Document:

EX-10.37

 Exhibit 10.37 

EXECUTION VERSION 
 August 30, 2019

 BioNTech SE 
 An der Goldgrube 12 

Mainz, Germany 
 Attention: [***] 

 

	Re:	 Strategic Relationship between the Bill & Melinda Gates Foundation and BioNTech SE

 Ladies and Gentlemen: 

This letter agreement (including all appendices and attachments hereto, the “Letter Agreement”) is entered into in connection
with the investment by the Bill & Melinda Gates Foundation (the “Foundation”), a Washington charitable trust that is a tax-exempt private foundation, of fifty-five million dollars
(US$55,000,000.00) (the “Foundation Investment”) in ordinary shares of BioNTech SE, a Societas Europaea (the “Company”, with such shares being referred to as the “Foundation
Shares”), at a purchase price of US$ 18.10 per share, whereby such shares will, on the basis of pertinent contractual arrangements, enjoy certain preferences to be established by an amendment to the shareholders’ agreement for the
Company in such form as the Foundation and the Company may agree (such shareholders’ agreement as so amended the “Amended SHA”). The Foundation is making the Foundation Investment to induce the Company to perform the Global
Access Commitments set forth herein, and the Company acknowledges and agrees that it would not undertake such Global Access Commitments absent the Foundation Investment. The Foundation Investment will be made in accordance with an investment
agreement to be entered into on or about the date hereof in such form as the Foundation and Company may agree (the “Investment Agreement”), the Amended SHA, this Letter Agreement, and any additional agreements executed in connection
therewith (collectively, and together with any additional agreements that may be executed in connection with the Foundation Investment, in each case as amended from time to time in accordance with their terms, the “Investment
Documents”). The Foundation Investment is conditioned upon (i) the execution and delivery of the applicable Investment Documents by the parties thereto, (ii) the Investment Agreement becoming unconditional in all respects (save
only for any condition relating to the completion of this Letter Agreement) and (iii) the Foundation obtaining a written legal opinion from tax counsel that the Foundation Investment will qualify as a program-related investment under the Code.
This Letter Agreement shall terminate in the event that Closing of the Foundation Investment (as defined in Section 1 below) and the issuance of the Foundation Shares pursuant to the terms of the Investment Agreement do not occur. 

In consideration of the Foundation making the Foundation Investment on the terms and conditions stated herein and in the Investment Documents,
and for other good and valuable consideration, the parties hereto hereby irrevocably agree as follows: 

1.    Definitions. For the purposes of this Letter Agreement the following terms have the meanings indicated. 

 “Acquisition Transaction” means (a) the acquisition, directly or indirectly, after the
date of this Letter Agreement, by any person or group (within the meaning of Section 13(d)(3) of the Exchange Act) of beneficial ownership of securities of the Company possessing more than 50% of the total combined voting power of all
outstanding voting securities of the Company, (b) a merger, consolidation or other similar transaction involving the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to
such merger, consolidation or other transaction hold, in the aggregate, securities possessing more than 50% of the total combined voting power of all outstanding voting securities of the surviving entity immediately after such merger, consolidation
or other transaction, or (c) an assignment, sale, transfer or exclusive license of all or substantially all of the Company’s assets, whether by merger, stock transfer, or otherwise. 

“Additional Project” means a project proposed by the Foundation that is conducted by the Company utilizing the Platform Technology to
conduct research and product development for a product or therapeutic intervention in accordance with a mutually-agreed upon statement of work and TPP, and potentially to further develop, commercialize, and distribute such product or therapeutic
intervention for use in the Developing Countries. 
 “Affiliate” means, as to any person or entity, any person or entity that, directly or
indirectly, controls, is controlled by or is under common control with such person or entity at any time and for so long as that control exists, where “control” (for purposes of this definition of “Affiliate” only) means having
the decision-making authority as to or right to direct the management of the person or entity and, further, where that control will be deemed to exist where a person or entity owns more than 50% of the equity entitled to vote regarding composition
of the board of directors or other body entitled to direct the affairs of the person or entity. Notwithstanding the foregoing, for purposes of this Letter Agreement [***] shall not be considered an Affiliate of the Company. 

“[***]” has the meaning set forth in Section 3(m)(ii). 

“[***]” has the meaning set forth in Section 3(m)(ii). 

“Business Day” means any day other than a Saturday, a Sunday or other day on which commercial banks in the United States or Germany are
authorized or required by law to close. 
 “Charitability Default” means that: 

(i)    the Company materially breaches any of the Global Access Commitments other than for reasons of technical or
scientific failure not within the control of the Company and not known to the Company at or before Closing of the Foundation Investment. The Company is required to use reasonable best efforts (as further detailed in Section 3(c)) to perform the
Global Access Commitments, but cannot guarantee the outcome or timeline given the experimental nature of the Projects, 

(ii)    the Company fails to comply with the restrictions in Sections 2 and 8 of this Letter Agreement on the use of
proceeds from the Foundation Investment, 

  
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 (iii)    the Company fails to comply with the other U.S. legal
obligations set forth in this Letter Agreement, including the requirements set forth in Sections 6, 10 or 11, or 

(iv)    [***]; 
 in each case
(i) and (iii) to the extent such breach or failure continues to exist [***] days after the Company becomes aware of the relevant breach or failure. For the avoidance of doubt, no such cure period shall apply in the event of a breach or failure
in case of (ii) or (iv). Each party agrees to promptly notify the other party in writing if it becomes aware of any breach or failure as set forth under (i) to (iv) above. Notwithstanding the foregoing, the Foundation will not lose any
rights or remedies solely as a result of a failure to notify the Company after it becomes aware of any breach or failure as set forth under (i) to (iv) above. 

“Charitable Purpose” has the meaning set forth in Section 2(a). 

“Claim” has the meaning set forth in Section 14. 

“Closing of the Foundation Investment” means the submission of the Subscription Form (as defined in the Investment Agreement) by the Company
to the Foundation in accordance with Section 1.2(f) of the Investment Agreement. 
 “Code” means the U.S. Internal Revenue Code of
1986, as amended. 
 “Company” has the meaning set forth in the introductory paragraph. 

“Completion Date” has the meaning set forth in Section 3(b). 

“Confidential Information” has the meaning set forth in Section 13. 

“Developing Countries” means those countries described as “Developing Countries” on Appendix A. 

“Development Partner” has the meaning set forth in Section3(d)(v)(A)(2) . 

“Direct Competitor” of the Company means any of the companies listed on Appendix B, [***]. For clarity, notwithstanding anything in
this Letter Agreement to the contrary, [***] will not be considered Direct Competitors. 
 “Disclosing Party” has the meaning set forth in
Section 13. 
 “Dispute” has the meaning set forth in Section 20. 

“Event Stamp HIV” means [***]. 
 “Event
Stamp TB” means [***]. 
 “Exercise Event” has the meaning set forth in Section 3(m)(iii). 

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

“Excluded Diseases” has the meaning set forth on Part B of Appendix C. 

“Excluded Transferee” has the meaning set forth in Section 3(m)(iv). 

“Foundation” has the meaning set forth in the introductory paragraph. 

“Foundation Investment” has the meaning set forth in the introductory paragraph. 

“Foundation Securities” means any securities of the Company issued in connection with the Foundation Investment, including securities issued
in respect of or upon conversion or exercise of such securities. 
 “Foundation-supported Entity” means an entity selected by the
Foundation for participation in a Project that receives funding, directly or indirectly, from the Foundation, collaborates with the Foundation, or both, for the purpose of accomplishing the Foundation’s charitable objectives, but excluding any
Direct Competitor. 
 “Foundation Election Not to Proceed” has the meaning set forth in Section 3(a)(i). 

“Fully Loaded Costs” means with respect to a Product, [***]. 

“Funded Developments” means the products, technologies, materials, processes, and intellectual property rights [***] or [***]. 

“Gates MRI” means the Bill & Melinda Gates Medical Research Institute, a nonprofit research institution organized under the laws of
the state of Washington. 
 “Global Access” means that (a) knowledge gained using the Foundation’s funding is promptly and
broadly disseminated and (b) the products and technologies developed or supported with the Foundation’s funding will be made available and accessible at an affordable price to people most in need in Developing Countries. 

“Global Access Commitments” has the meaning set forth in Section 3. 

“Global Health License” has the meaning set forth in Section 3(m)(i). 

“HIV Project” means the development of one or more Products for the prevention or treatment of HIV consistent with the HIV TPP. 

“HIV Project Statement of Work” means the Statement of Work with respect to the HIV Project, which is attached hereto as Appendix
D. 
 “HIV TPP” has the meaning set forth in the HIV Project Statement of Work. 

  
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 “Indemnitees” has the meaning set forth in Section 14. 

“Initial HIV SOW” has the meaning set forth in the HIV Project Statement of Work. 

“Initial TB SOW” has the meaning set forth in the TB Project Statement of Work. 

“Investment Agreement” has the meaning set forth in the introductory paragraph. 

“Investment Documents” has the meaning set forth in the introductory paragraph. 

“Joint Steering Committee” has the meaning set forth in Section 3(j). 

“Letter Agreement” has the meaning set forth in the introductory paragraph. 

“Manufacturing Partner” has the meaning set forth in Section3(d)(v)(B)(2) . 

“Platform Technology” means the Company’s [***]. For the avoidance of doubt, the Platform Technology includes [***]. 

“Product” means any product or therapeutic intervention (at any stage of development, e.g., from discovery through commercialization)
developed pursuant to a Project. For the avoidance of doubt, any product developed or acquired (including in-licensed) by the Company or its Affiliates or subcontractors through activities outside and
independent of any Project shall not constitute a Product. 
 “Project” means each of the HIV Project, the TB Project and each Additional
Project, including any further development as contemplated by Section 3(d). “Projects” means collectively the HIV Project, the TB Project and all Additional Projects. 

“Protected Health Information” means any personally identifiable health information which is protected under applicable data protection laws
from unlawful disclosure. 
 “Receiving Party” has the meaning set forth in Section 13. 

