Document:

Exhibit
10.2

 

Third
Bridge Note

 

THE
SECURITY REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND NEITHER
SUCH SECURITY NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY,
IS AVAILABLE.

 

THE
OBLIGATIONS EVIDENCED BY THIS NOTE ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH HEREIN TO THE SENIOR OBLIGATIONS,
AND THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, IS BOUND BY THE PROVISONS HEREIN.

 

NTN
BUZZTIME, INC.

 

10%
PROMISSORY NOTE

 

	$200,000.00	January
12, 2021         

 

FOR
VALUE RECEIVED, NTN Buzztime, Inc., a Delaware corporation (the “Company”), promises to pay to the order of
Fertilemind Management, LLC, a Delaware limited liability company (“Fertilemind”), and its successors and permitted
assigns (the “Holder”), the principal sum of $200,000.00, in accordance with the terms hereof, and to pay interest
on the principal sum outstanding, at the rate of ten percent (10%) per annum, compounded annually. This Note is unsecured. The
Company hereby acknowledges receipt of such principal sum.

 

The
following is a statement of the rights of the Holder of this Note and the terms and conditions to which this Note is subject,
and to which the Holder, by acceptance of this Note, agrees:

 

 1. Principal Repayment.

 

(a)
This Note and any accrued interest hereunder will become due and payable in accordance with the terms hereof upon the earlier
of (i) the termination of the Asset Purchase Agreement, dated as of September 13, 2020, by and between the Company and eGames.com
Holdings LLC (“Purchaser”),
an affiliate of Fertilemind (as amended, the “Asset Purchase Agreement”),
pursuant to Section 9.1 thereof, (ii) the closing of a Business Combination, and (iii) April 30, 2021 (such earlier date, the
“Maturity Date”); provided, however, that upon the Closing (as defined in
the Asset Purchase Agreement), the outstanding principal amount of this Note and all accrued and unpaid interest thereon shall
be applied against the obligation of Purchaser to pay the Purchase Price (as defined in the Asset Purchase Agreement) on the Closing
Date (as defined in the Asset Purchase Agreement), and this Note shall be extinguished.

 

(b)
For the purposes of this Note, the following terms shall have the respective meanings provided in this Section ‎(b):

 

    	 

     

    

 

(i)
“Business Combination” shall mean the: (A) merger of the Company with any Person in which the stockholders
of the Company (if considered a group) immediately prior to such transaction do not continue to control, directly or indirectly,
more than fifty percent (50%) of the voting securities of the surviving Person in such transaction and have a right to at least
more than fifty percent (50%) of the aggregate economic rights of distributions or dividends to holders of securities of such
surviving Person and any Person that Controls such surviving Person; (B) the sale of all or substantially all of the assets of
the Company, including any sale by license, contract or similar arrangement, in one or a series of related transactions; (C) any
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of common stock
of the Company are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects
any reclassification of its common stock or any compulsory share exchange pursuant to which the common stock of the Company is
effectively converted into or exchanged for other securities, cash or property.

 

(ii)
“Control” shall mean power and authority of a specified Person to control the business and affairs of any other
specified Person.

 

(iii)
“Person” shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

 

2.
Interest. The Holder of this Note is entitled
to receive interest at an annual interest rate of ten percent (10%), compounded annually, of the outstanding principal amount
of this Note; provided, however, that during any Event of Default (as defined below) under this Note the interest rate shall increase
to fifteen percent (15%) per annum, compounded annually. Interest on the outstanding principal balance of this Note shall be computed
on the basis of the actual number of days elapsed and a 365-day year. Accrual of the interest on the outstanding principal amount
shall commence on the date hereof and shall continue until the earlier of (a) the date on which all of the obligations of this
Note have been paid in full and (b) the Closing. Subject to the proviso in Section 1(a), all accrued and unpaid interest on the
outstanding balance of this Note shall be paid on the Maturity Date.

 

3.
Affirmative and Negative Covenants of the Company.
The Company hereby covenants to the Holder as follows:

 

(a)
Event of Default. Within five (5) business days of any officer of the Company obtaining knowledge of any Event of Default
(as defined in Section 4 hereof), if such Event of Default is then continuing, the Company shall furnish to the Holder a written
notice setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto.

