Document:

EX-10.18

 EXHIBIT 10.18 

FORM OF INDEMNITY AGREEMENT 

This Indemnity Agreement (the “Agreement”), dated as of [●], 2017, is entered into by and among Max-1 Acquisition Corporation, a Delaware corporation (the “Parent”), Exicure, Inc., a Delaware corporation (“Exicure” and together with the Parent, the
“Companies”), and [●] (the “Indemnitee”). 
 W I T N E S S E T H: 

WHEREAS, Indemnitee is a director on the board of directors of the Parent (the “Board of Directors”) and/or an officer of the
Parent and in such capacity(ies) is performing valuable services for the Parent; and 
 WHEREAS, the Parent,
Max-1 Acquisition Sub, Inc., a wholly-owned subsidiary of the Parent (the “Merger Sub”), and Exicure plan to enter into an Agreement and Plan of Merger and Reorganization (the “Merger
Agreement”), pursuant to which the Merger Sub shall merge with and into Exicure, with Exicure remaining as the surviving entity and a wholly-owned operating subsidiary of the Parent (the “Merger”); and 

WHEREAS, Indemnitee is willing to continue to serve in such capacity(ies) until the Effective Time (as defined in the Merger Agreement) on the
condition that he be indemnified as herein provided; and 
 WHEREAS, it is intended that Indemnitee shall be paid promptly by the Companies
all amounts necessary to effectuate in full the indemnity provided herein. 
 NOW, THEREFORE, in consideration of the premises and the
covenants in this Agreement, and of Indemnitee and the Companies intending to be legally bound hereby, the parties hereto agree as follows: 

1.    Services by Indemnitee. Indemnitee agrees to serve as director or officer of the Parent, or both, so long as
Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Certificate of Incorporation and bylaws of the Parent, and until such time as Indemnitee resigns or fails to stand for election or is removed
from Indemnitee’s positions. Indemnitee may from time to time also perform other services at the request or for the convenience of, or otherwise benefiting the Parent. 

2.    Indemnification. Subject to the limitations set forth herein and in Section 6
hereof, the Companies hereby agree to indemnify Indemnitee as follows: 
 The Companies shall, with respect to any Proceeding (as
hereinafter defined) associated with Indemnitee acting in his official capacity as officer and director of the Parent arising out of or pertaining to actions relating to the approval of and entering into the Merger Agreement, the Transaction
Documentation (as defined in the Merger Agreement), the Merger and each of the Contemplated Transactions (as defined in the Merger Agreement), whether asserted or claimed prior to, at or after the Effective Time, indemnify Indemnitee to the fullest
extent permitted by Section 145 of the General Corporation Law of Delaware (the “DGCL”) and the Certificate of Incorporation of the Parent in effect on the date hereof or as such law or Certificate of