“Representatives” has the meaning set forth in Section 13. 

“Securities Act” means the U.S. Securities Act of 1933, as amended from time to time. 

“TB POD TPP” means the TB POD TPP to be provided by the Foundation as set forth in the TB Project Statement of Work. 

“TB POI TPP” means the TB POI TPP to be provided by the Foundation as set forth in the TB Project Statement of Work. 

  
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 “TB Project” means the development of one or more Products for the prevention or treatment
of TB consistent with the TB POI TPP and/or TP POD TPP. 
 “TB Project Statement of Work” means the Statement of Work with respect to the
TB Project, which is attached hereto as Appendix E. 
 “TPP” means Target Product Profile. 

“Withdrawal Right” has the meaning set forth in the Investment Agreement. 

2.    Charitable Purpose; Use of Proceeds. 

(a)    Charitable Purpose. The Foundation is making the Foundation Investment as a “program-related
investment” within the meaning of Section 4944(c) of the Code. The Foundation is committed to accelerating the development of lifesaving and low-cost drugs, therapeutics, diagnostics, and
prophylactics to reduce the burden of disease in developing countries in furtherance of its mission to help all people lead healthy, productive lives. The Foundation’s primary purpose in making the Foundation Investment is to secure Global
Access to new, low-cost products and services developed through the use of the Company’s proprietary capabilities and intellectual property all as contemplated herein, including (i) research
capabilities across all of the Company’s Platform Technology which are specifically utilized in the HIV Project, TB Project and/or in one or more Additional Projects, (ii) Foundation-supported product candidates related to the
Foundation’s target diseases for use in the developing world and (iii) product development capabilities (collectively, the “Charitable Purpose”). In furtherance of the Charitable Purpose, the Foundation Investment will
secure the Global Access Commitments described below. 
 (b)    Use of Proceeds. The proceeds from the Foundation
Investment will be used solely in furtherance of the Charitable Purpose to: 
 (i)    officially establish and build the
infectious disease capabilities of the Company in accordance with Section 3(i) with a budget of EUR 16.15 million, including costs for new FTEs, infrastructure (labs and facilities) and further developing the technology platforms
(including taking further licenses to technology) to enable the Company to complete the Projects; 
 (ii)    conduct the
Initial HIV SOW; and 
 (iii)    conduct the Initial TB SOW. 

The proceeds from the Foundation Investment will not be required to be segregated in a separate account. 

3.    Global Access Commitments. 

As a condition to the Foundation making the Foundation Investment and to ensure satisfaction of the Charitable Purpose and Global Access,
the Company agrees to the following (collectively “Global Access Commitments”): 

  
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 (a)    Performance of Initial Scopes of Work. 

(i)    The Company will use the Foundation Investment to complete the work packages set forth in the Initial HIV SOW and
the Initial TB Project SOW. In the event that during the course of performing the Initial HIV SOW and the Initial TB SOW the Company determines that the costs are reasonably likely to exceed the aggregate agreed budget for such Projects of [***] and
the Company has used good faith efforts to adhere to the agreed budget and the parties have not materially modified the Initial HIV SOW or the Initial TB SOW, the Company will provide estimates for the additional costs and the reasons for the
proposed additional costs to the Joint Steering Committee. The Joint Steering Committee will determine whether additional costs are necessary and the amount of such costs. The Company and the Foundation will determine in good faith a reasonable
allocation of such additional costs between the Company and the Foundation or Foundation-supported Entities. If [***], as applicable. 

(ii)    If the parties mutually agree to make any material modifications to the Initial HIV SOW or the Initial TB SOW that
impact the budget for such Projects, then at the time of such modification the parties will agree upon the new budget, and the [***] described in subsection (i) above will be based on the adjusted budget. 

(iii)    After the Company has completed the Initial HIV SOW and/or the Initial TB SOW, the Foundation will have the right,
at its discretion (subject to the Company’s right to decline any additional funding to the extent permitted by Section 3(d)(v) below), to continue providing funding (directly or through a Foundation-supported Entity) to advance the HIV
Project and/ or TB Project through commercialization and distribution of a final product in accordance with the HIV TPP, TB POI TPP and/or TB POD TPP, as applicable, in accordance with Section 3(d) below. Depending upon the achievement of
Project progress-driven milestones, which may be defined in the respective Project statements of work, the parties currently anticipate that the total potential grant funding relating to Projects (including Projects funded by Foundation-supported
Entities) could reach up to forty-five million dollars (USD$45,000,000.00), provided that any such additional grant funding will be in the Foundation’s discretion and subject to execution of grant documents for such Projects in accordance with
the Foundation’s standard grant making process. 
 (b)    Additional Projects. If requested by the
Foundation, at its discretion, and subject to the terms herein, the Company will utilize the Platform Technology to diligently conduct up to three (3) Additional Projects (in addition to the HIV Project and TB Project). The Foundation, at its
discretion, can select the Additional Projects from the list of diseases set forth on Part A of Appendix C. For the avoidance of doubt, the Additional Projects will not be funded by the Foundation Investment except in the limited
circumstances following a determination that it is futile to continue with a workplan as set forth in the TB Project Statement of Work or HIV Project Statement of Work. If the Foundation elects to proceed with one or more Additional Projects, it
will provide additional funding as described herein. The Company and the Foundation can work on more than three (3) Additional Projects in parallel if they mutually agree to do so. The Foundation will have five (5) years from the Closing
of the Foundation Investment to identify Additional Projects. The initial scope of work (to be financed with additional funding from the Foundation except in the limited circumstances following a determination that it is futile to

  
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continue with a workplan as set forth in the TB Project Statement of Work or HIV Project Statement of Work) for all Additional Projects, regardless of the individual Project’s start date,
will be structured in such a way that it is scheduled to be completed by the eighth (8th) anniversary of the Closing of the Foundation Investment (the “Completion Date”). Following the Completion Date, the Company will have the
right to accept or decline any additional funding for any additional work under such Additional Projects as described in Section 3(d)(v) below, provided that the Global Access Commitments shall continue to apply with respect to the Funded
Developments (and to the Platform Technology to the extent required to further develop and commercialize the Funded Developments in accordance with this Letter Agreement) developed to, or existing at the Completion Date. If the Foundation elects to
proceed with all three (3) Additional Projects, at least one of such projects will be related to malaria. 

(c)    Performance of Projects. The Company will perform all Projects in good faith using substantially the same
level of efforts, resources, time, and expediency as are consistent with the practices of the Company with respect to the research and development, regulatory approval and commercialization of any other Company products at a similar stage in
development, including the Company’s commercial products intended for markets other than in Developing Countries. 

(d)    Further Development. 

(i)    If the Foundation elects at any time to proceed either with additional work on the HIV Project, TB Project or any
Additional Project, the Foundation and the Company will agree in good faith on one or more subsequent statements of work, which may include applicable development, commercialization and associated activities conducted by the Company and potentially
one or more partner(s) that are not Direct Competitors as agreed by the Company and the Foundation, including seeking applicable country-level regulatory approvals. Such partner may include the Gates MRI if requested by the Foundation and agreed to
by the Gates MRI and the Company. 
 (ii)    If the Foundation requests the Company to continue work on the HIV Project,
the TB Project and/or any Additional Project, any additional funding from the Foundation or a Foundation-supported Entity will be provided pursuant to the Foundation’s standard funding terms and processes. The specific level and allocation of
funding responsibilities between the parties (and potentially Foundation-supported Entities) for any such Project will be mutually agreed in good faith in writing by the parties to fairly allocate the expected benefits between Developing Countries
and developed countries. 
 (iii)    Any agreements for further work relating to the HIV Project and/or TB Project or for
an Additional Project will include a proposal describing the relevant work (including specific Global Access Commitments) and other related documents acceptable to the Foundation and the Company including a manufacturing, commercialization and
distribution plan for the Developing Countries taking into account the Company’s actual and projected capabilities at the time of developing such plan, and will be consistent with the HIV TPP, the TB POI TPP, the TB POD TPP and/or any TPP
relating to an Additional Project, as applicable. The applicable funding agreements will also include a mutually acceptable license to the Funded Developments developed or acquired (including in-licensed) by
the Company in connection with the Company’s conduct of 

  
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such work and the Platform Technology to the extent required to further develop and commercialize the relevant Product(s). The terms of such license will be no less favorable to the Foundation
than the terms of the Global Health License, unless mutually agreed otherwise by the parties in their respective discretion. 

(iv)    If the Foundation desires to continue funding as set forth herein to advance the HIV Project, TB Project and/or any
Additional Project through commercialization and distribution of a final product, but the Company reasonably believes that such further product development is not feasible due to scientific or technical failure or would cause a material adverse
effect on the Company, then the matter will be submitted to the Joint Steering Committee. If the members of the Joint Steering Committee do not mutually agree with the Company’s determination then the matter will be resolved in accordance with
the dispute resolution process set forth in Section 20 below. 
 (v)    Notwithstanding the foregoing, the Company
will have the right to decline any additional funding or extension of (1) the TB Project following completion of the Initial TB SOW and either the occurrence of an Event Stamp TB or in accordance with Section 3(d)(vi)(B), (2) the HIV
Project following completion of the Initial HIV SOW and either the occurrence of an Event Stamp HIV or in accordance with Section 3(d)(vi)(B) and (3) any Additional Project following the Completion Date or in accordance with
Section 3(d)(vi)(B). If the Foundation desires to continue funding the HIV Project, the TB Project and/or any Additional Project and the Company does not agree to accept such additional funding and continue development of the applicable Project
to the extent permitted by (1), (2) or (3) above (each such case a “Company Election Not to Proceed”), then the commitments described in Sections 3(d)(v)(A) and 3(d)(v)(B) will apply. 

(A)    Further Development Activities Following a Company Election Not to Proceed 

(1)    If elected by the Foundation, and subject to the agreement of the Gates MRI, the Company will grant a license
equivalent to the Global Health License to the Gates MRI and a license in accordance with Section 3(d)(v)(B)(3) to the Manufacturing Partner identified pursuant to the process set forth below and will undertake associated technology transfer
activities to the extent reasonably required for the further development and manufacturing (if applicable) of the applicable Product pursuant to a development plan on reasonable market terms. 