 

(b)
Performance. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any
of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying
out of the provisions of this Note.

 

(c)
Use of Proceeds. The proceeds of the loan represented by this Note shall be used by the Company only for the payment of
operating expenses that are incurred by the Company in connection with its ordinary course of business, and expenses incurred
in connection with the transactions contemplated by the Asset Purchase Agreement and any Company Merger (as defined in the Asset
Purchase Agreement). 

 

4.
Events of Default. This Note shall become immediately
due and payable at the option of the Holder, upon any one or more of the following events or occurrences (“Events of Default”):

 

(a)
if any portion of this Note is not paid when due;

 

    	2

     

    

 

(b)
if the Company defaults in the observance or performance of any other material term, agreement, covenant or condition of this
Note and the Company fails to remedy such default within fifteen (15) days after the date of such default, or, if such default
is of such a nature that it cannot with due diligence be cured within said fifteen (15) day period, if the Company fails, within
said fifteen (15) days, to commence all steps necessary to cure such default, and fails to complete such cure within thirty (30)
days after the end of such fifteen (15) day period;

 

(c)
if any final judgment for the payment of money is rendered against the Company and the Company does not discharge the same or
cause it to be discharged or vacated within ninety (90) days from the entry thereof, or does not appeal therefrom or from the
order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and does not secure a stay
of execution pending such appeal within ninety (90) days after the entry thereof or if there is an acceleration of the obligations
by any of the holders of the existing indebtedness for borrowed money of the Company and the Company does not satisfy such obligations
or stay such acceleration within thirty (30) days;

 

(d)
if the Company makes an assignment for the benefit of creditors or if the Company generally does not pay its debts as they become
due; or

 

(e)
if a receiver, liquidator or trustee of the Company is appointed or if the Company is adjudicated a bankrupt or insolvent, or
if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, is filed by or against, consented to, or acquiesced in, by the Company or if any proceeding for the dissolution or liquidation
of the Company is instituted; however, if such appointment, adjudication, petition or proceeding is involuntary and is not consented
to by the Company, upon the same not being discharged, stayed or dismissed within sixty (60) days.

 

5.
Usury. In no event shall the amount of interest
paid or agreed to be paid hereunder exceed the highest lawful rate permissible under applicable law. Any excess amount of deemed
interest shall be null and void and shall not interfere with or affect the Company’s obligation to repay the principal of
and interest on this Note.

 

6.
Mutilated, Destroyed, Lost or Stolen Note. In
case this Note shall become mutilated or defaced, or be destroyed, lost or stolen, the Company shall execute and deliver a new
note of like principal amount in exchange and substitution for the mutilated or defaced Note, or in lieu of and in substitution
for the destroyed, lost or stolen Note. In the case of a mutilated or defaced Note, the Holder shall surrender such Note to the
Company. In the case of any destroyed, lost or stolen Note, the Holder shall furnish to the Company: (a) evidence to its satisfaction
of the destruction, loss or theft of such Note and (b) such security or indemnity as may be reasonably required by the Company
to hold the Company harmless.

 

7.
Waiver of Demand, Presentment, etc.

 

(a)
The Company hereby expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts
called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereunder, regardless
of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder.

 

(b)
No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or of
any other right of Holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same
or any other right on any future occasion.

 

8.
Payment.

 

(a)
Except as otherwise provided for herein, all payments with respect to this Note shall be made in lawful currency of the United
States of America by check or wire transfer of immediately available funds, at the option of the Holder, at the principal office
of the Holder or such other place or places or designated accounts as may be reasonably specified by the Holder of this Note in
a written notice to the Company at least three (3) business days prior to payment. Payment shall be credited first to the accrued
interest then due and payable and the remainder applied to principal. 

 

    	3

     

    

 

(b)
This Note may be prepaid in full, but not in part, without payment of additional fee or penalty.

 

9.
Assignment. The obligations of the Company under
this Note shall be binding upon, its successors or assigns. Neither the Company nor the Holder may assign any rights, duties or
obligations hereunder unless the other party shall have given its prior written consent.

