JJDC, INC.

 

	By:	/s/ Zeev Zehavi	 
	Name: 	Zeev Zehavi	 
	Title:	Vice President 	 

 

TAKEDA VENTURES, INC.

 

	By:	/s/ Michael Martin	 
	Name: 	Michael Martin	 
	Title:	President 	 

 

SBI JI INNOVATION FUND LIMITED PARTNERSHIP

 

	By:	SBI JI Innovation Partners Ltd.,

its General Partner

 

	By:	/s/ Yusuke Inaba	 
	Name: 	Yusuke Inaba	 
	Title:	Director	 

 

HANS W. SCHOEPFLIN TRUST

 

	By:	/s/ Hans Schoepflin	 
	Name: 	Hans Schoepflin	 
	Title:	 	 

  

STICHTING LICHFIELD

 

	By:	/s/ J.M. Wolkers	 
	Name: 	J.M. Wolkers	 
	Title:	Director	 

 

[Voting Agreement]

 

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STICHTING ADMINISTRATIEKANTOOR THE INVISIBLE HAND AT WORK

 

	By:	/s/ Hendrik Brulleman	 
	Name: 	Hendrik Brulleman	 
	Title:	Director	 

 

HEALTH FOR LIFE CAPITAL S.C.A. SICAR

 

	By:	Health
    For Life Management   /s/ Isabelle de Cremoux	 
	Name: 	Isabelle de Cremoux	 
	Title:	Manager	 

 

HEALTH FOR LIFE CAPITAL FPCI – ALPHA COMPARTMENT

 

	By:	SEVENTURE PARTNERS	 
	Name: 	Isabelle de Cremoux	 
	Title:	CEO	 

 

MIRAE ASSET CAPITAL CO. LTD.

 

	By:	/s/ Ji Kwang Chung	 
	Name: 	Ji Kwang Chung	 
	Title:	Managing Director	 

 

MIRAE ASSET VENTURE INVESTMENT, CO, LTD. (THROUGH MIRAE ASSET
YOUNG START-UP INVESTMENT FUND)

 

	By:	/s/ Eung Suk Kim	 
	Name: 	Eung Suk Kim	 
	Title:	CEO	 

 

MIRAE ASSET VENTURE INVESTMENT, CO, LTD. (THROUGH 2016 KIF-MIRAE
ASSET ICT VENTURE FUND)

 

	By:	/s/ Eung Suk Kim	 
	Name: 	Eung Suk Kim	 
	Title:	CEO	 

 

MIRAE ASSET-CELLTRION NEW GROWTH FUND I

 

	By:	/s/ Jikwang
    Chung	 
	Name: 	Jikwang Chung	 
	Title:	Managing Director	 

  

[Voting Agreement]

 

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8VC ANGEL FUND I, L.P.

 

	By:	8VC Angel GP I, LLC,

its General Partner

 

	By:	/s/ Drew Oetting	 
	Name: 	Drew Oetting	 
	Title:	Managing Member	 

 

8VC ANGEL FUND I ASSOCIATES, L.P.

 

	By:	8VC Angel GP I, LLC,

its General Partner

 

	By:	/s/ Drew Oetting	 
	Name: 	Drew Oetting	 
	Title:	Managing Member	 

 

8VC FUND I, L.P.

 

	By:	8VC GP I, LLC

its General Partner

 

	By:	/s/ Joe Lonsdale	 
	Name: 	Joe Lonsdale	 
	Title:	Managing Member	 

 

8VC ENTREPRENEURS FUND I, L.P.

 

	By:	8VC GP I, LLC

its General Partner

 

	By:	/s/ Joe Lonsdale	 
	Name: 	Joe Lonsdale	 
	Title:	Managing Member	 

 

RMGP BIO-PHARMA INVESTMENT FUND, L.P.

 

	By:	RMGP Bio-Pharma Investments, L.P., its general partner

 

	By:	RMGP Bio-Pharma General Partner Ltd., its general partner

 

	By:	/s/ Asset Korat	 
	Name: 	Asset Korat	 
	Title:	Partner	 
	 	July 15 2019	 

 

CHONG KUN DANG PHARMACEUTICAL CORP.