 
Incorporation may from time to time be amended (but, in the case of any such amendment, only to the extent such amendment permits the Parent to provide broader indemnification rights than the law
or Certificate of Incorporation permitted the Parent to provide before such amendment). Notwithstanding the foregoing, the Companies shall not be required to indemnify Indemnitee for acts or omissions of Indemnitee constituting fraud, bad faith,
gross negligence or intentional misconduct. The right to indemnification conferred herein and in the Certificate of Incorporation shall be presumed to have been relied upon by Indemnitee in serving the Parent and shall be enforceable as a contract
right. Without in any way diminishing the scope of the indemnification provided by this Section 2, the Companies will indemnify Indemnitee against Expenses (as hereinafter defined) and Liabilities (as hereinafter defined)
actually and reasonably incurred by Indemnitee or on their behalves in connection with the investigation, defense, settlement or appeal of such Proceeding. In addition to, and not as a limitation of, the foregoing, the rights of indemnification of
Indemnitee provided under this Agreement shall include those rights set forth in Section 8 below. Notwithstanding the foregoing, the Companies shall be required to indemnify Indemnitee in connection with a Proceeding
commenced by Indemnitee (other than a Proceeding commenced by Indemnitee to enforce Indemnitee’s rights under this Agreement) only if the commencement of such Proceeding was authorized by the Board of Directors following the Effective Time.
Notwithstanding anything to the contrary contained herein, the Companies shall have no obligation to indemnify the Indemnitee to the extent such indemnification would not be permitted under Section 145 of the DGCL or the Parent’s
Certificate of Incorporation in effect on the date hereof. 
 3.    Presumptions and Effect of Certain
Proceedings. Upon making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Companies shall have the burden of proof to overcome that presumption in reaching any contrary
determination. The termination of any Proceeding by judgment, order, settlement, arbitration award or conviction, or upon a plea of nolo contendere or its equivalent shall not affect this presumption or, except as determined by a judgment or other
final adjudication adverse to Indemnitee, establish a presumption with regard to any factual matter relevant to determining Indemnitee’s rights to indemnification hereunder. If the person or persons so empowered to make a determination pursuant
to Section 5 hereof shall have failed to make the requested determination within ninety (90) days after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere
or its equivalent, or other disposition or partial disposition of any Proceeding or any other event that could enable the Companies to determine Indemnitee’s entitlement to indemnification, the requisite determination that Indemnitee is
entitled to indemnification shall be deemed to have been made. 
 4.    Advancement of Expenses. To the extent
not prohibited by law, the Companies shall advance the Expenses or Liabilities incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Companies of a
statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such Expenses or Liabilities but, in the case of invoices in connection with legal services, any references to legal work
performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) and upon request of the Companies, an undertaking to repay the advancement of Expenses or
Liabilities if and to the extent that it is ultimately 

  
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determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Companies. Advances shall be unsecured,
interest free and without regard to Indemnitee’s ability to repay the expenses. Advances shall include any and all Expenses and/or Liabilities actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s right
to indemnification under this Agreement, or otherwise and this right of advancement, including Expenses and/or Liabilities incurred preparing and forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges that the
execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent required by law, repay the advance if and to the extent that it is ultimately determined by a court of competent
jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this Section shall continue until final disposition of any proceeding, including any appeal
therein. This Section 4 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 15(d)(ii). 

5.    Procedure for Determination of Entitlement to Indemnification. 

(a)    Whenever Indemnitee believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee
shall submit a written request for indemnification or advancement of expenses to the Companies. Any request for indemnification or advancement of expenses shall include sufficient documentation or information reasonably available to Indemnitee for
the determination of entitlement to indemnification or advancement of expenses. In any event, Indemnitee shall submit Indemnitee’s claim for indemnification or advancement of expenses within a reasonable time, not to exceed sixty (60) days
after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, or final termination, whichever is the later date for which Indemnitee requests indemnification. 

(b)    Independent Legal Counsel (as hereinafter defined) shall determine whether Indemnitee is entitled to
indemnification or advancement of expenses. Determination of Indemnitee’s entitlement to indemnification or advancement of expenses shall be made not later than ninety (90) days after the Companies’ receipt of Indemnitee’s
written request for such indemnification or advancement of expenses, provided that any request for indemnification or advancement of expenses for Liabilities, other than amounts paid in settlement, shall have been made after a determination thereof
in a Proceeding. 
 6.    Specific Limitations on Indemnification. Notwithstanding anything in this Agreement to
the contrary, the Companies shall not be obligated under this Agreement to make any indemnity or payment to Indemnitee in connection with any claim against Indemnitee: 

(a)    to the extent that payment is actually made to Indemnitee under any insurance policy, contract, agreement or
otherwise or is made to Indemnitee by either of the Companies or affiliates otherwise than pursuant to this Agreement. Notwithstanding the availability of such insurance, Indemnitee also may claim indemnification from the Companies pursuant to this
Agreement by assigning to the Companies any claims under such insurance to the extent Indemnitee is paid by the Companies; 

  
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 (b)    for Liabilities in connection with Proceedings settled without the
Companies’ consent, which consent, however, shall not be unreasonably withheld; 
 (c)    in no event shall the
Companies be liable to pay the fees and disbursements of more than one counsel in any single Proceeding except to the extent that, in the opinion of counsel of the Indemnitee, the Indemnitee has conflicting interests in the outcome of such
Proceeding; 
 (d)    to the extent it would be otherwise prohibited by law, if so established by a judgment or other
final adjudication adverse to Indemnitee; 
 (e)    for an accounting of profits made from the purchase and sale (or
sale and purchase) by Indemnitee of securities of the Companies within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or 