 

10.
Waiver and Amendment. Any provision of this Note, including, without limitation, the maturity date hereof, and the observance
of any term hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

11.
Notices. Any notice, request or other communication
required or permitted hereunder shall be given or made pursuant to and in accordance with Section 11.8 of the Asset Purchase Agreement.

 

12.
Governing Law; Jurisdiction; Waiver of Jury Trial.

 

(a)
THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW. 

 

(b)
THE COMPANY HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE OF NEW YORK OR UNITED STATES FEDERAL COURTS LOCATED IN NEW
YORK COUNTY, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE. THE COMPANY IRREVOCABLY WAIVES THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. THE COMPANY FURTHER AGREES THAT SERVICE OF PROCESS UPON IT MAILED BY FIRST
CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY IN ANY SUCH SUIT OR PROCEEDING. NOTHING
HEREIN SHALL AFFECT THE HOLDER’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE COMPANY AGREES THAT A
FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. 

 

(c)
THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE.

 

13.
Severability. If one or more provisions of this
Note are held to be unenforceable under applicable law, such provisions shall be excluded from this Note, and the balance of this
Note shall be interpreted as if such provisions were so excluded and shall be enforceable in accordance with its terms.

 

14.
Headings. Section headings in this Note are for convenience only, and shall not be used in the construction of this Note.

 

15.
Costs of Collection. The Company shall pay all
reasonable and documented attorney fees, and all other reasonable and documented fees and disbursements of the Holder that are
incurred to enforce the terms and conditions of this Note or to defend any action by Holder or any of its affiliates asserted
by or on behalf of the Company.

 

[Signature
Page to Follow]

 

    	4

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first above written.

 

	 	NTN
    BUZZTIME, INC.
	 	 	 
	 	By:	/s/
    Sandra Gurrola
	 	Name:	Sandra
    Gurrola
	 	Title:
    	Sr.
    Vice President of Finance

 

[Signature
Page to Bridge Note]EX-10.1

 

 
  
 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

between 
 [name]

 as the Officer 
 and 

Pharvaris N.V. 
 as the
Company 

  
 1 

 

 
  
 TABLE OF CONTENTS 

 

							
	 1
	  	DEFINITIONS AND INTERPRETATION	  	 	3	 
			
	 1.1
	  	Definitions	  	 	3	 
	 1.2
	  	Interpretation	  	 	5	 
			
	 2
	  	INDEMNIFICATION AND INSURANCE	  	 	6	 
			
	 2.1
	  	Entitlement to indemnification	  	 	6	 
	 2.2
	  	Advancements	  	 	6	 
	 2.3
	  	Limitations	  	 	7	 
	 2.4
	  	Determination of entitlement to indemnification and advancements	  	 	7	 
	 2.5
	  	Proceedings	  	 	8	 
	 2.6
	  	D&O Insurance	  	 	8	 
			
	 3
	  	MISCELLANEOUS PROVISIONS	  	 	9	 
			
	 3.1
	  	Confidentiality and disclosure	  	 	9	 
	 3.2
	  	Notices	  	 	9	 
	 3.3
	  	Entire agreement	  	 	10	 
	 3.4
	  	No implied waiver	  	 	10	 
	 3.5
	  	Amendment	  	 	10	 
	 3.6
	  	Invalidity	  	 	11	 
	 3.7
	  	No rescission or nullification	  	 	11	 
	 3.8
	  	No transfer, assignment or encumbrance	  	 	11	 
	 3.9
	  	Term and termination	  	 	11	 
			
	 4
	  	GOVERNING LAW AND JURISDICTION	  	 	12	 
			
	 4.1
	  	Governing law	  	 	12	 
	 4.2
	  	Jurisdiction	  	 	12	 

  
 2 

 

 
  
 INDEMNIFICATION AGREEMENT 

THIS AGREEMENT IS MADE ON [DATE] BETWEEN 
  

	1.	 Mr[s]. [name], born in [place] on [date] (the
“Officer”). 

  

	2.	 Pharvaris N.V., a public company with limited liability, having its corporate seat in Leiden
(address: J.H. Oortweg 21, 2333 CH Leiden, trade register number: 64239411) (the “Company”). 