(2)    If the Foundation does not make the election set forth in Section 3(d)(v)(A)(1) above, the Company will use
reasonable best efforts to identify a third party that is reasonably acceptable to the Foundation to continue development of the applicable Product (which third party may also be the Manufacturing Partner identified below). If a third party is not
selected to continue development of the applicable Product pursuant to the previous sentence, the Foundation will have the right to identify a third party that is not a Direct Competitor to continue development of the applicable Product (which third
party may also be the Manufacturing Partner identified below). The Gates MRI or the third-party identified pursuant to this clause 3(d)(v)(A)(2) is referred to as the “Development Partner”. 

  
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 (3)    The Company will grant a license equivalent to the Global Health
License to the Development Partner and, unless the Company is manufacturing all Product required by the Development Partner, a license in accordance with Section 3(d)(v)(B)(3) to the Manufacturing Partner identified pursuant to the process set
forth below if the Development Partner is not also the Manufacturing Partner, and will undertake associated technology transfer activities to the extent reasonably required for the further development of the Product. In addition, [***]. The Company
will notify the Foundation at least 10 days [***]. The Company may request from any Development Partner that (1) its name and/or logo must be appropriately displayed on any Product (or any related marketing materials, leaflets or packaging)
that will be distributed by any Foundation-supported Entity (which may include the Development Partners, Manufacturing Partners or sublicensees) under this Letter Agreement and (2) the Development Partner adequately mentions the Company as the
technology provider to the extent applicable in any public statements or disclosures relating to any Product. 

(B)    Further Manufacturing Activities Following a Company Election Not to Proceed: 

(1)    If requested by the Company, the Company shall have the right to manufacture all Product required by the
Development Partner under a manufacturing agreement to be concluded between the Company and the Development Partner. 

(2)    If the Company does not request to manufacture the Product and the Development Partner identified above is unable
or unwilling to manufacture the applicable Product, the Company will use reasonable best efforts to identify a third party that is reasonably acceptable to the Foundation to manufacture the Product, including considering in good faith potential
manufacturers proposed by the Foundation. The third-party identified pursuant to this Section 3(d)(v)(B)(2) with whom the Development Partner has concluded an agreement with respect to the manufacture of the Product is referred to as the
“Manufacturing Partner”. 
 (3)    The Company will grant a
non-exclusive license to the Manufacturing Partner to the extent required for the Manufacturing Partner to fulfill its manufacturing obligations related to the Product for the Development Partner for
Developing Countries and will undertake associated technology transfer activities on reasonable market terms to the extent reasonably required for the manufacturing of the Product. If [***]. The Company may request from any Manufacturing Partner
that (i) its name and/or logo must be appropriately displayed on any Product (or any related marketing materials, leaflets or packaging) manufactured by such Manufacturing Partner and (ii) the Manufacturing Partner adequately mentions the
Company as the technology provider to the extent applicable in any public statements or disclosures relating to any Product. 

(4)    If a Manufacturing Partner is not identified pursuant to Section 3(d)(v)(B)(2) , the Company will manufacture
the initial supply of the relevant Product required for the immediate planned clinical study and will continue to supply Product for subsequent trials until a Manufacturing Partner is identified. The Company will continue to apply reasonable best
efforts to identify a Manufacturing Partner during this time. 

  
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 (5)    If a Manufacturing Partner is not identified by the Company
within a reasonable time prior to market approval of the applicable Product, the Company will, provided it has a facility to provide commercial manufacturing quantities for the applicable Product, manufacture the commercial supply of the Product
under a contract manufacturing agreement to be concluded on reasonable market terms between the Company and the Development Partner until a suitable Manufacturing Partner is identified. If the Company does not have an adequate commercial
manufacturing capability to manufacture a sufficient quantity of the applicable Product and a Manufacturing Partner has not been identified, the Company will build such a facility (or increase the capacity of an existing facility) to meet the
manufacturing, commercialization and distribution requirements agreed by the Foundation and the Company in good faith in the relevant grant proposal document for the relevant Product. The funding for such build will be mutually agreed in good faith
in writing by the Foundation and the Company to fairly allocate the expected benefits between Developing Countries and developed countries. If at any time following the commencement of such build a Manufacturing Partner is identified, the Company
may choose (in its sole discretion) to either (X) initiate or continue (as the case may be) the manufacturing or (Y) grant a manufacturing license to such Manufacturing Partner and to provide technology transfer activities on reasonable
market terms to such Manufacturing Partner to the extent reasonably required for such manufacturing. For the avoidance of doubt, during the time that the Company is building a facility or increasing the capacity of an existing facility pursuant to
this Section 3(d)(v)(B)(5) , it will not be required to reduce the commercial manufacturing output at its existing facilities in order to accommodate manufacturing additional Products beyond what it has already committed to manufacture. 

(6)    For clarity, the licenses granted pursuant to Sections 3(d)(v)(A) and 3(d)(v)(B) (and associated technology
transfer obligations) will not be subject to any Exercise Events. These licenses and activities will be documented in agreements between the Company and the relevant party entered into as soon as reasonably possible. When a license is required to be
granted under the terms stated above, the relevant parties may agree to a broader license but under no circumstance (except for the license granted pursuant to Section 3(d)(v)(B)(3) ) will the license be more restrictive than the Global Health
License required under this Letter Agreement. All manufacturing and related activities to be performed by the Company under this Section 3(d)(v)(B) (including logistics, warehousing, transport, etc.) shall be charged by the Company at Fully
Loaded Costs of the relevant Product (excluding, for the avoidance of doubt, the manufacturing for developed countries which have been licensed to the Development Partner). 

(vi)    Prior to [***], as applicable: 

(A)    If [***]. 

(B)    If [***]. 

(vii)    If at any time the Foundation does not elect to proceed with additional work on a Project or further development
of a Product, including following a Foundation Election Not to Proceed, (A) the Global Access Commitments shall continue to apply with respect to the Funded Developments (and to the Platform Technology to the extent required to further develop
and commercialize the Funded Developments in accordance with this Letter Agreement) developed to, 

  
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or existing at the time the Foundation ceases to proceed with funding additional work or further development (but, for the avoidance of doubt, not with respect to any developments made by or on
behalf of the Company after such point if the Company decides to continue the development outside of the scope of this Letter Agreement), (B) the Foundation will have the right at any time to elect to proceed with additional work on such
Project or further development of such Product in accordance with this Section 3(d) and the Company will continue such development or, if the Company declines to continue such development as permitted in Section 3(d)(v), the commitments
described in Sections 3(d)(v)(A) and 3(d)(v)(B) will apply and (C) the Company will not grant to a third-party any rights or enter into any arrangements or agreements or otherwise take any actions that would limit or restrict the Global Access
Commitments with respect to the Funded Developments, including as described in subsections (A) and (B) above. 

(e)    Pandemic Response. If during the conduct of the HIV Project Statement of Work or TB Project Statement of Work
there is a need for an emergency response to a pandemic of an infectious disease that has not already been partnered with a third party [***], the Foundation can request the Company to accept a grant-funded project in response to such pandemic, and
the Company may elect to accept such funding at its sole discretion, which may include the development of a drug, vaccine or diagnostic, and the Company will negotiate in good faith with the Foundation to reach agreement on such pandemic response
project. 
 (f)    Access to Products Developed for Excluded Diseases. If the Company obtains regulatory approval
for any product(s) for the treatment or prevention of any of the Excluded Diseases and has not entered into a binding agreement with a third party on an exclusive basis with respect to the manufacturing, distribution and/or commercialization of such
product, then the Company agrees to consider in good faith any request from the Foundation regarding providing access to such product in Developing Countries at an affordable price. The parties acknowledge that if the Foundation requests such
access, providing access may require further financial support from the Foundation or a Foundation-supported Entity to the Company. For clarity, under no circumstances will any of the Excluded Diseases be the subject of any Additional Project unless
agreed by the Company in its sole discretion. 
 (g)    Receipt and Continuation of Licenses. The Company shall
continue to maintain all necessary licenses and rights with respect to the Platform Technology and Funded Developments needed to perform the Global Access Commitments. If the Company wishes to discontinue any such license or right, it shall request
the Foundation’s prior written approval (which shall not be withheld by the Foundation unreasonably). In the event that licenses described in the previous sentence are received from one or more Foundation-supported Entities, then in addition to
and without jeopardizing such licenses, the Company will have the right at its own cost and without assistance from the Foundation to seek to negotiate with such Foundation-supported Entity(ies) the right to also use such licensed intellectual
property for other applications. 
 (h)    Pricing and Volume Commitments. The Company will make available in
Developing Countries all Products developed and commercialized pursuant to a Project (i) at or below the price set forth in the applicable TPP and (ii) in quantities meeting or exceeding those set forth in the applicable statement of work
(or other applicable global access agreements between the Foundation and the Company), provided that if the Fully Loaded Costs exceed the price set 

  
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forth in the applicable TPP then the Company will make such Product available at the Fully Loaded Costs, unless the parties mutually agree otherwise. If a Product is to be sold at Fully Loaded
Costs in accordance with the foregoing provision, and the relevant buyer is an affiliate or any other related person (nahestehende Person) within the meaning of the German tax law of the Foundation, then the Company will make such Product
available to such relevant buyer at Fully Loaded Costs plus an arm’s-length markup of up to 10% (as applicable), provided, however, that (x) the competent German tax office responsible for the
taxation of the Company confirmed in a binding ruling (verbindliche Auskunft) pursuant to Sec. 89 para. 2 of the German Tax Code (Abgabenordnung) that a sale at Fully Loaded Costs without a profit markup would otherwise result in a
hidden profit distribution (verdeckte Gewinnausschüttung) under German tax law and the Company and the Foundation have, in good faith, agreed on a then applicable profit mark-up of up to 10% or
(y) a respective markup is applied with the Foundation’s prior written consent. Due to [***], it is likely that [***]. 