 

	By:	/s/ Young Joo Kim	 
	Name: 	Young Joo Kim	 
	Title:	President	 

 

HANDOK INC.

 

	By:	/s/ Jeong Yol Cho	 
	Name: 	Jeong Yol Cho	 
	Title:	President	 

 

[Voting Agreement]

 

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	/s/ RHEE, JOO WON	 
	RHEE, JOO WON 	 

 

	/s/ RHEE, JOO KYUNG	 
	RHEE, JOO KYUNG	 

 

	/s/ RHEE, JOO AH	 
	RHEE, JOO AH	 

 

CFAM 2017 LLC

 

	By:	/s/ Neil L. Cohen	 
	Name: 	Neil L. Cohen	 
	Title:	Special Member	 

 

TELMINA LTD.

 

For and on behalf of Champel Directors Limited 

 

	By:	/s/ Tobias Reinmann	 
	Name: 	Tobias Reinmann	 
	Title:	Corporate Director	 

 

KB INVESTMENT CO., LTD.

 

	By:	/s/ Jong Pil Kim	 
	Name: 	Jong Pil Kim	 
	Title:	Chief Executive Officer	 

 

KB DIGITAL INNOVATION INVESTMENT FUND LIMITED PARTNERSHIP

 

	By:	/s/ Jong Pil Kim	 
	Name: 	Jong Pil Kim	 
	Title:	Chief Executive Officer	 

 

BARUCH FAMILY REVOCABLE TRUST

 

	By:	/s/ Thomas Baruch	 
	Name: 	Thomas Baruch	 
	Title:	Manager	 

 

	/s/
    RAFI GIDRON	 
	RAFI GIDRON	 

 

	/s/
    GUY HARMELIN	 
	GUY HARMELIN	 

 

	/s/
    ALON HIRSCH 	 
	ALON HIRSCH	 

  

	/s/
    GBOLA AMUSA	 
	GBOLA AMUSA	 

 

[Voting Agreement]

 

8Exhibit 10.4

 

BIOMX INC.

 

Indemnification
Agreement

 

This Indemnification
Agreement (this “Agreement”) is made as of                        ,
by and between BiomX Inc., a Delaware corporation (the “Company”), and _________________________ (“Indemnitee”).

 

RECITALS

 

The Company and Indemnitee
recognize the increasing difficulty in obtaining liability insurance for directors, officers and key employees, the significant
increases in the cost of such insurance and the general reductions in the coverage of such insurance. The Company and Indemnitee
further recognize the substantial increase in corporate litigation in general, subjecting directors, officers and key employees
to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited.
Indemnitee does not regard the current protection available as adequate under the present circumstances, and Indemnitee may not
be willing to continue to serve in Indemnitee’s current capacity with the Company without additional protection. The Company
desires to attract and retain the services of highly qualified individuals, such as Indemnitee, and to indemnify its directors,
officers and key employees so as to provide them with the maximum protection permitted by law.

 

AGREEMENT

 

In consideration of
the mutual promises made in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Company and Indemnitee hereby agree as follows:

 

1. Indemnification.

 

(a) Third-Party
Proceedings. To the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee, if Indemnitee was,
is or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding (other than a Proceeding
by or in the right of the Company to procure a judgment in the Company’s favor), against all Expenses, judgments, fines and
amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably
withheld) actually and reasonably incurred by Indemnitee in connection with such Proceeding if 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, in the case of a criminal
Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

 

(b) Proceedings
By or in the Right of the Company. To the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee,
if Indemnitee was, is or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding by
or in the right of the Company to procure a judgment in the Company’s favor, against all Expenses actually and reasonably
incurred by Indemnitee in connection with such Proceeding if 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, except that no indemnification shall be made in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudicated by court order or judgment to be liable
to the Company unless and only to the extent that the Court of Chancery or the court in which such Proceeding is or was pending
shall determine upon application that, in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnity for such expenses which such court shall deem proper.