 WHEREAS 

 

	A.	 The Officer has been appointed as [Non-]Executive Director. 

 

	B.	 The Parties now wish to enter into this Agreement in order to lay down the terms applicable to the
indemnification arrangements between the Officer and the Company. 

 NOW HEREBY AGREE AS FOLLOWS 

 

	1	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

  

	1.1.1	 In this Agreement the following definitions shall apply: 

 

			
	 Agreement
	  	This indemnification agreement.
		
	 Article
	  	An article of this Agreement.
		
	 Board
	  	The Company’s board of directors.
		
	 Confidential Information
	  	Information relating to the Company, its Subsidiaries and/or their respective businesses, directors, officers and employees, received by the Officer at any time (including prior to the date of this Agreement and after the
termination of this Agreement), by any means (including through discussions with any director, officer, employee or advisor of the Company or any of its Subsidiaries), except for
information:

  
 3 

 

 
  

			
		  	  
 a.  which is
in the public domain, other than as a result of a breach by the Officer (or by any party to whom information is disclosed by the Officer as permitted under this Agreement) of the obligations imposed by this Agreement or any other legal, contractual
or fiduciary duty of confidentiality; or
  

b.  of which the Officer is able to demonstrate that it has lawfully become available to the
Officer on a non-confidential basis from a source which was not prohibited from disclosing such information under any legal, contractual or fiduciary duty of confidentiality.

		
	 D&O Insurance
	  	Directors and officers liability insurance.
		
	 DCC
	  	The Dutch Civil Code.
		
	 Director
	  	A member of the Board.
		
	 Disinterested Director
	  	Any Non-Executive Director who is not, and has not been, involved in a Proceeding in respect of which the Officer’s entitlement to indemnification and/or advancements should be determined
pursuant to Article 2.4.1 under a.
		
	 [Executive Director]1
	  	[An executive Director.]
		
	 Independent Counsel
	  	 An attorney or a firm of attorneys which:
  

a.  is experienced in matters of corporate law in the appropriate jurisdiction(s);

 
 b.  during a period of one
year prior to being requested to determine the Officer’s entitlement to indemnification and/or advancements pursuant to Article 2.4.1 under b., has not represented any party involved in a Proceeding in a manner which is material to either
Party; and

  

	1 	 NTD: To be included for executive director only. 

  
 4 

 

 
  

			
		  	  

c.   under the applicable standards of professional conduct then prevailing, would not have a
conflict of interests in representing either Party in determining the Officer’s entitlement to indemnification and/or advancements pursuant to Article 2.4.1 under b.

		
	 Non-Executive Director
	  	A non-executive Director.
		
	 Party
	  	A party to this Agreement.
		
	 Proceeding
	  	Any threatened, pending or completed suit, claim, action or legal proceedings of a civil, criminal, administrative, investigative or other nature, formal or informal, in which the Officer is, or becomes, involved.
		
	 Stock Exchange
	  	 Any of the following (including, for the avoidance of doubt, the Nasdaq Stock Market):

 
 a.  a regulated market or
multilateral trading facility as defined in Section 1:1 of the Dutch Financial Supervision Act; or
  

b.  a system comparable with a regulated market or multilateral trading facility as referred to
under a. above, operating in a state which is not a Member State of the European Union or the European Economic Area.

		
	 Subsidiary
	  	A subsidiary of the Company within the meaning of Section 2:24a DCC.

  

	1.2	 Interpretation 

 

	1.2.1	 References to statutory provisions are to those provisions as they are in force from time to time.

  

	1.2.2	 Terms that are defined in the singular have a corresponding meaning in the plural. 

 

	1.2.3	 No provision of this Agreement shall be interpreted adversely against a Party solely because that Party was
responsible for drafting that particular provision. 

  
 5 

 

 
  

	1.2.4	 Although this Agreement has been drafted in the English language, this Agreement pertains to Dutch legal
concepts. Any consequence of the use of English words and expressions in this Agreement under any law other than Dutch law shall be disregarded. 