(i)    Build Out of Infectious Diseases Capabilities. Within [***] of the Closing of the Foundation Investment, the
Company will implement a plan for the build out of the Company’s infectious disease capabilities, excluding manufacturing, that is reasonably acceptable to the Foundation. Such plan will include [***] and further development of the Platform
Technology in order to enable the Company to conduct the HIV Project, the TB Project and any Additional Projects and achieve the Global Access Commitments. The Company will submit any subsequent proposed changes to such plan in advance to the
Foundation for approval (which approval shall not be unreasonably withheld or delayed). The Company will complete the build out according to the approved plan utilizing a portion of the Foundation Investment. In addition, the Company will provide
information to the Joint Steering Committee regarding the Company’s plans for the build out of manufacturing capabilities to produce infectious disease products as such plans become available. 

(j)    Joint Steering Committee. The Foundation and the Company will each designate three individuals who are
subject matter experts to be part of a joint steering committee (the “Joint Steering Committee”) that will provide a forum for discussion of the application of the Platform Technology and the progress of each of (i) the HIV
Project, (ii) the TB Project and (iii) all Additional Projects. The Joint Steering Committee will decide [***]. A decision by the Joint Steering Committee [***] shall not in any way limit or restrict the Foundation’s right to continue
further development of such Project or any other Project in accordance with Section 3(d). For the avoidance of doubt, the Joint Steering Committee shall have no authority to amend any statement of work with respect to a Project and any such
amendment requires the mutual agreement of the Foundation and the Company. 
 The Joint Steering Committee will meet at least once quarterly
via teleconference and at least once annually in-person. With the agreement of both the Foundation and the Company and subject to the execution of appropriate confidentiality agreements, third parties may be
invited from time to time to participate in certain Joint Steering Committee discussions. Decisions made at the Joint Steering Committee must be mutually agreed upon by each of a majority of the individuals designated by the Foundation and a
majority of the individuals designated by the Company; provided that if the Joint Steering Committee determines that a change is needed to the scope of work for the HIV Project or TB Project and such change would require a change to the

  
 13 

 
Platform Technology that the Company reasonably believes has a low probability of scientific or technical success or is reasonably likely to have a material adverse effect on the Company, then
such change will require the Company’s consent. Other than the decision described in the preceding sentence, [***], then such matter will be considered a Dispute and will be resolved in accordance with the dispute resolution procedure set forth
in Section 20. 
 (k)    Publication; Access to Data and Information. The Company will (in addition to
the publication requirements of any grant agreement with the Foundation): 
 (i)    publish the results and information
developed in connection with each Project within a reasonable period of time after such information or results are obtained, subject to reasonable delays or limitations on content of such publications that are necessary to protect intellectual
property and trade secrets covering the development and Platform Technology itself. All publications must be made in accordance with “open access” terms and conditions consistent with the Foundation’s Open Access Policy (available at:
http://www.gatesfoundation.org/ 
How-We-Work/ General-Information/ Open-Access-Policy), which may be
modified from time to time; and 
 (ii)    promptly provide to the Foundation from time to time, upon the
Foundation’s request and in a format that is acceptable to the Foundation, access to data and information regarding the Projects (including information necessary and sufficient to support the utilization of the Company’s Platform
Technology by partners who are collaborating on the Projects as set forth in the applicable statement of work (taking into account the need to protect the intellectual property of such Platform Technology)), the reasonably contemplated use of the
Platform Technology and Funded Developments for such Projects (taking into account the need to protect the intellectual property of such Platform Technology), and the considerations made by the Company with respect to accessibility, affordability
and cost effectiveness. 
 (l)    No Inconsistent Rights. The Company will not grant to a third-party any rights
or enter into any arrangements or agreements that would limit or restrict the Foundation’s or a Foundation-supported Entity’s ability to exercise its rights or the Company’s ability to perform its obligations under this Letter
Agreement (including the Global Health License and the Foundation’s right to require Additional Projects from the list of diseases set forth in Part A of Appendix C). The Foundation will not be required to take any action or enter into
any arrangement or agreement that would limit or restrict the Foundation’s ability to exercise its rights under this Letter Agreement. 

(m)    Global Health License. 

(i)    Global Health License. In connection with and relating to the Projects, the Company hereby grants the
Foundation, effective immediately, a worldwide, non-exclusive, non-terminable (subject to the terms of any relevant in-licenses),
perpetual, royalty-free license (with the right to sublicense with the limitations specified in this Letter Agreement) under the Funded Developments and the Platform Technology to the extent required to use, reproduce, modify, make, distribute,
sell, offer-for-sale, import, and otherwise dispose of any Product for the purpose of benefiting poor and needy people in Developing Countries (“Global Health
License”). The 

  
 14 

 
Global Health License is a presently granted license. To the extent the foregoing Global Health License includes the grant of sublicense rights under intellectual property rights owned by a third
party, the grant of such rights is made subject to the terms and conditions of the in-license agreements that are in existence and disclosed to the Foundation prior to the date of this Letter Agreement and set
forth in Appendix F. As consideration for the Global Health License and the licenses granted pursuant to Sections 3(d)(v)(A) and 3(d)(v)(B) only, the Foundation will make a onetime lump sum payment to the Company in the amount of [***] (the
“License Fee”). The License Fee is due and payable within ten (10) Business Days after Closing of the Foundation Investment. 

(ii)    [***]. 

(iii)    Exercise Events. The Foundation will not exercise its rights under the Global Health License (including its
sublicensing rights) unless at least one of the following occurs (each, an “Exercise Event”): 

(A)    a Charitability Default; or 

(B)    the Company (including any successors or assigns or Affiliates holding intellectual property rights applicable to
the Projects) (1) institutes any bankruptcy, insolvency proceeding, appointment of a receiver, trustee and/or (preliminary) insolvency administrator or (preliminary) custodian, or legal proceedings in relation to a suspension of payments,
moratorium of any indebtedness, reorganization (in either case for the release of financially distressed debtors), general assignment for the benefit of creditors, winding-up, dissolution, liquidation or
similar proceeding relating to it under the laws of any jurisdiction or (2) any such proceeding is instituted against the Company which remains undismissed or unstayed for a period of [***] days or (3) ceases to conduct business in the
ordinary course or is determined to no longer be a going concern, or – in case German insolvency laws do apply, is unable to pay its debts as they fall due within the meaning of Section 17 of the German Insolvency Code or is over-indebted
within the meaning of Section 19 of the German Insolvency Code. 
 If either the Foundation or the Company becomes aware of an Exercise
Event, it will promptly notify the other party in writing of the occurrence of such Exercise Event; provided that failure by the Foundation to provide such notice will not affect the Foundation’s rights hereunder. 

(iv)    Limitations on Sublicense Rights. The right to sublicense included in the Global Health License is to
(A) the Funded Developments and (B) Platform Technology; provided that in the case of Platform Technology, the right to sublicense is limited to the Platform Technology that is required to exploit the applicable Product(s). In addition,
the Foundation will notify the Company in advance of granting a sublicense to such Funded Developments and/or Platform Technology and the Company will have the right to object to such sublicense if (1) [***] or (2) [***]. The Foundation will require
any sublicensee to agree to comply with the applicable terms of this Letter Agreement, including the obligations related to the de-blocking license pursuant to Section 3(m)(ii) above. 

  
 15 

 (n)    Cooperation; Technology Transfer. In connection with the
Foundation’s exercise of the Global Health License and subject to the limitations in this Section 3(n), the Company will take further actions, including technology transfer (subject to appropriate confidentiality obligations), as would be
commercially reasonable industry practice at the time with respect to enabling the Foundation or a proposed sub-licensee to effectively exercise the applicable Global Health License for the sole purpose of
using the licensed technology in order to develop and manufacture the relevant Products for the purpose of benefiting people in Developing Countries (including the right to reference regulatory filings related to the applicable Products). 

The technology transfer commitments described above apply to (i) the Funded Developments and (ii) Platform Technology; provided that
in the case of Platform Technology, the technology transfer commitments will only apply to Platform Technology that is required to exploit the applicable Product(s). In addition, the Company will have the right to object to the technology transfer
obligations with respect to the Funded Developments and relevant Platform Technology listed above [***]. 
 If the Foundation is not able to
identify a potential sublicensee, [***], then [***] will apply. 
 (o)    Intellectual Property Rights. The
Company represents and covenants that [***]. 
 (p)    Duration of Global Access Commitments. The Global Access
Commitments (including with respect to the Funded Developments (and to the Platform Technology to the extent covered by the Global Health License and the licenses granted pursuant to Sections 3(d)(v)(A) and 3(d)(v)(B))) will be ongoing and will
continue for as long as the Foundation exists. 
 (q)    Responsibility. The Company will be solely responsible
and liable for all activities related to the conduct of the Projects. In no event shall the Foundation be a sponsor of any clinical trial, study, product, registration, or marketing authorization or the like. 

(r)    Direct Competitors. If at any time during the term of this Letter Agreement the Company reasonably
establishes that a [***], then the Company [***]. The Foundation [***]. The Company agrees [***]. 
 4.    Survival of
Global Access Commitments. 
 In the event of (i) any Acquisition Transaction or (ii) the sale, exclusive license, or
other transfer of the Platform Technology or the Funded Developments, the Global Access Commitments will survive and be assumed in full by the purchaser, transferee, licensee, or acquirer either in a written agreement that is reasonably acceptable
to the Foundation or by operation of law (if the Company is the surviving entity in the Acquisition Transaction) and the Company will take all action necessary to ensure such assumption. Upon request, the Company will provide a redacted copy of the
underlying transaction documents to the Foundation evidencing such assumption (or continuation of the Company as the surviving entity). For clarity, notwithstanding anything to the contrary in this Letter Agreement, the Foundation’s rights
hereunder that exist on the date of the Acquisition Transaction or sale, exclusive license, or other transfer of the Platform Technology or the Funded Developments will not be terminated by such transaction. 