 

     

     

    

 

(c) Success on
the Merits. To the fullest extent permitted by applicable law and to the extent that Indemnitee has been successful on
the merits or otherwise in defense of any Proceeding referred to in Section 1(a) or Section 1(b) hereof or the defense
of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee in connection therewith. Without limiting the generality of the foregoing, if Indemnitee
is successful on the merits or otherwise as to one or more but less than all claims, issues or matters in a Proceeding, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with such successfully
resolved claims, issues or matters to the fullest extent permitted by applicable law. If any Proceeding is disposed of on the merits
or otherwise (including a disposition without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an adjudication
that Indemnitee was liable to the Company, (iii) a plea of guilty by Indemnitee, (iv) an adjudication that Indemnitee did not act
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and
(v) with respect to any criminal Proceeding, an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s
conduct was unlawful, Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect thereto.

 

(d) Witness Expenses.
To the fullest extent permitted by applicable law and to the extent that Indemnitee is a witness or otherwise asked to participate
in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee in connection with such Proceeding.

 

2. Indemnification
Procedure.

 

(a) Advancement
of Expenses. To the fullest extent permitted by applicable law, the Company shall advance all Expenses actually and reasonably
incurred by Indemnitee in connection with a Proceeding within thirty (30) days after receipt by the Company of a statement requesting
such advances from time to time, whether prior to or after final disposition of any Proceeding. Such advances shall be unsecured
and interest free and shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement. Indemnitee shall be entitled to continue
to receive advancement of Expenses pursuant to this Section 2(a) unless and until the matter of Indemnitee’s entitlement
to indemnification hereunder has been finally adjudicated by court order or judgment from which no further right of appeal exists.
Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it ultimately is determined that Indemnitee
is not entitled to be indemnified by the Company under the other provisions of this Agreement. Indemnitee shall qualify for advances
upon the execution and delivery of this Agreement, which shall constitute the requisite undertaking with respect to repayment of
advances made hereunder and no other form of undertaking shall be required to qualify for advances made hereunder other than the
execution of this Agreement.

 

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(b) Notice and
Cooperation by Indemnitee. Indemnitee shall promptly notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter for which indemnification
will or could be sought under this Agreement. Such notice to the Company shall include a description of the nature of, and facts
underlying, the Proceeding, shall be directed to the Chief Executive Officer of the Company and shall be given in accordance with
the provisions of Section 13(e) below. In addition, Indemnitee shall give the Company such additional information and cooperation
as the Company may reasonably request. Indemnitee’s failure to so notify, provide information and otherwise cooperate with
the Company shall not relieve the Company of any obligation that it may have to Indemnitee under this Agreement, except to the
extent that the Company is adversely affected by such failure.

 

(c) Determination
of Entitlement.

 

(i) Final Disposition.
Notwithstanding any other provision in this Agreement, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

(ii) Determination
and Payment. Subject to the foregoing, promptly after receipt of a statement requesting payment with respect to the indemnification
rights set forth in Section 1 hereof, to the extent required by applicable law, the Company shall take the steps necessary
to authorize such payment in the manner set forth in Section 145 of the Delaware General Corporation Law. The Company shall
pay any claims made under this Agreement, under any statute, or under any provision of the Company’s Certificate of Incorporation
or Bylaws providing for indemnification or advancement of Expenses, within thirty (30) days after a written request for payment
thereof has first been received by the Company, and if such claim is not paid in full within such thirty (30) day-period, Indemnitee
may, but need not, at any time thereafter bring an action against the Company in the Delaware Court of Chancery to recover the
unpaid amount of the claim and, subject to Section 12 hereof, Indemnitee shall also be entitled to be paid for all Expenses
actually and reasonably incurred by Indemnitee in connection with bringing such action. It shall be a defense to any such action
(other than an action brought to enforce a claim for advancement of Expenses under Section 2(a) hereof) that Indemnitee has
not met the standards of conduct which make it permissible under applicable law for the Company to indemnify Indemnitee for the
amount claimed. In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity
making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement and the Company shall
have the burden of proof to overcome that presumption with clear and convincing evidence to the contrary. The termination of any
Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, 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, in the case of a criminal Proceeding, that Indemnitee had reasonable
cause to believe that Indemnitee’s conduct was unlawful. In addition, it is the parties’ intention that if the Company
contests Indemnitee’s right to indemnification, the question of Indemnitee’s right to indemnification shall be for
the court to decide, and neither the failure of the Company (including its Board of Directors, any committee or subgroup of the
Board of Directors, independent legal counsel, or its stockholders) to have made a determination that indemnification of Indemnitee
is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an
actual determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its stockholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption
that Indemnitee has or has not met the applicable standard of conduct. If any requested determination with respect to entitlement
to indemnification hereunder has not been made within ninety (90) days after the final disposition of the Proceeding, the requisite
determination that Indemnitee is entitled to indemnification shall be deemed to have been made.