(f)    in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding
(or any part of any Proceeding) initiated by Indemnitee against the Companies or their directors, officers, employees or other indemnitees, unless (i) the commencement of such Proceeding was authorized by the Board of Directors (or any part of
any Proceeding) prior to its initiation and following the Effective Time, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 

7.    Fees and Expenses of Independent Legal Counsel. The Companies agree to pay the reasonable fees and expenses
of Independent Legal Counsel and to fully indemnify such Independent Legal Counsel against any and all expenses and losses incurred by any of them arising out of or relating to this Agreement or their engagement pursuant hereto. 

8.    Remedies of Indemnitee. 

(a)    In the event that (i) a determination pursuant to Section 5 hereof is made that
Indemnitee is not entitled to indemnification, (ii) payment has not been timely made following a determination of entitlement to indemnification pursuant to this Agreement, or (iii) Indemnitee otherwise seeks enforcement of this Agreement,
Indemnitee shall be entitled to a final adjudication in a court of competent jurisdiction in the State of Delaware of the remedy sought. 

(b)    If a determination that Indemnitee is entitled to indemnification has been made pursuant to
Section 5 hereof, or is deemed to have been made pursuant to Section 5 hereof or otherwise pursuant to the terms of this Agreement, the Companies shall be bound by such determination in the absence
of a misrepresentation or omission of a material fact by Indemnitee in connection with such determination. 
 (c)    The
Companies shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Companies shall stipulate in any such court or before any such arbitrator that the Companies are bound by
all the provisions of this Agreement and are precluded from making any assertion to the contrary. 

  
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 (d)    Expenses reasonably incurred by Indemnitee in connection with
Indemnitee’s request for indemnification under, seeking enforcement of or to recover damages for breach of this Agreement shall be borne by the Companies when and as incurred by Indemnitee, to the extent it is determined that Indemnitee is
entitled to indemnification hereunder. 
 9.    Contribution. To the fullest extent permissible under applicable
law, in the event the Companies are obligated to indemnify Indemnitee under this Agreement and the indemnification provided for herein is unavailable to Indemnitee for any reason whatsoever, the Companies, in lieu of indemnifying Indemnitee, shall
contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this
Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Companies and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Companies (and their respective directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

10.    Modification, Waiver, Termination and Cancellation. No supplement, modification, termination, cancellation
or amendment of this Agreement shall be binding unless executed in writing by all of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not
similar), nor shall such waiver constitute a continuing waiver. 
 11.    Subrogation. In the event of any
payment under this Agreement, the Companies shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Companies effectively to bring suit to enforce such rights. 

12.    Notice by Indemnitee and Defense of Claim. Indemnitee shall promptly notify the Companies in writing upon
being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative, but the omission so to notify the Companies will not relieve it
from any liability that it may have to Indemnitee if such omission does not prejudice the Companies’ rights. If such omission does prejudice the Companies’ rights, the Companies will be relieved from liability only to the extent of such
prejudice; nor will such omission relieve the Companies from any liability that they may have to Indemnitee otherwise than under this Agreement. 

13.    Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly delivered and received hereunder (a) one business day after being sent for next business day delivery, fees prepaid, via a reputable international overnight courier service, (b) upon delivery in the case of delivery by hand, or
(c) on the date delivered in the place of delivery if sent by email or facsimile (with a written or electronic confirmation of delivery from the recipient, excluding, in the case of email, any automated response) prior to

  
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6:00 p.m. Pacific time, otherwise on the next succeeding business day, in each case to the intended recipient as set forth below: 

 

					
	(a)	 	If to the Parent	 	Max-1 Acquisition Corporation
		 	(prior to closing):	 	2255 Glades Road, Suite 324A
		 		 	Boca Raton, Florida
		 		 	Attn: Ian Jacobs, CEO
		 		 	Facsimile: N/A
		 		 	Email:
                                        

			
	(b)	 	If to Exicure:	 	Exicure, Inc.
		 		 	8045 Lamon Avenue, Suite 410
		 		 	Skokie, Illinois 60077
		 		 	Attn: David Giljohann, CEO
		 		 	Facsimile:
                                        