  
 16 

 5.    Withdrawal Right. 

(a)    The Foundation has a Withdrawal Right on the terms set forth in the Investment Agreement. The Company agrees that
the Withdrawal Right will remain in effect for so long as the Foundation holds any equity interests in the Company and if for any reason the Withdrawal Right is removed from the Investment Agreement or the Investment Agreement is amended or
terminated while this Letter Agreement remains in effect, the terms of the Withdrawal Right will continue in full force and effect as if contained in this Letter Agreement. 

(b)    Notwithstanding any exercise of the Withdrawal Right, the Foundation will continue to be entitled to enforce its
rights under the Global Access Commitments and in relation to any agreed Projects. 
 6.    Required
Reporting; Audit Rights. 
 (a)    In addition to reports required to be delivered to the
Foundation under the Investment Documents, the Company will furnish, or cause to be furnished, to the Foundation the following reports and certifications: 

(i)    within 90 days after the end of each of the Company’s fiscal years during which the Foundation owns any
securities in the Company, a certificate from the Company signed by an officer of the Company and substantially in the form attached to this Letter Agreement as Appendix G, certifying that the requirements of the Foundation Investment
set forth in this Letter Agreement were met during the immediately preceding fiscal year, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward achieving the Global Access Commitments; 

(ii)    within 90 days after the end of the Company’s fiscal year during which the Foundation ceases to own any
securities in the Company, a certificate from the Company signed by an officer of the Company and substantially in the form attached to this Letter Agreement as Appendix H, certifying that the requirements of the Foundation Investment
set forth in this Letter Agreement were met during the term of the Foundation Investment, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward achieving the Global Access Commitments; 

(iii)    promptly after receipt or submission by the Company, copies of all filings, submissions, reports, communications,
inspection reports, Form 483, Warning Letters, Medical Device Reports (MDRs), notices of recall or withdrawal, and all other written communications, received from or provided to any regulatory authority, including but not limited to FDA and health
authorities in Germany, relating to safety concerns in relation to any Product; 
 (iv)    any other information
respecting the operations, activities and financial condition of the Company as the Foundation may from time to time reasonably request to discharge any expenditure responsibility, within the meaning of Sections 4945(d)(4) and 4945(h) of the Code,
of the Foundation with respect to the Foundation Investment, and to otherwise monitor the charitable benefits intended to be served by the Foundation Investment. The Foundation will reimburse the Company for any reasonable third-party expenses
incurred by the Company in order 

  
 17 

 
to prepare any information the Company is required to prepare solely as a result of this Section 6(a)(iv); and 

(v)    full and complete financial reports of the type ordinarily required by commercial investors under similar
circumstances to the extent required pursuant to Treasury Regulation 53.4945-5(b)(4). 

(b)    At the Foundation’s reasonable request, the Company will provide the Foundation with a summary of scientific
data and progress to date on all Projects and any Platform Technology related to the foregoing, and the considerations made by the Company with respect to accessibility, affordability and cost-effectiveness of the applicable Products for people and
payors in Developing Countries, in addition to the information that may be required under any grant agreements or other funding agreements. 

(c)    Without limiting the foregoing, at the Foundation’s written request, the Company will permit the Foundation or
its Representatives to inspect (at a reasonable time during regular office hours and in a way that does not unnecessarily interfere with the Company’s activities) the scientific records of the Company relating to each Project with due regard to
the reasonable need to protect trade secrets covering the Platform Technology and provided that the relevant persons performing the inspection are subject to reasonable confidentiality undertakings. Any such inspection must be notified at least ten
(10) Business Days in advance. In such notice, the Foundation shall specify in reasonable detail the scientific records it would like to inspect. The Foundation or its Representative will not be allowed to take any copies of any records
disclosed within the framework of the inspection without the Company’s consent, which consent will not be unreasonably withheld. 

(d)    The Company shall maintain books and records adequate to provide such information as is necessary to comply with
Treasury Regulations section 53.4945-5(b)(4), as amended from time to time, including accounting records and copies of any reports submitted to the Foundation related to each Project, and shall provide the
Foundation upon request access to such books and records to the extent required in Treasury Regulation 53.4945-5(b)(4). The Company will retain such books, records, and reports for [***] years after the
Foundation ceases to hold any Company securities and will make such books, records, and reports available to the Foundation upon request at reasonable times to enable the Foundation to monitor and evaluate how the Foundation’s funds have been
used. 
 (e)    The Company will permit an international accounting firm reasonably acceptable to the Company at any
reasonable time and upon reasonable prior notice, during normal business hours, to examine or audit the Company’s books and accounts of record and to make copies of the same to the extent reasonably required for such audit, in each case at the
Foundation’s expense, to audit the Company’s compliance with the use of the Foundation Investment and the Global Access Commitments. If the Company maintains any records (including computer-generated records and computer software programs
for the generation of such records) in the possession of a third party, the Company, upon request of the Foundation, will notify such party to permit the accounting firm access to such records at all reasonable times and to provide the accounting
firm with copies of any records it may reasonably request in connection with such audit, request or inquiry, all at the 

  
 18 

 
Foundation’s expense. The Foundation may exercise its audit right under this Section 6(e) no more than once in any calendar year and no more than once for the same books and records;
provided that in the event the Company has previously been found to have been in breach the Foundation shall have the right to request an audit once per calendar quarter. In addition, any access shall be subject to reasonable confidentiality
undertakings to be assumed by the accounting firm towards the Company. 
 7.    Assignment. 

Notwithstanding anything in this Letter Agreement or any Investment Document to the contrary, the Foundation will have the right to assign
this Letter Agreement or transfer the Foundation Securities to (a) any successor charitable organization of the Foundation from time to time that is a tax-exempt organization as described in
Section 501(c)(3) of the Code, or (b) any tax-exempt organization as described in Section 501(c)(3) of the Code controlled by one or more trustees of the Foundation. The Foundation will notify
the Company of any such assignment, including the identity of the assignee, in a timely manner. Any further assignment of this Letter Agreement by the Foundation or the Company shall require the other party’s prior written consent which shall
not be unreasonably withheld or delayed. For the avoidance of doubt, if the Foundation transfers the Foundation Securities as permitted by this Section 7, the Foundation may assign to any such transferee all of its rights attached to such
Foundation Securities, including the Withdrawal Right. 
 8.    Prohibited Uses. 

The Company will not expend any proceeds of the Foundation Investment to carry on propaganda or otherwise to attempt to influence legislation,
to influence the outcome of any specific public election or to carry on, directly or indirectly, any voter registration drive, or to participate or intervene in any political campaign on behalf of or in opposition to any candidate for public office
within the meaning of Section 4945(d) of the Code. The proceeds of the Foundation Investment will not (a) be earmarked to be used for any activity, appearance or communication associated with the activities described in the foregoing
sentence, nor (b) be intended for the direct benefit, and will not benefit, any person having a personal or private interest in the Foundation, including descendants of the founders of the Foundation, or persons related to or controlled by,
directly or indirectly, such private interests. 
 For the avoidance of doubt, the Company will not use the funds received from the
Foundation to pay a dividend or redeem shares. 
 9.    Disqualified Person.  

Neither the Company nor (to the Company’s Best Knowledge (as defined in the Investment Agreement)) any stockholder of the Company is a
“disqualified person” with respect to the Foundation (as the term “disqualified person” is defined in Section 4946(a) of the Code). The Foundation does not, and one or more disqualified persons with respect to the Foundation
do not, directly or indirectly, control the Company. 
 10.    Anti-Terrorism. 

  
 19 

 The Company will not use any portion of the Foundation Investment, directly or indirectly,
in support of activities (a) prohibited by U.S. laws related to combatting terrorism; (b) with persons on the List of Specially Designated Nationals (www.treasury.gov/sdn) or entities owned or controlled by such persons; or (c) with
countries or territories against which the U.S. maintains comprehensive sanctions (currently, Cuba, Iran, Syria, North Korea, and the Crimean Region of Ukraine), unless such activities are fully authorized by the U.S. government under applicable law
and specifically approved by the Foundation in its sole discretion. 
 11.    Anti-Corruption and Anti-Bribery.

 The Company will not offer or provide money, gifts, or any other things of value directly or indirectly to anyone in order to improperly
influence any act or decision relating to the Foundation or any activities contemplated by this Letter Agreement, including by assisting any party to secure an unlawful advantage. Training and information on compliance with these requirements are
available at www.learnfoundationlaw.org. 
 12.    Public Reports; Use of Name. 

The Foundation may include information about this investment in its periodic public reports and may make the investment public at any time on
its web page and as part of press releases, public reports, speeches, newsletters and other public documents, and to the extent required by applicable law or regulation. In addition, the parties agree that the Company may issue a press release in
relation to the execution of this Letter Agreement and the Investment Documents, provided that such press release has been approved in advance by the Foundation in writing. Any other announcement of the Foundation Investment by any other party,
including the Company, its Representatives, directors, stockholders and agents, or any investor, will require the Foundation’s prior written approval. Such parties will also obtain the Foundation’s prior written approval for any other use
of the Foundation’s name or logo in any respect; provided, however, that the Company may use the Foundation’s name for any uses that have been pre-approved in writing by the Foundation.
Notwithstanding the foregoing, the Foundation’s name and logo will not be used by any party in any manner to market, sell or otherwise promote the Company, its products, services and/or business. The Foundation shall use reasonable efforts to
adequately mention the Company as the technology provider in any public statements or disclosures relating to the Platform Technology. 

13.    Confidentiality.  

(a)    As used herein “Confidential Information” means
non-public and proprietary or sensitive information of a party (the “Disclosing Party”) relating to the Disclosing Party’s or its Affiliate’s business, finance and operations,
including but not limited to the Disclosing Party’s research and/or development plans and clinical data, as well as information in relation to the Disclosing Party’s intellectual property, services, processes, customers, strategies, and
technologies, that is disclosed (whether orally or in writing) prior or after the date of this Letter Agreement (including information disclosed under the Confidentiality Agreement executed by the parties on 8 March 2018, as amended) to the
party receiving such Confidential Information (the “Receiving Party”) and is identified as confidential at the time of disclosure to the Receiving 

  
 20 

 
Party, or ought in good faith to be regarded as confidential in view of the nature of the relevant information and/or the circumstances of disclosure. 