  

	1.2.5	 The word “including” is used to indicate that the matters listed are not a complete enumeration of
all matters covered. 

  

	1.2.6	 The titles and headings in this Agreement are for construction purposes as well as for reference. No Party may
derive any rights from such titles and headings. 

  

	2	 INDEMNIFICATION AND INSURANCE 

 

	2.1	 Entitlement to indemnification 

 

	2.1.1	 The Company shall indemnify the Officer and hold the Officer harmless against: 

 

	 	a.	 any financial losses or damages incurred by the Officer; and 

 

	 	b.	 any expense reasonably paid or incurred by the Officer in connection with any Proceeding, other than a
Proceeding by or in the right of the Company, 

 in each case to the extent this relates to the Officer’s current (or
former) position as [Non-]Executive Director and to the extent permitted by applicable law. 
  

	2.1.2	 The right to indemnification conferred in Article 2.1.1 shall continue as to the Officer who has ceased to hold
office as [Non-]Executive Director and shall inure to the benefit of the Officer’s heirs, executors and administrators, subject always to Article 3.9. 

  

	2.2	 Advancements 

  

	2.2.1	 The Company shall promptly advance all reasonable and necessary expenses incurred by the Officer in connection
with any Proceeding to the extent that the Company reasonably believes that the Officer is entitled to indemnification pursuant to Articles 2.1.1 and 2.3.1 in connection with such Proceeding, subject to the Officer submitting an itemised advance
request to the Company. 

  

	2.2.2	 To the extent that the Company has provided advancements pursuant to Article 2.2.1 in connection with a
Proceeding in respect of which the Officer is not entitled to indemnification pursuant to Articles 2.1.1 and 2.3.1, such advancements shall promptly be reimbursed by the Officer. 

  
 6 

 

 
  

	2.3	 Limitations 

  

	2.3.1	 No indemnification shall be given to the Officer: 

 

	 	a.	 if a competent court or arbitral tribunal has established that the acts or omissions of the Officer that led to
the financial losses, damages, expenses or Proceeding are of an unlawful nature (including acts or omissions which are considered to constitute malice, gross negligence, intentional recklessness and/or serious culpability attributable to the
Officer) and the Officer does not have, or no longer has, the possibility to appeal such decision; 

  

	 	b.	 to the extent that the Officer’s financial losses, damages and expenses are covered under insurance
(including any applicable D&O Insurance) and the relevant insurer has settled, or has provided reimbursement for, these financial losses, damages and expenses (or has irrevocably undertaken to do so); 

 

	 	c.	 in relation to proceedings brought by the Officer against the Company, except for proceedings brought to
enforce indemnification to which the Officer is entitled pursuant to this Agreement, the Company’s articles of association or any D&O Insurance taken out by the Company for the benefit of the Officer; or 

 

	 	d.	 for any financial losses, damages or expenses incurred in connection with a settlement of any Proceeding
effected without the Company’s prior consent. 

  

	2.4	 Determination of entitlement to indemnification and advancements 

 

	2.4.1	 If the Officer wishes to claim indemnification and/or advancements pursuant to Articles 2.1 and 2.2, the
Officer shall submit a request to that effect to the Company. Upon receipt of such request, the Officer’s entitlement to indemnification and/or advancements pursuant to Articles 2.1 and 2.2 shall be determined by any of the following (at the
election of the Company): 

  

	 	a.	 so long as there are Disinterested Directors, either by majority vote of all Disinterested Directors or by
majority vote of a committee composed exclusively of Disinterested Directors, provided that such committee is established by majority vote of all Disinterested Directors; or 

 

	 	b.	 Independent Counsel in a written opinion delivered to each Party. 

 

	2.4.2	 If the Company decides to request Independent Counsel to make the determination referred to in Article 2.4.1,
the Company shall notify the Officer of the identity of the Independent Counsel selected by it. The Officer may, within one week, notify the Company of its 

  
 7 

 

 
  

	 	objection to the Independent Counsel selected by the Company, but only on the grounds that the relevant attorney or firm of attorneys does not meet the criteria of the definition of “Independent Counsel”. In
case of such objection being timely made and deemed well-founded by the Company, the Company shall select a different Independent Counsel and the previous two sentences apply mutatis mutandis in respect of such selection. The Company shall pay all
fees and other expenses associated with the retention and services of Independent Counsel to make the determination referred to in Article 2.4.1. 