 

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(d) Payment Directions.
To the extent payments are required to be made hereunder, the Company shall, in accordance with Indemnitee’s request (but
without duplication), (i) pay such Expenses on behalf of Indemnitee, (ii) advance to Indemnitee funds in an amount sufficient to
pay such Expenses, or (iii) reimburse Indemnitee for such Expenses.

 

(e) Notice to Insurers.
If, at the time of the receipt of a notice of a claim pursuant to Section 2(b) hereof, the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to
cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the
terms of such policies.

 

(f) Defense of
Claim and Selection of Counsel. In the event the Company shall be obligated under Section 2(a) hereof to advance Expenses
with respect to any Proceeding, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel
reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election so to do. After delivery
of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be
liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same
Proceeding, provided that (i) Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee’s
expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any
such defense or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding, then the
fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. In addition, if there exists a potential,
but not an actual, conflict of interest between the Company and Indemnitee, the actual and reasonable legal fees and expenses incurred
by Indemnitee for separate counsel retained by Indemnitee to monitor the Proceeding (so that such counsel may assume Indemnitee’s
defense if the conflict of interest between the Company and Indemnitee becomes an actual conflict of interest) shall be deemed
to be Expenses that are subject to indemnification hereunder. The existence of an actual or potential conflict of interest, and
whether such conflict may be waived, shall be determined pursuant to the rules of attorney professional conduct and applicable
law. The Company shall not be required to obtain the consent of Indemnitee for the settlement of any Proceeding the Company has
undertaken to defend if the Company assumes full and sole responsibility for each such settlement; provided, however, that the
Company shall be required to obtain Indemnitee’s prior written approval, which shall not be unreasonably withheld, before
entering into any settlement which (1) does not grant Indemnitee a complete release of liability, (2) would impose any penalty
or limitation on Indemnitee, or (3) would admit any liability or misconduct by Indemnitee.

 

    4

     

    

 

3. Additional
Indemnification Rights.

 

(a) Scope.
Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify Indemnitee to the fullest extent
permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement,
the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of any change, after the
date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify
a member of its board of directors or an officer, such changes shall be deemed to be within the purview of Indemnitee’s rights
and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule which
narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer, such changes, to the
extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement
or the parties’ rights and obligations hereunder.

 

(b) Non-exclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled
under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested members
of the Company’s Board of Directors, the Delaware General Corporation Law, or otherwise, both as to action in Indemnitee’s
official capacity and as to action in another capacity while holding such office.

 

(c) Interest on
Unpaid Amounts. If any payment to be made by the Company to Indemnitee hereunder is delayed by more than ninety (90) days
from the date the duly prepared request for such payment is received by the Company, interest shall be paid by the Company to Indemnitee
at the legal rate under Delaware law for amounts which the Company indemnifies or is obligated to indemnify for the period commencing
with the date on which Indemnitee actually incurs such Expense or pays such judgment, fine or amount in settlement and ending with
the date on which such payment is made to Indemnitee by the Company.

 

(d) Third-Party
Indemnification. The Company hereby acknowledges that Indemnitee has or may from time to time obtain certain rights to
indemnification, advancement of expenses and/or insurance provided by one or more third parties (collectively, the “Third-Party
Indemnitors”). The Company hereby agrees that it is the indemnitor of first resort (i.e., its obligations to Indemnitee
are primary and any obligation of the Third-Party Indemnitors to advance expenses or to provide indemnification for the same expenses
or liabilities incurred by Indemnitee are secondary), and that the Company will not assert that the Indemnitee must seek expense
advancement or reimbursement, or indemnification, from any Third-Party Indemnitor before the Company must perform its expense advancement
and reimbursement, and indemnification obligations, under this Agreement. No advancement or payment by the Third-Party Indemnitors
on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect
the foregoing. The Third-Party Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights
of recovery which Indemnitee would have had against the Company if the Third-Party Indemnitors had not advanced or paid any amount
to or on behalf of Indemnitee. If for any reason a court of competent jurisdiction determines that the Third-Party Indemnitors
are not entitled to the subrogation rights described in the preceding sentence, the Third-Party Indemnitors shall have a right
of contribution by the Company to the Third-Party Indemnitors with respect to any advance or payment by the Third-Party Indemnitors
to or on behalf of the Indemnitee.