(b)    The Company agrees not to disclose any Protected Health Information to the Foundation without the prior written
consent of the Foundation. In the event that, during the term of this Letter Agreement, the Company or its Affiliates submit to the Foundation or its Affiliates a written proposal for project funding, or to the extent any Project is currently or
subsequently funded by the Foundation, the Company acknowledges nothing in this Letter Agreement will place any obligation of confidentiality or non-use on information submitted to the Foundation or any of its
Affiliates within any (a) Proposal Narrative or Investment Document; (b) Global Access Modules and Intellectual Property Reports; (c) Measurement and Evaluation (M&E) Planning Module;
(d) Clinical Studies and Regulated Research Module; (e) Data Access Module; (f) Budget and Budget Narrative; (g) Results Framework and Tracker; (h) Progress Narratives;
(i) Final Narrative; (j) Deliverable & Milestone Narrative; (k) Expenditure Responsibility Reports; (l) Pre-grant Inquiry (PGI)
Questionnaire; (m) Global Access Strategies, Global Access agreements, and milestones; or that is contained with (n) the Intervention TPP or (o) the Grant Agreement. For clarity, the documents
referenced in (a) to (o) and highlighted in italics above refer to standard documents used by the Foundation in relation to the funding of projects. 

(c)    Except as expressly provided herein, a Receiving Party will not: (i) disclose any Confidential Information
received from a Disclosing Party hereunder other than on a need to know basis to its Affiliates and its and their respective trustees, directors, officers, employees, representatives, consultants and agents (collectively,
“Representatives”) who are subject to similar terms of confidentiality, or (ii) use the Confidential Information other than in furtherance of the performance of this Letter Agreement. The Receiving Party will protect the
Confidential Information by using the same degree of care, but no less than a reasonable degree of care, as the Receiving Party uses to protect its own confidential information. 

(d)    Nothing in this Letter Agreement will be interpreted as placing any obligation of confidentiality or non-use on the Receiving Party with respect to any information that the Receiving Party can demonstrate or provide reasonable evidence: (i) is in or enters the public domain through no fault of the Receiving
Party; (ii) is already in the possession of the Receiving Party prior to receipt of Confidential Information from the Disclosing Party without breach of any confidentiality restriction; (iii) is obtained by the Receiving Party from a third
party who is not under an obligation of confidentiality to the Disclosing Party and which has the lawful right to make such disclosure; (iv) is approved for disclosure by the consent of the Disclosing Party; (v) is independently developed
by the Receiving Party or its Representatives without reference to the Disclosing Party’s Confidential Information; (vi) is required to be disclosed pursuant to the rules of any listing authority or stock exchange on which its securities
are listed or (vii) is required to be disclosed pursuant to law, regulation or court order. In the event that Confidential Information is required to be disclosed by the Receiving Party pursuant to law, regulation or court order or rules of any
listing authority or stock exchange on which its securities are listed, the Receiving Party shall make all reasonable efforts to notify the Disclosing Party of such requirement, in order to allow the Disclosing Party to seek a protective order or
seek confidential treatment of such information. 

  
 21 

 (e)    Nothing in this Letter Agreement shall prohibit the Foundation
from any of the following: (i) analyzing the Confidential Information; (ii) comparing the Confidential Information to information in the possession of the Foundation; or (iii) making any grant or other investment to, or entering into
any agreement with, any third party, including a Direct Competitor, in furtherance of the Foundation’s charitable purpose. 

(f)    Except as otherwise required by law and upon the request of the Disclosing Party, following the term of this Letter
Agreement, the Receiving Party will either return to the Disclosing Party, or destroy all Confidential Information, except that the Receiving Party may retain copies of Confidential Information for archive and compliance purposes. 

(g)    If at any time the Company or any of its Affiliates has a class of securities that is publicly traded, the Company
will notify the Foundation in writing when it provides the Foundation with any Confidential Information that the Company believes constitutes material non-public information which contains insider information
and will identify such Confidential Information. 
 (h)    The confidentiality provisions of this Section 13 with
respect to Confidential Information will survive for a period of [***], except in the case of (i) Confidential Information contained in third party agreements that have a term of confidentiality that extends beyond such period, in which case
the duties of non-use and non-disclosure of such Confidential Information shall survive for such period as stated in the applicable agreement and (ii) Confidential
Information that constitutes a trade secret under applicable law, in which case the non-use and non-disclosure of such Confidential Information shall survive for such
period as long as such Confidential Information is regarded a trade secret under applicable law. 
 (i)    The
confidentiality provisions of this Section 13 shall supersede and replace the confidentiality provisions agreed under the Confidentiality Agreement executed by the parties on 8 March 2018, as amended and, as of the date of this Letter
Agreement, all Confidential Information exchanged under such Confidentiality Agreement shall be exclusively governed by the terms of this Section 13. 

14.    Indemnification. 

The Company will indemnify, hold harmless, and defend the Foundation and its co-chairs, trustees,
directors, officers, employees, agents, and Representatives (collectively, the “Indemnitees”) from and against any and all third party causes of action, claims, suits, legal proceedings, judgments, settlements, damages, penalties,
losses, liabilities and costs (including reasonable attorneys’ fees and costs) (each a “Claim”) finally awarded to such third party by a court of competent jurisdiction against any of the Indemnitees or agreed to as part of a
monetary settlement of the Claim (in the case of a settlement, to which the Company has agreed in writing, such agreement not to be unreasonably withheld or delayed) and arising out of or relating to: (a) bodily injury, death or damage
(property or otherwise) caused by any wrongful acts or omissions of the Company, including any development or commercialization or distribution activities carried out by the Company which does not comply with applicable laws, regulations or rules in
connection therewith; or (b) any Claim that the Platform Technology, any Funded Development or any Product (but excluding, for the avoidance of doubt, any Claim relating to any modification 

  
 22 

 
or improvement made to any Product by or on behalf of the Foundation by a third-party other than the Company or its Affiliates (including by Development Partners, Manufacturing Partners and
sublicensees) outside or after the completion of a Project) infringes upon a patent, proprietary, or other intellectual property right of a third-party. The Foundation will give the Company prompt written notice of any Claim subject to
indemnification; provided, that the Foundation’s failure to promptly notify the Company will not affect the Company’s indemnification obligations except to the extent that the Foundation’s delay prejudices the Company’s ability
to defend the Claim. The Company will have sole control over the defense and settlement of each and every Claim, with counsel of its own choosing which is reasonably acceptable to the Foundation; provided, that the Company conducts the defense
actively and diligently at the sole cost and expense of the Company and provided further that the Company will not enter into any settlement that adversely affects any Indemnitee without the applicable Indemnitee’s prior written consent, such
consent not to be unreasonably withheld, conditioned or delayed. The Foundation will provide the Company, upon request, with reasonable cooperation in connection with the defense and settlement of the Claim. Subject to the Company’s rights
above to control the defense and settlement of Claims, the Foundation and any Indemnitee may, at its own expense, employ separate counsel to monitor and participate in the defense of any Claim under this Section 14. 

The parties will not be liable to each other for any indirect, incidental, consequential, or special damages (including lost revenues, lost
savings, or lost profits suffered by such other party) suffered by such other party arising under or in connection with this Letter Agreement, regardless of the form of action, whether in contract or tort, including negligence of any kind, whether
active or passive, and regardless of whether the party knew of the possibility that such damages could result; provided, that to the extent an Indemnitee is entitled to be indemnified hereunder for Claims of third parties and such third party has
been awarded indirect, incidental, consequential, reliance, or special damages (including lost revenues, lost savings, or lost profits), the Company’s indemnification obligations to the Indemnitee will extend to and include such third
party’s indirect, incidental, consequential, reliance, or special damages (including lost revenues, lost savings, or lost profits). The parties further agree that under no circumstances will any party be liable to the other party (or to
any Indemnitee) more than once for the same losses arising under or in connection with this Letter Agreement. 

15.    Insurance. 

The Company agrees to maintain insurance coverage sufficient to cover the activities, risks, and potential omissions in respect of the work
contemplated by or in connection with this Letter Agreement in accordance with generally-accepted industry standards and as required by law. 

16.    Compliance with Laws and Requirements; Responsibility.  

The Company will comply with all applicable laws, regulations, and rules and has not and will not knowingly infringe any patents of any third
party related to the Projects or this Letter Agreement. The Company has not and will not infringe, misappropriate or violate any copyrights, trade secrets, privacy or publicity rights, or other intellectual property rights (other than patents, which
are covered by the preceding sentence) of any third party related to the Projects or this Letter Agreement. The Company will conduct, control, manage, and monitor all work performed in connection with or as contemplated by this Letter Agreement
using the Foundation Investment in 

  
 23 

 
compliance with all applicable ethical, legal, regulatory, and safety requirements and obtain and maintain all necessary approvals, consents, and reviews for such activities. If any work
conducted by the Company in connection with or as contemplated by this Letter Agreement involves: 
 (a)    Protected
Health Information, the Company will not disclose any Protected Health Information to the Foundation; 
 (b)    children,
students, or vulnerable subjects, the Company will obtain any necessary consents and approvals unique to these subjects; or 

(c)    any trial involving human subjects, the Company will adhere to current Good Clinical Practice as defined by the
International Council on Harmonisation (ICH) E-6 Standards (or local regulations if more stringent) and will obtain applicable trial insurance. 

The Company will be solely responsible and liable for all activities related to the conduct of any work conducted by the Company as contemplated by or in
connection with this Letter Agreement. Any activities by the Foundation in reviewing documents and providing input or funding do not modify the Company’s responsibility, including responsibility for determining and complying with the provisions
of this Section 16. 
 17.    Specific Performance. 