  

	2.4.3	 The Company shall exert all reasonable efforts to cause any determination required under Article 2.4.1 to be
made as promptly as practicable after the Officer has submitted its initial request for indemnification and/or advancements pursuant to Articles 2.1 and 2.2 and the Officer shall fully cooperate with the person(s) making such determination. Any
request for indemnification and/or advancements by the Officer hereunder shall be made no later than ten (10) calendar days after receipt of the written request of the Officer; provided, however, that the written request of the Officer shall
constitute an undertaking providing that the Officer undertakes to the fullest extent required by law to repay any indemnification and/or advancement if and to the extent that it is ultimately determined that the Officer is not entitled to be
indemnified by the Company. 

  

	2.5	 Proceedings 

  

	2.5.1	 The Officer shall promptly notify the Company upon receipt of any complaint, demand letter, writ of summons or
other indication that a Proceeding is being threatened or is forthcoming. 

  

	2.5.2	 The Officer shall allow the Company to participate in any Proceeding and to assume the defence thereof in such
manner as the Company deems appropriate, with counsel selected by the Company and reasonably satisfactory to the Officer, provided that: 

  

	 	a.	 the Company must conduct any such defence in good faith and in a diligent manner; and 

 

	 	b.	 the Company shall not, without the Officer’s prior consent, allow or condone any judgment or award against
the Officer nor enter into any settlement or compromise pursuant to which non-monetary obligations or penalties (including incarceration) would be imposed on the Officer and/or monetary obligations would be
imposed on the Officer which would not be indemnified in full pursuant to Articles 2.1.1 and 2.3.1. 

  

	2.6	 D&O Insurance 

 

	2.6.1	 The Company shall take out and maintain adequate D&O Insurance for the benefit of the Officer for as long
as the Officer serves as [Non-]Executive Director, subject to the acceptance of the Officer under the conditions by the insurer concerned. 

  
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	2.6.2	 The premiums payable for D&O Insurance covering the Officer as an insured shall be borne by the Company.

  

	3	 MISCELLANEOUS PROVISIONS 

 

	3.1	 Confidentiality and disclosure 

 

	3.1.1	 Subject to Articles 3.1.2 through 3.1.5, the Officer shall treat and safeguard as private and confidential all
Confidential Information at all times and shall keep any copies thereof secure in such way so as to prevent unauthorised access by any third party. 

  

	3.1.2	 The Officer shall not disclose any Confidential Information, unless: 

 

	 	a.	 this is required under applicable law, Stock Exchange requirements and/or by any competent authority; or

  

	 	b.	 it concerns a disclosure to the Officer’s professional advisors, subject to a duty of confidentiality and
only to the extent necessary for any lawful purpose. 

  

	3.1.3	 Any disclosure of Confidential Information by the Officer under Article 3.1.2 shall be delayed until the
Company has been consulted about the timing and content of such disclosure, to the extent that such a delay would be legally permissible. 

  

	3.1.4	 The Officer shall, at the Company’s first request and in any event upon the termination of this Agreement,
promptly return or destroy all Confidential Information which the Officer has at [his/her] disposal, except to the extent that the Officer is required by applicable law to retain such Confidential Information. 

 

	3.1.5	 All Confidential Information shall remain the exclusive property of the Company and/or its Subsidiaries, as the
case may be. No right or licence is granted pursuant to this Agreement in relation to any Confidential Information. 

  

	3.2	 Notices 

  

	3.2.1	 All notices given under this Agreement shall be given or made by electronic means of communication or in
writing and, in the latter case, shall be sent by courier service or by registered mail (with a copy of such notice or request being sent in advance by electronic means of communication). 