		 		 	Email:
                                        

			
	(c)	 	If to Indemnitee:	 	[●]

 or any party may change the address to which notices, requests, demands, claims and other communications hereunder are to be
delivered by giving the other parties notice in the manner herein set forth. 
 14.    Exclusivity. Without
limiting any right of the Indemnitee to recover from, or make a claim under, any directors’ and officers’ liability insurance policies maintained by the Companies, the rights of Indemnitee hereunder shall be the exclusive rights to which
Indemnitee is entitled under applicable law, the Companies’ Certificates of Incorporation or bylaws, or any agreements, vote of stockholders, resolution of the Boards of Directors or otherwise, with respect to any Proceeding (as hereinafter
defined) associated with Indemnitee acting in his official capacity as officer and director of the Parent arising out of or pertaining to actions relating to the approval of and entering into the Merger Agreement, the Transaction Documentation (as
defined in the Merger Agreement), the Merger and each of the Contemplated Transactions (as defined in the Merger Agreement), whether asserted or claimed prior to, at or after the Effective Time. 

15.    Certain Definitions. 

(a)    “Expenses” shall include all direct and indirect costs (including, without limitation,
attorneys’ fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, all other disbursements or out-of-pocket expenses) actually and reasonably incurred in connection with either the investigation, defense, settlement or appeal of a Proceeding or establishing or
enforcing a right to indemnification under this Agreement, applicable law or otherwise; provided, however, that “Expenses” shall not include any Liabilities. 

(b)    “Independent Legal Counsel” means a law firm or a member of a firm selected by the Companies and
approved by Indemnitee (which approval shall not be unreasonably withheld). Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Companies or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 

  
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 (c)    “Liabilities” means liabilities of any type
whatsoever including, but not limited to, any judgments, fines, ERISA excise taxes and penalties, penalties and amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such
judgments, fines, penalties or amounts paid in settlement) of any Proceeding. 
 (d)    “Proceeding”
means any threatened, pending or completed action, claim, suit, arbitration, alternative dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative, that
(i) is associated with Indemnitee’s actions as an officer and/or director of the Parent arising out of or pertaining to actions relating to the approval of and entering into the Merger Agreement, the Transaction Documentation, the Merger
and each of the Contemplated Transactions (as defined in the Merger Agreement), whether asserted or claimed prior to, at or after the Effective Time, absent fraud, bad faith, gross negligence or intentional misconduct, including any action brought
by or in the right of the Parent or Exicure, and (ii) is not initiated or brought by one or more of the Indemnitee. 

16.    Binding Effect; Duration and Scope of Agreement. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the
Companies), spouses, heirs and personal and legal representatives. This Agreement shall continue in effect for five (5) years subsequent to the date of this Agreement, regardless of whether Indemnitee continues to serve as director or an
officer of the Parent. 
 17.    Severability. If any provision or provisions of this Agreement (or any portion
thereof) shall be held to be invalid, illegal or unenforceable for any reason whatsoever: 
 (a)    the validity,
legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and 

(b)    to the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to
the intent of any provision held invalid, illegal or unenforceable. 
 18.    Governing Law. This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within the State of Delaware, without regard to conflict of
laws rules. 
 19.    Consent to Jurisdiction. The Companies and Indemnitee each irrevocably consent to the
jurisdiction of the courts of the State of Delaware for all purposes in connection with any action or Proceeding that arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the
state courts of the State of Delaware. 

  
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 20.    Entire Agreement. This Agreement represents the entire
agreement between the parties hereto, and there are no other agreements, contracts or understandings between the parties hereto with respect to the subject matter of this Agreement. 

21.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement and any documents relating to it may be executed and transmitted to any other party by facsimile or email of a PDF, which
facsimile or PDF shall be deemed to be, and utilized in all respects as, an original, wet-inked document. 

[Signature Page Follows] 

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

			
	MAX-1 ACQUISITION CORPORATION
		
	By:	 	
                     

	Name:	 	  

	Its:	 	  

	
	EXICURE, INC.
		