 

    5

     

    

 

4. Partial Indemnification.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the
Expenses, judgments, fines or amounts paid in settlement, actually and reasonably incurred in connection with a Proceeding, but
not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses,
judgments, fines and amounts paid in settlement to which Indemnitee is entitled.

 

5. Director and
Officer Liability Insurance.

 

(a) D&O Policy.
The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to obtain
and maintain a policy or policies of insurance with reputable insurance companies providing the directors and officers of the Company
with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under
this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection
afforded by such coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured
in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the Company but
is an officer; or of the Company’s key employees, if Indemnitee is not an officer or director but is a key employee. Notwithstanding
the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith
that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of
coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit,
or if Indemnitee is covered by similar insurance maintained by a parent or subsidiary of the Company.

 

(b) Tail Coverage.
In the event of a Change of Control or the Company’s becoming insolvent (including being placed into receivership or entering
the federal bankruptcy process and the like), the Company shall maintain in force any and all insurance policies then maintained
by the Company in providing insurance (directors’ and officers’ liability, fiduciary, employment practices or otherwise)
in respect of Indemnitee, for a period of seven years thereafter.

 

    6

     

    

 

6. Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. If this Agreement or any portion hereof shall be invalidated on any ground by
any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any
applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated
shall be enforceable in accordance with its terms.

 

7. Exclusions.
Any other provision of this Agreement to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement:

 

(a) Claims Initiated
by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Proceedings initiated or brought voluntarily
by Indemnitee and not by way of defense, except with respect to Proceedings brought to establish, enforce or interpret a right
to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 of the Delaware
General Corporation Law, but such indemnification or advancement of Expenses may be provided by the Company in specific cases if
the Board of Directors finds it to be appropriate; provided, however, that the exclusion set forth in the first clause of this
subsection shall not be deemed to apply to any investigation initiated or brought by Indemnitee to the extent reasonably necessary
or advisable in support of Indemnitee’s defense of a Proceeding to which Indemnitee was, is or is threatened to be made,
a party;

 

(b) Lack of Good
Faith. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding instituted by Indemnitee
to establish, enforce or interpret a right to indemnification under this Agreement or any other statute or law or otherwise as
required under Section 145 of the Delaware General Corporation Law, if 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;

 

(c) Insured Claims.
To indemnify Indemnitee for Expenses to the extent such Expenses have been paid directly to Indemnitee by an insurance carrier
under an insurance policy maintained by the Company; or

 

(d) Certain Exchange
Act Claims. To indemnify Indemnitee in connection with any claim made against Indemnitee for (i) an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b)
of the Exchange Act or any similar successor statute or any similar provisions of state statutory law or common law, or (ii) any
reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or 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 that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”) or Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act); provided, however, that to the fullest extent permitted by applicable law and to
the extent Indemnitee is successful on the merits or otherwise with respect to any such Proceeding, the Expenses actually and reasonably
incurred by Indemnitee in connection with any such Proceeding shall be deemed to be Expenses that are subject to indemnification
hereunder.

 

    7

     

    

 

8. Contribution
Claims.

 

(a) If the indemnification
provided in Section 1 hereof is unavailable in whole or in part and may not be paid to Indemnitee for any reason other than
those set forth in Section 7 hereof, then in respect to any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding), to the fullest extent permitted by applicable law, the Company, in lieu of indemnifying
Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, fines
or amounts paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and
the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

(b) With respect to a
Proceeding brought against directors, officers, employees or agents of the Company (other than Indemnitee), to the fullest extent
permitted by applicable law, the Company shall indemnify Indemnitee from any claims for contribution that may be brought by any
such directors, officers, employees or agents of the Company (other than Indemnitee) who may be jointly liable with Indemnitee,
to the same extent Indemnitee would have been entitled to such indemnification under this Agreement if such Proceeding had been
brought against Indemnitee.