  
 9 

 

 
  

	3.2.2	 All notices given under this Agreement to a Party which are sent by courier or by registered mail shall be
sent: 

  

	 	a.	 if to the Officer, to the address as on file with the Company at that time; and 

 

	 	b.	 if to the Company, to address as registered with the Dutch trade registry at that time, for the attention of
the Board. 

  

	3.2.3	 All notices given under this Agreement to a Party by electronic means of communication shall be sent:

  

	 	a.	 if to the Officer, to: [e-mail address]

  

	 	b.	 if to the Company, to: [e-mail address]

  

	3.3	 Entire agreement 

 

	3.3.1	 This Agreement replaces and supersedes any existing indemnification agreement between the Parties, including
any indemnification arrangements agreed between the Parties as part of a service, employment or other agreement. 

  

	3.4	 No implied waiver 

 

	3.4.1	 Nothing shall be construed as a waiver under this Agreement unless a document to that effect has been signed by
the Parties or a notice to that effect has been given. 

  

	3.4.2	 The failure of a Party to exercise or enforce any right under this Agreement shall not constitute a waiver of
the right to exercise or enforce such right in the future. 

  

	3.5	 Amendment 

  

	3.5.1	 No amendment to this Agreement shall have any force or effect unless it is in writing and signed by both
Parties. 

  
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	3.6	 Invalidity 

  

	3.6.1	 In the event that a provision of this Agreement is null and void or unenforceable (either in whole or in part):

  

	 	a.	 the remainder of this Agreement shall continue to be effective to the extent that, given the substance and
purpose of this Agreement, such remainder is not inextricably related to the null and void or unenforceable provision; and 

  

	 	b.	 the Parties shall make every effort to reach agreement on a new provision which differs as little as possible
from the null and void or unenforceable provision, taking into account the substance and purpose of this Agreement. 

  

	3.7	 No rescission or nullification 

 

	3.7.1	 To the extent permitted by law, the Parties waive their rights to rescind or nullify or to demand the
rescission, nullification or amendment of this Agreement, in whole or in part, on any grounds whatsoever. 

  

	3.8	 No transfer, assignment or encumbrance 

 

	3.8.1	 No Party may transfer, assign or encumber its contractual relationship, any of its rights or any of its
obligations under this Agreement. 

  

	3.9	 Term and termination 

 

	3.9.1	 Subject to Article 3.9.3, this Agreement shall remain in full force for the duration of the Officer’s term
of office as [Non-]Executive Director and shall terminate, without prior notice being required, at the moment when the Officer ceases to be a[n] [Non-]Executive Director. 

 

	3.9.2	 For purposes of Article 3.9.1, the Officer’s term of office shall not be considered to have expired or
interrupted if the Officer is reappointed as [Non-]Executive Director for consecutive terms. 

  

	3.9.3	 In case of a termination of this Agreement, the Officer’s right to indemnification under Article 2 shall
terminate at (and, exclusively for that purpose, the relevant provisions of this Agreement shall survive until) the later of the following moments: 

  

	 	a.	 the expiration of the statute of limitations applicable to any claim that could be asserted against the Officer
with respect to which the Officer would be entitled to indemnification under this Agreement; 

  

	 	b.	 ten years after the date that the Officer has ceased to serve as a[n]
[Non-]Executive Director; or 

  

	 	c.	 if, at the later of the dates referred to in paragraphs a. and b. above, there would be

  
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	 	an actual or pending Proceeding in respect of which the Officer would be entitled to indemnification under this Agreement or there is an actual or pending Proceeding in connection with this Agreement, one year after the
competent court or arbitral tribunal has finally adjudicated such Proceeding, without possibility for appeal. 

  

	4	 GOVERNING LAW AND JURISDICTION 

 

	4.1	 Governing law 

 

	4.1.1	 This Agreement shall be governed by and construed in accordance with the laws of the Netherlands.

  

	4.2	 Jurisdiction 

  

	4.2.1	 The Parties agree that any dispute in connection with this Agreement or any agreement resulting therefrom shall
be submitted to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands. 

 (signature page
follows) 

  
 12 

 

 
  
 Signature page to the indemnification agreement

  

	
	  

	[name Officer]

  

	
	  

	 Pharvaris N.V.

	Name :
	Title   :

  
 13

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