	By:	 	
                     

	Name:	 	  

	Its:	 	  

	
	INDEMNITEE
	
	
                     

  
 [Signature Page to
Indemnity Agreement]Exhibit

	
			
	
	 
	Exhibit 10.2

	
		
	Title:
	Employee Bonus Plan Summary

	Bonus Plan Effective Date:
	January 1, 2105

	Performance Period:
	January 1, 2015 to December 31, 2015

Overview:
The ForeScout Bonus Plan is designed to recognize and reward your contributions to the Company's success. It provides participants with incentive and reward for achieving Company goals during the year.
Purpose of Plan:
		
	•
	Motivate, recognize, and reward participants' contributions toward the improvement of overall Company performance during the year

		
	•
	Provide, along with other pay elements, reasonable levels of compensation to participants if business goals are achieved

		
	•
	Reward top performers

2015 Plan Funding
		
	•
	A bonus pool will be funded based on company performance against the January 1, 2015 - June 30, 2015 (H12015) bookings goal and the July 1, 2015 - December 31, 2015 bookings goal. (H22015)

		
	•
	The pool will be based on the sum of participants' target bonus percentages (prorated for new hires and/or promotions)

		
	•
	The Company, in its sole discretion, will establish the company performance target for H12015 and H22015 bookings. Funding will start at 80% of that target; any funding for performance below this threshold will be at the discretion of the Board

		
	•
	Any additional funding for performance above the target will be at the discretion of the Board

		
	•
	Total bonuses paid to all plan participants may not exceed the pool

Individual Awards
		
	•
	Each eligible employee will have a bonus target communicated as a % of eligible earnings; bonus targets vary by level. Eligible earnings are defined as base salary earned during the performance period

		
	•
	An individual's target bonus amount may be adjusted based on plan funding for below target or above target performance

		
	•
	If funding occurs, each participant will earn a bonus as follows:

		
	◦
	50% of the individual's target bonus will be paid based on company performance

		
	◦
	50% of the individual's target bonus will be earned based on individual performance and contribution during each 6 month period (H12015 and H2 2015); the individual performance assessment will include, but not be limited to, performance against objectives

		
	◦
	For the CEO and his executive direct reports, 70% of the individual's target bonus will be paid based on company performance, with 30% earned based on individual performance and contribution during each 6 month period (H12015 and H22015).

		
	•
	The bonus amount is subject to applicable taxes and withholdings

Eligibility / Employment Status:
		
	•
	The bonus target for eligible employees is communicated in a signed offer letter. Changes to current employee bonus targets will be executed through a PAN (Personnel Action Notice).

		
	•
	To be eligible for an H12015 award, the employee must be a regular full-time employee as of April 1, 2015; bonuses will be prorated to reflect actual service during the performance period

		
	•
	To be eligible for an H22015 award, the employee must be a regular full-time employee as of October 1, 2015; bonuses will be prorated to reflect actual service during the performance period

		
	•
	The bonus will be pro-rated for an employee who takes a leave of absence from the Company during the performance period

		
	•
	Must be an active employee of the Company on the date of payment for any bonus to be earned and paid. Participants whose employment is voluntarily or involuntarily terminated, or are under notice of termination, prior to the payout date of the bonus will not be eligible for and will not receive a bonus.

Other
		
	•
	Bonus payouts are reconciled and paid out within 45 days after the end of the performance period.

Qualifying Statements:
This document is not designed to cover every possible scenario, only the standard procedures. Accordingly,
		
	•
	Management has the right to make adjustments or exceptions to these procedures as deemed necessary.

		
	•
	Management has the right to adjust payments under this Plan, if it is deemed by Management, at Management's sole discretion, that payments computed pursuant to the terms of this bonus Plan are not equitable to the Employee or the Company.

		
	•
	Any exceptions or modifications to this plan must be approved in advance and in writing by CFO and VP Human Resources.

		
	•
	Incentive is not considered earned and no incentive will be paid until the Company has received the signed Bonus Plan summary from the employee.

Continuing employment is an integral part of this Bonus Plan. Termination of employment prior to the date of payment negates the terms of this Bonus Plan. Any future bonus event or payment is subject to Management discretion, at Management's sole discretion or as separately negotiated as part of a Release of Claims Agreement.

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