 

9. No Imputation.
The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or the Company itself
shall not be imputed to Indemnitee for purposes of determining any rights under this Agreement.

 

10. Determination
of Good Faith. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith
if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or
on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise or the Board of Directors of the Enterprise or any counsel selected by any committee of the Board of
Directors of the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public
accountant or by an appraiser, investment banker, compensation consultant, or other expert selected with reasonable care by the
Enterprise or the Board of Directors of the Enterprise or any committee thereof. The provisions of this Section 10 shall not
be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the
applicable standard of conduct. Whether or not the foregoing provisions of this Section are satisfied, it shall in any event be
presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company.

 

    8

     

    

 

11. Defined Terms
and Phrases. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a) “Beneficial
Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under
the Exchange Act as in effect on the date hereof.

 

(b) “Change
of Control” shall be deemed to occur upon the earliest of any of the following events:

 

(i) Acquisition
of Stock by Third Party. Any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing 15% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally
in the election of directors, unless (1) the change in the 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, or (2) such acquisition was approved in advance by the Continuing Directors and such acquisition would
not constitute a Change of Control under part (iii) of this definition.

 

(ii) Change in Board
of Directors. Individuals who, as of the date of this Agreement, constitute the Company’s Board of Directors (the “Board”),
and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least two thirds of the directors then still in office who were directors on the date of this Agreement (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board.

 

(iii) Corporate
Transaction. The effective date of a reorganization, merger, or consolidation of the Company (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were
the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including a corporation
which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly
or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business
Combination, of the securities entitled to vote generally in the election of directors and with the power to elect at least a majority
of the Board or other governing body of the surviving entity; (2) no Person (excluding any corporation resulting from such Business
Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding
securities entitled to vote generally in the election of directors of such corporation except to the extent that such ownership
existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from
such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of
the Board of Directors, providing for such Business Combination.

 

(iv) Liquidation.
The approval by the Company’s stockholders of a complete liquidation of the Company or an agreement or series of agreements
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the
Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed
with such a liquidation, sale or disposition in one transaction or a series of related transactions).

 

    9

     

    

 

(v) Other Events.
There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or a response to any similar item or any similar schedule or form) promulgated under the Exchange Act whether or not the Company
is then subject to such reporting requirement.

 

(c) “Company”
shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent)
absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify
its directors, officers, and employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such
constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, trustee, general
partner, managing member, fiduciary, employee or agent of any other enterprise, Indemnitee shall stand in the same position under
the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to
such constituent corporation if its separate existence had continued.

 

(d) “Enterprise”
means the Company and any other enterprise that Indemnitee was or is serving at the request of the Company as a director, officer,
partner (general, limited or otherwise), member (managing or otherwise), trustee, fiduciary, employee or agent.

 

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

 

(f) “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including all attorneys’
fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators
and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any
federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payment under this
Agreement (including taxes that may be imposed upon the actual or deemed receipt of payments under this Agreement with respect
to the imposition of federal, state, local or foreign taxes), fax transmission charges, secretarial services and all other disbursements,
obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, settlement or appeal of, or otherwise participating in a Proceeding. Expenses also shall include any of the
forgoing expenses incurred in connection with any appeal resulting from any Proceeding, including the principal, premium, security
for, and other costs relating to any costs bond, supersedes bond, or other appeal bond or its equivalent. Expenses also shall include
any interest, assessment or other charges imposed thereon and costs incurred in preparing statements in support of payment requests
hereunder. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

(g) “Person”
shall have the meaning as set forth in Section 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided,
however, that “Person” shall exclude: (i) the Company; (ii) any direct or indirect majority owned subsidiaries of the
Company; (iii) any employee benefit plan of the Company or any direct or indirect majority owned subsidiaries of the Company or
of any corporation owned, directly or indirectly, by the Company’s stockholders in substantially the same proportions as
their ownership of stock of the Company (an “Employee Benefit Plan”); and (iv) any trustee or other fiduciary
holding securities under an Employee Benefit Plan.