The Company acknowledges and agrees that the Foundation would be damaged irreparably in the event that Sections 2, 3, 4, 5, 8, 9, 10, 11 or 12
of this Letter Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, the Company agrees that, without posting bond or other undertaking, the Foundation will be entitled to an
injunction or injunctions to prevent breaches or violations of such provisions of this Letter Agreement and to enforce specifically this Letter Agreement and the terms and provisions hereof in any action instituted in any court having jurisdiction
over the Company and the matter in addition to any other remedy to which it may be entitled, at law or in equity. For clarity, nothing in this Letter Agreement shall limit the Foundation’s right to seek an injunction or injunctions to prevent
breaches or violations of any other provisions of this Letter Agreement, provided that it has posted bond or other security in accordance with applicable laws. The Company further agrees that, in the event of any action for specific performance in
respect of such breach or violation, it will not assert the defense that a remedy at law would be adequate. 

18.    Entire Agreement; Modification.  

The terms and conditions set forth in this Letter Agreement are in addition to the provisions stated in the other Investment Documents and the
terms and conditions of this Letter Agreement will prevail over any inconsistent provision in any other Investment Document and supersede any prior understandings and agreements, either oral or in writing, between the parties with respect to the
subject matter hereof. In addition, the terms and conditions in the body of this Agreement will prevail over any inconsistent provision in the HIV Project Statement of Work or TB Project Statement of Work. No change, modification or waiver of any
term or condition of this Letter Agreement will be valid unless it is in writing, it is signed by the party to be bound, and it expressly refers to this Letter Agreement. 

  
 24 

 19.    Authority; Governing Law. 

Each of the signatories below covenants, represents and warrants that he, she or it had all authority necessary to execute this Letter
Agreement and that, on execution, this Letter Agreement will be fully binding and enforceable in accordance with its terms, and that no other consents or approvals of any other person or third parties are required or necessary for this Letter
Agreement to be so binding. This Letter Agreement will be governed by the laws of the State of New York, U.SA. irrespective of the principal place of business, residence or domicile of the parties hereto and without giving effect to otherwise
applicable principles of conflicts of law that would give effect to the laws of another jurisdiction. 
 20.    Dispute
Resolution 
 The parties will resolve any dispute, controversy or claim arising out of or relating to this Letter Agreement, or the
breach, termination or invalidity hereof (“Dispute”) in accordance with this Section 20. 

(a)    Designated Representatives; Escalation to CEOs. If a Dispute arises, the parties will each appoint a
designated representative whose task it will be to meet for the purpose of endeavoring to resolve such Dispute. The designated representatives shall meet as often as the parties reasonably deem necessary to discuss the problem in an effort to
resolve the Dispute without the necessity of any formal proceeding. If such representatives are unable to resolve the Dispute within twenty (20) Business Days after the Dispute is submitted to them, the Dispute shall be immediately referred by
written notice to the Chief Executive Officer of the Company and the President of Global Health (or any equivalent successor position) or the Chief Executive Officer of the Foundation. No settlement reached under this Section 20(a) shall be
binding on the parties unless reduced to a writing signed by the parties. The existence and substance of the negotiations pursuant to this Section 20(a) shall be considered confidential under this Letter Agreement, shall be treated as
compromise and settlement negotiations for purposes of Federal Rule of Evidence 408 and any comparable provision, and shall not be used by any party in any court, agency or tribunal in any country for any reason. If such officers are unable to
resolve such Dispute within twenty (20) Business Days after the Dispute is submitted to them, then the Dispute shall be submitted to arbitration in accordance with this Section 20. 

(b)    AAA Arbitration. 

(i)    Any Dispute that has not been resolved pursuant to Section 20(a) shall be referred to and finally resolved by
arbitration in New York, N.Y., U.S.A., pursuant to the Commercial Arbitration Rules of the American Arbitration Association. It is the intent of the parties that, barring extraordinary circumstances, the arbitration proceedings shall be concluded
within six (6) months from the date the arbitrator is confirmed. The parties may agree to extend this time limit or the arbitrator may do so in its discretion for a period of up to an additional three (3) months, if it determines that the
interest of justice so requires. The arbitrator shall use its best 

  
 25 

 
efforts to issue the final award or awards within such time period. Failure to adhere to this time limit shall not be a basis for challenging the award. 

(ii)    The arbitration shall be conducted by a single, neutral arbitrator who shall be experienced in the field of the
Dispute and shall have no ongoing business relationship with any party. Such arbitrator shall be selected by mutual agreement of the parties or, in the absence of such agreement, by the New York office of the American Arbitration Association. The
arbitrator may grant legal, equitable and monetary relief and shall award to the prevailing party such party’s costs and expenses incurred in connection with the arbitration and the collection of judgment, including reasonable attorneys’
fees. In no case, however, shall indirect, incidental, consequential, or special damages (including lost revenues, lost savings, or lost profits) be awarded by the arbitrator, except as permitted by Section 14. Judgment upon the award rendered
by the arbitrator shall be binding, final and non-appealable (absent manifest error) and may be entered and enforced in any court having jurisdiction thereof. The language used in the arbitration proceedings
shall be English. 
 (iii)    No information concerning a Dispute and any related arbitration, beyond the names of the
parties and the relief requested, may be unilaterally disclosed to a third party by any party unless required by law. Any documentary or other evidence given by a party or witness in the arbitration shall be treated as confidential by any party
whose access to such evidence arises exclusively as a result of its participation in the arbitration and shall not be disclosed to any third party (other than a witness or expert), except as may be required by law. 

(c)    Obligation to Continue Performance Pending Resolution of a Dispute. Both parties agree to continue
performing their obligations under this Letter Agreement pending the resolution of any Dispute that is being resolved hereunder unless and until such obligations are terminated or expire in accordance with the provisions of this Letter Agreement.

 (d)    Judicial Procedure. Notwithstanding the foregoing, and without waiting for the expiration of the time
periods set forth above, each party shall have the right to apply to any court of competent jurisdiction for appropriate interim or provisional relief, as necessary to protect its rights or property. Furthermore, nothing herein shall prevent the
parties from resorting to a court of competent jurisdiction in those instances where preliminary injunctive relief would be appropriate, pending final resolution of the Dispute through arbitration. Nothing in this Section 20 shall be construed
to prevent a party from instituting formal proceedings at any time to avoid the expiration of any statute of limitations period or to preserve a superior position with respect to other creditors. For the avoidance of doubt, to the extent this Letter
Agreement permits the parties to apply for relief to or institute a proceeding in a court of competent jurisdiction, nothing in this Letter Agreement or any other Investment Document will constitute a waiver of the right to a jury trial in such
proceeding. 
 21.    Severability. 

The invalidity or unenforceability of any provision of this Letter Agreement will in no way affect the validity or enforceability of any other
provision. 

  
 26 

 22.    Counterparts. 

This Letter Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which will be deemed
to be and constitute one and the same instrument. 
 23.    Construction. 

Section headings are not to be considered part of this Letter Agreement, are included solely for convenience, are not intended to be full or
accurate descriptions of the content thereof and will not affect the construction of this Letter Agreement. The words “include,” “includes” and “including” will be considered to be followed by the words “without
limitation”. 
 [Signature Page Follows] 

  
 27 

 The parties have caused this Letter Agreement to be executed as of the date first set forth above. 

 

									
	BioNTech SE	 		 	Bill & Melinda Gates Foundation
					
	By:	 	[***]	 		 	By:	 	[***]
	Name	 	[***]	 		 	Name:	 	[***]
	Title:	 	[***]	 		 	Title:	 	[***]

 Appendix A 

Developing Countries 
 “Developing
Countries” means the following list of countries. “Developing Countries” also means any countries reasonably requested by the Foundation that are part of the Foundation’s strategies to which the Company consents in
writing, such consent not to be unreasonably withheld. 
  

							
	A-D	  	E-L	  	M-R	  	S-Z
	 Afghanistan

Bangladesh
 Benin

Botswana
 Brazil*

Burkina Faso
 Burundi

Cambodia
 Cameroon

Central African Republic

Chad
 China*

Comoros
 Congo, Dem
Republic of
 Côte d’Ivoire

Djibouti
	  	 Equatorial Guinea

Eritrea
 Ethiopia

Gabon
 Gambia

Ghana
 Guinea

Guinea Bissau
 Haiti

India
 Indonesia

Kenya
 Korea, DPR

Kyrgyz Republic
 Lao
PDR
 Lesotho

Liberia
	  	 Madagascar

Malawi
 Mali

Mauritania
 Mozambique

Myanmar
 Namibia

Nepal
 Nicaragua

Niger
 Nigeria

Pakistan
 Papua New
Guinea
 Philippines

Russian Federation*

Rwanda
	  	 São Tomé e Príncipe

Senegal
 Sierra Leone

Solomon Islands

Somalia
 Republic of
South
 Africa
 Republic
of Sudan
 South Sudan

Swaziland
 Tajikistan

Republic of Tanzania

Thailand
 The Bahamas

Timor Leste
 Togo

Uganda
 Uzbekistan

Viet Nam
 Yemen

Zambia

Zimbabwe

 *In [***] “Developing Countries” will only refer to the Public Sector in such countries. “Public
Sector” means: 
  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

 Appendix B 

Direct Competitor List 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 

 Appendix C 

Foundation Additional Project Disease List 

Part A 
 [***] 

[***] 
 Part B 

“Excluded Diseases” means: 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 

 Appendix D 

[***] 

 Appendix E 

[***] 

 Appendix F 

In-License Agreements 

 

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

 Appendix G 

OFFICER’S CERTIFICATE 

BioNTech SE 
 [DATE] 

This certificate is being delivered by BioNTech SE (the “Company”), pursuant to Section 6(a)(i) of
the Letter Agreement between the Company and the Bill & Melinda Gates Foundation dated as of August 29, 2019 (the “Letter Agreement”). Capitalized terms used but not otherwise defined herein have the meanings ascribed
to them in the Letter Agreement. 
 The Company certifies as follows: 

1.    During the fiscal year ended [DATE], the Company met the requirements of the Foundation Investment as set forth in
the Letter Agreement that were required to be complied with or performed by the Company during such time period. 