 

    10

     

    

 

(h) “Proceeding”
shall include any actual, threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by a third
party, a government agency, the Company or its Board of Directors or a committee thereof, whether in the right of the Company or
otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, legislative or
investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is, will or might be involved
as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director, officer,
employee or agent of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure
to act) on Indemnitee’s part while acting as a director, officer, employee or agent of the Company, or by reason of the fact
that Indemnitee is or was serving at the request of the Company as a director, officer, partner (general, limited or otherwise),
member (managing or otherwise), trustee, fiduciary, employee or agent of any other enterprise, in each case whether or not serving
in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses
can be provided under this Agreement.

 

(i) In addition, references
to “other enterprise” shall include another corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan or any other enterprise; references to “fines” shall include any excise taxes assessed
on Indemnitee with respect to an employee benefit plan; references to “serving at the request of the Company”
shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services
by Indemnitee with respect to an employee benefit plan, its participants, or beneficiaries; and if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement; references to “include” or “including” shall mean include
or including, without limitation; and references to Sections, paragraphs or clauses are to Sections, paragraphs or clauses in this
Agreement unless otherwise specified.

 

12. Attorneys’
Fees. In the event that any Proceeding is instituted by Indemnitee under this Agreement to enforce or interpret any of
the terms hereof, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in
connection with such Proceeding, unless a court of competent jurisdiction determines that each of the material assertions made
by Indemnitee as a basis for such Proceeding were not made in good faith or were frivolous. In the event of a Proceeding instituted
by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding
(including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless a court of competent
jurisdiction determines that each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous.

 

    11

     

    

 

13. Miscellaneous.

 

(a) Governing Law.
The validity, interpretation, construction and performance of this Agreement, and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the
state of Delaware, without giving effect to principles of conflicts of law.

 

(b) Entire Agreement;
Binding Effect. Without limiting any of the rights of Indemnitee described in Section 3(b) hereof, this Agreement
sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions
and supersedes any and all previous agreements between them covering the subject matter herein. The indemnification provided under
this Agreement applies with respect to events occurring before or after the effective date of this Agreement, and shall continue
to apply even after Indemnitee has ceased to serve the Company in any and all indemnified capacities.

 

(c) Amendments
and Waivers. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall
be effective unless in writing signed by the parties to this Agreement. No delay or failure to require performance of any provision
of this Agreement shall constitute a waiver of that provision as to that or any other instance.

 

(d) Successors
and Assigns. This Agreement shall be binding upon the Company and its 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) and assigns,
and inure to the benefit of Indemnitee and Indemnitee’s heirs, executors, administrators, legal representatives and assigns.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

(e) Notices.
Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be deemed sufficient
when delivered personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified
or registered mail with postage prepaid, addressed to the party to be notified at such party’s address as set forth on the
signature page, as subsequently modified by written notice, or if no address is specified on the signature page, at the most recent
address set forth in the Company’s books and records.

 

(f) Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be
interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance
with its terms.

 

    12

     

    

 

(g) Construction.
This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel,
if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed
in favor of or against any one of the parties hereto.

 

(h) Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original,
and all of which together shall constitute one and the same agreement. Execution of a facsimile copy will have the same force and
effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.

 

(i) No Employment
Rights. Nothing contained in this Agreement is intended to create in Indemnitee any right to continued employment.

 

(j) Company Position.
The Company shall be precluded from asserting, in any Proceeding brought for purposes of establishing, enforcing or interpreting
any right to indemnification under this Agreement, that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement and is
precluded from making any assertion to the contrary.

 

(k) Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company to effectively bring suit to enforce such rights.

 

[Signature Page Follows]

 

    13

     

    

 

The parties have executed this Agreement
as of the date first set forth above.

 

	 	the company:
	 	 	 
	 	BIOMX INC.
	 	 	 
	 	By:	         
	 	 	(Signature)
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

 

	AGREED TO AND ACCEPTED:	 
		 
	INDEMNITEE:	 
	 	 
		 
	(Signature)	 
	 	 
	Address:	 
		 
	 	 
	Email:

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