2.    Attached as Exhibit A to this certificate is a description of the Company’s use of proceeds of the
Foundation Investment during the fiscal year ended [DATE], including the amount expended. 
 3.    Attached as Exhibit
B to this certificate is the Company’s evaluation of the Company’s progress with respect to each Project, including information regarding progress against the Global Access Commitments (as set forth in the Investment Documents) during
the fiscal year ended [DATE]. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate and has caused this certificate to be
delivered on the date first above written. 
  

			
	 BioNTech SE

		
	By:	 	 
		 	Name:
		 	Title:

 Appendix H 

OFFICER’S CERTIFICATE 

BioNTech SE 
 [DATE] 

This certificate is being delivered by BioNTech SE (the “Company”), pursuant to Section 6(a)(ii) of
the Letter Agreement between the Company and the Bill & Melinda Gates Foundation dated as of August 29, 2019 (the “Letter Agreement”). Capitalized terms used but not otherwise defined herein have the meanings ascribed
to them in the Letter Agreement. 
 The Company certifies as follows: 

1.    During the term of the Foundation Investment, the Company met the requirements of the Foundation Investment as set
forth in the Letter Agreement that were required to be complied with or performed by the Company during such time period. 

2.    Attached as Exhibit A to this certificate is a description of the Company’s use of proceeds of the
Foundation Investment during the term of the Foundation Investment, including the amount expended. 
 3.    Attached as
Exhibit B to this certificate is the Company’s evaluation of the Company’s progress with respect to each Project, including information regarding progress against the Global Access Commitments (as set forth in the Investment
Documents) during the term of the Foundation Investment. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate and has caused
this certificate to be delivered on the date first above written. 
  

			
	BioNTech SE
		
	By:	 	 
		 	Name:
		 	Title:INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”),
is by and between HireQuest, Inc., a Delaware corporation (the “Company”) and ___________________ (the “Indemnitee”)
as of __________________, 2019 (the “Execution Date”).

 

WHEREAS, Indemnitee is a director
of the Company; and

 

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

 

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

 

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

 

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

 

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

 

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

 

    

    

    

 

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

 

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

 

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

 

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

 

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

 

(c)    
"Claim" means:

 

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

 

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

 

    2

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

    

    

 

(j)    
"Losses" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil,
criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal,
state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all
other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend, be a witness or participate in, any Claim.

 

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

 

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

 

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

 

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

 

    4

    

    

 

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

 

4.     
Advancement of Expenses.
Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication
to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee
in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the
satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty (30) calendar
days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee,
(b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In
connection with any request for Expense Advances, Indemnitee shall provide copies of invoices or other documents evidencing Expenses
incurred or to be incurred by Indemnitee, however, such documentation or information shall be provided in a format that will not
undermine or otherwise jeopardize attorney-client privilege. Prior to any payment by the Company, Indemnitee shall execute and
deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the Expense Advances),
in a form provided by the Company and reasonably acceptable to Indemnitee, to repay any amounts paid, advanced, or reimbursed by
the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that
Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances
shall be unsecured and no interest shall be charged thereon.

 

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

 

    5

    

    

 

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

 

7.     
Notification and Defense
of Claims.

 

(a)    
Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate
to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information
then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify
the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in
the defense of such claim was materially and adversely affected by such failure.

 

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

 

    6

    

    

 

8.     
Procedure upon Application
for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company
a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee
and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final
disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification
in accordance with Section 9 below.

 

9.     
Determination of Right
to Indemnification.

 

(a)    
Mandatory Indemnification; Indemnification as a Witness.

 

(i)    
To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law.

 

(ii)  
To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a
witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest
extent allowable by law.

 

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

 

    7

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

    

    

 

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

 

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

 

then the Company shall
pay to Indemnitee, within five (5) business days after the later of (A) the Notification Date or (B) the earliest date on which
the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)    
Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be
made by Independent Counsel pursuant to Section 9.1(b) (i), the Independent Counsel shall be selected by the Board of Directors,
and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.
If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b) (ii), the Independent Counsel
shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five (5) business days after receiving
written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that
such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth
in the definition of "Independent Counsel" in Section 1 (i), and the objection shall set forth with particularity the
factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent
Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to
the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the
provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this
sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding
sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions
of this Section 9 (e) to make the Standard of Conduct Determination shall have been selected within twenty (20) calendar days after
the Company gives its initial notice pursuant to the first sentence of this Section 9 (e) or Indemnitee gives its initial notice
pursuant to the second sentence of this Section 9 (e), as the case may be, either the Company or Indemnitee may petition the Court
of Chancery of the State of Delaware ("Delaware Court") to resolve any objection which shall have been made by
the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to
be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections
are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of
the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 9 (b).

 

    9

    

    

 

(f)    
Presumptions and Defenses.

 

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

 

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

 

    10

    

    

 

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

 

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

 

(v)    
Resolution of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful
on the merits or otherwise for purposes of Section 9.1(a) (i) if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9.1(a) (i). The Company shall have the burden of proof to overcome this presumption.

 

    11

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    12

    

    

 

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

 

13.    
Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, "Other Indemnity Provisions");
provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other
Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made
to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as
of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to
any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification
under this Agreement or any Other Indemnity Provision.

 

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

 

    13

    

    

 

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

 

16.    
Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights.

 

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

 

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

 

19.    
Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law.

 

    14

    

    

 

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

 

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

 

(b)    
if to the Company, to:

 

HireQuest, Inc.

111 Springhall
Drive

Goose Creek,
SC 29445

Attn: General
Counsel

 

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

 

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

 

22.    
Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23.   
Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but
all of which together shall constitute one and the same Agreement.

 

[signature
page follows]

 

    15

    

    

 

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

 

	 	
        COMPANY:

         

        HireQuest, Inc.

         

	 	
        By: _____________________

        Name:____________________

        Title:___________________

	 	
         

        INDEMNITEE:

	 	
        _________________________

         

         

        By:_____________________

        Name:___________________

        Address:________________

        ________________________

 

    16

    

    

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”),
is by and between HireQuest, Inc., a Delaware corporation (the “Company”) and ___________________ (the “Indemnitee”)
as of __________________, 2019 (the “Execution Date”).

 

WHEREAS, Indemnitee is an officer
of the Company; and

 

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

 

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

 

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

 

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

 

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

 

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

 

    17

    

    

 

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

 

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

 

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

 

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

 

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

 

(c)    
"Claim" means:

 

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

 

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

 

    18

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    19

    

    

 

(j)    
"Losses" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil,
criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal,
state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all
other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend, be a witness or participate in, any Claim.

 

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

 

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

 

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

 

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

 

    20

    

    

 

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

 

4.     
Advancement of Expenses.
Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication
to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee
in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the
satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty (30) calendar
days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee,
(b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In
connection with any request for Expense Advances, Indemnitee shall provide copies of invoices or other documents evidencing Expenses
incurred or to be incurred by Indemnitee, however, such documentation or information shall be provided in a format that will not
undermine or otherwise jeopardize attorney-client privilege. Prior to any payment by the Company, Indemnitee shall execute and
deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the Expense Advances),
in a form provided by the Company and reasonably acceptable to Indemnitee, to repay any amounts paid, advanced, or reimbursed by
the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that
Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances
shall be unsecured and no interest shall be charged thereon.

 

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

 

    21

    

    

 

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

 

7.     
Notification and Defense
of Claims.

 

(a)    
Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate
to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information
then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify
the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in
the defense of such claim was materially and adversely affected by such failure.

 

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

 

    22

    

    

 

8.     
Procedure upon Application
for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company
a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee
and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final
disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification
in accordance with Section 9 below.

 

9.     
Determination of Right
to Indemnification.

 

(a)    
Mandatory Indemnification; Indemnification as a Witness.

 

(i)    
To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law.

 

(ii)  
To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a
witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest
extent allowable by law.

 

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

 

    23

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    24

    

    

 

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

 

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

 

then the Company shall
pay to Indemnitee, within five (5) business days after the later of (A) the Notification Date or (B) the earliest date on which
the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)    
Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be
made by Independent Counsel pursuant to Section 9.1(b)(i), the Independent Counsel shall be selected by the Board of Directors,
and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.
If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b)(ii), the Independent Counsel
shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five (5) business days after receiving
written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that
such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth
in the definition of "Independent Counsel" in Section 1(i), and the objection shall set forth with particularity the
factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent
Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to
the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the
provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this
sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding
sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions
of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) calendar days after
the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice
pursuant to the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court
of Chancery of the State of Delaware ("Delaware Court") to resolve any objection which shall have been made by
the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to
be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections
are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of
the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 9(b).

 

    25

    

    

 

(f)    
Presumptions and Defenses.

 

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

 

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

 

    26

    

    

 

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

 

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

 

(v)    
Resolution of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful
on the merits or otherwise for purposes of Section 9.1(a)(i) if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9.1(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

    27

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    28

    

    

 

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

 

13.    
Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, "Other Indemnity Provisions");
provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other
Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made
to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as
of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to
any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification
under this Agreement or any Other Indemnity Provision.

 

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

 

    29

    

    

 

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

 

16.    
Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights.

 

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

 

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

 

19.    
Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law.

 

    30

    

    

 

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

 

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

 

(b)    
if to the Company, to:

 

HireQuest, Inc.

111 Springhall
Drive

Goose Creek,
SC 29445

Attn: General
Counsel

 

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

 

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

 

22.    
Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23.    
Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but
all of which together shall constitute one and the same Agreement.

 

[signature
page follows]

 

    31

    

    

 

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

 

	 	
        COMPANY:

        HireQuest, Inc.

         

		
        By: _____________________

        Name:____________________

        Title:___________________

	 	
         

        INDEMNITEE:

	 	
        _________________________

         

         

        By:_____________________

        Name:___________________

        Address:________________

        ________________________

 

32

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